All Forum Posts by: Jerry Lucker

@Lara Nicole

I’m a landlord in WA. Overall I see that all the hassles will not drastically affect my bottom line although the annoyance factor is certainly present.

In a perfect world all of us landlords would time machine back to 2009, invest $10K in Bitcoin and smile. Today we could bulldoze our properties and let the governor deal with the thousands of homeless people that have nowhere to live.

Mad, bitter, hostile - me? Nah

@Jesse Rangel

I’d check with my attorney - that being said I’d be inclined to drill out the locks, put in new ones, notify them that their actions have negated any hope of them getting their deposit back.

They may or may not have the moxie to fight you on this. Should add that I’m a hardball landlord and don’t put up with any baloney :)

@John Terry

The construction on newer mobile homes is much better than on the older ones. They’re relatively easy and inexpensive to keep up.

Frequent inspection visits (put in the lease) are recommended. Keep on top of maintenance.

Mobiles on land hold value well and generally follow market ups and downs.

The cost per square foot initially makes mobiles a good value.

Rent them for many years then sell on contract and shift maintenance to the buyer while keeping the money coming in for many more years. Appreciation/Depreciation has little effect with this business model. This works, I’ve done it for many years :)

@Christen G.

I manage by objective, not micro management. As long as work progress is being satisfactorily completed as agreed upon, job site cleanliness I let the contractor manage. They don’t need my OCD oversight.

@Cody Smith

LLC and an Umbrella policy both.

Absolutely worth doing. LLC can be set up on the states official website.

Last one I did took about an hour and $200. No need to pay someone else to do it.

Umbrella policy most likely available from the company you have your auto insurance through.

@Richard Hadley

Without getting complicated, buy low, sell high.

Market high now. Wait until supply becomes plentiful when assistance runs out and foreclosures increase. You’ll recognize the crash, as in 2007, 2008 etc. when properties dropped pretty much 30% to 40% across the board.

@Colin Williams

I use one business entity for my business - flips and rentals. Separate spreadsheets. Mainly one bank with separate accounts as needed such as an account for rental deposits.

Too much time and money trying to have a complete entity for every deal. An umbrella liability policy covering everything is a good idea.

@Marisa Alvarez

Do what is in your best interest without violating any laws or discriminating.

Being a ‘nice’ landlord will come back to bite you, trust me.

It’s survival out there, you just have to choose who. You or them.

@Gabriel Bures

You might consider something out of the box - like I did. After a frustrating year looking at real estate deals I was desperate to find something, and it had to make me money pretty darn quick.

I stumbled onto flipping a mobile home in a park. Less than $20K invested, $15K profit in 45 days.

I now own a nice portfolio of income producing real estate - most of it purchased with cash from mobile home flips.

Takes less money, quick turn around time, and higher profit margin percentage than most real estate. Just a thought :)

@Jasmine Hieke

No ssn no rent. K.I.S.S.