Tuesday, February 9, 2010

Being a landlord is tough

I just bought a trailer from a friend of mine. He had bought it to use as a rental. It was a nice trailer, but he kept getting bad tenants. He would be frustrated trying to collect and finally just gave up and sold the place to me.

I tried to explain to him, that his return on his investment for the place was very good, but he just kept thinking of it only in terms of the most recent month. If he collected rent, it was a good investment, if he did not, it was a bad investment.

This brings up something that all landlords, especially new ones and those with only a small portfolio need to consider. Rental income can be very lucrative and give you a great return on your investment, but it is not guaranteed.

Some months, will be great, others will not, in the long run, you will do good though. To help avoid the frustration my friend dealt with, consider this, take your rental income and set it aside, use it to grow your portfolio and maintain your current homes. Do not depend on it for your day to day living expenses until you have grown your portfolio to the point that you know there is always a base amount that you are able to depend on each month.

The benefits of this are two-fold. The first is you can avoid some of the frustration of not having money you were “counting on” and secondly, it will help you to grow your portfolio quicker and let it pay for itself.

Just something to think about..

Happy Landlording

Friday, February 5, 2010

Turning lemons into lemonade

I had something happen the other day, that I have never had to deal with before, I had a guy and his elderly mother buy one of my “rent to own” mobile homes. They had to go through an application process with the park and they were approved.

I got a call from the park, apparently the guy’s mother has dementia and was wondering around the park and trying to go into other people’s trailers. I call the guy and his mother’s adult day care program was off for two days and that is when this happened, but it was also news to him, no call from the park to him.

I called the park back and explained the situation and asked why they had not made any effort to contact my tenant-buyer. Their only response was, that they would not sign a lot lease and they had to move. I explained how that was illegal and a violation of the Fair Housing Act, but got no change.

So that is the lemons…

Here is the lemonade.

I move the guy and his mother into another one of my rentals that had just became vacant, sold the trailer in the park where they like to discriminate for $4500 (I paid $2300 for it one and a half years ago) and am now working with my lawyer for both my tenant and myself to file a discrimination complaint with HUD and a lawsuit for the difference between what I sold the trailer for and the value of the Rent to Own contract I had and lost as a result of the discrimination.

I will keep you posted how this plays out..

Just another day in the life of the Trailer Park King :-)

Thursday, February 4, 2010

Starting fresh

I started this blog a while ago when I started developing the Trailer Park Riches program. Since then the program has reach a point of being nearly complete (see the website http://www.trailerparkriches.com) and an offshoot Landlord Tutor (http://www.landlordtutor.com) should be launched in the next few weeks.

With all of this said, I decided to kind of restart the blog.

In this blog I will continue to keep you updated on the development and evolution of Trailer Park Riches and Landlord Tutor. In addition I will share insight into my day to day dealings as a landlord and real estate investor. I will share my successes and some less than successful endeavors. All of this is in the hope that you may learn from my experiences.

So let the blogging begin!!!

Thursday, November 19, 2009

Progress!!!! Check it out

Ok I am making some great progress on the site. New images (thanks Scott) have been uploaded, Free report is ready and you can even buy the program via Paypal.

Going to get a little more done tonight then hit the sack.

Tuesday, November 17, 2009

So close... I can taste it..

no, I am not talking about the Thanksgiving turkey... I am talking about Trailer Park Riches.

I have been working non-stop getting the site and program finished up. Site should be officially LIVE very soon.

You are more than welcome to check out the current status at www.trailerparkriches.com

well... back to work... html...css....xml.... argh....

Monday, August 10, 2009

Headin to Otown

Tomorrow is a big day for the Trailer Park Riches program. I am headed down to Orlando to meet with my ex-business partner Scott. Scott is a Marketing genius and I hope to at least be able to pick his brain, if not bring him into this project.

This should start the final push to getting the site truly online and making Trailer Park Riches "Open for business"

To see the progress, you can check out the site at http://www.trailerparkriches.com

So wish me luck!!

Thursday, July 30, 2009

Twitter my tweet

Just a short update... Don't forget to follow me on Twitter. https://twitter.com/TrailerParkKing

And as always check in on the latest for the site. http://www.trailerparkriches.com

ok... back to the trailer parks :-)