Thank you everyone for taking the time to read my blog about my insights and experiences in the world of mobile home investing. I want to thank each and everyone one of you here who has even once read any of my posts - your time and input is well appreciated.
As all good things must come to an end, so must this blog here. And, so - my last blog post.
Here.
On blogspot.
Though, I will continue with the blog - it has just moved. Hooray!!
Blogspot has been a great blogging platform for me - it's served me well. But, I have decided to change platforms (with some encouragement by my good pals Shae and Julie, thanks gals!).
So, without any further adieu - the new site location:
(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 out looking at mobile homes, there are times when I have found homes to buy but need to move them. Usually, the main reason I move them are due to location (i.e. less desirable park, out on piece of land, etc).
Right now, I'm working a deal on a mobile home that I need to move - it's in a lower end park. And, I'm planning to move it into a nicer park. I've already checked out the new lot (i.e. electricity, plumbing, size, etc) - the park I'm moving the home to has agreed to pay for my moving costs, which definitely helps.
In any case, in going over the logistics of moving the home - there are a couple of other things I needed to consider in the move. One of them being the outdoor storage shed. Here's a pic:
(Note: When out looking at mobile homes in parks, it's fairly common to see these types of outdoor storage sheds alongside the homes. Sometimes they will be owned by the homeowner yet other times they will be owned by the park. It's always a good idea to ask who owns the storage shed (if any) when looking at and viewing mobile homes).
In determining the logistics of moving the outdoor storage shed, I asked my handyman what he thought it would involve to disassemble and re-assemble the shed at the new location. He told me it would be much more time and cost effective to ask the mover to move the entire shed "as-is" and not disassemble the shed as this would be extremely laborious as there are many bolts and screws on the shed itself. Here's a pic of the back so you can see:
So after getting his opinion, I decided to just have the mover move the shed "as-is" so to save on time. We are trying to get the home moved out as soon as possible to the new location.
When moving mobile homes, there are other things to consider for the move besides the home itself. A few items to consider include the storage shed (if any), porch/deck (need to figure in cost to assemble/re-assemble), skirting (removal and replacement), outside air conditioning unit (usually disconnected by a/c contractor and re-connected at new location), etc.
All in all, it's best to figure in the time and costs necessary to take care of these added items beforehand. That is why it's best to have a team lined up. Honestly, I can say - having good team players has definitely been key to success in this business.
I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use.
(Note: The blog will be on hiatus through next week. I've been a bit tied up with other deals and projects but will be back soon. Stay tuned, thanks for reading!)
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!
So many times, folks have asked me the question, "Does mobile home investing really work?" Check out the video to find out my answer, thanks for watching!
(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).
Recently, I've had to deal with the issue of amperage on a potential mobile home move.
Basically, the home I was looking at had an electrical maximum amperage (via the breaker box) of 200 amps. So, I was looking at a home that could run 200 amps of electricity (max).
Since I was planning to move the home to another park (as this park was just not my kind of park), I had to pick out a lot that was already set up for 200 amps electrical service (via the feeder box). Ok, so what is a "feeder box?"
Well, basically the feeder box is the main box that supplies electricity to mobile homes in a park. Usually, the main "feeder box" will look like a bunch of small boxes side by side. Each small "feeder box" within the main "feeder box" will usually be labeled as to the lot number and will say how much amperage it can handle.
(Note: Usually, each small "feeder box" will say usually 100amps, 125amps, 150amps, or 200amps. Most of the time, the 100amps/125amps/150amps will be homes that use both electric and gas but not all the time).
To give you an idea of what a main "feeder box" looks like, here's a pic:
Since the home I had in mind had a maximum amperage of 200 amps, I needed to pick out a lot with a "feeder" box that could support 200 amps. Seriously, the last thing I wanted to do was move a home on a lot with a "feeder box" that could only support 100 amps on a 200 amps (max) home - definitely not a good idea.
Ok, so how do you determine how much amperage a "feeder box" can handle? Usually, you can check the "feeder box" that corresponds to the lot number of the lot picked out and just lift up the panel underneath the meter. Here's a pic:
Panel underneath meter lifted (as noted 200 amps):
So, this is how to check amperage on a home to make sure it's able to work with the appropriate "feeder box" which is especially important when moving homes into a park.
Seriously, it's not a joke - this is important stuff to know. I knew one fellow investor who knew nothing about mobile home parks and bought one that had feeders that only supported 60 amps (max) type homes.
Well, in doing his numbers and calculations in terms of turning the homes around - he thought he would be able to bank on a large sum of money in terms of income from the lots as well as doing "Lonnie" deals (He planned to fill the lots with newer homes).
As it turns out, after he bought the park - he soon found that the park's "feeders" could only support 60 amps (max) for each lot which could basically support older 1960s and 1970s style homes (which are extremely small and also hard to find nevertheless).
But, if he wanted to bring in larger homes - he would need to do an entire electrical upgrade of the entire park of at least 100 amps on the "feeders" and up. Big mistake.
It cost him both time and money. To make a long story short, he ended up doing an entire electrical upgrade of the entire park which costed him well over 6 figures! (ouch!)
So, yes - knowing the amperage of homes and what the lots can handle in the parks is extremely important to know. Without having this knowledge, it's something that can cost both time and money. That is why I have a team to educate me on the specifics and details of what I do not know - it's hard to know everything!
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!
There are many things a mentor can do for you. And, there are many things a mentor cannot do for you. Check out the video to find out more, thanks for watching!
(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).
During the course of your mobile home investing journey, you may come across other investors who buy notes (aka Note Buyers). Usually, these folks look for notes to buy for cash to derive passive income and cash flow.
So, why would someone buy notes? Well, usually note buyers would rather concentrate their efforts on buying notes for cash flow than go out and do the work to put "Lonnie" deals together - it's more of a time issue than anything else.
(Note: Finding and putting together "Lonnie" deals do take a significant amount of time).
For me personally, I am constantly receiving inquiries from note buyers and fellow investors. Usually, these people will already be familiar with the mobile home business or know someone who is. A couple of park managers I know work with note buyers and usually bring up the issue when I go see them. And, even some park owners have expressed interest.
Though I am not interested in selling my notes at this time, I do know some fellow investors who choose to do so. But, why?
Usually, it's more of a cash issue. When they run low on cash, they usually sell some of their notes (at a discount) because they need the cash for personal reasons or to raise more money for their deals.
(Note: Personally, I do know a fellow investor who sells half of his "Lonnie" deals (aka notes) to raise more money to do more deals and keeps the rest of them in place).
So, how much of a discount do these notes get sold at? Well, it really comes down to negotiation - what the seller is willing to sell for and what they buyer is willing to buy for.
Most times, I see note buyers start their offers at $0.50 on the dollar based on the value of the note. Though, I've heard of some who offer even less. But, then again - there are others who offer more. At times, I've been offered $.70-$0.80 on the dollar for mine. Again, it's all a matter of negotiation.
(Note: For those looking for notes to buy, park owners are a great source. I've had several park owners contact me asking if I'd be interested in buying their mobile home notes. In these cases, they are usually in need of raising money to free up cash. Usually, it's a good idea to see what exactly they're looking for in terms of a price for their notes. Some will tell you (as one park told me they were looking for at least $0.75 on the dollar), though others may just tell you to make an offer).
Now, if you are interested in selling your notes there is another option - selling partial notes. I had no idea this option even existed until a park manager told me some note buyers she works with are willing to buy partial notes. So, how does this work?
As I understand it, a certain part of the note can be sold (at a discount) - either the first half of the note or the second half. Depending on which half you decide to sell, then the buyer will then start receiving benefit from the note (aka the first half or second half of the note).
Personally, I do not look for notes to buy. I prefer to put my own "Lonnie" deals together. Though, others I know who do buy notes tell me it's more of a time issue for them - they would rather just focus on finding and buying notes already put together than going out and putting them together themselves. There's nothing wrong with that - to each his own.
The way I see it, buying and selling notes is just another option to have in your toolbox in the mobile home business. And, having options is always a good thing.
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!
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!
(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!
(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 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!
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! :)
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! :)
(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).
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!
(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:
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!
(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!
(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:
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!
(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.
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!
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!
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.
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.
Entrepreneur. Dreamer. Thinker. Doer.
I started out investing in real estate like most people in single family homes. In the beginning, I found deals for other investors. After awhile, I started doing deals myself. Though, I found myself always working and was burned out from being a landlord. So, I dove into the wacky world of mobile home investing and here I am. It's much more fun. This blog is here to take you along on my journey and share with you my adventures investing in mobile homes. Contact Info Contact me
If you have questions about mobile home/real estate investing or want me to check something out (i.e. article, website, blog, video, etc), feel free to send it in. (Questions about mobile home/real estate investing can either be sent in or by asking through my Facebook Page). Please do not send in any file attachments - it's best if you send me a link to anything you send in. If I find it interesting/relevant, I will post it up. Thanks!
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