Fear

Thought I'd post about the topic of "fear." We all fear the unknown, it's natural. The best way to combat "fear" is to get the knowledge and go out and face "fear" head on. Lately, a lot of people have contacted me wanting to get into the mobile home biz. People ask a lot of questions but don't take any action b/c they "fear" the unknown. I hear so many excuses not to get into the business that most people end up not doing anything. Why? Most people fear they will make a mistake, a big mistake. The reality is it's ok to make mistakes. When I first got into the real estate biz, I made so many mistakes. Seriously. I made every mistake in the book and then some. But, you know what? That's how I learned. With the advent of the Internet, we now have access to so much information and resources are out there for people to get the knowledge they need. For me, I used those resources and met a lot of people from all different parts of the country investing in real estate. Though I had those resources, I still had to go out there and take action. Though I made mistakes, I learned and that is the most important thing to get out of the experience. It's hard to explain but you learn by "doing." You really do. After looking at so many homes, I've been able to learn my market and know now what a home can sell for. As a backup, I have resources in place such as other investors in the biz, dealers, park managers, movers, etc. who I can turn to for a second opinion. But, this did not happen overnight. It only happened as a result of the ACTION I took to learn my market, go out and look at homes and eventually start making offers. In the end, my actions have helped me better learn this business and really learn from the mistakes I've made. I'm willing to do whatever it takes to make this business work and to get to my goal of achieving financial freedom. Are you? The choice is yours.

Negotiating and Making Offers

So, I made a few offers this weekend. It's funny as I didn't even think these sellers would even consider my offer. Know what I learned? Most times, the most important thing is not always price but TRUST. People want to work with people they like and know they can TRUST. With my knowledge that I gained from my network, I laid it out there with these sellers this weekend. Told them how it is, what's going to be involved, and gave them options. I played it like I don't really need to buy which is true because last thing I want to be is a motivated buyer. I will only buy at the right price, I don't need to buy. They may need to sell or not sell. It's up to them. But, I can only offer my best price and stick to that price as long as it makes financial sense. Well, guess what? These sellers appreciated my honesty. They actually WANTED to work with me. One seller, I even told him he may be able to get a higher price with someone else than with me. But, he actually accepted my verbal offer. Now, I'm just waiting for him to find a new home to replace the old home with. Wow, I guess reverse psychology really works! In any case, I learned that not everything has to be hard. It's all very simple. The harder I work and more effort I put on a deal, the harder it is. On the other hand, when I put less effort into trying to make a deal work, the easier things get. Now, I've got something to compare to with some of these other sellers calling me. All of a sudden, I'm calling the shots - not the other way around. One thing I've learned being in the business world, you gotta learn to play on your own court and call the shots. Truly, that's how people become successful and make those killer deals we all hear about.

The Ball is Rolling

Well, I've gotta say. This business is all about surprises. So, I've been focusing my efforts on what I do best - networking. The leads are getting better as I pass on leads I can't work. Today, I got a lead from a dealer after I gave him a lead on a family needing to buy a new mobile home. What's even more better is the lead is for a mobile home already in a park in my area. Awesome! Then, the phone has been ringing more with leads from my network and sellers calling. Now, they are calling ME! A week ago, it was more buyer leads calling and today it was more seller leads. Funny how things work out, eh?

So, I'll be pretty busy this weekend viewing homes and making offers. This business definitely makes you work but in the end it's worth it if it helps me get to my goal of achieving financial freedom.

Leads, Leads and More Leads

Let me tell you - This business is very PEOPLE intensive. So, I've been doing a lot of networking with park managers, movers, dealers, park owners, etc. Put a few more signs out last week. Got an ad in the paper. My phone is ringing like gangbusters at all hours of the day.

Here's the problem. I've got too many phone calls and not enough time to field all the calls. The majority of my calls are from buyers and surprisingly from the dealers. I get a few calls from the park managers but mostly to help them fill their lots. The leads coming in from the dealers are mostly for homes that need to be moved off land. Most of these deals the sellers need a chunk of $ to buy a newer mobile home. So, we are looking roughly at 8k-13k for a singlewide, usually in the 80s. Plus, these things have to be moved. So, I haven't found a deal yet with the dealers. However, I'll continue to keep in touch with them. They continue to call like crazy.

However, the majority of my time is spent in the parks and with the park managers. Missed out on a deal last week. Saw a home for sale in a park. No phone number. Just said "For Sale - $5500." I called the park manager but she was out of town. So, I called the park manager of another park who so happens to be a good friend of the park manager of the park with the home for sale. She told me that park manager is out of town but tried to reach her. I kept going back to the park asking the neighbors who owned the home. They told me it was park owned. I finally got in touch with the park manager today who is still out of town. She told me that home has been sold. But, told me to definitely keep in touch as there's another home on the lot they do not know who owns it. It's been vacant for years. I don't even want to think about what the back taxes are on that home. But, when the time comes I'll check it out. I'm thinking it's already been taken back either by the bank (if there's a lien) or by the city and/or county for taxes owed.

In any case, still searching the parks. Out of all the sources of leads out there, every investor I've talked to in this biz has told me the best source of leads have been the park managers. So, I will continue to cruise the parks and strengthen my relationship with the park managers. My next step will be to start bidding on the REOs, once I take the class and get licensed.

This business can be done. It takes a lot of work but the payoffs are tremendous.