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Re: Need some financial advice
[Re: johndeere5036]
#3705107
07/08/22 09:01 PM
07/08/22 09:01 PM
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Joined: Jun 2002
Posts: 1,102
Birmingham,AL
low wall
6 point
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6 point
Joined: Jun 2002
Posts: 1,102
Birmingham,AL
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Northfork has it right. I've appraised and reviewed appraisals for a lot of them. Thought hard about buying a couple, but got into apartments instead. The cash flow on places where people do their fightin, f---in, and sleepin is usually pretty good. So are the headaches.
You want to own the lots, roads, septic/sewer, and electric service. You don't want to own the coaches.
Used to be a lifeguard, until that blue kid got me fired.
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Re: Need some financial advice
[Re: johndeere5036]
#3705115
07/08/22 09:11 PM
07/08/22 09:11 PM
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Joined: Nov 2003
Posts: 7,938
north Alabama
biglmbass
14 point
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14 point
Joined: Nov 2003
Posts: 7,938
north Alabama
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Would be a hard pass for me.
The left lane is for the the purpose of moving the flow of traffic forward regardless of the speed limit. If your impeding the flow of traffic get your ass in the right lane. It's really that simple...
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Re: Need some financial advice
[Re: johndeere5036]
#3705117
07/08/22 09:15 PM
07/08/22 09:15 PM
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Joined: Oct 2009
Posts: 5,688
Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,688
Henry county
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I would look elsewhere for financial advice. I would only listen to those that retired young.That being said I've never heard of anyone complaining that they shouldn't have paid there house off.
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Re: Need some financial advice
[Re: coldtrail]
#3705118
07/08/22 09:18 PM
07/08/22 09:18 PM
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Joined: Sep 2012
Posts: 14,302
ArmPit of the south
DeerNutz0U812_
Booner
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Booner
Joined: Sep 2012
Posts: 14,302
ArmPit of the south
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I would look elsewhere for financial advice. I would only listen to those that retired young.That being said I've never heard of anyone complaining that they shouldn't have paid there house off. Look elsewhere for advice?...You serious Clark?... 
Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...
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Re: Need some financial advice
[Re: johndeere5036]
#3705131
07/08/22 09:29 PM
07/08/22 09:29 PM
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Joined: Apr 2017
Posts: 15,346
Ourtown, AL
BCLC
Old Mossy Horns
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Old Mossy Horns
Joined: Apr 2017
Posts: 15,346
Ourtown, AL
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Friday night financial advice via the ALDeer Consortium. The finest collection of misfits and heroes I ever did meet.
We’re not dead. We just smell that way. Dayum. - AC870
Yessir! I’m always gonna shoot what makes me happy and I want everyone else to do the same! If you shoot one be proud of it and don’t worry what anyone else thinks. - SJ22
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Re: Need some financial advice
[Re: johndeere5036]
#3705150
07/08/22 09:46 PM
07/08/22 09:46 PM
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Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
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Why are they selling the trailer park? And why is the lawn care business for sale if it's that profitable. Good questions. Only OP can answer. You need to pay someone to run due diligence on both. It'll cost some money, but it'll be worth it. I’m tired of the headache and trying to find good help. That’s why I’m wanting to sell it. The older lady who owns it is having health issues so she is probably gonna have to move away. It was offered to her grand kids which are all girls and they all said they wouldn’t know where to start by having it. It generates 8k a month with just the trailers that are in there. She owns them all. When it sells her 3 bedroom 2 bath house will also be available for a renter and that cost is not figured in to what it generates now. She keeps the place up and has some really nice trailers. She is very strict on who rents there just to keep the rifraf out 8k in total monthly revenue or net profit? A good operating business can do in a month what that trailer park does in a year. Have you thought about selling the lawn care and doubling down with the dirt work business?
The fool tells me his reasons; the wise man persuades me with my own.
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Re: Need some financial advice
[Re: johndeere5036]
#3705157
07/08/22 09:51 PM
07/08/22 09:51 PM
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Joined: Oct 2012
Posts: 10,586
Central, Al
Bustinbeards
Booner
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Booner
Joined: Oct 2012
Posts: 10,586
Central, Al
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There is an eclectic cross-section of very knowledgeable folks up in heah, I’d bet there is a financial advisor amongst us. Already some good advice on the lot vs trailer/lot rental and ROI.
Originally Posted By: Wiley Coyote
Well, the way I see it is there's just too many assholes
On a good day there's a bunch of assholes in here. On a bad day there's too many assholes in here.
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Re: Need some financial advice
[Re: johndeere5036]
#3705235
07/09/22 06:03 AM
07/09/22 06:03 AM
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Joined: Dec 2009
Posts: 9,008
Colbert County
Teacher One
14 point
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14 point
Joined: Dec 2009
Posts: 9,008
Colbert County
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My uncle had a trailer lot on his "homestead" he inherited from his parents. There is a reason people use the term "Trailer Trash" and it was evident in the folks who rented the trailers from him. He bought some good trailers, moved them in, and rented to the folks who had the best application to rent from him. The renters had no vested interest in the trailers and would not take care of them at all. The renters tore everything up, and each trailer had multiple families moved in within a couple of months which was against the rental agreement. He tried getting rid of several renters and the renters have more rights than he did. It is almost impossible to get them out once they decide to live off you rent-free. He wound up breaking even on this venture and was the happiest person you ever met when he sold his last trailer. He told me several times when I started buying rental homes to hang it up, but the homes have been good to me. No way I would take the trailer part rentals, no way.
My son took over the yards I started cutting over 30 years ago. It has been a very good move on his part as most of ours are large and pay very well. My wife is a realtor and she is able to line him up with all the lawn care services he wants to take on just through her dealings. This is a good source of income, but I have to admit I hate cutting grass every day. When lawn equipment tears up, it is not very expensive to repair either. Just let a central unit go out on a trailer and you will know very quickly what I am talking about.
My words of wisdom are to go to bed tonight and never have another thought about the trailer park.
I can't stand a thief.
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Re: Need some financial advice
[Re: roadkill]
#3705240
07/09/22 06:56 AM
07/09/22 06:56 AM
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Joined: Mar 2015
Posts: 4,410
FL
mw2015
10 point
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10 point
Joined: Mar 2015
Posts: 4,410
FL
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Sell the lawn care, keep the dirt work land clearing, pay off the house, forget about the trailer park. Buddy of mine had one. 24/7 constant pain. Dopers, strippers, hookers, fights, junk cars, dogs loose, break ins, police on premise, collecting, evicting, maintenance. This. Had an elderly friend with trailer park that was nothing but problems. Had a small house for rent on it and it was nice until tenants destroyed it. Dogs and cats crapped in house. Destroyed a nice house. Another tenant in mobile got drunk and drove a tractor into a pond. These poor friends were elderly and lost money and gained a lot of aggravation. Plus the county got on trailer parks and chicken houses so their “investment “ had a target on it. Pay your hour house off.
Michael Warren CPIA Your trusted insurance advisor for business and health insurance. ALDEER SPONSOR BUSINESS INSURANCE AND HEALTH INSURANCE IN FL AND AL http://mikewarreninsure.commikewarreninsuranceagency@gmail.com
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Re: Need some financial advice
[Re: Teacher One]
#3705343
07/09/22 10:14 AM
07/09/22 10:14 AM
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Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
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My uncle had a trailer lot on his "homestead" he inherited from his parents. There is a reason people use the term "Trailer Trash" and it was evident in the folks who rented the trailers from him. He bought some good trailers, moved them in, and rented to the folks who had the best application to rent from him. The renters had no vested interest in the trailers and would not take care of them at all. The renters tore everything up, and each trailer had multiple families moved in within a couple of months which was against the rental agreement. He tried getting rid of several renters and the renters have more rights than he did. It is almost impossible to get them out once they decide to live off you rent-free. He wound up breaking even on this venture and was the happiest person you ever met when he sold his last trailer. He told me several times when I started buying rental homes to hang it up, but the homes have been good to me. No way I would take the trailer part rentals, no way.
My son took over the yards I started cutting over 30 years ago. It has been a very good move on his part as most of ours are large and pay very well. My wife is a realtor and she is able to line him up with all the lawn care services he wants to take on just through her dealings. This is a good source of income, but I have to admit I hate cutting grass every day. When lawn equipment tears up, it is not very expensive to repair either. Just let a central unit go out on a trailer and you will know very quickly what I am talking about.
My words of wisdom are to go to bed tonight and never have another thought about the trailer park. “I hate Cutting grass every day” That’s why most businesses never grow. The owner thinks they have to do EVERYTHING (especially the actual manual work). In reality a lawn care business should be one of the easiest type of businesses to grow and scale. It’s just that most owners don’t understand (or are afraid of) how to get away from working in the business and begin working on the business. If I had a 30 year established lawn cutting business, I would hire crews tomorrow, train them to operate how I want and stop cutting the grass myself while I continue building the business.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: Need some financial advice
[Re: duxlayer]
#3705354
07/09/22 10:33 AM
07/09/22 10:33 AM
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Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,414
Scottsboro, Al
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Rental houses (1k+) -apartments - hud housing ( guaranteed gov money )would be what I would try if I was set on rentals. No to the trailer park , too much headache and the laws in place are to protect the scum that lives there ,not the owner . I’m considering moving from farming to an electrical side business here in a few months . Farming has been good but with input cost vs reward it’s time to move on to something different . Good luck If you do that, you’ll end up leaving your nice job at the water board sooner than later to focus on an electrical business that far exceeded your early expectations. Just like I did with Google. You’re young, extremely smart and good at what you do and know. You would be as busy as you wanted (actually probably busier than you wanted😂) for as long as you wanted AND you have the brainpower to start a business and grow it into something that you aren’t having to be the one tightening every wire nut every day. Our area is far underserved on the Plumbing and Electrical services. My advice would be to go for it. If you get to that point, I’d be happy to show you some things that we figured out along our first year or two that could propel you rather quickly.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: Need some financial advice
[Re: jbatey1]
#3705362
07/09/22 10:38 AM
07/09/22 10:38 AM
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Joined: Aug 2001
Posts: 63,798
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 63,798
Luverne, AL
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Sounds like step one will need to be not blowing money like its going out of style, either way, going forward.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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