All Forum Posts by: Joe Pitrolo

Just curious, why not borrow some from the 401K to avoid foreclosure? I know most 401s allow this, especially in emergencies.

Any advice on selling a condo in Fla. My aunt is getting eat up with taxes and dues- around $600 per month. The appraisal value is 160 and the association will not let her rent the property.
I suggested trying to owner finance the property. There are no mortgages on it.

just bought one from a mover and am flipping it for around a decent profit.
I am working with the mover.
Movers are difficult to track down and work with. They are like doctors, waiting period, they pick and choose because they normally are loaded with jobs.
I think partnering or networking with movers is a good strategy also. Movers know where cheap trailers are and sometimes Park owners will give trailers to movers to get off their lots.
The trailer I bought from the mover had not been moved so when people called my add, I told them I would move it wherever they wanted for cash.

Its a horror story and I have fortunately not rented to the person. She continues to call my adds and a freind of mine who has trailers for rent, but this is a mess.

Does anyone know how to keep track of a trailer you sell on owner finance? What if someone moves the trailer or basically steals it without paying?
Do you have to keep the moblie home on a lot u are familiar with? WHat happens it the buyer tenant does not pay lot rent and leaves, then you may be charged.

there are a lot of variables, i.e. the condition of the trailer, how many bedrooms, the location of the park and how much you have to subtract in lot fees, taxes and insurance. I would say that if you are renting the mobile home, $250 to $450 a month clear is decent. If you resell, get a downpayment of about %20 to 50% and which may pay you back your investment, finance the rest and leave repairs and headaches up to the tenant , owner.
Downside is that if the property sits, you are paying lot rent etc. Now if you buy the park that is different, you may collect closer to 700 if you rent the space and trailer, but 700 sounds high to me.

I bought his CD on Amazon in doing search for Lonnie Scruggs.
Two reviews said the CDs were excellent so I figured for 12 dollars, why not.
I could have made a better CD myself. Very Vanilla stuff. If anyone wants the CD, i'll mail it out to you for 3 dollars plus shipping. It was basically a promotion CD for his website. A good CD if you have absoulutely no knowledge about Trailers, but thats it.
Does anyone know about Lonnies' Books? I want to get knowledge and avoid buying a PROMOTIONAL book.
I bought Wendy Patton's book on Lease options, pretty informative, but you still need to acquire more knowledge. THis book was not just promotional.
I know on Amazon, Lonnie has something for about 79bucs.

funny story, I was renting a one bedroom a few years back and I was several hours away in school trying to find renters over the phone. I agreed to rent to a guy who seemed real nice and had a good job. Several weeks later after the guy paid me and moved in I drove by my old place and noticed an old Lincoln Continental in the drive with a personalized plate that said "freakshow" and A guy got out of the car who looked like a professional wrestler with long hair and tattoos, pretty intimidating....this was my new renter. He was actually a real soft hearted guy but only staid a few months and left.

How do you enforce late fees? Just send bills in the mail?
I am having a tough time with a few renters who consistently pay late.
I have 12 units and I am thinking about paying a maintenance guy $300 per month to handle all maintenance and pick up some rent of slackers.
I have one girl that has yet to pay this month, won't call back and keeps making excuses- How long should I let it ride before demanding she leave? She is a really sweet younger girl and this is the first time I've had problems although she normally sends the rent late.
I just get tired of being the bad guy, calling people and being ignored.

Does anyone know about RV Parks? I am looking at a place that has 3-4 trailers and over 10 RV spaces.
THe spaces rent for around 30 to 40 per day or monthly around 325.
I know the business is seasonal.
I think the trailers could pay the mortgage and RVs would cash flow.
My concern is why the owner wants out? He mentioned Gas prices several times. If gas prices keep going up, will this kill the RV business.
My second concern is the amount of work required. It seems low maintenance- just book the times- take the calls and have someone collect- I would probably have to pay someone to pick up checks and take calls- i.e. answering services. I know also, I will probably have to replace or fix the trailers in five years.