Advice on Selling Mobile Home: $800/mo Positive Cashflow

[Seamster]

Hi, guys. I tried to find the correct forum to post this but nothing relates. And, selling this isn't a get-rich idea, but it's an appx +$800 cashflow idea for the next 2 years.

Backstory - I live 90 miles from my desk job, which I haven't been to since March 17 and don't anticipate going back until 2021 or 2022 due to C0VlD-19. Two years ago I bought a $3500 mobile home near work, spent about $2000 in materials, and got it half-way fixed up. I was staying there Mon-Thurs night with my now ex-GF. We split the $800/mo it costs for lot rent, gas, electric, Internet, insurance. I didn't mind too much because she was always at her new BF's house anyway (I dumped her so I didn't care). Mar-May there was hardly anyone in the trailer. Her new BF then dumped her and she's onto a third (amazing how girls will date the first guy who comes along). But she doesn't stay at the new guy's house due to his location relative to her job.

So, I downloaded some CDC data and did the math and came to the opinion that COVID will go on for years and am planning my life based on that scenario (if you're interested in this data let me know). This means I will not be going back to the office, can sell the trailer for $10k, and stop paying the $400/mo. Hiccup: she's still there and has too much stuff for a one room apartment. Plus, one-room apartments down there are over $1000 + utilities + she'd need a heated storage unit for all of her crap. I can't throw her out to make her increase her expenses by $800-900 per month living in a crappy apartment. I should, because she's not always nice to me (thus me breaking up with her), but I'm not that type of person. She doesn't realize that the way she speaks to people is why she has zero friends and can't keep a BF. Also, I should add, that I was paying $400/mo for a room in a lady's house before we got the trailer together. Note: I bought the trailer while we were dating so she could get out of her expensive living situation so she could afford to go to nursing school for a year, which she did, and is now a nurse but only makes around $40,000. Yes, I'm too nice to her.

I would love to her to leave and sell it for $10k, but I won't force that. She wants to buy the trailer, but can only pay $400/mo (plus pay the full $800/mo fees for the trailer...trailer parks are a ripoff, man). Me getting $400/mo is nothing compared to getting $10k now. But then again, if she makes payments I don't have to list it, don't have to show it to idiots off Craigslist, don't have to fix it up much more, etc. If she pays me $400/mo for 2 years, plus takes over my half of the payments, my overall money per month just went up by around $800, and hers down by $800, which is her suggestion, not mine. Still, not good for me vs $10k now. So, I was thinking to tell her I get a room in the trailer and can stay there Mon-Thur for a few years if want to. That way, if I'm wrong on the virus, and I do end up going back to work, I won't have to find an apartment near work, and I'll still be +$800 monthly for 2 years and maybe have a free place to stay for 3-4 years, depending on what time period we agree to (actually, she likes it when I'm there because it's not dark and scary when she comes home, I know how to fix things, etc.).

I can't think of many other options. She doesn't want another roommate, which is something else I thought of to reduce costs/make money. Any ideas?

PS - I'm spending $2200/mo for everything the past few months (rent x 2, car insurance, food, phone, etc). If I do this I'll be down to $1400/mo. Each 2 week paycheck is more than that bring-home! This could be a good thing. My real estate business is separate, BTW. The trailer is personal.

 

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[minivanman]

You mentioned a get rich idea...... so I'm guessing you will be staying at your current 'job' or another 'job' and not starting a business......? And at your current 'job' you just do what you are told and try not to rock the boat because it pays well?

 

[Seamster]

You mentioned a get rich idea......

Didn't.

so I'm guessing you will be staying at your current 'job' or another 'job'

Yes.

and not starting a business......?

How many businesses do you want me to start within what time frame?

And at your current 'job' you just do what you are told and try not to rock the boat because it pays well?

Is that not the explanation everyone gives for their jobs? Either it pays well or they haven't found a new one yet.


I really think you didn't read my post. All the questions you asked are explained in my post.

 

[EternalStudent]

Hi, guys. I tried to find the correct forum to post this but nothing relates. And, selling this isn't a get-rich idea, but it's an appx +$800 cashflow idea for the next 2 years.

Backstory - I live 90 miles from my desk job, which I haven't been to since March 17 and don't anticipate going back until 2021 or 2022 due to C0VlD-19. Two years ago I bought a $3500 mobile home near work, spent about $2000 in materials, and got it half-way fixed up. I was staying there Mon-Thurs night with my now ex-GF. We split the $800/mo it costs for lot rent, gas, electric, Internet, insurance. I didn't mind too much because she was always at her new BF's house anyway (I dumped her so I didn't care). Mar-May there was hardly anyone in the trailer. Her new BF then dumped her and she's onto a third (amazing how girls will date the first guy who comes along). But she doesn't stay at the new guy's house due to his location relative to her job.

So, I downloaded some CDC data and did the math and came to the opinion that COVID will go on for years and am planning my life based on that scenario (if you're interested in this data let me know). This means I will not be going back to the office, can sell the trailer for $10k, and stop paying the $400/mo. Hiccup: she's still there and has too much stuff for a one room apartment. Plus, one-room apartments down there are over $1000 + utilities + she'd need a heated storage unit for all of her crap. I can't throw her out to make her increase her expenses by $800-900 per month living in a crappy apartment. I should, because she's not always nice to me (thus me breaking up with her), but I'm not that type of person. She doesn't realize that the way she speaks to people is why she has zero friends and can't keep a BF. Also, I should add, that I was paying $400/mo for a room in a lady's house before we got the trailer together. Note: I bought the trailer while we were dating so she could get out of her expensive living situation so she could afford to go to nursing school for a year, which she did, and is now a nurse but only makes around $40,000. Yes, I'm too nice to her.

I would love to her to leave and sell it for $10k, but I won't force that. She wants to buy the trailer, but can only pay $400/mo (plus pay the full $800/mo fees for the trailer...trailer parks are a ripoff, man). Me getting $400/mo is nothing compared to getting $10k now. But then again, if she makes payments I don't have to list it, don't have to show it to idiots off Craigslist, don't have to fix it up much more, etc. If she pays me $400/mo for 2 years, plus takes over my half of the payments, my overall money per month just went up by around $800, and hers down by $800, which is her suggestion, not mine. Still, not good for me vs $10k now. So, I was thinking to tell her I get a room in the trailer and can stay there Mon-Thur for a few years if want to. That way, if I'm wrong on the virus, and I do end up going back to work, I won't have to find an apartment near work, and I'll still be +$800 monthly for 2 years and maybe have a free place to stay for 3-4 years, depending on what time period we agree to (actually, she likes it when I'm there because it's not dark and scary when she comes home, I know how to fix things, etc.).

I can't think of many other options. She doesn't want another roommate, which is something else I thought of to reduce costs/make money. Any ideas?

PS - I'm spending $2200/mo for everything the past few months (rent x 2, car insurance, food, phone, etc). If I do this I'll be down to $1400/mo. Each 2 week paycheck is more than that bring-home! This could be a good thing. My real estate business is separate, BTW. The trailer is personal.

Maybe I'm misunderstanding, but isn't the $800/m rent + $400/m "loan" more expensive for your ex than just paying $1000/m rent for an apartment?

Seems like this deal leaves both of you worse off! Tell her to get a loan for $10k from the bank and buy it from you outright. Saves you a headache or 2 down the line if she can't pay or wants to move out later with a new bf

 

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[Private Witt]

Seems like an incredibly unhealthy situation and if this is how you treat yourself, your struggle is gonna be incredible long and full of a lot of self-sabotaging and misery.

 

[biophase]

Sell it to her and ask her for $2000 down and $500 a month for 16 months. She has to pay the $800/mo park rent and all utilities and everything else.

 

[minivanman]

get-rich idea

^^^ DID! ^^^

LMAO No, I understood your post 110%. That was EXACTLY my point. I will get to that later. Apparently you don't know what you wrote because you didn't even know you said that.

How many businesses do I want you to start? It doesn't matter to me but if I must give some type of answer, I'll say what I'd do and that is, probably start 1-5, depending on the business. And for sure 1 of those businesses would not be landlord to my troubled ex-girlfriend.

You are correct, that is EXACTLY the explanation everyone gives for their.... J.O.B. Sorry, I kinda puke in my mouth every time I say that word. Really, I do....


So now I'll get down to business......
My point was that you are not the type to have your own business. You would never be able to fire an employee or a customer..... you said yourself that you are too nice. You are no landlord or flipper, either let her live in the house and torcher yourself (and her) or boot her out and make her grow up. You are not helping her, you are being her enabler. You are not being a friend, your actions are setting her up for even more failure in the future. You are making yourself feel good by letting her live there, you're not doing her any real favors. What you have is a very BAD situation that you need to get out of yesterday! The nicest thing you could do is give her 60 days to move out. Hopefully you will learn from this mistake and never do anything like this again! I understand you thought you was being nice but you're not. I hope you do what I say for her sake and yours. I hope it all turns out great for both of you. Don't get mad..... you asked.....

 

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[Choate]

Sounds like right now it's -$400 cashflow without you even getting the benefit of staying there. Or is it actually -$800/month, because rent + fees is $1200 and she's only paying $400? The longer this goes on, the less meaningful that +$800 cashflow from it becomes as you are merely recovering your losses.

It's not your burden to support a women from a previous relationship while she dates another man. She can downgrade the amount of crap she has so that she can fit in an apartment. Again, not your problem. She's making $40k per year, she can afford more than $400 in rent. Is this man also spending part of each week at the house you are paying for?

I would free yourself from this web that you're in. $800/month fees for a trailer park is ridiculous. The situation with her is ridiculous. Sell it to her or tell her she's got 3-4 months to get her things in order as you're selling it elsewhere. Just worth saving the headache at this point.

 

[Seamster]

Thanks for the replies, guys. I took everything into consideration and ended up striking a deal. Here are the terms:

• She pays the $800/mo for lot rent, utilities, water, etc.
• She pays me $350/mo for 24 months ($8400). If she misses a month or two, it doesn't matter, because the contract says "24 months"
• Her BF can't move in without my permission. I kind of do want him to move in to make sure that she has enough money to keep paying me
• I continue to fix up the flooring and walls as planned
• KICKER: I'm working from home home during the pandemic, but I can stay there whenever I want, as much as I want, and will have 100% occupancy of the back bedroom. This occupancy continues 18 months after the payments have been satisfied. Meaning that when I go back to the office, I'll still have a place to stay for 3+ years. If I never go back to work, even better yet. If I do, well, I'm saving $700/mo for an apartment near work. That's over $20k over 3 years. Win win for me!

As you guys have said, I'm sure there's going to be some issues! But, this is what I did for now. Thanks for the help!