Thursday, April 23, 2009

10 Important Members of Your Mobile Home Investing Team

"Two heads are better than one."

So true, so true.

Success is accomplished through teams, not individuals. Though, sometimes it could seem an individual has attained success - there's always a team behind them. As in Hollywood, it seems like the director and/or the actors/actresses get all the credit. Though, it takes a lot of people to make a movie - these are the people behind the scenes that people don't see who come together to make it all work.

Throughout my investing career, I couldn't have done it without my team. I've learned that I simply can't know everything - my team helps me and I help them. Together, we get more done and more accomplished. Those I know who do try to do everything have been burned out losing both time and money.

To help you with your mobile home investing career, here are 10 Important Members of Your Mobile Home Investing Team:

1. Personal Support Network - friends, spouse, other investors, etc.

It's very important to have a personal support network of people who understand you and your investing goals. Surround yourself with like minded people - get away from the naysayers. Now, I know it's hard because most people (especially family and sometimes friends) may not understand why you've entered this crazy world of mobile home investing. Seek out people who do (i.e. local real estate club, local clubs, real estate related blogs and internet sites, etc). If you surround yourself with like minded people, it will be easier for you to go out and take action.

2. Mentor

Whenever I want to learn something new, I've always sought out and found a mentor. It's very important to have someone locally you can learn from. I stress, locally, because things are different in every area (i.e. laws, marketing, rents, etc). What works in one area, could not work in another area. Seek out someone who is doing what you want to do - learn from them and offer to help them find deals. Create a win/win situation - make it work for both of you.

So, where can you find a mentor? It's best to start out with your local real estate club(s). Find out who the key players are and exactly what they do. Talk to a few people and find someone you can connect with. Offer to take them out to lunch or coffee. Learn as much as you can from them. Remember, it's all about learning and getting experience. Once you have the experience and the knowledge, the money will follow.

3. Park Managers

If you are planning to work with parks, you will need to establish relationships with park managers. They are a great source of information. Apart from educating you about the park and how they operate, park managers can help you to learn more about the mobile home business in the area. If you are planning to do business in parks, park managers are definitely important members to have on your team.

4. Mobile Home Dealerships

Mobile home dealerships are also key players to have on your mobile home investing team. They can educate you on the market and tell you exactly how much they have sold their homes in the area. Also, they are a good source of information as sometimes they get homes come in for "trade ins" and may need someone to offload those homes for them.

For the most part, mobile home dealerships are in the business of selling new homes - not used homes. It's just like a car dealership - their clients buy new sometimes trading in the old with the new. If you are there to help offload the old (aka used mobile homes), you are helping them to focus on their business.

5. Contractors

Contractors will always be needed on your mobile home investing team. You will always need contractors for electrical, plumbing, a/c, etc. With the major systems in the home (i.e. electrical, plumbing, a/c, etc), be sure to work with a licensed contractor. Also, you will need a handyman on your team to fix up the small stuff. Be sure to have a few contractors for each area as back ups just in case. Remember, you don't want to be looking for contractors when you need the job done - start networking now!

6. Cleaning Crew

In most cases, the mobile homes you buy will need a good cleaning. Be sure to have a cleaning crew and some back ups lined up for the job.

7. Carpet Cleaners

Another major area of mobile homes that may need cleaning is the carpet. I use carpet cleaners for this service because they specialize in cleaning carpets. Sure, you can have your cleaning crew clean the carpets if it's not that bad. Though, if it looks like a tough job - I'd go with carpet cleaners who specialize in this area. It's amazing to see what carpet cleaners can do - their work has made carpets look like new at times!

8. Mobile Home Movers

If you're planning to buy mobile homes and move them, you'll need a mobile home mover on your team. Check around with the mobile home dealerships and park managers to see who they use. Talk to a few mobile home movers, get their rates, and make sure they are licensed. (You can find this information through your local government authority).

9. Local Government Authority

Knowing the people who work at your local government authority handling mobile home transactions can help you with your mobile home investing business. These people know the laws - they can help guide you and tell you what you can do/not do. Also, they are a wealth of information for local resources including finding out the licensing status of mobile home movers.

10. Other Real Estate Investors

Having other real estate investors on your team can be very important to your mobile home investing career. Other real estate investors are great sources of information for other services you may need including attorneys, real estate agents, contractors, etc. They also may have access to buyer and seller leads. Also, other real estate investors can be good sources for private lending and/or helping you to get financing. Always be open to making relationships with other real estate investors.

There you have it - 10 Important Members of Your Mobile Home Investing Team.

Remember, you want to start early so it's best to start networking now. Don't wait until you need these services - that's the worst position to be in! And, always be sure to have a couple back ups just in case. For me, I am always on the lookout to be adding new members to my team.

Happy investing!

2 comments:

jeffrey said...

You can use anything that doesn't have bleach in it. Ammonia takes cleans and takes out odors very well and the ammonia smell is gone when the carpet dries. Carpet Cleaners

Mobile Home Gurl said...

Thanks for the cleaning tip!