Investing 101: The Secret to Success

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Since it's been awhile, I thought I'd touch upon an "Investing 101" type post and get away from the case studies this week. I'd like to touch upon a topic that has come up time and time again - how to get started investing in mobile homes.

Lately, many have expressed interest about wanting to get started (especially after the article I wrote for my pal Julie at Rev N You this month). Though, the question that has come up time and time again has been, "What is your secret to success?"

Well, I'm here to say the secret boils down to one word: PASSION. Period.

Without passion, it's really hard to make things work. Passion is what drives motivation. Motivation fuels persistence. And, persistence is the key to achieving success in any business.

So, you see it is passion that is the foundation to motivation and persistence. Without passion, motivation and persistence simply cannot exist. Passion is the key to success.

If passion is the key to success, many have asked "How can I get the passion that you have? How can I motivate myself the way you have?"

Quite honestly, passion is internal - it must come from within. No book, no seminar, no motivational speaker will give you the passion you need for success - it must come from you. And, you alone.

(Note: I've answered so many of these types of questions that I felt the need to address it).

What you must do is first figure out your passion - what is it you feel passionate about? And, from there create a plan to help you achieve it.

For me personally, my passion came from the fact that I did not want to be a landlord anymore - I wanted total financial freedom. And, I saw mobile home investing as a way to achieve total financial freedom and truly derive passive income that would allow me to enjoy life and do the things I want to do - not the things I had to do.

And, it was this passion of wanting financial freedom that really fueled my motivation and persistence to do what it takes to achieve success in this business. Though it took a lot of time and effort, it has paid off in the end.

(Note: In this post, I talk about it taking me 6 months to learn my market and another 2 months to do my first deal. In total, it took me 8 months to do my first deal. Though this seems like a lot of time and effort invested, all my hard work has paid off in the end).

So many people struggle in this business and wonder why. I hear of so many who have said they do so much but still can't find any deals. Many give up easily and end up returning to the life they have - it is the life they are comfortable living.

In order to make a change in your life, you really need to have the passion to to make that change. Without passion, it's going to be a struggle - a struggle to lead a life that you may not be passionate about.

Quite honestly, my passion has come from what I want - not what others want. If you are content with the life you have now, it's ok.

Though, if you are not then it's best to think about the type of life you want to lead - what is it you feel passionate about that will enable you to make a change?

Focus on what you want - not what others want. Sure, the mobile home business can be fun - it's a way for me to achieve financial freedom.

On the other hand, there are others who do not want total financial freedom. They want to constantly work (even if it be a business) and need that feeling of importance - they need that feeling of others needing them. And, that's ok - everyone has a different path.

As an example, I introduced the concept of mobile home investing to a fellow investor. Now, this investor is a rehabber by trade - their pride and joy is in rehabbing homes. This investor decided to give mobile home investing a try by doing a "Lonnie deal."

After all was said and done, this fellow investor said that this business is boring - receiving a monthly check for $200 was not exciting. This investor really wanted to do something that was more involved and didn't mind work like rehabbing - it was the passion to create and be more involved that fueled this investor's work. So, this fellow investor went back to rehabbing. And, has continued ever since.

So, you see now - passion is everything. Passion will fuel motivation and enable you to persist despite the odds. The key is figuring out your passion. When you know your passion, nothing else will matter - everything else will fall in place.

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

(Note: If you're interested in reading more, feel free to check out this post I wrote awhile back. 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!



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5 Baby Steps to Get Started in Mobile Home Investing

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After commenting on my blogging buddy's, Shae Bynes, article on Bigger Pockets"Just Do Something! 5 Baby Steps to Ease New Investor Fears" and responding to Shae's question about what baby steps I'd recommend for those interested in getting started in mobile home investing (see the "comments section" in the article if you'd like to check out my response), I decided to make a post about it.

So, I've compiled a list of 5 Baby Steps to Get Started in Mobile Home Investing. Here they are:

1. Make a plan and know what your goals are.

When first starting out, it's really important to know what your goals are. If you already have your personal finances in order, the next step would be to make a plan to get to your financial goals.

Depending on where you want to be financially will determine what your goals are. Are you short on money and need to build up cash? If so, how much cash do you need to build up? Or, do you have some money saved up for investing and are ready to buy and hold? If you're looking to go this route, what is your investment criteria and how many properties are you looking to buy? What is your timeframe to establish these goals? Before you get started in mobile home investing, you need to make a plan and know what your goals are.

(Note: I've had a lot of people ask me whether they should try to do both building up cash (aka bird dogging/looking for deals for other investors) and buying and holding at the same time. To those just starting out, I don't recommend it. Why? Personally, I feel it's better to get really good at one thing first before moving on to other things. It's better to be an expert in one area and get the experience you need (while at the same time working your plan and getting to your goals) than spreading yourself out too thin trying to learn multiple systems and being mediocre in different areas).

2. Educate Yourself

I'm a firm believer in education. If you plan on learning about mobile home investing, learn all you can about the business and the system. If you haven't done it already, the first thing you need to do is buy Lonnie's book. This is a must if you're interested in learning about this business.

(Note: I've had some people ask me whether or not I think Lonnie's stuff is too old and outdated. I say, "No." Honestly, he is the one that created the system - that is why he is called "The Godfather" of the mobile home business. Lonnie's system works. Period. I've had Lonnie's material ever since it was a manual. Believe it or not, I take the time to read it every year - his stuff never gets old. Every time I re-read his material, I learn something new because I am seeing it through different eyes. With each deal and more experience, you will too. It's amazing the knowledge I've learned just by reading, applying, and re-reading his material over and over again year after year).

3. Learn Your Market

Since I'm a film believer in education, I'm also a film believer about taking the time to learn and educate yourself about the market you are in. (aka the mobile home market). Even if you plan on working with birddogs/wholesalers to help you find deals, you still need to know your market so you can spot a deal and not have to rely on others for you to tell you what a deal is.

Believe me, I've seen a lot of investors get into some really bad situations because they've depended on someone else to find deals for them relying on their "analysis" of what a deal is. Everyone is going to have different criteria and a different perspective on what a deal is. A deal to me, may not be a deal to you. And vice versa. By taking the time to learn your market, you will feel much more confident with your investing decisions and not have to rely on someone else for information.

Some things you can do to learn your market would be to visit a lot of parks and see a lot of mobile homes, in parks, on land, visit some dealers, etc. Get to know the parks, the lot rents, the types of homes available in your area (sizes and dimensions, # of bedrooms, # of baths, average square footage, etc), what the demands are, what the values are (i.e. wholesale value, retail value, trade in value, etc). These values can vary depending on the area and a lot of times the type of park (i.e. low end, high end, etc). Knowledge is power.

4. Build Your Team

We've all heard the saying, "Two heads are better than one." Before you can even start to invest in mobile homes, you must take the time to network and build a team that can help you get to your goals. Why? You cannot do this alone. If I did not take the time to build my team and create a strong network in the beginning, I probably would not have been successful. It's essential to build up your team so that you will have a strong net of "go to" people who can help you in this business.

The first thing you want to do is figure out what team members you're going to need. Again, this will depend on your overall goals and investment strategy. (Note: I wrote an article here that will give you some insight on some key players to have on your team).

After you've figured out who you need on your team, take the time to go and seek these people out. For example, if your plan is to birddog/wholesale mobile home deals to investors then you need to go out and find investors (aka your buyers) who are looking for mobile homes to buy.

Let me be honest, it takes time to build a good team. It does not happen overnight. It's always good practice to develop more than one relationship with one type of team member (i.e. investors, contractors, park managers, etc) because it's always a matter of personality. Sometimes you may not really get along with one person, but things really click with another. From there you can pick and choose those you wish to work with and have on your team.

By taking the time to build your team and develop strong relationships, it will make this business easier and save you a lot of time and money in the end.

5. Keep Updated

Staying up to date on your market and the latest trends is a "must have" in any business. This includes mobile home investing. If you don't keep up to date, a lot of things can change. (Note: In this post, I mentioned how the economy has taken a turn and affected many of those who have bought in the lower end parks. In some markets, due to the economy there has been an increase in defaults and some Lonnie dealers have been forced to convert their "Lonnie" deals to rentals).

By staying up to date on your market and knowing the latest trends in the mobile home industry, you are better prepared to handle change and position yourself ahead of those who did not taking the time to stay updated.

Some things you can do to stay updated on your market and the latest trends is to keep in touch with your team members on a regular basis. It's so important to maintain a consistent relationship with your team members. Everyday they are in the trenches and see this business first hand. Another thing you can to to stay updated is to constantly read the news. If you're interested in keeping up to date on the latest mobile home news, I update my Facebook page on a regular basis.

By taking the time to keep updated and educate yourself on the latest news and trends in the mobile home industry, you will know and understand the mobile home business much more than the average investor.

I hope these 5 Baby Steps to Get Started in Mobile Home Investing have been helpful. The key thing is to make a plan, follow that plan, and like my pal Shae says, "Just do something!"

Happy investing!

p.s. If you've joined my Facebook Page already, I just wanted to say "thanks" for all your support. If you know anyone else who may be interested in learning about mobile home investing, feel free to send them over. Thanks again!

Video - Getting Started With Mobile Home Investing

Since I receive a lot of questions about how to get started investing in mobile homes, I thought I'd post up this video about how to get started and raise money for mobile home investing. Very simple and practical advice which follows the "Pay Yourself First" principal outlined in this book. Enjoy!



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Investing 101: Real Estate Is A People Business

(Note: Image courtesy of LumaxArt)

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

Michael Scott, The Office

With the evolution of technology today, it's very easy to get lost in all the "noise" of the Internet superhighway. Right now, there is a lot of hype out there about social media and its usage regarding platforms such as Twitter, Facebook, MySpace, LinkedIn, etc.

With all the hype and talk about social media, it's very easy to get confused and "lost" in what its true value can bring. Social media is a tool that can help build your business. Notice I said "tool," not substitute.

A lot of people are under the impression that social media is a substitute for doing business - it's not. There is no substitute for good old fashioned networking - human interaction face to face and/or via the telephone.

Sure, you can network with people online and build a great Twitter, Facebook, MySpace, etc. following. However, when it comes down to doing business you have to ask yourself the question - Is this really helping you and your business get to your goals? If it's not, then you have to change gears.

So many times, I get folks telling me they can't find any deals. They tell me they've been looking and looking and can't find any mobile homes for $3,000. They tell me they've been looking in the newspaper, been driving around their area looking in parks and surrounding neighborhoods, online websites, etc. But, for some reason they still can't find a deal.

Well, I'm here to tell you - you won't find a deal advertised in the local paper and/or online. It just doesen't work that way. Deals are made through negotiating - not through advertisements. Probably every single one of my deals, the seller started at full retail price. Let's face it - most people start there because no one wants to get ripped off. It's just human nature.

Where the deals come in through negotiations is really getting to the root of the problem(s) of the seller and getting to know each other by creating win/win situations. When I meet a seller, I have a very casual approach. I do not do any hard selling at all. I let the seller talk. I listen and see what exactly the seller wants to do and why they want to do it. It's that simple.

Ok, so if it's that simple - how come it's so hard for people to make deals? The reason it's hard for people to make deals is because they come across to the sellers like they just don't care. How is this?

Well, most investors come off as "vultures" because they try to do all the talking and tell the seller what they should do - tell the seller what their home is worth and what they can expect them to sell it for. Then they go on and try to scare the seller saying that no one's going to buy their house for that price. This is a big turn off for sellers.

Let's face it - no one likes to be bossed around. If someone pushes, we push back. It's just human nature. This is why it's hard for most investors to make deals - it seems like they just don't care. So, what happens is the few who do make the deals come out the winners because they are the ones who demonstrate to the seller that they do care. And, if someone shows that they care for you - they will in turn care for you back. It's just human nature.

Right now, I'm working with a park - the park manager is basically kicking out all of the investors who bring bad business to the park. What's happening is these investors just let anyone into their mobile homes and don't really take into any consideration of the park and the obligation to pay lot rent.

Their attitude is they really don't care if their buyers and/or tenants don't pay lot rent - all they care about is getting their own payment and/or rent. I was actually in the office hanging out with the manager one day when a tenant came into the office. She told the manager that she just couldn't pay the lot rent and that the investor who owner financed her home told her she doesen't have to pay lot rent as long as she pays the mobile home payment she's ok. The park manager blew up and got really mad.

So, now the park manager is asking these investors to leave her park. They will have the option of either moving their homes (with their buyers and/or tenants) or they will have to sell their homes. (Note: This has been a concern for many people wanting to get into mobile home investing. Yes, I have heard of other investors who have been kicked out of parks and it's a possibility if you bring bad business to the park. For me, I bring good business to the parks and find quality, long term tenants. In fact, the park manager and owners want me to keep doing business in their parks. As long as their lot rents are getting paid, they are happy).

In addition, I'm also working with the park manager for some of the park owned homes as well as some of the bank owned homes in the park. For most parks, they just want their lot rent paid. Doing owner finance mobile home deals is not their forte. So, what happens is they may have to do them because they get stuck with some of these homes and they end up going bad. They would rather work with someone who knows how to fill homes with good quality buyers and/or tenants than have to fill them themselves.

So, you see - it's all about human interaction and creating win/win situations for all. Most investors out there are out to create win/lose situations. Sure, they may be able to snag a deal or two but they won't last for long.

As Seth Godin points out, the only way you can get people to do business with you is to have them talk about you. No amount of advertising and marketing can change the way people see you. If you build your business with an honest reputation of helping people and creating win/win situations, people will spread the word and refer others to you. It's as simple as that.

The reality is most investors put dollars before people. When you put money before anything else, you will lose. You will lose out on deals, long term relationships and you will lose out on business. Money is just short term.

Building relationships and a reputation for being honest and helping people is long term. In the end, business involves people. And, people never go out of business.

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

Happy Investing!

(If you enjoyed this post and would like to read more about negotiating, check out these books. Enjoy!)



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Investing 101: The Importance of Learning A System

"How do I get started?"

This is probably the most frequently asked question I receive from folks looking to get started investing in mobile homes and/or real estate. It's a pretty common question.

Many people want to get started investing in mobile homes and/or real estate but just don't know which direction to go. There are many ways to make money in mobile homes and/or real estate. Though, I'd like to point out that what you do will depend on your overall financial and personal goals for yourself.

I've received many different types of feedback from folks who tell me this investor told them to do this and/or this investor told them to do that. In fact, there seems to be an ongoing discussion among many real estate investors regarding which is the best way and/or method to invest in real estate.

My answer would be - it doesen't matter. What matters is what's best for you and your goals. If you're happy with your life and plan to work until you're 55 and are just looking for a place to park your money for retirement, that's ok. On the other hand, if you're unhappy with your 9-5 job and looking to quit and want to build up a stream(s) of income to replace your current income - that's ok too.

You have to do what's best for you. There will be a lot of people out there who will try to convince you to invest in this and/or invest in that, or tell you to do this and/or to do that. But, you need to keep in mind what your own goals are in life. They may be similar or different from others. That's ok.

Once you have your goals down, then you will be ready to start working towards them. Take action and make things happen.

When I first started out in real estate, I knew what my financial goals were and I made a plan to achieve them. For me, the problem was choosing a system and sticking with it. As many people know, there are many ways to make money in real estate.

With all the different systems out there, I tried to learn all the systems. Why? I figured it would be best to know them all because I didn't want to miss out on a deal if it came across my desk. Big mistake. Ever heard of the saying,"Jack of all trades, master of none?" That was me.

I ended up doing a couple deals here and there. I found some deals for investors using every single technique out there - subject-to, lease options, seller financing, etc. Then, I got into wholesaling REOs. And, eventually landlording. What happened was that I was burnt out - big time.

I didn't feel fulfilled in what I was doing. I was burnt out from all the marketing, taking calls, driving, networking with other investors, etc. At one point, I was working with 30 bird dogs. It ended up being way too management intensive - talk about burn out! I felt like I had no life. Literally. I had no energy to do anything else. Everything was about real estate - I felt like I was chasing every deal possible out there and had no time for anything else. I wasn't living life anymore - I was just working too hard.

Finally, I had enough of it. I took some time off to reflect and think about the kind of life I really wanted. I realized that I was no longer doing things that I enjoyed anymore. Ironically, the whole point of entering into real estate investing was for me to have time to do the kinds of things that I enjoyed. This was not it.

So, I did some more reading and soul searching. And, I stumbled upon mobile home investing. What I really liked about mobile home investing, was the philsophy behind it - having the time to do the things you like doing. Also, I felt like I could relate to Lonnie Scruggs, "The Godfather" of mobile homes, because he was a burned out landlord when he started as well.

Upon spending more time reading about mobile home investing, I soon realized this is exactly the type of system that would give me more time to do the things I enjoy. For me, it was all about lifestyle. I did not want to be a landlord anymore, and I didn't want to spend hours upon hours constantly looking for deals for other investors and/or in a rehab project. That just wasn't me.

Mobile home investing was perfect. So, I dove into the wacky world of mobile home investing. And, here I am. It's much more fun. I can truly say that I enjoy what I do now. I think it's mainly because it allows me to have more free time which allows me to do the things I like doing and above all - enjoy life.

I think what really motivated me was the whole lifestyle mobile home investing supports. Once I made up my mind to pursue mobile home investing, it was very important for me to learn the system and stick with it. This is a very important key to success.

What I've learned is that it's better to do one thing very well rather than a lot of things and be mediocre. Most successful people out there are successful because they do one thing very well. For example, when we think of Johnny Depp - we think of him as an actor. He's very good at acting. Also, when we thing of Tim Burton - we think of him a a director. Both of them do one thing very well.

This can be applied when learning a system and investing in real estate. Many successful real estate investors I know are successful because they know a system very well. The reason they know it very well is because they stick with the system and do the same thing over and over again.

Many times new investors just starting out tell me they want to do so many things (i.e. mobile home investing, wholesale REOs, rehab, landlording, etc). These are all different systems which involve different skill sets and knowledge. Each system requires both time and money invested to do the work. If you split up your time trying to learn many systems, you won't have the same amount of time to devote your attention and energy as if you just tried to learn one system.

By learning one system and applying your knowledge to real life situations, you get better at what you do. I know what you're thinking, but how about the other deals that come my way? My answer is: I pass on them. Why? It's a much more efficient use of my time to focus on mobile home investing since I know it very well, than to go out and chase every type of deal that comes my way. Also, I always keep in mind why I decided to focus on mobile home investing above all the other real estate systems out there - it's the lifestyle. If I were to switch gears and learn a new system(s), I may not have the same lifestyle that I enjoy now with mobile home investing.

The great thing about America is that we have choices. I made my choice to learn mobile home investing and stick with it. I chose it because it fit my personality and the kind of lifestyle I want to live. Everyone is different and may have different goals. But, we all have a choice. Now, you can make your choice too.

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

Happy Investing!

(If you enjoyed this post and would like to read more about the importance of business systems, I highly recommend this book. Great read!)



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Words of Wisdom From Lonnie Scruggs

Here are some words of wisdom from Lonnie Scruggs, "The Godfather" of mobile home investing. (I highly recommend reading his book). Enjoy!



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Passion Vs. Money: Which Road Are You Following?

Thought I'd touch on these two subjects today - passion vs. money. Which road are you following?

Time and time again, I see a lot of people get into real estate investing and say they just want to make a lot of money. People get drawn into the "hype" and illusion that real estate is a "get rich quick" plan. In reality, it's not.

It takes work, hard work to run a real estate business. It takes skills and continuous learning and education. It takes time. Success does not happen over night. Those that have said they have made a lot of money in real estate over night, either got lucky and/or they are not telling the entire story.

Moreover, it's about dedication to the business and to yourself. Too many times I've heard real estate investors ask, "What's the best technique to make the most amount of money?" Or, "How can I make the most money with the least amount of work?" When I hear and meet these people, I know they are only doing it for one reason - money. And, you know what?

Those that work for money will let money control them. Money is their God. They do not know how to create money, manage money, and take care of money. In turn, they will always lose money and will be a slave to money for the rest of their life.

I've known a lot of real estate investors, including many rehabbers and real estate agents, who have made a lot of money in real estate. Every year, they make their six figure income and by the end of the year they are broke wondering how they will ever pay their income taxes. The money they have made is lost and spent.

As each year passes, I hear the same stories over and over again. And, at the end of the year they are scrambling to find one or many real estate properties to buy and hold (despite negative cash flow and/or breaking even) just to offset their tax situation. This is a never ending game - it's a losing battle.

I'm here to say that the best return on your investment is the investment you put in yourself. Life is short - we only have one life to live. So, why not live a life of happiness and pursue your passion?

Money is not everything without having anyone to share it with. Remember Ebenezer Scrooge? He had all the money in the world yet had no one to share it with.

Too many people I know have pursued money over their passion. Many of these people have ended up divorced, broke, and unhappy. They have neglected everyone who has truly cared about them including their friends and family because they value money over everything and anyone else - they are truly alone. Is this really the kind of life you want to live?

You have to really sit down and assess your goals and what you really want in life. Get to the "why." One of the most frequently asked questions I get is, "How do I get started?" It all starts with you and what YOU want. Not what everyone else wants for you.

Most new people who get into real estate investing want to do big things. They want to buy a large apartment building, a mobile home park, and/or commercial real estate building. Though, many of them have never done a real estate deal in their life and/or do not have much experience in the real estate niche of their choice. This is dangerous.

It's better to start out small and grow slowly getting a taste of the business to see if it's for you, than to get stuck with a large deal only to find out this is not what you wanted to get into. Trust me, it happens.

That is why when people ask, "Why even do a small mobile home deal? I'd rather buy a mobile home park," I know they are entering dangerous territory. Without the experience, a person can get really hit hard taking on things that are in over their head.

In the end, passion will always win over money. If a person is more passionate about something, then that person will always beat the one who is working just for the money. Always.

I'm going to leave you here with a video by Gary Vaynerchuk that inspired this post.

Happy Investing!



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10 Tips To Get Started In Mobile Home Investing

How do I get started investing in mobile homes? This is probably the most asked question I get.

So, I've compiled a list of 10 Tips To Get Started In Mobile Home Investing to address this question. Here they are:

1. Get your personal finances in order.

Before you even start investing, the first thing to do is get your personal finances in order and understand how money works. (I posted a list of personal finance books here that have helped me). There have been countless people who go out and invest without even having their own finances in order first. By having your financial house in order, you will know how much money is going in and how much is going out, and what areas you need to work on - this is basic stuff most people don't even know. It's very important so you will be able to see your overall goals.

2. Educate Yourself

If you plan on investing in mobile homes, learn all you can about the business and the system. Many people start off learning one system and then find other systems to learn without even doing one deal. Focus on what you want to do and learn it. If you want to invest in mobile homes, learn the system. (I posted an article here that may help). Apart from learning the system you want to focus on, you will also need to educate yourself on other areas of business skills needed such as sales, negotiation, accounting, etc. Knowledge is power.

3. Get the Experience.

Once you've got the education, then you've got to go out and get the experience. If you are just starting out and have very little experience, the best way to go out and learn with the least amount of risk is to work with an investor(s) and find deals for them. Don't worry about the money - the important thing is you get the experience and learn to spot deals and put them together. If you can learn how to put deals together, you will be way ahead of the game.

4. Find a Mentor.

It's very important for you to have a support network of people you can go to for advice. In the past, I've always had mentors. Find someone in your area who is doing what you want to do and learn from them. (Local real estate investing associations/groups are a good place to start). Offer to take them to lunch and always remember, their time is valuable. Try to create a win/win situation for both of you. Maybe in the beginning, you might offer to find deals for them. Make the relationship work for everyone.

5. Learn Your Market.

Learn the market values of mobile homes in your area. Remember, market values can vary from area to area, from park to park. Figure out what areas you want to work. From there, visit the mobile home dealers and also the parks to start learning market values. Look at all shapes and sizes of mobile home - you might want to write them down including the age, size, square footage, year, etc. You need to be able to know your market so you can spot a deal when it comes. If you don't know your market, you will not be able to see opportunities.

6. Have an Exit Strategy

Before you even start looking, you need to know your exit strategy. What is your plan? Do you need to build up cash? Or, are you planning to buy and hold for cash flow? Remember, this will depend on your situation with your personal finances. (This article may help put your exit strategy more in perspective). If you don't have much money saved, it's best to start off by building up cash and finding deals for other investors. Have an exit strategy in place before you start investing in mobile homes.

7. Have a Marketing Strategy

Once you have an exit strategy in place, you will also need to have a marketing strategy. How will you market for buyers and sellers of mobile homes? How do you plan to find buyers and sellers? There are numerous ways to find buyers and sellers. In the beginning, don't focus on just one strategy. Try a few different strategies and see what works for you. (I wrote an article here on ways to find motivated buyers and sellers).

8. Build Your Team

Build your team and your support network. You will need to have a team in place to help you invest in mobile homes. Some team members include park managers, dealers, contractors, mentor, investors, etc. Start networking and interviewing to build your team. Remember, you don't want to be stuck in a situation without any team members to help you. It's best to start building your team early on in the process.

9. Learn the Laws

Learn the laws in your area. In some areas, you may be required to get a dealers license if you plan on buying and selling mobile homes. Usually, this is handled by a government agency. This is one of the most frequent questions I get. (I will be writing an article in the future to further touch upon this issue). All in all, find out what the requirements are (if any) in your area if you plan to buy and sell mobile homes.

10. Have Fun and Be Persistent

Most importantly, have fun! If you don't like what you do, how can you enjoy life? Keep in mind why you are doing what you are doing. What is the alternative? Also, be persistent. In the beginning, you will have a lot of obstacles. What makes you stronger is getting past those obstacles. (This article may help keep your motivation in perspective). Honestly, I went through the same thing when I first started out. But, I got through them and I learned. And, remember learning by doing is far better than doing nothing at all.

There you have it. 10 Tips to Get Started In Mobile Home Investing.

Happy investing!

How To Get Started Investing In Mobile Homes

I've had a lot of people ask me how to get started investing in mobile homes. Thought I'd make a post to address this question.

Before you even start investing, the first thing to do is get your personal finances in order and understand how money works.

There have been countless people who go out and invest without even having their own finances in order first. By having your financial house in order, you will know how much money is going in and how much is going out, and what areas you need to work on - this is basic stuff most people don't even know. It's very important so you will be able to see your overall goals.

To help you understand the subject of personal finance and money, I highly recommend putting the time to educate yourself. I made a post awhile back on my Top 10 Personal Finance Books. It's a good starting point.

Once you have your personal finances in order, then you can start looking into investing. As an investor, you need to have a plan. Think about your investing goals - what are they? Also, one of the things you'll need to think about is exactly how much time and how much money you want to dedicate to investing - there are many forms of investing.

How involved do you want to be? Is your time limited - would it be better for you to be a passive investor? Or, do you have more time - maybe you can be more involved?

Some people have more time than money, and vise versa. I highly recommend you taking the time to learn about the types of investments you choose.

Personally, I am more involved with my investing activities - I can put deals together because I'm very good at networking and working with people. On the other hand, I know other investors who want to be more "hands off" and would rather work with someone who can find deals for them and lend out the funds for the deals.

It all boils down to personality. What are you good at? What do you enjoy doing? What skills do you have? What are your strengths? What are your weaknesses? Take the time to assess yourself and your skills.

If you are further interested in learning about investing in mobile homes, check out this post I made awhile back.

I will continue to address the questions I receive in future posts. Feel free to contact me with your questions.

Happy investing!