All Forum Posts by: Thomas S.

@Rowena A.

"I'm hoping that this does not become a recurring issue."

In this business "hope" is another word for delayed disappointment. when it happens again next month evict. You may also want to think about replacing your PM.

It depends on many factors, is it in a park, what is the quality of the park, is it with it's own land.

Unless it is a new mobile on its own land the tenant quality of mobile home renters is generally D. High risk and hard to manage.

The first day I owned my first property one of my tenants did not pay rent. I served her notice first thing the next morning. I had studied our landlord tenant regulations for 6 months before I purchased and understood that was what was suppose to be done. 

That tenant set my business practices going forward, best thing that could have happened. I never have to think about what to do, its all in the codes. Been operating by the book ever since.

Your ROI is calculated based on your net not your gross. Unlikely you know your actual net.

Normally it will take 20 - 30 doors to replace a income, depending on how high the income and cash flow. Investing in income rental properties is a very long slow process to financial freedom. Unless you have a large amount of savings to use as a deposit on a large number of doors from the get go it will take many years to achieve financial freedom.

Flipping on the other hand is a full time job with no guarantees. Very high risk to depend on as a income until you are well established. You need a track record and should be doing multiple flips at once.

I have no feelings for anyone that owes me money and refuses to pay. If they are putting gas in their car, buying groceries or paying bills their priorities are wrong. As their landlord I expect to be paid first or they get evicted. I do not provide housing to freeloaders. No place in business for emotions.

Have I ever meet them in public, yes, and they scurry away like the roaches they are.

When rent is due on the 1st it is late at midnight. Tenants should be receiving a pay or quit notice on the 2nd. This is how a landlord reminds a tenant that they are late and need to pay. They then pay, based on the notice, or the landlord proceeds to evict.  Assuming they do pay they need to be informed that late payment is not tolerated and that a repeat may result in eviction.

Like base ball 3 strikes and they are out. When a tennat has not learned the lesson after a 2nd late a third is their last. They get evicted for being to dumb to learn.

Absolutely sell. This property is a poor investment. Eventually it is going to bite you in the a** and it will be too late for you to recover.

Your equity is wallowing, the amount of income you are losing monthly based on the dead equity alone is more than enough reason to sell and the property can not cash flow with leverage. At this point in time you can not in all honesty call yourself a true investor.  

Your 200K in dead equity invested in a income fund could easily produce a 10% annual return long term. Best option is to put your money to work for you as a minimum DP on a better property or multiple properties. Stop fixating on paying off the mortgage on a rental property. That is a home owner mentality. Make your money earn it's keep, put it to work for you......Sell.

 "very regional like Mississippi average credit score is 600"

Is it something in the water or the common practice of 1st cousin marriages that effects their abilities.

Sorry to say but regardless of the fact that you may want to stay you do not want to be living somewhere that the landlord has no idea what they are doing. You want a informed and educated landlord that has your best interest in mind. You are presently adrift at sea on your own and should be giving notice immediately to move out. I understand how that may be the last thing you want but under the circumstances it is in your best interest otherwise this will not be your last problem with this landlord. Get out now before things get worse.

You have a major landlord problem not a problem with another tenant.