Clarity: The Key For Real Estate Success

3 min read
John Fedro

John Fedro has been actively investing in individual mobile homes since 2002 and in parks since 2016. Additionally, he’s been assisting other mobile home investors since 2006.

Experience
Investing since 2002, John started in real estate accidentally with a four-bedroom mobile home inside of a pre-existing mobile home park. Over the next 11 months, John added 10 more mobile homes to his cash-flowing portfolio. Since these early years, John has gone on to help 150+ sellers and buyers sell their unwanted mobile homes and obtain a safe and affordable manufactured home of their own.

Years later, John keeps to what has been successful—buying, fixing, renting, and reselling affordable housing known as mobile homes. Like almost every long-term investor, he’s made more mistakes than he can count. John discusses many of them on his blog and YouTube channel, where he shares his stories, experiences, lessons, and some of the experiences of other successful mobile home investors that he’s helped.

John has written over 300 articles concerning mobile homes and mobile home investing for the BiggerPockets Blog. He has also been a featured podcast guest on BiggerPockets and other prominent real estate podcasts, authored a highly-rated book aimed at increasing the happiness/satisfaction of average real estate investors, and spoken to national and international audiences concerning the opportunities and practicality of successfully investing in mobile homes.

John now spends his time actively investing in individual mobile homes and acquiring parks. He focuses on enjoying his time and partnering with other investors around the country to grow their own local mobile home cash-flowing portfolios and reputations.

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It is said that as human beings the easiest person to fool is ourselves. All too often we lie, cheat, manipulate, bully, and de-motivate ourselves on a regular basis. If this describes you or someone you know please send this article their way.

The topic of this post is about the how and why to help bring clarity to your real estate investing business. Below are some of the main bullets I help identify and go through with every new investor I personally help. Take the time to read each one and reflect inward to ask these same questions of yourself.

What is my business mission statement?

Does your business simply want profits? Does your business wish to help society? Will you work with only the wealthiest people in your market or do you target blue collar workers? In what geographic locations will you do business? A mission statement is an understanding of what your company does, who it helps, and what people can expect from your company. This is a very simple question yet many investor’s I talk to do not have clarity in their own company’s mission statement.

Related: One Secret for Improving Your Real Estate Success

What are my talents and weaknesses?

Perhaps the biggest question every new and seasoned investor should ask themselves is about their own strengths, talents, joys, fears and weaknesses. Are you organized? Are you a self starter? Are you good at being your own boss? Really? Do you need someone to hold you accountable? Do you like talking to people? Do you have credit? Do you have money? Will banks lend to you? Really? How much time per day do you have to invest? Are you lazy? Are you determined to break down any barrier to make your dreams a reality? Really? Do you want to buy and hold real estate or flip it? Are you sure? Are you in an area of the country that has opportunity for the types of real estate you wish to pursue? How do you know?

The list above is only a short outline to help identify how prepared you are for moving forward. The more clarity you have over your shortcomings the more you can do to learn and grow in these areas. In the areas that you have ample strength and confidence be happy and proud of yourself. Some of these attributes, such as “will a bank lend you money” can only be confirmed by calling local brokers or money lenders. Take the initiative to push yourself daily or have someone that will push you daily to get over your own hurdles and move forward.

What are my goals?

Your goals should be written down, have a due date next to them, and be located in plain view on a daily basis. Before you start ironing out your 5 year plan make sure you have a healthy investing foundation and clarity for moving forward. Make absolute certain you have a grasp on your weaknesses and how you are improving them as needed in our real estate investing field.

Related: Tips for Achieving Your Goals in 2014

Do I understand my purchasing and selling process well enough to explain it to a 10 year old?

Once I began understanding what my average buying/selling transaction looked like I was able to clearly paint a picture with words for my seller and buyer with what to expect moving forward. Sellers and buyers love clarity – we all do. Aim to be able to clearly explain to your next buyers and sellers what their next few steps will be at the end of each of your conversations. No one likes to twiddle their thumbs or be confused. Help bring clarity to all those you help and interact with on a daily basis.

In the questions above there are no wrong answers or realizations you may have. Please be honest with yourself and look deep into your heart to determine where you lack talents and where you can look for help and experience to grow. No matter what your answers above are, every skill and talent needed to be a successful real estate investor can be learned, partnered with, or outsourced. The secret is to first have true clarity and then to make a clear action plan moving forward.

If you agree or disagree please comment so below so that we may all learn and grow together.

Love what you do daily,

John Fedro