5 Questions To Consider Before Diving Into Mobile Home Investing
Like everyone else that read Brandon Turner’s recent article titled Top 100 Ways To Make Money In Real Estate I was floored to see such an expansive list of techniques, niches, and strategies with respect to good-ole real estate. It is no doubt that a person starting from scratch in today’s real estate investing market has never had so many options and strategies to choose from to start making money.
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In addition to the simple fact of just knowing that these methods exist it is evident that you can find additional resources and free information by searching online for any particular real estate topic. Information to make money with real estate is everywhere these days – from millions of free Youtube.com videos to high-priced mentoring with the so-called Guru’s. Then why is it still surprising to me that many folks I meet [and have always met]rarely ever build the real estate cash-flow business they fully expected?
What the typical newbie investor wants? Easy leads, Fast Deals, Instant Profits
What the typical newbie investor may soon realize? Fear, Information overload, Debt, No deals finished
I believe that in today’s Information-is-Everywhere World it is more important to be 100% honest with yourself when deciding a niche to focus in on within real estate investing. In addition to being honest with yourself you also need a credible source that will open-up and shed light to the realistic expectations to anticipate in any particular field.
Five Questions for Prospective Mobile Home Investors
Below is a list of the top 5 most frequently asked questions I receive weekly from newbie Mobile Home Investors inquiring to whether or not mobile home investing is right for them. While reading each question below, answer them honestly about yourself. Ask similar questions of each niche of real estate then pin-point the ideal method-to-make-money for you.
1.) Do I have enough money to get started MHI fairly-quickly?
No-money-down purchase transactions are certainly available for you to find and profit from. However for every one motivated seller that will accept a no-money-down offer there are a dozen more sellers that will require only a couple hundred dollars or a couple thousand dollars to begin seller financing their homes.
The more capital you have the more cash you can offer to each seller. Is more money to offer necessarily a good thing? Many people will say that just because you have the cash doesn’t mean you should not try for a seller financed transaction first… I am one of these people. Figure on a minimum of $2,000-$5,000 to get you started quickly and safely.
2.) Do I have the time to get started in MHI fairly-quickly?
Real estate investing requires focus and daily effort. Eventually you may be able to outsource some or most of your investing business but at the start you will often have to learn everything by doing it yourself. With regards to actively investing in multiple mobile home deals per year I recommend everyone I help have at least one hour per day they can dedicate to their new real estate cash-flow businesses. Two to three hours per day is even better!
3.) Do I know if there are sufficient mobile homes around me to support a thriving MHI business?
In any one area there are only a finite amount of mobile homes [in parks and on private land]that may be for sale at any one given point. Performing a basic Google search of “mobile home parks” and “manufactured home communities” can quickly start to help you identify some local mobile home communities. Talk with local Realtors and other active investors to identify the mobile home areas and zip codes within your county.
4.) Do I have the discipline needed for real estate investing?
This is perhaps the most introspective question you are reading. Are you the type of person that loves to start tasks, only to bails-out when things required of you involve traveling past your current comfort-level? Each day be willing to look for opportunities to enter your “uncomfort-zone”. Past comfort-level-triumphs I have had include speaking comfortably with sellers, confidently evaluating homes, overcoming my age, negotiating with contractors, and public speaking.
5.) Do I Enjoy People?
There is little way around this; if you are not a people-person and you are starting a REI business by yourself, begin improving your human-relationship skills immediately. Like many other niches of real estate investing, Mobile Home Investing is very much a People Business. From start to finish we create value and generate income by speaking with sellers and then talking with buyers – over and over and over again.
Thank you for reading this article. I hope that you have a better understanding if investing in manufactured homes is the right fit for you.
Reader question: What has been a major triumph you had at pushing your own comfort-level further regarding real estate? OR What are your other manufactured home buying/selling questions?
Love what you do daily,
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