All Forum Posts by: Peter Haymond

Setbacks are what make life interesting Max. Wouldn't it be boring if everything worked out the way you wanted? I've always found that every negative that happens to me ends up becoming a huge positive but at the time, I find it very hard to see the positive.

Personally I think you should see setbacks as something that shows you're taking action and getting results. You just need to take more action to have the positives appear. You shouldn't worry about this though. My parents had a lady that was suing us at one of our rental properties one time, my brother had a heart transplant, my friend jumped off the golden gate bridge, and another friend I know died before he finished high school from a seizure.

We all have setbacks but it's how you look at it and what you do about it. The really successful people are quick to get out of negative events and start taking action right away to have some better "luck" come there way.

I think the only way to cope with a loss is to go out and have a more successful, rewarding life.

I'm a college senior about to head into the real estate investing world full time. (ie. I'm helping to expand my parents business)

What has worked best for you in REI networking and do you think it's paid off? Do you have any advice for me?

I know you can go to REI Clubs, associations, and REI seminars but I'd rather be hanging out with these successful people daily, then just a bunch of college students that are looking for j.o.b.'s. I already attend a local REI club and I'm hanging out with an investor tomorrow who's close to my age. I really take it seriously that your income is based on your closest friends, what do you think?

Thanks for your time and help!

Take care,

Peter

What's the best way to network that has benefitted you the most in this business? (or any REI field you work in) Can you tell me a story about it and how this relationship has benefitted you?

When you network, do you try to become friends or more on the level as a business associate or a little of both?

Do you network with those at local REI clubs? At auctions? Events? At the park itself? (enough with park manager idea, I know that person is important. I'm talking about other investors)

I have a quote by Dan Kennedy that says, "If you surround yourself and spend time with people who are 'smaller' than you are, you will stay as you are."

I'm going to go to other REI clubs next month but I was wondering if you folks have success networking another way.

Thanks for your reply Jon! I've bought both John's books and Lonnie's along with reading them multiple times.

I believe CA is just tough in general to do those deals but you have some excellent advice in that I need to learn my market more. Thanks for your help! Seriously, as a 21 year old college student it really helps to have input from guys like you in the field.

Okay so now that people have given their input, I'm contemplating whether or not this is a good deal. All of you are from other states although I do wonder about the value of the home if most of you say that it has depreciated to almost nothing. If that's true then how come a buyer was willing to pay $18,500 cash? Maybe an emotional buy?

I was thinking of buying it for $15k and selling it for $20k seller financed. At best with interest my private lenders could collect $5k if they're willing to do it.

Would you guys suggest newer years? I've tried but the prices are WAYYY too high in Northern California by the bay area. In my area...this might be a good deal but this is my first time doing a mobile home deal and I lack experience.

Leslie how much do they cost?

I plan to sell it owner financed and yes, I live in the Bay Area where prices are through the roof on these homes. Lonnie deals are basically tripled out here or more. Again I'm not just paying for the home, I'm buying into a CA park...

I do agree that the price is too high...although I wonder why a buyer would pay $18,500 for it when I talked to the seller. (buyer didn't pass because of a credit card check)

My private lenders want me to get the 2010 NADA book. The sellers want $18,500-17,500 for it, but my private lenders say that's way too expensive because a brand new Skyline double wide would cost $20k.

Do you know the value of the home (I've done the repair costs which are minor) or where I can find the value of the home for free without buying the NADA book?

Per how many transactions per year?