Newport News, VA · Member since 2019 · 29 posts · 4 votes
I'm 23 years old, from VA Beach ,VA. I am a freshman in college, learning graphic and digital animation. I currently run and operate a mobile detailing business as my main source of income. My invest include my business and crypto currency. I want to get into mobile home parks. How long should I study before I begin my journey to buy and renting my firs mobile home, without becoming a person that looks into it so much and never take action.
Welcome to BP @Xavier Nguyen! There's no perfect amount of time to spend studying before making a move. Some people feel prepared enough after 1 week, others after 1 year. It's just important to remember that you may never feel "100% ready". Read/listen/dive into the strategy you are planning to use, as well as some general REI know-how, and take TANGIBLE steps. Whether that is analyzing a property, contacting a Realtor, a lender, etc.
The more you can hold yourself accountable, the better! You got this!
Great to hear you are ready to get started. My recommendation is to start NOW. I highly recommend reading the book the 12 week year by Brian P. Moran and Michael Lennington. Obviously you will not go out an purchase a mobile home park today, but it is something that is possible in a short period of time. By implementing a plan such as the 12 week year, you will come up with a plan, and execute that plan within 12 weeks or roughly 3 months. Give it a shot and see where you get. The best thing about using this method is while you may not always reach your final goal at the end of the 12 weeks, you pick up so much along the way and many times end up stumbling upon other opportunities you were not looking for.
Hope that helps and good luck on your firs acquisition!
I studied, read and listened to podcats for about 6 months before I acted. But a lot of that was picking strategy. If you know your strategy, I'd just dive in to every book and podcast I could find. Then when you feel confident and can teach it to someone else, go for it!
I will be buying that book ASAP. I fail to get my family Christmas presents every year but this year everyone will be getting a different book on crypto, real estate and conscience with a fresh pair of socks.
I've listened to the podcast and dove into a few books within 3 years. I know I should be doing more but I've noticed with every year I mature the easier it is for me to understand the concepts of different real estate strategies.
Welcome to BP @Xavier Nguyen! There's no perfect amount of time to spend studying before making a move. Some people feel prepared enough after 1 week, others after 1 year. It's just important to remember that you may never feel "100% ready". Read/listen/dive into the strategy you are planning to use, as well as some general REI know-how, and take TANGIBLE steps. Whether that is analyzing a property, contacting a Realtor, a lender, etc.
The more you can hold yourself accountable, the better! You got this!
Hi @Xavier Nguyen. Mobile homes are the worst investment I ever made. Mobile home parks are the best investment I ever made. I highly recommend staying on that track.
One of your first steps, after listening to lots of podcasts, should be to buy the book: The Mobile Home Park Manifesto. Then I recommend going to Mobile Home University with Biggerpockets Podcast Guest Frank Rolfe. Happy investing!