All Forum Posts by: Jerry Lucker
Jerry Lucker has started 13 posts and replied 327 times.
Post: Sneaking in an extra pet
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
I don't put up with tenants that violate a lease. If they lack integrity chances are you will have more problems and issues with them in the future.
Post: Raise Rent Annually?
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
The cost of owning and maintaining a property goes up every year. You have to keep pace. If you don't you'll be making less and less money on your investment. You will have to raise the rent eventually. The longer you wait the bigger shock it will be to the tenant.
Post: Purchasing Mobile homes cheap and remodeling
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
20 years of flipping and buying/renting mobile homes allowed me to accumulate a nice portfolio of income producing properties. Mobiles take less money and are easier to acquire and fix. Done properly the returns can be amazing. Like anything else, you have to know what you're doing. Most naysayers don't understand and have never actually done a mobile home deal. There are many myths and negative attitudes that keep most investors away. This has been a windfall for those that learn what to do. There has never been much competition. It's a great business - I'd say perfect for newer or beginning investors :)
Post: Purchasing Mobile homes cheap and remodeling
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
Originally posted by @Kelly Beck:
Newbie here....we haven't even purchased our first property. We had been looking into SFHs but now have discovered the lovely world of mobiles homes as rentals. I've been reading through many posts about not to purchase a mobile home for more than $15,000. So many that I see in that price range (targeting eastern panhandle of Florida) would need to be almost completely gutted. With just getting started and not a lot of cash on hand, is it worth it? We're thinking about trying to find owner financing options to get us started that do not need so much work then when we get the cash flow increased to maybe look more into remodeling much less expensive ones. Also, any great books/blogs on mobile home rental recommendations would be great. Thanks!
Post: Should Universities Create a Real Estate Investing Degree?
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
In my experience there are much cheaper, better, and faster ways to learn real estate investing than plodding through several expensive years of college. Many college courses in business and similar disciplines are taught by instructors that have no real world experience.
Post: Should Universities Create a Real Estate Investing Degree?
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
Originally posted by @Avery Rustad:
My thesis statement goes as follows:
The University of Minnesota should offer a real estate investing degree that enables students to use a student loan to make a down payment on an investment property. A percentage of the profits and the home’s equity would go to the university, while the rest remains with the student. This equity and profit sharing can be used to pay off the student loan while gaining excellent experience in real estate investing, personal finance, and accounting.
My idea is that many high school and existing college students would be fascinated by this degree path, and both parties would profit. Obviously, not every investment works out, but I will explain the insurance plan later in the paper so try not to worry about that right now.
What are your thoughts on this degree?
Post: New investor, pay your mortgage or start investing?
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
I faced the same situation at one time. I invested because the returns were higher than my mortgage. I eventually paid off my mortgage and put a nice amount of cash in the bank when I sold my home, taking advantage of many years of appreciation.
Post: Mobile Homes on Land
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
Originally posted by @C-Dell J.:
@Jerry Lucker. When you just own the lot, are you responsible for utilities or anything beyond collecting rent? Same question if you own home and lot?
Rudolph Shepard nailed the response!
Post: Washington state no longer investor friendly
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
Originally posted by @Lara Nicole:
@Jerry Lucker What counties are you invested in?
King, Snohomish, and Thurston counties.
Post: Washington state no longer investor friendly
- Flipper/Rehabber
- Seattle, WA
- Posts 333
- Votes 459
I 've invested in King, Snohomish, and Thurston counties.