Thanks for the shout out

Sure, I can give a couple of recommendations. Overall, I think it’s most important to start off (like you suggested) with a plan. When most folks are first starting out, it’s important to know what their goals are (i.e. building cash, ready to buy and hold for cash flow, etc).

For those interested in getting started with mobile homes, I’m a firm believer in education. One of the baby steps I recommend is to go out and read Lonnie Scruggs’ book, “Deals on Wheels.” Make a goal on getting it read – even if it’s a chapter or two a day. The important thing is to do something everyday to get the education.

Then, the next baby step I’d recommend would be to go out and make a plan to learn the market. Even if folks plan to work with bird dogs and/or wholesalers to help them find deals, it’s really important to learn the market (in this case, their mobile home market) so they can learn to spot a deal and not have to depend on others to find deals for them.

I’ve known so many investors who have depended on others to find them deals without even learning the market, and they’ve really got into some bad situations. If folks get to know their market, then they’ll be able to recognize opportunities that fit their criteria (and not depend on someone else’s).

Some things to do to learn the 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 their 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).

Just a couple of suggestions. The last thing I’d like to add for folks looking to get started in mobile homes is to just work their plan. It’s really easy to get bogged down by all the “noise” especially when discussing real estate with others. There will always be people out there who like to give their opinions – they say this works and/or this doesen’t work, or you should/shouldn’t invest in this or that, etc. Everyone has an opinion. The best thing to do is block all the noise, just work the plan – it’s definitely something that has helped me to focus. And, I think focus is so important in order for folks to get to their goals. If folks can keep their eye on the ball despite what others say around them, they’ll do just fine.

Sorry, Shae this is so long. Hope that helps!

Yet again, an awesome article. You write so well!

I agree 100% with Julie’s comment.

It is all about doing…’something’ each and every day.

A little ‘something’ each day adds up to a bigger ‘something’ at the end of the week, and an even bigger ‘something’ at the end of the month.

As per one of your other posts Shae, it is all about relentless forward motion.

Regards,
Neil.
.-= Neil Uttamsingh´s last blog ..A Day in The Life of A Downtown Toronto Condo Flipper =-.