Mobile homes are the last source of affordable housing available out there - providing this service is a definite need in any community. Unlike single family homes and apartments, mobile homes are in a class in themselves.
What I like about mobile homes is working with the parks and feeling a sense of community helping to make the park a better place to live by providing affordable housing. Basically, the homes are bought in the parks and are sold with owner financing.
The buyers have the homeowner type mentality - they want a place to call their own. Most times, these people are previous renters just tired of throwing their money away at rent and need something affordable they can call their own. For most of these folks, buying a single family home is out of their price range. So, a mobile home that offers about the same monthly payment as rent is very appealing - affordable housing.
The great thing is you're just like a bank - just collecting the payments on the home. The buyers take care of the home - there is no maintenance on your part. If there is a problem with the home, they take care of it. How does that sound?
Many people I have talked to have brought up the question, what if the buyers stop paying? Then, what happens? Well, if they stop paying you do just what the banks do - take the home back and then do it all over again. Simple as that.
In all honesty, there are risks with everything. People are afraid of taking risks. If you don't take any risks, how will you ever succeed?
If you would like to read up more on mobile home investing, I suggest reading this book. It is a good way to start learning about the business. I'll be honest with you, it's not for everyone but it's definitely for me.
Tuesday, February 3, 2009
Friday, January 30, 2009
New Video
I've uploaded a new video to the YouTube channel. When it plays, click on the lower right handside on the red triangle to get the slider and choose play in HQ (high quality) for the best video quality. Enjoy!
Video Link
Video Link
Tuesday, January 27, 2009
Top 10 Personal Finance Books
Thought I'd post a list of the Top 10 Personal Finance Books that have helped me understand the subject of money. Before going out and starting to invest, I needed to make sure I had my own financial house (aka personal finances) in order.
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.
Here's my Top 10 Personal Finance Books:
1. The Richest Man In Babylon
2. Rich Dad, Poor Dad
3. Cashflow Quadrant
4. Guide to Investing
5. The Millionaire Next Door
6. The Automatic Millionaire
7. Your Money or Your Life
8. Four Pillars of Investing
9. The Bogleheads' Guide to Investing
10. A Random Walk Down Wallstreet
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.
Here's my Top 10 Personal Finance Books:
1. The Richest Man In Babylon
2. Rich Dad, Poor Dad
3. Cashflow Quadrant
4. Guide to Investing
5. The Millionaire Next Door
6. The Automatic Millionaire
7. Your Money or Your Life
8. Four Pillars of Investing
9. The Bogleheads' Guide to Investing
10. A Random Walk Down Wallstreet
Wednesday, January 21, 2009
Mobile Home Repair
Here are some good books about mobile home repair. I've personally purchased both the manual and the mobile home repair guide. Both great reference books!
Sunday, January 18, 2009
Tuesday, January 13, 2009
Screening Buyers
Lately, I've been screening buyers. Let me tell you - it's basically the same conversation over and over again. I feel just like an answering service. Though, I've gotten better at screening and getting better at weeding them out.
When screening buyers, the first thing you have to keep in mind is your ideal buyer. What kind of buyer are you looking for? Does it matter? It really depends on your personality and who you feel comfortable with. Remember, this is like a marriage - once they're in, you're stuck with them (if you are owner financing).
Personally, I like working with good, hard-working, families. In my experience, if they know the area and are local - it's better. I'm not sure about the out of town folks. Families who live locally in the area already know what they want for themselves and their family - the area, schools, proximity to work, etc. The out of town folks may not know what they want - it may take longer. And, in this business - time is money.
So, what kind of questions should you ask when screening for potential buyers?
Well, you want to find out as much information about them as possible. Talking to people is more of an art than anything - it's not what you say but how you say it that counts. People want to be comfortable with you and need to trust you before they divulge any information about themselves. Don't come across as the business or corporate type. Believe me, in this business- it doesen't work. People like people who are just like them. Know your audience. Know your market. Know how they talk, think, and feel. Seriously, it will help you in this business.
Here are a few questions I ask when people call in:
-So, how did you get my number? Did you drive by the home? Or, did you see my sign or flyer? (This will tell you a lot. If they actually drove by the home, it means they are looking in that neighbohood. If not, you need to determine whether or not they are a good prospect and then instruct them to drive by first).
-What are you looking for? 2 bedroom, 3 bedroom? What area? (Let them tell you what they want. If they are calling just asking questions about the price of the home, answer them quickly and get off the phone - they may not be as motivated. Remember, you need to think as a homeowner - if you were looking for a home to buy for your family, what kind of questions would you ask? How would you approach the seller? If the person on the other end, does not sound like your target buyer get off the phone asap and move on to your next prospect).
-How many people are you looking for? (This will tell you if you are dealing with a family, individuals or both. If they question you, tell them the park has instructed you to ask due to occupancy limits with the local city ordinance code).
-Do you have pets? What kind? (Determine whether you want to take pets or not. Also, you need to know the rules of the park as well - some parks do not allow pets or have certain restrictions and requirements regarding pets. Find this out beforehand).
-Are you in a lease? Or, going month to month? (This will tell you their time frame for buying. I do like people who have been renting as opposed to people living with family and just looking for a place - renters have been pre-screened already).
-How much are you paying in rent right now? How much do you have saved up for a down payment? (If they do not have any money saved up, they may not be serious and may just be looking. Serious buyers have money saved up - remember it's just like being a homeowner. If you were planning to buy a home in the future, would you have money saved up for your down payment? Most people would and plan beforehand).
-Have you driven by the home? If not, give them directions to drive by and tell them to call you back if they are further interested.
After asking the questions above and determining whether or not this is your target buyer, then you can decide if you want to make an appointment to show the home. Only arrange showings with people you have prescreened over the phone and have already driven by the home. Do not waste your time with people who will not drive by the home and only want to take your time to show it. Remember, time is money.
It takes time and experience to learn to screen buyers. It's a skill and you will only learn by doing and asking lots of questions - information is the key. In time you will get better - it's just like riding a bike because practice makes perfect.
When screening buyers, the first thing you have to keep in mind is your ideal buyer. What kind of buyer are you looking for? Does it matter? It really depends on your personality and who you feel comfortable with. Remember, this is like a marriage - once they're in, you're stuck with them (if you are owner financing).
Personally, I like working with good, hard-working, families. In my experience, if they know the area and are local - it's better. I'm not sure about the out of town folks. Families who live locally in the area already know what they want for themselves and their family - the area, schools, proximity to work, etc. The out of town folks may not know what they want - it may take longer. And, in this business - time is money.
So, what kind of questions should you ask when screening for potential buyers?
Well, you want to find out as much information about them as possible. Talking to people is more of an art than anything - it's not what you say but how you say it that counts. People want to be comfortable with you and need to trust you before they divulge any information about themselves. Don't come across as the business or corporate type. Believe me, in this business- it doesen't work. People like people who are just like them. Know your audience. Know your market. Know how they talk, think, and feel. Seriously, it will help you in this business.
Here are a few questions I ask when people call in:
-So, how did you get my number? Did you drive by the home? Or, did you see my sign or flyer? (This will tell you a lot. If they actually drove by the home, it means they are looking in that neighbohood. If not, you need to determine whether or not they are a good prospect and then instruct them to drive by first).
-What are you looking for? 2 bedroom, 3 bedroom? What area? (Let them tell you what they want. If they are calling just asking questions about the price of the home, answer them quickly and get off the phone - they may not be as motivated. Remember, you need to think as a homeowner - if you were looking for a home to buy for your family, what kind of questions would you ask? How would you approach the seller? If the person on the other end, does not sound like your target buyer get off the phone asap and move on to your next prospect).
-How many people are you looking for? (This will tell you if you are dealing with a family, individuals or both. If they question you, tell them the park has instructed you to ask due to occupancy limits with the local city ordinance code).
-Do you have pets? What kind? (Determine whether you want to take pets or not. Also, you need to know the rules of the park as well - some parks do not allow pets or have certain restrictions and requirements regarding pets. Find this out beforehand).
-Are you in a lease? Or, going month to month? (This will tell you their time frame for buying. I do like people who have been renting as opposed to people living with family and just looking for a place - renters have been pre-screened already).
-How much are you paying in rent right now? How much do you have saved up for a down payment? (If they do not have any money saved up, they may not be serious and may just be looking. Serious buyers have money saved up - remember it's just like being a homeowner. If you were planning to buy a home in the future, would you have money saved up for your down payment? Most people would and plan beforehand).
-Have you driven by the home? If not, give them directions to drive by and tell them to call you back if they are further interested.
After asking the questions above and determining whether or not this is your target buyer, then you can decide if you want to make an appointment to show the home. Only arrange showings with people you have prescreened over the phone and have already driven by the home. Do not waste your time with people who will not drive by the home and only want to take your time to show it. Remember, time is money.
It takes time and experience to learn to screen buyers. It's a skill and you will only learn by doing and asking lots of questions - information is the key. In time you will get better - it's just like riding a bike because practice makes perfect.
Thursday, December 18, 2008
Appreciation
"You can have everything in life you want if you will just help enough other people get what they want!"
-Zig Ziglar
With the holiday season approaching, I made my rounds this week with the park managers/owners of my favorite parks (aka the parks I like to work in) distributing goodies and gifts.
My holiday cheer was very much welcomed and appreciated by all. It really brought a smile and put everyone in a good mood. We chatted and talked about plans for the holidays, shopping and the like. It was nice. People really appreciate when I take the time to visit and catch up with them - they feel appreciated.
And guess, what? Since I took the time to care and appreciate these very valuable people in my network, they expressed their gratitude and desire to work with me more in the future. I have been labeled as their favorite person to work with :)
The secret of my success has been directly a result of my network and the relationships I have built. So many people think in terms of money and themselves - what's in it for them? This is why the term "investor" gets a bad name. It's true - most investors are really out there for themselves, greedy and even worse - dishonest. Though, these people never last - it is short term.
Since I am here for the long haul, I make sure my relationships are built with integrity and trust. I am not in it for the overnight success like most people are. I have made a commitment to make this a long term business - I intend to keep it that way.
Speaking of commitment, I'm not going to sugarcoat it - this business takes work. Success does not happen overnight. I have had to put in the hours required to make this business work. Many people I know do not see the benefits - they think I work too hard.
I'll be honest - I've had to give up some things for this business including having a social life. It's true. Some of my friends think I need to be more social and do things normal people my age are doing such as going to events and parties. I guess it just boils down to priorities.
For me, it's not a priority to go out and meet people on a social level. I have a business to run and this takes priority over social events. I do try to make time to be social once in a while. I admit, sometimes it is difficult to interact with others who do not understand. Ah, the life of an entrepreneur!
I respect people's opinions. I think everyone has their own path in life. My path just so happens to be more different than others.
-Zig Ziglar
With the holiday season approaching, I made my rounds this week with the park managers/owners of my favorite parks (aka the parks I like to work in) distributing goodies and gifts.
My holiday cheer was very much welcomed and appreciated by all. It really brought a smile and put everyone in a good mood. We chatted and talked about plans for the holidays, shopping and the like. It was nice. People really appreciate when I take the time to visit and catch up with them - they feel appreciated.
And guess, what? Since I took the time to care and appreciate these very valuable people in my network, they expressed their gratitude and desire to work with me more in the future. I have been labeled as their favorite person to work with :)
The secret of my success has been directly a result of my network and the relationships I have built. So many people think in terms of money and themselves - what's in it for them? This is why the term "investor" gets a bad name. It's true - most investors are really out there for themselves, greedy and even worse - dishonest. Though, these people never last - it is short term.
Since I am here for the long haul, I make sure my relationships are built with integrity and trust. I am not in it for the overnight success like most people are. I have made a commitment to make this a long term business - I intend to keep it that way.
Speaking of commitment, I'm not going to sugarcoat it - this business takes work. Success does not happen overnight. I have had to put in the hours required to make this business work. Many people I know do not see the benefits - they think I work too hard.
I'll be honest - I've had to give up some things for this business including having a social life. It's true. Some of my friends think I need to be more social and do things normal people my age are doing such as going to events and parties. I guess it just boils down to priorities.
For me, it's not a priority to go out and meet people on a social level. I have a business to run and this takes priority over social events. I do try to make time to be social once in a while. I admit, sometimes it is difficult to interact with others who do not understand. Ah, the life of an entrepreneur!
I respect people's opinions. I think everyone has their own path in life. My path just so happens to be more different than others.
Subscribe to:
Posts (Atom)
Posts
