All Forum Posts by: La Nae Duchesneau

Thank you all for your replies. It seems like I can keep the daily rent amount till it rents out again plus expenses. But to keep the entire $750 sounds questionable.

I have someone who just rented a home from me and paid her first months rent but has changed her mind about moving in. (she has not paid the security deposit yet) She signed the lease 5 days ago but has yet to move in. Now she wants a refund. I believe I can keep the money until I rerent the place. What is your knowledge on this?

I clean my rentals myself so I can make a list for the handyman.While I am cleaning I tell potential tenants to stop by. That way I can talk to them in person rather than over the phone. If I meet at tenant who is a handyman I may even let him do the work and take something off of the security deposit. This saves me money- I don't pay my handyman so no money comes out of my pocket, I don't have the added days of no rental income while the handyman fixes everything on my list, and the tenant gets a break. It works for me and them.

I am wondering, does anyone have any advice on background checks? Who do you use?

I live in Florida and if a tenant breaks something I have it right in the lease that they are responsible for the repair. So if the coil in the AC is full of dog hair because they don't change their ac filters, I make them pay for it because that is tenant neglect. If they break a window, they pay for it. Now I will pay for it upfront and they can make payments to me so that it gets fixed right of way. Normal repairs I pay for, but tenant neglect they pay for.

Hi Marlisa, I invest in mobile homes and think they are a great way to begin as you do not need a lot of capital to invest and you will make a profit your first month. Look up all age parks. They are easier to rent in than a 55+, why limit your clientele.

You begin by calling all the mobile home parks in your area and ask them are you all age or 55+, do you allow rentals, how much is your lot rent. When you get narrowed down to 2-3 parks that you would invest in and you will go to the park and drive slowly down the streets looking for sale signs in the windows. Write down the numbers and knock on the door to see if they are home and you can see inside. 

When you get one you want to buy, don't give the asking price remember to negotiate. Now this is something you will learn by trial and error, but remember, even if it is not in tip top shape, you can fix it up (make sure you have a $1000-$1500 budget for this), and still make nothing but money. Watch your lot rents. If you do not make a minimum of $200 profit it is a bad investment. Do not do it.

Usually mobiles pay for themselves (in Florida) within 1-2 years then it is all profit. Personally, I do not think this way. I think that if I invest $5000 and I make $400 a month, with that same $5000 I'd be lucky to make $5 interest in one year in a bank so if you can take that same $5000 and make $400 a month, that is fantastic.

So you are in what I call, the information gathering stage, you need to find your 3 or so parks, find out the costs of buying a unit, add on repairs, then do the math and see if you make at least $200 a month if not more.

Good Luck to you,

Jim Johnson, if you buy a mobile home, and the seller owes past due lot rent to the park, does the new buyer of the mobile have to pay the past due rent?

I do not understand what you are asking. After the 2 years is up, they own the mobile. At the point they have paid for it in full.

For example, lets say you buy a mobile for $5000. Lets say you want to make $3000. So you want $8000 total. They put $500 down and finance the $7500. $7500 at 10% interest for is $347 a month for 2 years (24 months). Now you have to add your lot rent (you should pay this during the lease to own). Say lot rent is $310. So your deal is this, $500 down and $657 for 24 months. At the end of 24 months they own the mobile.

I do lease to owns on mobiles and I ask for $500 down and then my monthly payment for 2, 3, or 4 years depending on how much I bought the mobile for and how much I put into it.

I charge 10% interest. Lot rent is included in the monthly rent because you do not want them to not pay the lot rent and then you don't even know that they didn't pay it and they get evicted plus you get evicted. So always pay the lot rent for the lease to own term. They will pay the lot rent when the contract is over and that is when you sign the title over to them.

They are super easy to sell and you will get 50 calls.

Remember they own the mobile so you are not liable for any repairs. However, if there is a repair and they cannot afford it, I will pay for it and they can pay me back. You don't want your mobile to fall into disrepair during the lease to own period.

In my opinion, you are almost always better off buying than renting. One day you can rent out your mobile.Don't buy it with land that way it will not be expensive for you when you are at this junction in your life of trying to start your life and pay off your debt. Keep in mind, you can also buy a small home and rent out rooms if you are adverse to mobile homes.