tag:blogger.com,1999:blog-5883478666124207000.post937119256429542017..comments2023-07-03T05:19:15.628-07:00Comments on Adventures in Mobile Homes: Done Deal: 4/2 Singlewide Mobile Home In a ParkMobile Home Gurlhttp://www.blogger.com/profile/06034208854558133124noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5883478666124207000.post-35257824795475749622010-05-17T06:32:46.001-07:002010-05-17T06:32:46.001-07:00Thanks for the note Don/Ninja, nice to meet you!
...Thanks for the note Don/Ninja, nice to meet you!<br /><br />Regarding funding, no - just cash. Though, you're probably thinking, but how? <br /><br />It's simple. I've just learned to be a good steward of money. A successful businessman once told me, "It's not how much you make but how much you keep that counts. If you want to be rich, you have to keep your expenses as low as possible and increase your income. If you can do that, you will be wealthy - I guarantee it." <br /><br />So, that's what I do . I play it just like the cash flow game. I buy assets, not liabilities. And, in order to purchase these assets I keep my expenses low. With the extra money, I use it to purchase assets that cash flow. In this case, mobile homes. <br /><br />It boggles my mind how there are other investors out there who just don't get it. They read and say they want to be financially free. Though, when it boils down to it they are not willing to do what it takes to get there. Sometimes it will involve sacrificing time and money on things - it's just the name of the game. <br /><br />For example, one of the things I've cut out of my budget has been television. It just takes up too much of my time and I don't really enjoy watching commercials in between programs. Without having television, I've found it's freed up a lot of time - time to be used to read, study and work on more productive things. <br /><br />Now, there are some people who simply can't imagine going without television - it's just one of the many sacrifices I've made. <br /><br />I can go on and on with the examples. But, the bottom line is that it's going to take a sacrifice of time and money. Those who understand, do it and eventually get to where they want to be, and those who do not remain where they are. <br /><br />I know what it's like to struggle. In the beginning it's hard. But, those who have the will to go on and really believe in what they're doing will eventually get there. <br /><br />I've met people through this business who struggle to make ends meet yet they make it work. One case, there was a couple I was working with who had a really limited income - they had to set aside $40 per month for food. Yet, they made it work. It was amazing as the bulk of their income went towards lot rent. <br /><br />So, if these people can do it and keep their expenses low - so can I. And, with the extra money left over it's used to purchase assets that cash flow. It's all very simple. Though, for many it's having the will and the discipline to make it work. And, making the decision as to where the money will go. <br /><br />Hope this helps, glad you enjoyed the post - thanks for stopping by!<br /><br />p.s. An article I wrote that may help:<br />http://tinyurl.com/y3p3lhpMobile Home Gurlhttps://www.blogger.com/profile/06034208854558133124noreply@blogger.comtag:blogger.com,1999:blog-5883478666124207000.post-3127986616059314242010-05-14T18:08:47.376-07:002010-05-14T18:08:47.376-07:00I love how you explained how you found the deal an...I love how you explained how you found the deal and how you worked the deal. But here is the BIG question every one wants to know how did you fund each deal you see every one out here tells a good story about what they have and how they did it but they always leave a lot out and how they got it funded.<br />Thanks NINJAUnknownhttps://www.blogger.com/profile/09308799652403690424noreply@blogger.comtag:blogger.com,1999:blog-5883478666124207000.post-3706524990531213752010-05-14T08:31:15.678-07:002010-05-14T08:31:15.678-07:00Sure, glad to help! It definitely is better to ask...Sure, glad to help! It definitely is better to ask than to just assume. It should be interesting to see how everything pans out. <br /><br />There was a guy on CREOnline, Will, who seemed pretty knowledgeable about this area. He wrote a blog specifically on this topic and I used to frequent it back then. Though, I checked and it does not seem to work right now. <br /><br />Here's the link just in case it comes back up:<br /><br />http://willsugg.com/irablog/Mobile Home Gurlhttps://www.blogger.com/profile/06034208854558133124noreply@blogger.comtag:blogger.com,1999:blog-5883478666124207000.post-50081698171899855862010-05-13T08:00:46.379-07:002010-05-13T08:00:46.379-07:00Very helpful, thanks! I just need to make sure I&#...Very helpful, thanks! I just need to make sure I'm clear on how this impacts private money lending scenarios (if at all) since those are loans that are secured by real property. I'll have to talk to Equity Trust. I'd suspect that everything stays the same, but you never know unless you ask.Shaehttps://www.blogger.com/profile/11370138180462223674noreply@blogger.comtag:blogger.com,1999:blog-5883478666124207000.post-49074858033727185732010-05-13T06:02:56.212-07:002010-05-13T06:02:56.212-07:00Hey, thanks Shae! Glad you enjoyed it.
Yeah, tha...Hey, thanks Shae! Glad you enjoyed it. <br /><br />Yeah, that's the Safe Act. Honestly, I think people are making way too big of a deal about it. I'm not sure if you remember that huge foreclosure act that happened awhile back. Basically, it was a result of investors trying to rip off homeowners. I think this is the same thing. <br /><br />Just like in real estate, there are mobile home investors who try to rip people off too - they basically ruin it for everyone. It's annoying. I've known of some who basically try to sell homes without title (they don't even own it) and try to owner finance that way - they get a bad name. Then, the word gets out and the government has to get involved to protect the consumer. It happens. <br /><br />I think the main issues with the Safe Act regarding mobile homes is if it applies to mobile homes as personal property and also if it applies to Lonnie dealers. To me, it seems to apply mostly to park operators (aka the mobile home park). <br /><br />The wording in the law as I understand it is "personal dwelling" and this is subject to interpretation. Some believe this only applies to real property while others think it applies to all property - real or personal. <br /><br />The issue then goes on to question what is a mortgage and it's definition. <br /><br />If you'd like to read up more on it, I highly recommend visiting Mobile Home University (these folks have been in the biz for a long time) and checking out this link:<br /><br />http://tinyurl.com/2cnb5qy<br /><br />Read John Hyre's response (he's an attorney, investor and accountant). I read his stuff on MH University and CREOnline regularly for any legal/tax issues. <br /><br />I think it all boils down to the interpretation of the law and how each state handles it. <br /><br />I've always had the belief that if I conduct my business honestly and am always upfront with folks, it's enough. So far it's worked. Many people have come to me due to my reputation I've worked so hard to build. <br /><br />Hope that helps, thanks for stopping by!Mobile Home Gurlhttps://www.blogger.com/profile/06034208854558133124noreply@blogger.comtag:blogger.com,1999:blog-5883478666124207000.post-28576708004662617012010-05-13T05:34:35.305-07:002010-05-13T05:34:35.305-07:00Awesome, awesome post! I love reading these case ...Awesome, awesome post! I love reading these case studies, Rachel!<br /><br />Quick question for you....I keep hearing about some pending federal laws that will restrict seller financing (without a mortgage broker license). Are you familiar with this and does it impact mobile homes?Shaehttps://www.blogger.com/profile/11370138180462223674noreply@blogger.com