Wednesday, April 11, 2007

Leads, Leads and More Leads

Let me tell you - This business is very PEOPLE intensive. So, I've been doing a lot of networking with park managers, movers, dealers, park owners, etc. Put a few more signs out last week. Got an ad in the paper. My phone is ringing like gangbusters at all hours of the day.

Here's the problem. I've got too many phone calls and not enough time to field all the calls. The majority of my calls are from buyers and surprisingly from the dealers. I get a few calls from the park managers but mostly to help them fill their lots. The leads coming in from the dealers are mostly for homes that need to be moved off land. Most of these deals the sellers need a chunk of $ to buy a newer mobile home. So, we are looking roughly at 8k-13k for a singlewide, usually in the 80s. Plus, these things have to be moved. So, I haven't found a deal yet with the dealers. However, I'll continue to keep in touch with them. They continue to call like crazy.

However, the majority of my time is spent in the parks and with the park managers. Missed out on a deal last week. Saw a home for sale in a park. No phone number. Just said "For Sale - $5500." I called the park manager but she was out of town. So, I called the park manager of another park who so happens to be a good friend of the park manager of the park with the home for sale. She told me that park manager is out of town but tried to reach her. I kept going back to the park asking the neighbors who owned the home. They told me it was park owned. I finally got in touch with the park manager today who is still out of town. She told me that home has been sold. But, told me to definitely keep in touch as there's another home on the lot they do not know who owns it. It's been vacant for years. I don't even want to think about what the back taxes are on that home. But, when the time comes I'll check it out. I'm thinking it's already been taken back either by the bank (if there's a lien) or by the city and/or county for taxes owed.

In any case, still searching the parks. Out of all the sources of leads out there, every investor I've talked to in this biz has told me the best source of leads have been the park managers. So, I will continue to cruise the parks and strengthen my relationship with the park managers. My next step will be to start bidding on the REOs, once I take the class and get licensed.

This business can be done. It takes a lot of work but the payoffs are tremendous.

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