All Forum Posts by: La Nae Duchesneau

You know, there is no one right answer. It all depends on what you are looking for. If you have one rental, you can make $300 a month for the rest of your life. If you have 2 rentals, you make $600 a month for the rest of your life. Maybe you just want it to be a supplemental income that will help you in retirement. And that is fine.

Once you start investing though, it is easy to start wanting to make more money so you buy more properties. My goal when I started was just 4 properties. I figured when I got them paid off in full I'd make $500 per property so I'd be making $2000 a month to help me in my retirement years.

Since them I have bought a lot more properties and now do it full time. And as you know, there are pro's and con's with everything in life, whether it is a day job or investing in real estate.

I love the free time of an investor. You can get up at 10 am and read your book over coffee. Work out in the middle of the day. Make home made meals every night.

Then you get a tenant threatening to sue you and you can't sleep for nights on end. There is a lot of stress when you have a lot of rentals.

So should you have a few rentals, or enough properties to retire on. Well, that depends on you.

I have single family homes and mobile home rentals. If I had bought just mobile homes from the get go I'd be in a lot better shape! That being said, I rent mobiles and I love this market. The ROI is phenomenal. You will retire young my friend.!

I don't think most people will ask you that. This guy just did his homework. Most people don't even think to look up the public records.

Besides, no one knows how much you put into it. Just hold steady, you will get your buyer and get what you are asking. You don't have to take the first offer - unless you are in dire need of the money. Make sure to advertise your property. Are you on Craigs list?

If you ever need a get out of jail free card, you can pretend you have a partner and say you have to discuss it with them, or your partner would never let it go for that....

Just a side note, while yes 3 bedrooms are "better" than 2 or 1 bedrooms. That is true and false at the same time. Like everything, there are pros and cons.

A lot of people are looking for a 3 bedroom so you will get a lot of calls- Followed by 2 than 1 bedrooms logically. But you will rent your 1, 2, or 3 bedroom easily enough.

However, you best ROI is a one bedroom. They cost you less money and this will equate to you will make more back monthly on your money for your initial investment.

Great job, smart!

Don't forget, just because they are asking 45K doesn't mean you offer them that. Mention the termites and anything else you can see that needs to be fixed and low ball them. The worst they can say is no and at that point you start negotiating.

Also are these tenants in a lease? If so you have to honor the rental rate, but if they are not in a lease, or when their lease is over you can increase the rents. That is a common happening when someone new buys an investment property.

The unthinkable has happened, a drunk driver ran into my mobile home! He pushed it a good foot so that the water lines underneath the home have busted and a couple of the cinder blocks it stands on are askew making it unsafe for them to stay there.

They have paid their rent for this month but do not have extra money for a hotel. Do I as the owner/landlord have to put them up in a hotel while this is being fixed?

There is no insurance. In Florida, if a mobile is worth under $6,000 you cannot get insurance, the drunk driver was a hit and run so no insurance option there. The handyman is saying 2 days to fix the water lines and jack it up so he can replace the cement blocks and make it safe to live in. The roof is tarped.

There is a great need for affordable housing. I own houses and mobiles. When I have a house for rent I get 15 calls, when I have a mobile for rent I have 50 calls. 

When buying mobiles, not only are you giving someone with a limited income a chance to have their own place for their family, but you are also making money. I think they are a great investment financially and it makes me feel good to be helping others.

If I am visiting family in the United States, they are simply calling my cell phone and it is business as usual. I send out my handyman, plumber etc.... They all know I will pay them when I get back in town so this has not been an issue.

If I leave out of the country and do not have cell service, I leave a message on my cell phone to call my handyman and he handles things in my absence. He knows how I do business by now so this has not been an issue either.

I think you can go up a little on those rents. I would not do it right-a-way, but after a few months. Look on craig's list for current rents in the area. I find rents are going up now after the whole real estate fiasco.

Also, I own properties in MH parks and the owners tell me they rather not have any MHP owned homes but the tenants own them because it is much less work. That is up to you of course, I am just sharing their opinion with you.

Are you planning on having a full time maintenance man on staff to cut lawns, start painting and improving the appearance of the park, and working on those trailers to get them rented?