Thursday, March 5, 2009

How To Get Started Investing In Mobile Homes

I've had a lot of people ask me how to get started investing in mobile homes. Thought I'd make a post to address this question.

Before you even start investing, the first thing to do is get your personal finances in order and understand how money works.

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. It's very important so you will be able to see your overall goals.

To help you understand the subject of personal finance and money, I highly recommend putting the time to educate yourself. I made a post awhile back on my Top 10 Personal Finance Books. It's a good starting point.

Once you have your personal finances in order, then you can start looking into investing. As an investor, you need to have a plan. Think about your investing goals - what are they? Also, one of the things you'll need to think about is exactly how much time and how much money you want to dedicate to investing - there are many forms of investing.

How involved do you want to be? Is your time limited - would it be better for you to be a passive investor? Or, do you have more time - maybe you can be more involved?

Some people have more time than money, and vise versa. I highly recommend you taking the time to learn about the types of investments you choose.

Personally, I am more involved with my investing activities - I can put deals together because I'm very good at networking and working with people. On the other hand, I know other investors who want to be more "hands off" and would rather work with someone who can find deals for them and lend out the funds for the deals.

It all boils down to personality. What are you good at? What do you enjoy doing? What skills do you have? What are your strengths? What are your weaknesses? Take the time to assess yourself and your skills.

If you are further interested in learning about investing in mobile homes, check out this post I made awhile back.

I will continue to address the questions I receive in future posts. Feel free to contact me with your questions.

Happy investing!


notepro said...

Hello Mobile Home Gurl!

You are doing what I'd like to do. Have you read any of Lonnie Scrugg's books?

I'm also interested in the note end of the business. I look forward to reading the rest of your blog!


Mobile Home Gurl said...

Yes, I've read Lonnie's stuff - he's great! Definitely a good read. My book recommendations are on the tool bar on the right. Glad you enjoy the blog, thanks for visiting!