Since it's Friday, I thought I'd keep it light and share with everyone this very entertaining video spoof about the short sale process by my tweep, Nathan Jurewicz (aka "Short Sale Kid").
"Nathan Jurewicz the Short Sale Kid and his Short Sales Riches team spoofs Step by Step instructions on how to deal with Bank of Americas Loss Mitigation Department."
Enjoy!
p.s. For anyone interested, I recently wrote an article for my pal Julie Broad from Rev N You. If you'd like to check it out, you can find it here. Thanks for reading!
(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).
"You should never let the mail carrier pass your house without leaving a check."
For those who have already read this book, his latest book "Making Money with Mobile Homes" is yet another good read.
Many have asked me what the difference is between the two books, "Deals on Wheels" vs. "Making Money with Mobile Homes." I would say the main difference is the viewpoint and style of each book.
In "Deals on Wheels," Lonnie really focuses on the concept of mobile home investing (it's advantages) as well as the nuts and bolts (aka the "how to") involved. On the other hand, "Making Money with Mobile Homes," is more of a book filled with more stories and ideas based on the same concept.
What I enjoyed about "Making Money with Mobile Homes," was the stories. There were stories I could relate to and there were new stories that gave me ideas. However, I would say this book is for those who have already familiarized themselves with the mobile home business as a whole.
(Note: For those who have not read "Deals on Wheels" yet, I highly recommend reading it first).
For those who are familiar with the mobile home business, it's definitely a relatable book. There are so many stories that I could relate to while reading the book. And, there are new stories that gave me ideas on how and what I can do to improve - it gave me ideas on other options out there.
Some folks don't like it when books have too many stories - I have heard some call Lonnie's materials full of "fluff." But, you know what? That's how we learn - through stories and experiences.
I could read all the "how to" guides in the world. But, if there are no stories and experiences I probably would not be as interested and would not learn as much.
Just like in the book "Rich Dad, Poor Dad," we all enjoy a good story. Stories make things interesting, stories intrigue us. Without stories, I find those types of books to be dry and not as interesting.
So, if you're really interested in the mobile home world or if you're already in the business and want to learn more, I definitely recommend this book.
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).
Since his passing which was recent (months ago), his continuing legacy and education continues through his students and his materials. He was truly a great man and contributed so much to the real estate investing world.
As for mobile homes, it became one of his niche specialties. Apart from Lonnie deals, he also specialized in mobile homes with land as well as parks. I have read his material on mobile home investing - it is excellent.
To honor Jack Miller, here is an interview clip with him as he talks about his experience in the mobile home investing world:
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!
According to Wikipedia, the film is set to release on September 24, 2010.
Though the old trailer did not reveal much about the movie, the new trailer had more to offer. Check it out!
p.s. If anyone out there has any seen any good business and/or real estate related movies you've enjoyed, I'd definitely be interested in hearing about them. I'm an avid moviegoer, it's one of the things I enjoy doing. Thanks for reading!
Recently, I missed out on an opportunity. Yet, this opportunity may not have been the best opportunity for me. But, in the spur of the moment I felt it was an opportunity. Now, looking back - I know I made the right decision.
I got a call from a couple who were moving out of the area due to a job transfer. They told me they needed to sell their home quick. It was a 3 bedroom, 2 bath home in one of my favorite parks.
Naturally, I went out to take a look at the home. It was in fairly good condition on the outside - it had curb appeal, a definite plus. Though, the inside needed some work. I'm not talking major repairs but it did need some work to get it up to par for a qualified buyer.
(Note: In my experience, the types of buyers that high end parks tend to attract are those who are looking for homes to be fixed up. I rarely sell "as-is" and have to visualize myself as a prospective homeowner when going to inspect these homes).
The type of work that was needed included floor work (there were mixed vinyl patterns in the living room and the kitchen) and cabinet work (the cabinets were really worn down and needed either a paint job and/or finishing).
Regarding the floor work, the owners had taken up the original carpet which was in the living room and pulled it up - they had laid their own vinyl. And, in the kitchen they had laid their own vinyl as well (a different pattern) which did not really match all together. But, in the hallway they had tiled it very nicely and had planned to tile the kitchen as well. Problem is, they had to leave due to the job transfer.
So, going into this home with the perception of a prospective homeowner I knew it would need floor work. I really don't like when homeowners change the make up of the home and tear out the existing floor surface such as carpet as in some cases when it's been laid over with vinyl - it just does not match. Though, my preference is with my own homeowner type mentality. I understand it's their home, I guess some have different tastes than others.
To make a long story short, since the home needed some floor work and cabinet work plus a good cleaning (there were many people living in the home, a good professional cleaning is needed in these cases) I would not be able to meet the seller's asking price of 14k. I knew it was priced well for a homeowner, it was a solid home - it just had some cosmetic issues. Though, I knew if I were to do a Lonnie deal with this one - I could only offer it for 24k. So going with Lonnie's 50% formula, I knew the most I could have in this deal (including doing the floor work, cleaning, holding costs, cabinet work, etc) based on those numbers was 12k.
I offered 10k. But, the sellers declined. They told me it was a really good deal but the lowest they could go was 13k. Then, they reiterated how it was a solid home - they had lived in the home for over 10 years. These were long term type owners - my favorite kind.
But, the numbers just did not work out. My gut feeling told me, you cannot overpay for this home - it's a solid home but it still needs work. And, I know the types of buyers I work with for these types of parks want things in pristine condition. Plus, this home was in the smallest category of mobile homes - I'm used to buying the larger homes, not the smaller ones. And, I've done it for much less than this in better condition.
So, I walked away. Even though, I had a small voice inside of me saying "Maybe you can make this work, the issues may not be so bad," I remember one thing a wise investor once told me - "Don't force a deal. If you can't make the numbers work, don't do it. There are so many other homes out there."
And, guess what? This saying is so true because this week I got a call from a seller I've been working with for a long time. I was supposed to buy this particular one a month ago but there were title issues. And, we were waiting to get these title issues taken care. Well, the paperwork got rejected and returned and they had to file for it again (which was really frustrating) so I kind of just pushed this one out of my head for awhile. But, it turns out the paperwork is finally being processed and the seller is making arrangements to start moving out of the home. So, once the title is clear - I can buy it. And, this one does not need any work at all - it's my favorite kind of home (the largest one) in one of my favorite parks.
So, the lesson that I learned here is to be patient. Things will come. Success does not happen overnight. My most successful deals are those that I have really put a lot of time and energy into. And, at the end of the day - closing good deals are worth the time and effort.
I'm going to leave you here with a video here from Gary Vaynerchuk that inspired this post.
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!
This lead came from a park manager in conversation while we were sitting in the office having coffee and donuts. (Guess who brought the coffee and donuts?)
(Note: What has worked for me with park managers is spending a lot of time with a select few I enjoy working with in nice, family style parks. For me, quality is more important that quantity. I don't mind spending a whole morning or afternoon with one park manager - it's building the relationship that counts. I see so many investors out there who try to "network" with everyone only to create mediocre relationships. For me, I've learned it's better to create a few really strong relationships than a lot of mediocre ones. Again, this is just my experience).
In any case, I learned from the park manager that this home was abandoned and taken back by the park. The park wanted to get rid of it.
They were trying to sell the home for $2500. But, the park manager told me I could have it if I just wanted to fix it up and start paying lot rent in a few months.
(Note: Now, some people may get excited about getting "free" homes in this business. But, for me "free" homes really mean expensive homes because most of these homes need a lot of work and take a lot of time to fix up. Though some have tackled these types of opportunities and have been successful at it, just by looking at the outside of the home I knew this was not my type of deal. For me personally, I'd rather spend my time on a home that needs less fix up and conforms to what the types of people I work with (usually families) are looking for (i.e. larger homes) that I know I can stand behind (i.e. support my product, know it's a good home) than something that needs a lot of fix-up work that is smaller and not really sure if I'd live in myself. Again, it's very important for me personally to be able to stand behind my product. If I cannot see myself living in the home (as well as living in the park), then I pass on the deal).
I "thanked" the park manager for letting me know about this opportunity. I told the park manager just from looking at the outside, it just really wasn't my kind of deal. The park manager understood - said someone could make something out of this but the park wasn't willing to give it away to just anyone, it had to be someone they knew and trusted to make it work.
So, as I write this the home is still sitting there in the park. No one really knows it's for sale as there is no "For Sale" sign. Again, most of the deals I work are "inside deals." In my experience, the key to being successful in this business is getting to the deals before everyone knows about them. And, that can only be done by building strong relationships. In the end, it's quality not quantity that counts.
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!
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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