4 Things you MUST DO when renting out a MOBILE HOME | RENTAL TIPS

right you guys so we just finished rehabbing our mobile home rental out in Hemet California and I have to say it came out absolutely awesome we're actually at the open house right now letting a few people check it out before we rent it out so something is Super Fresh in my mind that I want to go over with you guys and that's four things you absolutely have to do when renting out your mobile home or any rental property for that matter let's go [Music] so rental properties for us are not only going to be a wealth building vehicle but also a way for us to create some passive income and get us on that road to becoming financially free but here's the catch when you're managing your own rental properties like we are or like you might when you're first starting out it's not truly passive there are a ton of things that you have to do to get it ready to rent and a ton of things that you have to do when you're about to put your tenant in places so these are some of the things that I want to touch on today let's jump on into it really quick before we start I just want to introduce ourselves I'm Alex this is Lauren and we made this channel to hopefully inspire you guys to get started today this channel is going to document our real estate Journey from Total beginner to financially free so if you like real estate videos please like this video and make sure to subscribe so we can keep in touch these things might sound simple but they're imperative for finding a good tenant why do you want a good tenant well you want someone who's going to give you the least amount of headache and hopefully keep your investment in good condition keep watching till the end of the video because the last point is crucial for you finding a dream tenant versus a nightmare and we're going to share a story of a seller that we just talked to who went through a year of hell all right here's a list of four things you need to do to list your rental and find the perfect tenant number one after you've cleaned up maybe renovated a little bit great pictures for your listing I cannot harp on this enough they need to be bright they need to be well lit and you also need to capture as much detail of the home and take as many pictures and post them all up on your listings I can't tell you as a renter myself going into a listing and not being able to tell the layout of the home or they're just being like two photos it's not really engaging and I have no idea what I'm looking at so I like to start at the front door and literally just do a walk through picture picture picture picture almost like I'm giving a tour of the home or walking through the home in a flow you know that makes sense all right number two is going to be a credit check well this doesn't paint the full thick picture of someone's finances it will show you you know if they have any derogatory marks on their credit if they made any late payments and what their income to debt ratio is which is all important when you're considering a renter to put in place alright stay with me because these next two are pivotal with the very last tip it's super important number three security deposit do not skip on getting a security deposit if you want to offer some sort of discount call it first and last you you figure that out but I like to get a security deposit because if a tenant's in place there's going to be some wear and tear and also it shows that they have that commitment to you up front to bring kind of a lump sum to prove that they they want to move in and stay here long term all right number four is background checks I know a few people who have skipped this to their Peril and it's something I will do every single time you're gonna pay a little bit broader picture of who this person is for you and it's going to show you any criminal history hopefully any evictions most people's are going to be clear there's going to be nothing on there and that's that's fine and dandy that's what you want to see but if you see anything relating to evictions fraud anything unscrupulous Behavior then you might want to be wary of that of renting to that person so I was talking to a seller that I had been talking to for about no over a year actually and you know we'll go ahead and call this guy Ed because that's his name um I I followed up with Ed about a property that I was looking to purchase it's right down the street from here and I was invested in this story that he had because he had gone through a year over a year of having to deal with a nightmare tenant and basically to just make the story really short he got a tenant in there he didn't do any background checks he didn't he didn't he just wanted to get a renter in there and start making money so she gave him the first month's rent she was in there and immediately on that second month she said that the property wasn't to her standards so she wanted a couple months rent for free um and he said I can maybe do a month but let me get a handyman in there she wouldn't let a handyman in there to fix these problems that she said we're having that she was having and so he was trying to get a handyman in there fix it basically she ghosted him she didn't answer any of his calls she didn't answer any of his emails and she stopped paying rent now this was right when covet hit so she was able to prolong the process of not paying rent for about eight to nine months and each time I called he was you know following up with lawyers having to talk with different people that deal with evictions and he was super stressed out about the whole situation because she was basically taking advantage of his you know good will of you know giving her a couple months rent for free late later down the line he ended up running a background check and what he found out was that this lady Was a Serial bad tenant she just never paid she sued her landlord she ended up winning thirty thousand dollars in one suit because most of the time these are just Mom and Pop people these are just it's just an older couple that happened to have this property that they wanted to rent out for their retirement but she knew that the laws were in her favor so a lot of times the landlord just ends up settling well Ed in the end chose to fight it he ended up winning and she literally stayed until the last day right before the sheriff was actually gonna you know haul her out and give the property back to Ed so this was a huge wake-up call I hadn't actually gone through the the process of screening a tenant so that is why I just really wanted to harp on the fact that you have to do background checks on people a lot of people will say that they're nice especially you know we're in a 55 plus community so everyone looks like a sweet old lady or a sweet old man you don't know that they could have all these different aliases which this this woman did have all these different evictions on her record you know and just is just a just a person that takes advantage of people so that's why I just want to make sure that you guys are doing background checks on people I know it seems it seems weird it seems weird for me to be like let me look into your past but if this is going to be an investment and you want it to be you want to find that right person you know you want to have that relationship where you're being a good provider of you know a place for them to live and there being a good renter you know and it's just a symbiotic relationship and that's how you're going to find these truly passive ways of income you're probably getting into real estate for a chance to grow your wealth and to provide an income so you can become financially free I know that's why we did it you know we wanted to support our family ourselves and our parents as they get ready for retirement if you want a full breakdown of the numbers click on this video right here I show you exactly how we set up this mobile home to where we're generating almost a thousand dollars in true pure cash flow [Music]

Channel: Alex Barnett

Views: 8,312

Keywords: mobile home investing, mobile home, real estate, rental property, one rental at a time, property management, buy a rental property 2022, seller financing, creative financing, managing rental property remotely, analyzing rental property calculator, deals on wheels mobile home investing, investment property group mobile home parks, mobile home cash flow, creative real estate, off market real estate deals, mobile home investment strategies, alex and lauren real estate

Id: P5hjA-1E0NI

Length: 8min 5sec (485 seconds)

Published: Sat Nov 05 2022