Thursday, December 23, 2010

Special Holiday Video



As we all know, Christmas is a time for giving. So, today I want to share with you my recommended holiday gift list for that special real estate investor in your life. Check out the video to find out more, thanks for watching!



VIdeo Link

Links Mentioned in the Video;

Shae Bynes, Good Faith Investing
(Note: My book review of "Financial Freedom GPS").

Steph Davis, Flip This Wholesaler
(Note: Steph's book, "Flip This Reo").

Julie Broad, Rev N You
(Note: Julie's coaching programs and courses).

Joshua Dorkin, BiggerPockets
(Note: BiggerPockets Benefits of Membership and Site Tour)

(Note: In observance of the holiday season, the blog will be on hiatus next week. Happy Holidays!)

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Friday, December 17, 2010

Business 101: Why Persistence Is So Important


In business, it's so important to be persistent. Why? Check out the video to find out, thanks for watching!



Video Link

(Note: In observance of the Christmas holiday, there will not be a "Terminology Tuesday" post next week. Though, there will be a special Christmas video. Stay tuned!)

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, December 14, 2010

Terminology Tuesday - Final Walk Through

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).



Video Link

When working with both sellers and buyers, I always do a final walk through on the day of closing. For me, it's important to conduct it on the day of closing so that there are no surprises. (And, believe me there can be some pretty wild ones in this business!)

Though some folks may conduct their final walk through a day or two before closing, I really feel more comfortable doing it on the day of closing even if it means taking up more time.

Basically, I usually meet with the other party at the home on the day of closing (whether it be the seller or the buyer). Then, we proceed to do a walk through of the home making note of what was agreed upon. After wards, then we proceed to continue by doing the rest of the paperwork for the closing.

(Note: When working with both sellers and buyers, I always do a smoke detector verification check on the day of closing. Before we close, I want to make sure all of the smoke detectors are working).

By conducting a final walk through on the day of closing (on both the seller and the buyer end), it gives me peace of mind that all parties can confirm the condition of the home as well as confirm what they are getting on that day.

(Note: When working with sellers, I always start insurance coverage on the day of closing. Usually, I will let my insurance agent know ahead of time the scheduled closing day and usually plan to bind coverage for that day).

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, November 30, 2010

Hiatus This Week - Out Sick



Hi all!

I hope you all had a good Thanksgiving. Mine was relaxing, filled with good food and many, many movies! As for "Black Friday," I sat it out this year. Even with the mad rush near Thanksgiving, I just did not want to deal with all of the choas!

In any case, I've been under the weather lately. And, I think it's best for me to get some rest and just take it easy. I just wanted to let everyone know that the blog will be on hiatus this week. It should be back up and running once I get better. Have a great week everyone!

p.s. For those of you who have had questions about the topic of private money, feel free to check out my pal Julie's article she wrote on the subject this week and also my pal Shae who will be hosting a free teleseminar on her experiences finding and working with private money lenders. Thanks for reading! :)

Tuesday, November 23, 2010

Happy Thanksgiving! (Plus, a Quick Update About Working With Parks)



I just wanted to wish everyone here a "Happy Thanksgiving!" It's definitely been a madhouse on the road (as well as in the grocery stores!) And, not to mention the anticipated event afterwards - "Black Friday." Here we go again!

In any case, I also wanted to just give you all an update on this deal. Last I spoke of it, we were waiting on the park's approval. So, what's going on?

Well, basically the park has not heard back from the current landlord. And, this is the only thing holding us up. Before I even gave the park the "green light" on my end for these buyers, I attempted to contact the current landlord with no luck.

So, the week before last the park manager calls me up telling me she finally heard back from the current landlord. And, guess what? It turns out they are reluctant to confirm the buyers' payment history without a 30 day notice from the buyers. Now, the buyers did not want to give their 30 day notice until they knew for sure they would be approved. Very understandable.

Last week, the buyers dropped off their 30 day notice to the current landlord's office (as they are never in) and dropped off a copy to the park manager (per my advice). Afterwards, the park manager (and me as well) attempted to contact the current landlord with no luck. We both keep getting voicemail - no return phone calls.

Well, it's the end of the month and the buyers' lease is expiring. And, the buyers don't know what to do. They call me up for some advice. And, I tell them calmly "Let me give the park manager a call. We'll work this out."

Before even calling the park manager I already had a plan. Since I have a background in property management, I knew all the park needed to do was to confirm and verify the buyers' payment history. Usually, that is done (usually in writing) by the current and/or prior landlord.

Since the current landlord has been unresponsive, I knew another way to verify this information - get the buyers to submit copies of their lease, receipts, and bank records of all funds paid to their current landlord.

So, I called up the park manager and asked, "Would it help? Their ready to go and we're just waiting on this last piece of information." And, you know what the park manager said? She said, "That would be great. Anything they can provide to me would help. And, we'll get this through."

(Note: Since I have a very close relationship with the park managers, usually it's very easy for me to work with them when trying to go through the logistics of getting buyers approved. This is why it's so important to focus on building strong relationships).

In any case, so that's that. The buyers are getting the needed paperwork together to submit to the park manager. After that, we should be good to go.

So, one thing some here may wonder - why would a current landlord be reluctant to withhold information on a tenant? Well, the reason being is the economy - it's a tough market out there (especially for rentals). And, most of the buyers I work with are long term tenants. (In this case, 3 years). So, it's no wonder the current landlord was reluctant to verify their payment history.

(Note: With the economy the way it is, this will probably not be the last time I run into this issue. In fact, I had a difficult time with a similar situation on this deal).

Regarding any funds owed to the current landlord, I advised the buyers that's what their security deposit is for. (I guess having a background in property management helps!) They were concerned they would be charged another month by the current landlord.

But, I told them usually when doing move outs - the security deposit is supposed to cover any funds owed to the landlord. (That is why property managers usually collect at least 1 month's rent as a security deposit). If nothing is owed, then they are to receive the deposit back.

(Note: Of course, if there is any damage to the unit and/or other charges due - they would be charged additional funds to the tenants).

When screening and working with buyers, above all else - the quality I look for is honesty. If the people I'm working with are honest and upfront, then usually I don't have many issues with them.

(Note: Of course, I need to go through my usual process of verifying and confirming all information. But, even if there are people who tell me they can come up with a lot of money to put down - if they are not honest and I feel I cannot trust them, I WILL NOT work with them. That's just me).

In any case, I just wanted to give everyone all an update. Hope you all have a good and Happy Thanksgiving!

p.s. For those who are in the holiday spirit, check out my pal Steph's Thanksgiving contest. She's holding a contest to see what motivates others, it's really neat! :)

Thursday, November 18, 2010

Big Announcement, Please Watch! (thanks!)

I have a BIG announcement to make. Actually, it's a HUGE announcement. Please check out the video to find out more, thanks for watching!



Video Link

Thank you for taking the time to watch this video. Here's the link to the survey mentioned. Thanks for your support!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, November 16, 2010

Terminology Tuesday - Insurance Deductible

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).



Video Link

Regarding insurance deductibles on mobile homes, you really need to go with what you feel comfortable with. The way I work things is that the insurance is rolled in with the monthly payment.

In my experience, my insurance company offers me 3 choices when it comes to insurance deductibles on mobile homes - $250, $500 and $1000 deductibles respectively. The higher the deductible, the less the insurance premium. On the other hand, the lower the deductible - the higher the insurance premium. All in all, you just need to weigh what you feel comfortable with.

When I first started out, I chose the middle of the road - $500 deductible and continued with this figure for many years. Now, there were some who advised me to take the higher $1000 deductible to make for a lower premium.

The argument was that usually if anything ever happened to the home - it was rare. And, if anything ever did happen - the insurance is really there if there is a major catastrophe done to the home (i.e. roof needs to be replaced by tree damage) or if the home burns down. Above all else, the insurance is not there to cover the small stuff - it would be best to get a contractor involved for the smaller items (not the insurance company).

After years of going with the $500 deductible figure, my experience was that nothing major had occurred. And, if something major were to occur - I would be prepared for the worst (such as a fire) and let the insurance take care of it. If anything smaller happened, it would be up to the homeowner to take care of it and get a contractor involved.

So, now my comfort level has changed - I usually go with the $1000 deductible for insurance coverage on mobile homes. And, I'm ok with it. But, again - that's just me. When choosing an insurance deductible, I highly recommend being comfortable with whatever figure you choose.

(Note: For those out there, I do recommend using your own insurance company when doing "Lonnie" deals. For me personally, I don't leave it up to the buyer to choose and obtain their own insurance coverage - there's just too much risk involved. Plus, in most parks getting insurance on the home is a requirement before any buyer can occupy the home).

Regarding the insurance coverage amount, usually the insurance company will determine that. Sometimes the insurance company may ask you how much coverage you are requesting. But, usually insurance companies will only cover and determine coverage based on the replacement value of the home. Again, go with what you feel comfortable with.

(Note: Always remember to do a smoke detector verification check before requesting to place insurance coverage on a mobile home. As a requirement, most insurance companies require this before coverage can be placed).

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, November 11, 2010

Business 101: Who Has the Most Interest In Your Business?



Who has the most interest in your business? Good question. Check out the video to find out, thanks for watching!



Video Link

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, November 9, 2010

Terminology Tuesday - Smoke Detector Verification

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).



When both purchasing and selling mobile homes, it's best to make sure all of the smoke detectors are working in the home. In fact, it's usually a requirement from the insurance company that all smoke detectors have been checked and verified before coverage can be placed.

(Note: Before I purchase a mobile home, I make sure the smoke detectors are working on closing day. On closing day, this is when I instruct my insurance company to start coverage).

In general, there are 2 main types of smoke detectors - battery powered and electrical. Usually, electrical type smoke detectors will come pre-installed with the home. However, these types of smoke detectors will only work when there is power. If for some reason there's a loss of power in the home, then electrical type smoke detectors will no longer function.

Many times (but not all) homeowners do not realize the danger in having only electrical type smoke detectors in their homes. Without power, these type of smoke detectors will not work. Should there ever be an electrical outage, this could be dangerous if a fire occurs.

This is why I go out and make sure there are also battery operated type smoke detectors (with a fresh battery of course!) inside homes with only electrical type smoke detectors. For me personally, I'd rather be safe than sorry.

Is this an added cost? Yes. But, to me - it's the cost of doing business. I'd rather have peace of mind and be able to sleep at night that the home is well equipped to detect a possible fire than not. But, that's just me.

As a general rule of thumb, there should be smoke detectors in the kitchen (sometimes 2), hallways near the bedrooms, and living room areas. Before purchasing a mobile home, I always verify the types of smoke detectors in the home as well as whether they are original or added on.

On the other hand, you also want to be aware if there have been any smoke detectors removed or detached from the home. Personally, I've run into a few situations where the smoke detectors were removed as some homeowners just did not feel it necessary as they had to keep changing out the batteries.

(Note: This is definitely not a good reason to remove a smoke detector. It amazes me what some people will do just to avoid doing a little work!)

Before purchasing (as well as selling) a mobile home, I highly recommend you make sure you check and verify all smoke detectors are properly working. If the home comes with the electrical type of smoke detectors, be sure there are battery type smoke detectors installed as well. Check the batteries - make sure they are new and in working order.

(Note: In Lonnie's book, there is a Smoke Detector Verification Form included in the forms section. I highly recommend including this in your paperwork when working with buyers).

To give you an idea of how smoke alarms work as well as how to do a smoke detector verification check, here's a short video:



Video Link

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, November 4, 2010

Business 101: It's Not What You Say, But How You Say It That Counts



So many times there have been folks who have told me they have tried so hard to find mobile home deals. Though, they are unable to find any. So, I decided to create this video. Hope it helps, enjoy!



Video Link

Thanks for watching!

(Note: By the way, has anyone ever had "minced meat pie?" I'm a bit afraid to try it. As a kid, I grew up on fast food - I hardly ever had a home cooked meal. So, meeting country folks and learning about their home cooked meals is a very new yet interesting concept to me! :)

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, November 2, 2010

Terminology Tuesday - The 50% Rule

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).



Since there have been many folks who have asked about the holding costs involved when buying and holding properties, I've decided to touch upon a small little rule I have learned as a prior landlord - the 50% rule.

So, what is the 50% rule? Here's a video from a fellow BiggerPockets member that explains it in more detail:



Video Link

As a prior landlord, I can tell you - the 50% rule is true for most cases when buying and holding properties. To be honest, a lot of folks who buy and hold properties forego a lot of small expenses when determining their overall net profit - it's really important to factor in everything to see a realistic picture.

So, what does this have to do with mobile home investing? Well, a lot of folks have asked me this question, "When you mention 'cash flow' in your case studies, is that what you really net? Or, are there other expenses taken from that amount?"

The answer to that question is yes. Yes, I do net that amount of cash flow. And, no there are no other expenses taken from that amount. I receive the same amount every month - rain or shine.

And, this is the difference between ownership (aka being a landlord) and control (aka being the bank). To me personally, it's not about ownership - it's about control.

As a prior landlord, I found it extremely difficult to keep up with the costs of ownership (i.e. maintenance costs, rising tax assessment values which in turn raise property taxes, increases in insurance, etc). Every year, it seemed that costs would increase. And, these increases would eat into the cash flow I received.

Even more, on top of that I still had to deal with the debt service (aka what I owe the bank). So, who got paid the same amount every month no matter what? It wasn't me - it was the bank.

So, the difference with doing "Lonnie" deals is the fact that there is more control and less to maintain. With mobile homes (as personal property), they are seen as depreciating assets in the eyes of the government. Think about it kind of like a car - their values go down year after year. Well, it's the same as with a mobile home.

Now, many of you may be thinking "Well, that's not good." And, it has been one of those points challenged to me. In fact, I have a good friend who questions why I even bother buying depreciating assets. In her eyes, if the value goes down year after year - then what's the point?

Well, for me personally it's not about appreciation - it's about cash flow. And, so what if the value goes down year after year. Each month, I am receiving the same amount of cash flow no matter what. But, this is what's important to me - cash flow will feed me, appreciation will not.

Though, my friend (who is extremely smart with an MBA from an Ivy league school) begs to differ. Her thought is to buy for appreciation because she tells me - that's where the real money is at.

Furthermore, she thinks the effort and amount of time involved put into this business should reflect the dollars earned. To her, my cash flow earned is really not that much as her earning 100k flipping a home (that she needs to wait 5-10 years to appreciate). But to her, it's worth it.

(Note: Did I mention? This is a friend who has tried to get me to invest for appreciation - she tells me I am missing the boat on a lot of potential properties that will appreciate in the future if I don't buy now).

In fact, she even challenges me in saying that she will become a millionaire because if she buys 10 homes and they appreciate 5-10 years from now and she receives 100k from each of them - she will be rich. So far, she is halfway to her goal. Though, all her homes are negative cash flow.

(Note: I have no desire to make a million dollars in one lump sum. I invest for cash flow, not appreciation).

Every month, my good friend has to shell out money to cover her expenses. But, in her mind - it's ok. She tells me she will make it all back - just watch and see. And, that in this game - she is the turtle and I am the hare. She reminds me the turtle is the one that wins in the end.

Now, in school - I wasn't really good at math. But, it seems to me that having multiple negative cash flow properties isn't really for me. And, having properties that cash flow every month is better. But, that's just me.

The reason why I enjoy doing "Lonnie" deals and investing in mobile homes is because the expenses tend to decrease, not increase. Every year as the value of the mobile home goes down, the taxes go down with it. And, since there is essentially no debt service to pay (since they are bought with cash) - the rest is pure cash flow. In essence, I get paid today - not tomorrow.

For those out there who have been contemplating the mobile home biz, this has just been my experience. Different things work for different people. And, I can honestly say - mobile home investing has worked for me.

Happy investing!

(Note: If you've been thinking about mobile home investing but still are not sure, this article may help).

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, October 28, 2010

Book Review: "Financial Freedom GPS"

(Note: Since there have been folks who have asked my recommendations on business and finance books to read, I've decided to go ahead and start a new series of posts - book reviews).



Sorry to be out of the blog scene folks. Just getting back from my retreat here. It was nice to get away for awhile, it really gave me some time to really think. And, relax! :)

Barely getting back into town, it's been pretty chaotic. The phone has been ringing non-stop, lots of work to do. By far, fall and winter have been the busiest times of the year for me in the mobile home biz. And, already I'm working 2 potential mobile home deals. Work, work, work!

In any case, I thought I'd check in with you all and share with you a special book that just came out by my pal, Shae Bynes, called Financial Freedom GPS.

(Note: For those of you who are new to the blog, Shae was deemed one of the "Best and Brightest Women In Real Estate Investing").

So, what is the book about?

Well, the book is about a topic that is near and dear to my heart. And, that is the topic of financial freedom .

For me personally, the concept of financial freedom is so important. Why? It's simple. Financial freedom allows me to do the things I want to do, not have to do. And, Shae has laid it out here in this book step by step.

I have personally gone through the book. And, I must say - it's very well done and thorough. For those interested in achieving financial freedom, this is a book that will take you step by step and guide you on your path to get there.

What I really like about the book is that it really makes you think and opens up your mind to other ideas. Honestly, there were a couple ideas in the book that I had not been aware of. And, I especially enjoyed the resources and exercises Shae included in the book.

Now, I'm going to be honest with you. The path to financial freedom is not easy. And, it's really a process.

Basically, the transition involves from going full-time at a job to going part-time. In my opinion, the key is to slowly build up income streams to make things financially easier for you and your family.

Once the income streams start coming in, it will allow you to work less at a job that you have to (in order to pay the bills). And, in turn will allow you to focus your efforts in creating income streams so you can have more time to do the things you want to do, not have to do.

This is the transition many successful investors I have met have gone through. Some even continue to work part-time, not because they have to but because they want to. In fact, my mentors now all went through the same transition. One in particular still works part-time still enjoying the type of work they do.

(Note: I have 3 mentors for the mobile home biz. A local, regional, and national mentor - all together with over 50 years of experience in the mobile home biz. I've learned a great deal from each one, they have really helped me along the way. Mentors are definitely important members to have on your team).

For those who are interested in achieving financial freedom, this book is a great guide and road map. Shae has laid it out all here in the book, step by step. It's packed with a lot of useful information, resources and exercises to help you on your path to financial freedom.

(Note: It only took me 3 "Lonnie" deals for me to personally have a passive income stream to cover my housing payment. Seriously, the concept of financial freedom is all very simple. Though, it's the planning and the execution that takes work).

The book is very affordable, it's definitely worth the price. And, Shae is also including a Fast Action Bonus for those who order the book before Friday at midnight: 2 Live Q & A sessions where you can ask Shae any questions that you have after reading the course material!

For what it's worth, I really think this is a great book. And, the Fast Action Bonus Shae is offering just goes to show her support and caring nature for others.

If you've been thinking about and/or wanting to achieve financial freedom, I definitely recommend this book. Check out Financial Freedom GPS today!



p.s. Yes, this is an affiliate link. But, I assure you - I wholeheartedly believe in the book and believe it will help those on their path to financial freedom. Happy investing!

Monday, October 18, 2010

"Battle of the REI Blogs" Contest: Please Vote!



Hi Everyone!

Hope you're all having a great week. I've been doing good on my retreat up here in the woods. It's been really nice to get away and have time to think and relax.

In any case, before I left, my good pal, Patrick Riddle, asked me to participate in a pretty cool contest he's having called "Battle of the REI Blogs." So, I decided to take part and join in on the fun!



Video Link

Here's the info on it:

The top real estate investing bloggers have been assembled to compete to see who's blog is #1 in the eyes of our subscribers. So, it's Adventures In Mobile Homes vs. 11 other real estate investing blogs.

My good pal, Patrick Riddle, is hosting the contest and has some great prizes that he's giving away. Here's where the contest gets pretty cool:

The winning blogger gets to award 5 of their voters (it could be YOU!) a FREE Private Money Blueprint Home Study Course (valued at $997 each!)

So, I am writing to seek your help. I'm up against a pretty good list of heavy hitters, the "A List" of real estate investing bloggers and I'm seeking your vote.

(Note: For those of you who missed it, I made the list of The Top 20 Real Estate Investing Blogs).

Please click here to cast your vote.

While you're over there, feel free to check out the other bloggers participating. The overall premise of the contest is to "get to know" the best of the best of the real estate investing bloggers and connect with them through social media.

When you head over to the main contest page, you'll see that each blogger participating has a profile that includes a link to their blog and links to their social media profile pages.

Once you decide who your favorite is all you have to do to vote is scroll down to the very bottom and enter your vote in the "comment" area.

Please click here to cast your vote.

Thank you all for your support and may the best blogger win!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, October 7, 2010

Podcast: 5 Things You Can Do to Learn Your Market When It Comes to Mobile Home Investing



Since a lot of folks have asked me questions about the topic of learning the market, I decided to go ahead and make up an audio podcast on this particular subject. Also, I've decided to be a bit more animated with the blog since some people really liked my video presentation for Must Know Investing.

(Note: If you haven't caught the presentation yet, I encourage you to check it out. There's a downloadable audio "goodie" in there as well. Thanks for reading!)

So, without further a due here's the podcast:



(Note: For those interested, here's the link to my podcast page if you'd like to be updated on future podcast episodes. Thanks for listening!)

(Note: Thanks everyone for taking the time to read and support my blog. I wanted to leave everyone with a "goodie" before I take off - the blog will be on hiatus for the next two weeks. I'm going to be taking off this weekend to spend some time on a retreat in the woods. I usually set aside some time every year for retreats to be able to think and reflect. Will be back soon. Stay tuned!)

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, October 5, 2010

Terminology Tuesday - Trip Insurance

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).



When moving a mobile home, one of the things I'm always sure to add is trip insurance. So, what exactly is "trip insurance?"

Basically, "trip insurance" is part of my due diligence when moving mobile homes to have the home insured from collision and damage on my end. Sure, using a mobile home mover they should have their own insurance regarding their mobile home moves.

(Note: When using a mobile home mover, be sure to check they are properly licensed and insured. Usually, you can simply do this by checking with the local transportation authority in the area. Many times you can simply ask the mover for their license number and use this to verify their credentials).

If the mobile home mover is properly licensed and insured, then why get "trip insurance" in the first place? Well, I get "trip insurance" because it gives me peace of mind. If something were to happen during a mobile home move and the mover's insurance disputed whether a certain claim was covered or not, at least I will have my own "trip insurance" in place as an added precaution.

Is this double insuring? Well, in a way. But, it really gives me peace of mind that things are covered on my end.

So, how does "trip insurance" work? Basically, I notify my insurance company the day of a scheduled mobile home move - the "trip insurance" is set for that day only. The cost I have paid in the past for this type of insurance has been $50 (singlewides only) - well worth it for my own peace of mind.

(Note: Depending on the area, this type of insurance may or may not be available. And, costs will vary. Be sure to check with your local insurance company/agent to see if this is available in your area).

Regarding moving mobile homes, it's really a personal decision. Some have cautioned against it due to the amount of money and time involved (i.e. moving costs, hookup costs, etc). Though, I would say - you really have to look at everything and ask yourself - is it worth it? It could be, or not - it depends.

Recently, I had to pass up on an opportunity - a potential mobile home move. Though the home was priced very close to what I was willing to pay for, I just could not commit entirely - it had to be priced a bit lower for me to even get into the deal. Why?

Well, when moving mobile homes there are the moving costs to consider but also the time involved and the psychological impact it can have - it can be a bit stressful. So, if I decide to pursue a mobile home moving opportunity - it really has to be worth it for me.

For those interested, here is a video about some factors to consider when evaluating a mobile home move:



Video Link

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, September 30, 2010

Program Review: "The Mobile Homer Program for Mobile Home Investors"

(Note: Recently, I've had a lot of folks contact me asking what the difference between some of Lonnie's as well as other mobile home investing materials out there and which one I'd recommend the most. So, I've decided to go ahead and start a new series of posts - book and program/course reviews).


(Note: This program review came as a request from several readers of this blog so I decided to go ahead and review this program).

I had not heard about this program until it was pointed out by several readers of this blog requesting my thoughts on it. Basically, this is a program created by Frank Rolfe and Dave Reynolds in an effort to bring together both "Lonnie" dealers and mobile home park owners.

Now, I've personally met Frank - he really seems to know his stuff in the world of due diligence and the mobile home park world. At one time, Frank was actually one of the top owner operators of parks in the U.S. His main specialization (as I understand it) seemed to be buying low end parks and turning them around. It seems to me that he profited mostly from the re-sell of the parks. By the time I met him, he had liquidated the majority of his parks.

As for Dave, I have not personally met him. Though, I have listened in to a few of his educational type calls.

However, there seems to be a bit of controversy from their view of buying and doing "Lonnie" deals in other people's parks. Actually, there was an article written that sparked a bit of controversy among them and even Lonnie and his followers. It really made quite a buzz in the mobile home investing world.

(Note: Unfortunately, that article can no longer be found. And, there was a thread on one of the forums with a very heated debate - it has been removed).

Though, their view can still be found in the text of this program:



And, so the "Mobile Homer Program" was created. Basically, the program has a few options - 1) sign up as a mobile home park owner looking to work with Lonnie dealers to fill vacant lots; 2) sign up as a Lonnie dealer looking for mobile home park owners to work with who need lots filled; or 3) sign up as a lender loaning money for deals with the Mobile Homer Program.

Here's a snapshot of the text regarding the program:



Furthermore, the program goes into detail about some of the "flaws" in a "Lonnie" deal that may make the business model unprofitable:



And, then how the "Mobile Homer Program" can be profitable for a "Lonnie" dealer:


Basically, the program is designed for park owners to help give "Lonnie" dealers incentives to do business in their parks. And, also for "Lonnie" dealers to find parks to work with. In addition, it allows others to act as private lenders who wish to be more "hands off" to lend funds to park owners for the deals by participating in the "Done for you Program."

So, the question that has been posed to me has been - what do you think of this program? And, do you think it's worth it?

Well, from my perspective I would say - it really depends. Again, this comes back to really knowing your market.

First, you need to know - what is your comfort level? This includes everything (i.e. the types of parks you feel comfortable working with, the kind of clientele, etc). Are you comfortable working in more low end parks? Or, do you see yourself working more with high end clientele?

Again, it's all a matter of personality and comfort level. And, the only way you'll know this is by visiting the parks in your area.

For me personally, I feel more comfortable dealing in high end parks due to this experience. And, regarding incentives - I've already created relationships with parks who do give me incentives to work in their parks. For example, one of my favorite parks will cover my moving costs if I move a home into the park. Another park gives me free lot rent until the home is sold. But, it's only because I have a relationship with these parks that these incentives exist.

And, that's really what I've found is the importance of this business - creating and maintaining relationships. To a point, this business relies on my ability to create and sustain relationships. As Lonnie has said before, it's really a people business.

As for the program, I really urge folks to first check out your local area and learn your market. After you've learned your market, then you can decide what kind of parks you want to work with and what kind of clientele really works with your personality.

(Note: When you go out and visit parks, the types of folks already living in the parks will be the kind of clientele the parks attract. When I first started out, I made it a point to go out and talk to the park residents to get a feel for what types of folks live there).

Once you know the market, if you're thinking about this program at least you'll be equipped with market knowledge when you check out their list of parks to work with. Believe me, I've been invited before by individual park owners to work their parks. But, in a lot of cases (this is just my personal experience) the types of parks have either not matched my personality (more lower end parks) and/or there's not enough demand in the area (as I saw it) to attract the types of clientele I felt comfortable working with.

For me, what worked better was scoping out my local area and choosing the parks I want to work in. Personally, I'm much more of a small, mom and pop operation (just like Lonnie). I don't really like to work in large teams - it just gets too complicated when there are too many people involved. But, that's just me.

Being part of a program like this will put you more in a "team" oriented role. So, it's just something to keep in mind. Do you like working in large groups with more people? Or, do you prefer a smaller operation?

Lastly, if any of the folks out there do decide to pursue this program - I would just make sure that you really know the market before committing to work with any of the parks.

Here's the thing, the park's main goal is to get their lots filled - they derive income from the lot rent. And, once a home is on the lot or you purchase an existing home on their lot - there's a commitment. Just be sure, you really know the market and the demands of the area before committing. Once the home is there and/or you buy an existing home on the lot, you're kind of stuck (in a way) until you sell the home.

I hope this review has helped and given a bit of insight for those who have been thinking about the program. I'm going to leave you here with an inspiring video for those who have been thinking about mobile home investing.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!


Video Link

Tuesday, September 28, 2010

Terminology Tuesday (Tricks of the Trade) - How to Clean Like a Professional

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

**** Tricks of the Trade is a new series I have started that will be included with "Terminology Tuesday" posts. The goal of this series is to share with you the "tricks of the trade" I have learned in the mobile home business.



Video Link

One of the most important members of my team have been my cleaning crews. And, I have to tell you - I've learned a great deal from them regarding cleaning homes professionally.

(Note: If you missed this Terminology Tuesday post, you may want to check it out for one of the really neat tricks I learned).

With the economy, it's definitely a buyers market right now. And, buyers are getting pickier and pickier. So, I really do take the time to get homes in pristine condition before I put them on the market - this includes cleaning them from top to bottom.

Here are some additional tricks I've learned from my cleaning crews:

How to Clean Painted Walls



Video Link

How to Clean Faucets



Video Link

How to Clean a Toilet



Video Link

Putting both time and money into getting homes ready has really made the entire selling process easier. Here's the thing, when we go into someone else's home - we usually notice things we probably wouldn't notice in our own homes. So, when the homes are getting ready I really take the time to imagine myself going into the home for the first time once it's all ready and done.

Involving myself in the cleaning process and learning the techniques the professionals use has really helped me to see that details do matter. Small details I probably would gloss over have been pointed out to me by my cleaning crews - I would have never thought to give them much attention. But, in the overall picture and scheme of things - it does matter.

As the saying goes, "You never get a second chance to make a first impression." So, I need to make the first one the best.

I hope this "Terminology Tuesday" post has helped to give you some insight on some aspects of the cleaning process I use to get mobile homes in marketable condition.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, September 23, 2010

Investing 101: Negotiating and Making Offers



Many times I have been asked by folks the following question, "How do I negotiate and make offers?" And, many go on to tell me they just cannot find cheap mobile homes for $3,000. So, what's the problem?

(Note: For those interested, I touched upon the concept of finding cheap homes in this post).

Well, the problem is simple. In fact, it's so simple that many investors fail to miss the mark on this one simple concept - they simply fail to realize the importance of learning how to create strong relationships.

Many people are taught to go out and market - use all the techniques out there in order to get the phone ringing and generate leads. From bandit signs, direct mail, internet marketing, cold calling - you name it; these are all techniques taught to market and generate leads.

But, here's the problem. Once they get the leads and the phone to start ringing, many fail to do one very important thing. Above all else, they fail to see the importance of learning and creating strong relationships. And, instead focus on the prize - the home itself.

By focusing solely on the prize, these folks end up in a battle against the seller. In essence, it becomes a price war. And, some may win but in most cases they lose. To sum it up, it becomes a win/lose situation.

Say a seller has been talking to one of these investors trained in the quest to buy a cheap home - who focuses solely on the home and the price. After meeting with the seller, nothing has come of it - the price becomes the main issue. The seller feels they cannot trust this investor who seems to care only about the home and getting the best price for themselves. Nothing happens. There is a standstill. Both depart their separate ways.

Then, the seller talks to someone different - someone who is not interested solely in the price or the home, someone who is interested in creating a relationship and trying to create a win/win situation for all.

In addition, this person already has a very good relationship with the park manager not to mention several homeowners already in the park. In fact, it is the park manager who actually referred the seller to this new person - it is the park manager who advised the seller to work with this person to come up with a solution to help sell their home.

Who do you think the seller is going to trust more - a complete stranger or someone referred by the park manager (who they have known for years) or other fellow homeowners? I'll let you decide.

My point is that most fail to realize the importance of learning how to create strong relationships. Folks, it's not just about the deal - it's not just about buying cheap mobile homes.

It's about people and helping people come up with a solution to their problems. And, the only way for sellers to want to work with someone is knowing they can trust that person. But, the only way they can know this is if that person does one thing. And, what is that? CARE.

By having a strong network who is there to tell others how much you care and can help folks out, you will have an even stronger position above anyone else. The name of the game is learning and valuing the importance of creating strong relationships. Without creating strong relationships, it's going to be very hard to be successful in this business.

Believe me, I know. In this earlier post, I talked about a story where I was taught the importance of building strong relationships and why I continue to do it.

As a former business to business sales executive for a Fortune 500 corporation, I learned from the best at a very early age. Many of my peers were decades beyond me. Though, I was there for one reason alone - I knew how to get in the door and build relationships. In learning and valuing the importance of building relationships, this led to more business.

We all know that business is built on relationships. And, relationships need a solid foundation in order to survive - that foundation is trust.

In writing this "Investing 101" post, I urge folks to revaluate what you are doing and figure out the strength of the relationships you are creating. Are you doing things solely for the purpose of self-interest? Or, do your actions truly help others? How strong are the relationships you have created? Do you have a lot of mediocre type relationships or do you have fewer stronger type relationships?

In the end, a successful business is really a long term commitment. By valuing and learning the importance of creating relationships, you will put yourself ahead of the rest. Yes, this does take time. But, in the end - it's definitely worth it. Those who put in the time and the effort, succeed. Those who don't, fail.

I'm going to leave you here with a quote by Michael Scott from one of my favorite television shows, "The Office," that inspired this post.

"Everyone always wants new things. Everybody likes new inventions, new technology. People will never be replaced by machines. In the end, life and business are about human connections."

(Note: For those interested, this quote was from Season 4, Episode 2).

Happy Investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, September 21, 2010

Terminology Tuesday (Tricks of the Trade) - How to Lay Brick

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

**** Tricks of the Trade is a new series I have started that will be included with "Terminology Tuesday" posts. The goal of this series is to share with you the "tricks of the trade" I have learned in the mobile home business.



A few weeks ago, I wrote a "Tricks of the Trade" post regarding the ins and outs of covering up a hitch. Well, guess what? I'm writing this post to add to it regarding how to lay brick. But, why?

As it turns out, last week I went to go visit the home on this deal. And, to my surprise here's what I found:



Can you spot what's wrong with this picture? I'll give you a hint, it used to look like this:



Yes, so the top rectangular 6 bricks on the top were gone. So, I immediately went to talk to the park manager who apologized and told me this could have been done by the kids. I suspected it, too.

The park manager told me a notice would be sent out to all the residents regarding this incident as a warning. And, furthermore I was advised by the park manager to go ahead and lay the bricks with mortar so this would not happen again.

Before I took a trip to the local hardware store, I went ahead and posted a notice on the home. It basically said the home was being watched by the local Sheriff's office. Personally, I know the Sheriff and learned this little trick due to this experience.

Afterwards, I took a trip to the local hardware store. I bought more bricks, mortar, a bucket and a trowel.

Then, I went back to the home and started on this little project. And, I have to tell you - it was definitely a learning experience. The handle of the trowel I bought broke (Note to self: Don't skimp on the tools). And, mixing up the mortar with a stick (the only thing in my car I had) is not a good idea - I really needed a shovel or professional tool to do the mixing.

In any case, it took me awhile to complete the project. But, I finally got it done. And, here are the results:



For those who are interested, here's a short video on how to lay brick:



Video Link

After I completed the project, I was really relieved just to get it done. Now, the bricks around the hitch are in place. And, I can honestly say this has definitely been another new and educational learning experience for me.

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use - it definitely has for me.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, September 16, 2010

Deal or No Deal: 3/2 Singlewide Mobile Home In a Park (Free Mobile Home)



Since I've received a lot of requests for more case studies, I thought I'd make up another post for "Deal or No Deal."

This one is for an early 1980s, 14x76 singlewide mobile home in one of the parks I like to work in. This opportunity actually found me while I had taken a trip to visit the park.

So, I was cruising the park just checking out the latest activity when I spotted the park manager walking around. He noticed me, I waved back, and said "Hey, what's going on?"

We chit chatted for awhile. And, we went for a walk around the park.

In any case, we talked about a lot of things. And, in conversation the park manager told me about a home the park had taken back. I learned this home had been vacant for months. And, the park just didn't want to fix it up and deal with it. He told me to take a look at it. And, if I were interested - the park would give it to me for free (based on his recommendation).

(Note: This is the power of networking and really having a strong team).

Now, I know there are folks out there who have heard of free mobile homes. And, I'm here to tell you - the term "You get what you pay for" usually holds true in these type situations.

The first thing I asked the park manager was, "Be straight with me. How much work does this thing really need?"

And, with that the park manager just smiled at me and said "I'll let you decide. Just take a look."

Once I heard that, I knew this probably needed a lot of work (aka a junker). I just knew it. But, I decided to go check it out anyways. And, here's what I found.

As soon as I pulled up to the home, I had a really bad feeling (through my "Does it Look Like a Deal" analysis).

Outside of home





Mold and flashing issues near top





Back of home with wood board covering up area of home (possible damage to paneling)



Hornet's nest near water heater panel

(Note: This is one sign the home is older (i.e. 1980s) when the water heater panel is accessible from the outside of the home. In most newer homes, the water heater panel is accessible on the inside (usually near the utility room or in the master bedroom).





Inside of home

Living room area



Ceiling (water) damage



Bucket of water underneath ceiling damage

(Note: I ran into the bucket while looking up at the ceiling and almost tipped it over - it was filled to the brim with water!)



Inside bedroom closet ceiling damage and mold issues






Bathroom floorwork needed



Insulation in tub



After viewing the home, the park manager asked what I thought. I said, "Seriously, did you think I'd even want this with all the work it needs? Even if you paid me, I wouldn't even want this!"

And, with that the park manager laughed. He told me he knew I wouldn't take it. But, just wanted to get my reaction. And, told me "Yeah, we all know that things that are free and cheap are not all what they turn out to be. We'll probably just sell it to an investor for a couple thousand dollars and they'll think it's a deal." And that was that.

I hope you enjoyed reading this case study of "Deal or No Deal." I hope it will help you to better understand the thought process when evaluating potential mobile home investments.

If you would like to share a story on a home you've recently passed on or pursued (aka "deal or no deal"), I'd definitely be interested in hearing about it!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Tuesday, September 14, 2010

Terminology Tuesday (Tricks of the Trade) - How to Clean Mini Blinds

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

**** Tricks of the Trade is a new series I have started that will be included with "Terminology Tuesday" posts. The goal of this series is to share with you the "tricks of the trade" I have learned in the mobile home business.




When buying mobile homes and getting them ready before they are put on the market, one of the things that I constantly deal with are mini blinds.

(Note: This is where my style differs with Lonnie's - he usually sells "as-is" while I do not. Again, it's all a matter of personality - everyone has a different style and way of doing things).

Most homes come standard with mini blinds and most owners I deal with have also left the curtains with the blinds. Though, I usually encourage them to take the curtains but a lot of times they end up leaving them with the home. (Along with a few other items!)

But, I usually prefer to remove the curtains and just leave the blinds when getting homes ready. Why?

Well, the curtains are nice and all. But, I really treat this business like the property managers do - I try to make everything uniform. And, that includes the blinds inside the homes.

(Note: For those interested, when getting units ready in the property management business they refer to the process as a "make ready." Basically, this involves getting the unit cleaned and painted (if necessary) for the next occupant. In most cases, the units are uniform in the way they are presented).

Many times, having the existing curtains can add too much (i.e. darkness, decoration, etc) to a room. Also, people have different tastes - I don't want to turn off an existing buyer just because they don't like the curtains. So, I usually end up removing the curtains and then dealing with the existing blinds in the home.

Here are a few pics of the home on this deal with the curtains and without them with just the blinds:

With the curtains

(Note: Notice how dark the curtains make the room. If the room looks darker, to most folks it looks smaller).



Without the curtains and with just the mini blinds

(Note: Notice how the mini blinds make the home look lighter (rather than darker). If the room looks lighter, to most folks it looks bigger just like with this deal).



Regarding the process, once the curtains are removed than the next decision I have to make is whether or not to work with the existing blinds or purchase new ones. Usually, I will make the decision based on how the blinds look - if some panels are missing and/or really bent then I will go ahead and purchase new ones.

If they still look ok and just look like they need a good cleaning (and most do but just have a lot of dust), then I keep them. But, then you may be asking - how do you clean them?

Well, in the early days I would just give them a light dusting. But, this was very time consuming trying to get the dust out of every panel and every mini blind in every room. Then, I learned a really neat trick from one of my cleaning crews.

(Note: I have a few cleaning crews on hand for homes that need more than a light cleaning (i.e. smokers, pets, etc). If the home just needs a light cleaning, then I do the job myself. (And, have been mistaken for a cleaning lady driving around the park with my cleaning supplies and all!)

Basically, I learned a quicker and faster way to clean mini blinds - dipping them in the bathtub using Purple Power.

Here's a snapshot



I let them sit there for a bit (while cleaning the rest of the home) and then rinse them off and wipe them down with water. (The dirt should come right off). And, you know what? It really works!

I really do learn something new everyday in this business. And, most of the time what I learn are from other folks just like with this experience!

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use both in your business as well as your personal life - it definitely has for me.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Thursday, September 9, 2010

Investing 101: Is Mobile Home Investing Right For Me?



So, I was all set to write another "Deal or No Deal" case study type post today but then I changed my mind. I'd like to take a moment and get away from the mobile home case study series for this post and write about something that has been on my mind lately.

Recently, there have been folks who have contacted me about their interest in mobile home investing. Many have told me they have heard a lot of stories from other investors about mobile homes being the best type of investment vehicle out there and also the one having the best return on investment.

But, the question that is asked of me is this "Is mobile home investing this great? Can I make a lot of cash flow from investing in mobile homes and have great returns? And, if so do you think it's for me?"

In all honesty, I cannot answer that question. Why?

The reason being is that it's different for everyone. I don't think mobile home investing is the best type of investment vehicle and has the best returns for everyone - it just doesen't work out that way. I've said this before, it's all a matter of personality. What works for one person, may not work for you. And, vice versa.

I'm sure this may seem kind of odd for me to say being that I write a blog about mobile home investing. But, the goal of my blog is not to convince others to invest in mobile homes. The goal of my blog is to share my adventures and stories about my experience investing in mobile homes. That is all.

Personally, I don't think folks out there should base their decision to go into mobile home investing solely on stories they've heard from other investors about all the money they have made and the types of returns they've made from mobile home investing.

Honestly, this business takes work - hard work. And, success doesen't happen overnight. Just like any business, it takes a lot of time and persistence to make it work. But, when it does - it can be worth it.

The important thing is to be mentally prepared and ready. When I first made the decision to go into mobile home investing, I knew this is what I wanted to do. I made many sacrifices, I gave up a lot of things.

(Note: For those interested, feel free to check out this article on why I enjoy investing in mobile homes).

I remember many a nights reading, studying and then taking action on what I had learned. It took time, a lot of time. And, there were moments where I kept asking myself "What in the world am I doing? Is this going to work?" But, I kept pressing on.

I took the time to really learn the ins and outs of the business. And, did what I had to do to get to my first mobile home deal - it took me almost a year. After completing my first deal, I can say I really learned a lot. Though it took a lot of time and hard work, I can honestly say that I found that I did enjoy the business.

And, this is what it's all about. When folks have asked me about whether or not they should pursue mobile home investing, I tell them straight out - try it out and see if you like it. Honestly, not everyone that has tried it has liked it.

I remember one investor in particular who did one "Lonnie Deal" (a fellow rehabber) and told me it just wasn't for him. He told me if he was going to spend all his time on something, it would be doing something that he enjoys - rehabbing properties and selling retail for a lump sum. He just didn't feel that collecting a check for a couple hundred dollars was worth all the time and effort. And, that's ok.

So, for those who are interested in mobile home investing I highly urge you to think about why you are interested in it. If you are interested in this business solely for the money, I urge you to think it through.

Honestly, there are much more easier ways to make a lot of money - it's called having a high paying job. Being an entrepreneur and starting a business takes a lot of work. The rewards can be great but the payoff does not happen overnight.

In Thomas Stanley's book, The Millionaire Next Door, he even states that many millionaires think it much easier for their kids to go to school, become a professional and have a high paying job than to go out and start a business.

If I were interested solely in making a lot of money quicker, I'd go out and do the same thing. Though, I did not.

(Note: Growing up, I was always an entrepreneur at heart. I had many entrepreunerial ventures as a kid and this followed me even as an adult - it's always been a part of me).

This all really comes back to really knowing who you are and what kind of life you want for yourself. For me personally, I know I've always been an entrepreneur. That is why I keep saying for me it's not just about the money. It really isn't.

(Note: For those who are interested in why I went into mobile home investing in the first place, feel free to check out this video).

I had a chance to take the path of the kids of The Millionaire Next Door. As an undergrad, I was chosen for a fellowship in a pre-MBA program at a top tier business school.

Though, my mentor (who was already enrolled and attending the MBA program) told me - I just didn't belong there. She told me this just wasn't for me because she saw the "entrepreneur" inside of me.

(Note: Even as a student with classes and a working job, I still had the time to have my entrepreneurial ventures. And, yes I ran these ventures out of my apt - my roommates thought I was crazy!)

My mentor encouraged me to go out and pursue my entrepreneurial ventures in the real world as business school did not teach this - they taught management. Furthermore, she went on to tell me that business school does not churn out entrepreneurs - they churned out managers, investment bankers and consultants. So, I took her advice to heart. And, here I am.

So, my point is to really take the time to know who you are and why you want to do the things you're interested in. Honestly, it's really easy to get caught up in all the hype of things (especially in real estate investing).

Though, at the end of the day what's important is doing the best thing for you and your family. And remember, the right thing to do can only be decided by one person. And, that is you.

(Note: Thank you for taking the time to read this post. Though it seems pretty deep, I felt the need to say these things due to all the inquiries I've received from folks seeking advice on this topic).

I'm going to leave you here with a video from Seth Godin that inspired this post.

Happy Investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!



Video Link