Friday, January 30, 2009

New Video

I've uploaded a new video to the YouTube channel. When it plays, click on the lower right handside on the red triangle to get the slider and choose play in HQ (high quality) for the best video quality. Enjoy!

Video Link

Tuesday, January 27, 2009

Top 10 Personal Finance Books

Thought I'd post a list of the Top 10 Personal Finance Books that have helped me understand the subject of money. Before going out and starting to invest, I needed to make sure I had my own financial house (aka personal finances) in order.

There have been countless people who go out and invest without even having their own finances in order first. By having your financial house in order, you will know how much money is going in and how much is going out, and what areas you need to work on - this is basic stuff most people don't even know.

Here's my Top 10 Personal Finance Books:

1. The Richest Man In Babylon
2. Rich Dad, Poor Dad
3. Cashflow Quadrant
4. Guide to Investing
5. The Millionaire Next Door
6. The Automatic Millionaire
7. Your Money or Your Life
8. Four Pillars of Investing
9. The Bogleheads' Guide to Investing
10. A Random Walk Down Wallstreet

Wednesday, January 21, 2009

Mobile Home Repair

Here are some good books about mobile home repair. I've personally purchased both the manual and the mobile home repair guide. Both great reference books!

Sunday, January 18, 2009

Cash Flow Is King

Video showing how rewarding this business can be!

Tuesday, January 13, 2009

Screening Buyers

Lately, I've been screening buyers. Let me tell you - it's basically the same conversation over and over again. I feel just like an answering service. Though, I've gotten better at screening and getting better at weeding them out.

When screening buyers, the first thing you have to keep in mind is your ideal buyer. What kind of buyer are you looking for? Does it matter? It really depends on your personality and who you feel comfortable with. Remember, this is like a marriage - once they're in, you're stuck with them (if you are owner financing).

Personally, I like working with good, hard-working, families. In my experience, if they know the area and are local - it's better. I'm not sure about the out of town folks. Families who live locally in the area already know what they want for themselves and their family - the area, schools, proximity to work, etc. The out of town folks may not know what they want - it may take longer. And, in this business - time is money.

So, what kind of questions should you ask when screening for potential buyers?

Well, you want to find out as much information about them as possible. Talking to people is more of an art than anything - it's not what you say but how you say it that counts. People want to be comfortable with you and need to trust you before they divulge any information about themselves. Don't come across as the business or corporate type. Believe me, in this business- it doesen't work. People like people who are just like them. Know your audience. Know your market. Know how they talk, think, and feel. Seriously, it will help you in this business.

Here are a few questions I ask when people call in:

-So, how did you get my number? Did you drive by the home? Or, did you see my sign or flyer? (This will tell you a lot. If they actually drove by the home, it means they are looking in that neighbohood. If not, you need to determine whether or not they are a good prospect and then instruct them to drive by first).

-What are you looking for? 2 bedroom, 3 bedroom? What area? (Let them tell you what they want. If they are calling just asking questions about the price of the home, answer them quickly and get off the phone - they may not be as motivated. Remember, you need to think as a homeowner - if you were looking for a home to buy for your family, what kind of questions would you ask? How would you approach the seller? If the person on the other end, does not sound like your target buyer get off the phone asap and move on to your next prospect).

-How many people are you looking for? (This will tell you if you are dealing with a family, individuals or both. If they question you, tell them the park has instructed you to ask due to occupancy limits with the local city ordinance code).

-Do you have pets? What kind? (Determine whether you want to take pets or not. Also, you need to know the rules of the park as well - some parks do not allow pets or have certain restrictions and requirements regarding pets. Find this out beforehand).

-Are you in a lease? Or, going month to month? (This will tell you their time frame for buying. I do like people who have been renting as opposed to people living with family and just looking for a place - renters have been pre-screened already).

-How much are you paying in rent right now? How much do you have saved up for a down payment? (If they do not have any money saved up, they may not be serious and may just be looking. Serious buyers have money saved up - remember it's just like being a homeowner. If you were planning to buy a home in the future, would you have money saved up for your down payment? Most people would and plan beforehand).

-Have you driven by the home? If not, give them directions to drive by and tell them to call you back if they are further interested.

After asking the questions above and determining whether or not this is your target buyer, then you can decide if you want to make an appointment to show the home. Only arrange showings with people you have prescreened over the phone and have already driven by the home. Do not waste your time with people who will not drive by the home and only want to take your time to show it. Remember, time is money.

It takes time and experience to learn to screen buyers. It's a skill and you will only learn by doing and asking lots of questions - information is the key. In time you will get better - it's just like riding a bike because practice makes perfect.