My Bookshelf: Used REI Courses Available

Lately, I've been doing some spring/summer cleaning. And, I've found that my bookshelf is a bit cramped. So, I've decided to go ahead and offload a few of my REI courses that I've accumulated over the years. As they come up, I'll make a post here on the blog. To make things easier, they will be offered through eBay.

Here's the first installment of what's available:

The Protege Program (Lease Options Course): Peter Conti and David Finkel (Retail Value: $1,497) - Course Description Link

My eBay Link: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=200489734542#ht_2802wt_1139

(Note: What I found most valuable from this course was the negotiating aspect taught. I really learned a lot of great negotiating techniques with this course. And, I continue to use what I've learned and have been successful using these techniques even to this day).

Bankruptcy - "The Bank's Worst Nightmare": Bill Twyford (Retail Value: $999) - Course Description Link

My eBay Link: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=200489727248#ht_882wt_1139

(Note: What I found most valuable from this course was learning the ins and outs of the bankruptcy system. The course outlines the details and court processes/procedures for the bankruptcy system. Also, there is additional material for state bankruptcy laws for each individual state, which I found very useful).

For those interested, feel free to check out the links above. If you have any questions, just let me know. And, if you know anyone out there who you think may be interested feel free to pass the message along.

Thanks for reading!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Terminology Tuesday - Vinegar

(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).



According to Wikipedia:

"Vinegar is an acidic liquid produced from the fermentation of ethanol in a process that yields its key ingredient, acetic acid (ethanoic acid). It also may come in a diluted form. The acetic acid concentration typically ranges from 4% to 8% by volume for table vinegar[1] and up to 18% for pickling. Natural vinegars also contain small amounts of tartaric acid, citric acid, and other acids. Vinegar has been used since ancient times and is an important element in European, Asian, and other cuisines. The word "vinegar" derives from the Old French vin aigre, meaning 'sour wine'."

Source Link

In a past "Terminology Tuesday" post, I had mentioned how I've learned a lot from my cleaning crews regarding the cleaning product industry. What I've learned is that most cleaning products are just additional product lines - it's not necessary to have one cleaning product for the kitchen, one for the bathroom, one as a degreaser, etc. It can all be done with fewer products.

Vinegar is one cleaning product that is very versatile - it can be used to clean a lot of different things. The thing about vinegar is it's ability to make things shiny and sparkly - it's amazing. The only thing about vinegar is the smell but that disintegrates (after a bit) into the air.

I first learned about the cleaning power of vinegar on a trip to Germany. I had actually been in one of the small convenient stores, Aldi, when I noticed an employee cleaning the shelves with a familiar smell. Since by nature I'm a curious person, I asked that person what they were using to clean the shelves as it smelled very familiar - it was vinegar.

To my surprise, I asked "Why?" I was told that vinegar is good for the environment and does a really good job of cleaning - it's used throughout Germany as a cleaning product. Furthermore, I was told they also used vinegar to clean floors, walls, and all sorts of things that needed cleaning around the store - I was astonished!

Turns out, vinegar is one of their main cleaning products. At the time, it sounded kind of crazy as I usually only remember using vinegar in salad dressings or tasting it in chips (aka vinegar style!).

But, now as I step back and think about - it's actually very smart. As I mentioned in this post last week - many people who lived in some of our most toughest times, such as the Great Depression, had to do with what they had to make ends meet.

To show you the cleaning power of what vinegar can really do, I'd like to share with you a short video:



Video Link

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use both in your business as well as your personal life - it definitely has for me.

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!

Video: Suze Orman at Google

Since it's Friday, I thought I'd share with you this excellent video on Suze Orman as she speaks about personal finance at Google.

(Note: If you missed it last week, feel free to check out this entertaining and relatable post).

I think this is a very good talk - I always enjoy watching and listening to her. There are some Q & A at the end, which is usually interesting to watch, with some real estate related questions.

I especially enjoyed the last part where Suze goes over her Top 10 List she knows to be true when it comes to money. Here they are:

1. Focus on people and money will follow.
2. It is better to do nothing than something you do not understand.
3. Being rich is better than being poor.
4. Democracy and the deficit - let's pray it works.
5. You don't need to be on Wall Street to make money.
6. You can make money without doing evil.
7. There is always more money to be made out there.
8. The need for money crosses all borders.
9. You can be the world's personal finance expert without ever wearing a suit or being a man.
10. Being wealthy is just not good enough - it is what you do with that wealth that counts.

I hope you enjoy this video, thanks for watching!

(Note: For those interested in reading more about personal finance, here are my Top 10 Personal Finance books.

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!



Video Link

Book Review: "Making Money Through Mobile Home Investing"

(Note: Recently, I've had a lot of folks contact me asking what the difference between some of Lonnie's as well as other mobile home investing materials out there and which one I'd recommend the most. So, I've decided to go ahead and start a new series of posts - book reviews).



Recently, I had the opportunity to read this book about mobile home investing.

(Note: This is one of the mobile home investing books several folks had asked me about inquiring if I had read it - many folks had asked what I thought of this one).

The format of the book is more of a Question and Answer (aka Q & A) type format. Basically, it's a book that answers a lot of the most basic and frequently asked questions in the mobile home investing world. There are some pros and cons to the book.

In my opinion, the pro to the book is that it's a very basic book that has a lot of mobile home investing type questions that a lot of folks just starting out usually ask - it's all in one place (in this book). Since it's a Q & A type format, it's a very easy and fast read - the book is divided into 11 Chapters.

(Note: If you would like to see the inside of the book, read the Table of Contents).

What I like about the book is that it's very easy to follow. I also like the fact that the book is divided into chapters based on the different topics involved in mobile home investing. So, if there is a certain question someone had on a certain topic (i.e. marketing, mobile home inspection, etc) then they could just turn to that chapter and read through the Q &A on that specific topic.

Now, I do understand the questions and answers presented in the book are very basic. A lot of these same type questions and answers can be found and/or asked by visiting various real estate forums online such as BiggerPockets, CREOnline, Mobile Home University, etc. So, if money is a bit tight and you would rather go and find the answers - it's available. Though, it will take time to go out and seek this information.

(Note: I've had some folks ask me if I had any material such as this - a basic Q & A type book on mobile home investing. Unfortunately, I do not have any material right now. Though, I am looking to put together a Frequently Asked Questions (FAQ) section on this blog in the future to address the most common mobile home investing questions that have been asked to me).

But, if you're new to mobile home investing and still have questions (after reading Lonnie's book, "Deals on Wheels,") the pro of this book is that the questions and answers pertaining to mobile home investing are all in one place.

(Note: Personally, I'm one of those people who have to have a hard copy when I'm reading books. To me, it's just not the same. Yes, it's nice some information is out there in electronic format though I prefer hard copy type books. I'm sure there are others who do read material in electronic format out there, though reading a hard copy and having it at hand is just my preference).

As for the cons, there are some grammatical errors in the book (i.e. run on sentences, missing words, syntax errors, etc). For me personally, this is a bit bothersome. It's not every sentence but I do recognize the grammatical errors when they show up in the book.

Another con is that there are some statements made that I just don't agree with. I understand this book is supposed to be based on one individual's experience investing in mobile homes, though I do have a problem when folks (especially real estate investors) are too black and white.

Honestly from my own personal experience, everyone is going to have different experiences and different results - what works for one person in one area but not necessarily work for another person in another area (or the same area) - it's all a matter of preference and personality.

One of the examples involves a question regarding whether or not to invest in 55 and older mobile home type communities. The answer was very black and white.

Basically, investing in senior parks was not recommended. However, I know of some folks who have been very successful investing in senior parks. Some even started out that way because that's all there was in their area. So, you see - it's going to be different for everyone.

Another problem I had with the book was a statement made in the beginning (actually in the Forward). It basically made a statement about an "elderly man" who had written a book and "had been in the used mobile home business for years." (I'm guessing this is Lonnie). And, it further stated that the material in the book was "somewhat limited and dated."

Honestly, Lonnie's material is NOT outdated. There are folks doing exactly what he has taught in his book - those types of deals are out there. Though each area is different and the market values vary, the concept is the same - no matter if you buy at the upper end of the spectrum or the lower end. It doesen't matter - what matters is the concept. And, that is NOT outdated.

(Note: If you're interested in reading more about the concept of mobile home investing, feel free to read this article I wrote).

Furthermore, I know folks who have been very successful in mobile home investing and the only book they used to get started was Lonnie's book. Though there's other material out there, really it's a matter of taking action and having the passion to just go out and do it. Period.

Lastly, near the end there are some "sales type" pitches for other products and services - it showcases some audio courses and seminars as well as a reference to the website.

(Note: I don't necessarily see this as a bad thing - I think it's there for those who may be interested in checking out what else they offer as available in terms of materials and seminars on the subject of mobile home investing).

Overall, I think this book is a good basic type of book for folks who may still have some questions after reading Lonnie's book, which I highly recommend.

Though a lot of the questions and answers can be found through a bit of digging and searching online, the pro to the book is that the Q & A is here all in one place organized and divided according to topic. But, if money is a bit tight and/or you're a bit resourceful you can go out and find these same type questions and answers online.

Again, this book is based on one individual's experience - every person's experience will be different. What works for some may not work for others and vice versa - it's a all a matter of preference and personality. What's important is that the concept is the same. And, the concept is NOT outdated.

I hope you enjoyed reading this book review. With the high amount of requests for my opinions on these, it's something that I've decided to start doing.

I'm going to end this review by sharing with you another one of my favorite Lonnie quotes, "If you look for opportunities, you will find opportunities. If you look for problems, you will find problems. If you look for excuses, you will find excuses. What are you looking for?"

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!

Terminology Tuesday - Baking Soda

(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).



According to Wikipedia:

"Sodium bicarbonate or sodium hydrogen carbonate is the chemical compound with the formula NaHCO3. Sodium bicarbonate is a white solid that is crystalline but often appears as a fine powder. It has a slightly salty, alkaline taste resembling that of washing soda (sodium carbonate).Since it has long been known and is widely used, the salt has many related names such as baking soda, bread soda, cooking soda, bicarbonate of soda. Colloquially, its name is shortened to sodium bicarb, bicarb soda, or simply bicarb. The word saleratus, from Latin sal æratus meaning "aerated salt", was widely used in the 19th century for both sodium bicarbonate and potassium bicarbonate. The term has now fallen out of common usage."

Source Link

In a past "Terminology Tuesday" post, I had mentioned how I've learned a lot from my cleaning crews regarding the cleaning product industry. What I've learned is that most cleaning products are just additional product lines - it's not necessary to have one cleaning product for the kitchen, one for the bathroom, one as a degreaser, etc. It can all be done with fewer products.

Baking soda is one cleaning product that is very versatile - it can be used to clean so many different things. It's amazing what a little baking soda can do to spruce up a house, wash clothes, brush teeth, etc.

To show you the cleaning power of what baking soda can really do, I'd like to share with you a short video:



Video Link

Pretty amazing stuff. It's astonishing to see what baking soda can really do!

Lonnie himself once told me, "If you really want to know about hard times, study the habits of those who lived through The Great Depression. Those were one of the most difficult times to live in history. If those folks can be disciplined enough to make ends meet through the most difficult times, we can do the same even today."

And, if baking soda was first produced in America in 1839 than it definitely was around for use during The Great Depression.

I hope this "Terminology Tuesday" post has been helpful and has given you some useful information to use both in your business as well as your personal life - it definitely has for me.

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!

Video: Saturday Night Live Spoof: The Suze Orman Show

Since it's Friday, I thought I'd keep it light and share with everyone this very entertaining spoof based on Suze Orman. Enjoy!

(Note: For all the Suze Orman fans out there, this is not meant to offend but to entertain. I myself respect Suze very much, she's great!)

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!



Video Link

Investing 101: Working With Banks

Recently, I've been getting a bit agitated and annoyed working with banks on their mobile home inventories.

Right now, the banks owned mobiles are just too much of a risk for what the banks (in my experience) are looking to get. It's getting to the point where even the parks won't buy them back. And, that raises a major red flag with me.

(Note: Typically, I try not to compete with the parks I do business with. Some of the parks I work with (but not all), will usually go after the bank owned mobiles - they've got a separate team of people and experience in this area (usually not the park manager). Regarding typical homeowners, they usually don't go after these as it is too time consuming and usually cannot be negotiated effectively over the phone like the bank owned homes).

To tell you the truth, I've never had much luck working with banks on their inventories in the past (even when I first started out wholesaling). It's like a game - too much back and forth with very little results (from my experience).

In my experience, it's just been too much time involved and too much paperwork with very little return. It's like I have to work a lot of them, submit paperwork, prove my case and wait for some "pie in the sky" decision maker to give me the green light. It's been the same way even with the mobiles.

A few weeks ago, I made this post on this bank owned home I put an offer on. Turns out, it's still sitting vacant out there. And, the park manager tells me even the park won't buy it - the bank is asking a pretty ridiculous amount on it.

What's even worse, is the most recent news I heard from another one of my park managers.

(Note: My park managers are my "eyes and ears" - they keep me updated on the latest news with the mobile home biz as well as what's going on in their parks. Having strong relationships with the park managers of the parks you choose to do business with is key to being successful in this business).

This particular park manager has been a real ally - we basically talk on the phone about 2-3 times per week. This park manager really enjoys keeping me updated on the latest news (aka gossip) on who's doing what and what's going on in the biz. It's amazing how much information I've learned from this park manager alone on the state of the business, other park managers/park owners, other parks, other investors, etc.

In any case, this park manager has been working with a couple banks trying to negotiate deals for me. I did not ask this park manager to do this - this park manager tells me they'd rather work with me on deals as they know I keep my word and have a good reputation than work with others who may not be as reputable.

(Note: There are a couple other park managers who attempt to negotiate bank deals for me with homes taken back in their parks. Their logic is they'd rather have someone they know and trust work these deals than some stranger who comes in that they do not know. Plus, usually when a home is taken back by the bank the park will go after the lender for the back lot rent owed - someone will need to pay the back lot rent. And, they will consistently attempt to contact the bank for the funds due).

So, the park manager calls me this week and tells me she's talked to one of the banks (of course one that owes her park a lot of back lot rent!). Well, it turns out they're willing to deal with me. But, there's a catch (of course!).

Here's the catch. I've got to buy a package of 10 mobiles from them, scattered all over (I'm talking thousands of miles away). Most of them are in the early 1990s-mid 1990s range. But, I've got to take them in "as-is" condition (I'm sure there's no way to check the water and/or electricity on these) and move them as well as take them with all the liens such as back lot rent owed, tax liens, etc.

And, all this for a low, low price of.......5k each! Wow, what a deal, right? Not really.

The park manager told me straight and I quote, "Basically, they want you to buy their crap." And, what's even more funnier is she told the bank rep there's no way I'd take this deal (if you could even call it a deal) as she knows that I don't buy "crap" - I only buy homes that I know I can stand behind (I really believe in my product).

And, you know what the bank rep said? The bank rep told the park manager and I quote (again), "Why do you have to go and ruin my deals?" Oh brother!

Then, the bank rep told the park manager to tell me that I better not let this opportunity pass me up as there may not be any more homes to buy (yeah right!). This is not the end - this is only the beginning. It's only going to get worse. And, being the buyers market that it is - it's the buyers who have the power, not the sellers.

After hearing this, I've made the decision to not even pursue bank owned mobiles at this time. It's not worth my time if they're going to be playing this game.

I'd rather focus my efforts on folks who really need to sell good, quality type homes in nice parks. Period.

It's a much better use of my time and energy. Why should I waste my time chasing after these bank owned homes that require too much time and too much work? Plus, if they're not going to be paying off the liens on the homes - forget it. It's going to cost more time and more money for me to deal with these issues (on top of the issues with the individual homes). No thank you.

Will things change in the future? Possibly. It will take some time - I think the bank inventory supplies really need to pile up before banks will start to have "fire sales." Of course, this will be on an area to area and case by case basis.

In any case, I'd thought I'd fill everyone in on my perspective on working with banks. I've had some folks contact me asking me if it's a good route to take. In all honesty, working with banks just hasn't been my cup of tea.

(Note: Though, I have heard of others who have had success working with banks. In this business, everyone will have different experiences - what works for me may not work for you. And, vice versa. Again, it's all a matter of personality and comfort level - everyone works differently).

A wise investor once told me, "If you're going to play the game, make sure you play by your rules. If you can't play the game by your rules, find another field to play in." And, that's exactly what I've decided to do.

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!