Posted by lyal on March 12, 2002 at 10:41:38:
Joe,
Your opinion is respected and appreciated here. The give and take, and good natured (most times!!) debate is what makes this forum so valuable.
All the best, Lyal
renting out a mobile home in owner occupied - Posted by Barry Wadkins
Posted by Barry Wadkins on March 11, 2002 at 09:37:03:
I have found what I think is an excellent deal on a high-end mobile home in Malibu, CA, where I can rent it out and cover my costs from day one. My concern is that I must sign an agreement that I won’t rent out the unit. The seller, a good friend, says people do it any way. However, the manager lives next door to this particular unit. I thought about confronting the manager directly and telling him my plans. I manage a small apartment building nearby and only rent to quiet graduate students. I would tell the manger that is my plan for this mobile home also. Any advice?
Re: renting out a mobile home in owner occupied - Posted by Allen Lomax
Posted by Allen Lomax on March 13, 2002 at 11:05:05:
Barry – It sounds like there are other options. Rather than rent, why not owner finance? That way you’re within park rules, you still make a profit, and you still have a monthly stream of income. All of that with less landlord hassel. Allen
Re: renting out a mobile home in owner occupied - Posted by lyal
Posted by lyal on March 11, 2002 at 20:07:35:
Barry,
No need to be dishonest to make money in this business. No matter how good the deal is and even if the manager agrees to “look the other way” all it takes is a new manager with a “new sheriff in town” attitude and you become a motivated seller. Say goodbye to all your profits plus some more 'cause the “everybody does it” routine won’t mean sh!t to him.
Stick to the honest deals. You’ll make money AND sleep at night.
All the best, Lyal
OTOH… - Posted by Joe
Posted by Joe on March 12, 2002 at 02:00:08:
“No need to be dishonest to make money in this business.”
I don’t think that bending a rule is necessarily a vicious form of dishonesty, especially with a decent tenant. Although people certainly have a right to make their own rules, sometimes all can really benefit if someone takes an initiative to step across a rigid line.
Don’t forget, it’s usually easier to ask for forgiveness than to ask for permission in the first place (is THAT what I signed?).
I have a friend who, when he was younger, “lied” about info on an employment app regarding “experience.” Though he didn’t REALLY have the experience, he did have confidence and knew he could do the job. As it turned out, he became one of the best, most valued employees in the eyes of the management. He could have just chosen to play by the rules, strictly and technically.
It just seems there are so many things today which are either rigid, unreasonable, or both that you can’t always go by the book and get anywhere. IMHO, this sort of “dishonesty” is not the same thing as, say - stealing.
“…all it takes is a new manager…”
Who may or may not appear.
“…with a “new sheriff in town” attitude…”
There’s a chance that he also could be “cool,” and if he’s not, then some finesse could bring him around. Why look that far ahead? It could be years before someone new comes on the scene and by that time a huge profit could have been made and whatever tenants remained there could seem like long-time residents.
Re: OTOH… - Posted by lyal
Posted by lyal on March 12, 2002 at 06:43:39:
Joe,
I’ve always been a “Beg for forgiveness kinda guy myself” when it comes to stupid rules but that applies ONLY when someone else is not involved. I would not put someone else in jeopardy. That said, you need to carefully think through the possible ramifications of your actions. In this case, the price is too high. If you should encounter the new manager scenario, where does that leave your tenant? What do you think the manager’s reaction will be when you tell him you’re not going to follow the rule because you think it’s “stupid”? You’ll end up dumping the trailer and you’ll probably be hauled into court by your tenant.
Way too much trouble when it’s EASY to make money in this business the straightforward way. Buy at wholesale, sell at retail, collect the rewards.
All the best, Lyal
You’re probably right. - Posted by Joe
Posted by Joe on March 12, 2002 at 09:57:23:
I was just presenting another side.