Trailer Park Pimpin

I do not quite understand the intro "not sure I want it to get out".  Why is that?  So far it seems many on this site are happy to share marketing/investing/money making tactics.  Am I missing something?

Anna

This practice was popular here many years ago, but eventually legal issues with tenant/purchasers and costs to clean and rehab the properties made it more work then the return was worth.  Still a great idea for someone who is hands-on and doesn't mind dealing with 5K dollar trailer park boys.

I've heard that trailer parks are big money makers perhaps this is why.

Unfortunatley in this part of Ca. mobile homes are never sold for 5K, 30K is in the low range,  and rental spaces can be $500-$1000 a month so it does not pay to do what you are doing. It sound s like a great cash flow opportunity though for your area.

Marcy Moyer Keller Williams Realty Palo Alto Ca

That sounds like a good short-term plan, but my what a headache it sounds like in the long run. (Forgive me if that seems "wet blanketish")

This reminds me of someone I once knew who had some old delapadated rental properties.  He was never going to sell them because they were only worth about $15,000 each. He rented each "unit" (which was actually a bedroom in a 4 or 5 bedroom house) by the week for about $100 a week per room.  He collected more in rent every year than what the places were worth.  (The trick was that he had to show up on their doorstep every friday, because if he waited until Saturday, they usually spent the cash partying, and he ended up evicting them.)  The problem was that there was no exit plan.  The only way to continue to get any money out of the deal was to continue with the week-in, week-out hassles of owning a slum property.

It seems like a great way to get some cash flow in the short term, but seems like a LOT of work without the benefit of long-term appreciation.

I'd prefer to collect rental properties (that are on a foundation) that pay for themselves, appreciate (and get paid off) over time.

Cash flow is a great way to pay the bills in the short term, but slow & steady equity accumulation is the way to wealth.

Rentals have always seemed like a headache to me and mobile homes are not that easy to get rid of once you tire of tracking down rent.

Anybody ever tell you that you look like Usher? You really do (from this picture, anyway).

Interesting, I think in the Maryland area the lot rents are  400ish minimum, and there are a couple of trailer park managers who are notorious for screening their tenants (on who knows what basis) and squashing deals because of that.  So it probably is not something for me but it is interesting to see what others set up.

I think that perhaps in other areas, this may not be the best idea for some investors as it does take a great deal of patience and work.  For us ( I am Joe's wife), this process provides cash flow, an integral part in any investors portfolio, especially in this market.  We just came across a property that sold in the up market for $300k, this property just sold at $110k.  One of our investors were interested in a nearby property at $150k.  I am glad that we did not go through with it as there is nothing more than speculation in todays market.  Anyone that thinks they have an "exit" strategy in equity properties is foolish in this market.  One's five year plan may very well tun into a 20 year plan.  With the mobiles, they are paid off in such a short period that they are recurring passive income.  Please if you are unable to think outside of the box in this economy, you will never make it.  Please do not make negative comments on what we do and do well, just go drive buyers around, and struggle to do so.

Thanks