All Forum Posts by: Rachel H.

Hi Jon,

This is a very good question. This is just my experience, I'm not an attorney and/or giving legal advice here. (If you are seeking legal advice and feel more comfortable discussing with an attorney, I recommend that you do).

When first starting out (and once you've got your goals in mind), I think the most important thing for me was to just go out and start learning the market. Once I learned the market, then I was able to put together the first deal. I find a lot of people starting out get too bogged down with the details (i.e. tax issues, business structure, etc). Quite honestly, it's really not that big of a deal in my opinion.

When I first started out doing Lonnie deals, the advice given to me from many experienced Lonnie dealers was just to go out and do the first deal. After the first one and/or a couple of them, then if it's something I want to continue then go out and go into the details of structuring the business.

Honestly, I've known some investors do a Lonnie deal or two only two find out it's not for them. Some people just don't really get into it - it's not their thing. I guess it's one of those things people try out and if they like it, continue. I know it was for me.

Again, this is just my take. There may be some here that may disagree. Though, just my thoughts.

Hope that helps!

Hi April,

I've had people ask me about 55+ parks in the past. Though, I have not really worked them I have known of some who have been successful working them as well as smaller homes. The key is knowing your market. If there is a demand in the area and in that park for 1 bedrooms, it may just work. If you want to work the 55+ market, the important thing is to know that market very well and know what their needs are. If you can fill that need, then you may just create a niche for yourself. Hope that helps!

Wow, thanks for sharing!

Hi Ashley,

If you're looking into learning more and getting started with wholesaling, I highly recommend checking out Steph's blog (she's a contributor here at BP). Here's the link:

http://www.flipthiswholesaler.net

Hope this helps!

Sure, glad to help!

Cool! Sounds like a great life, Rich! I've had both Switzerland and New Zealand on my mind lately :D

Hi John,

If you're interested in wholesaling and looking for some guidance on getting started, I highly recommend checking out Steph's blog (she's a contributor here on BP). Here's the link:

http://www.flipthiswholesaler.net

Hope this helps!

I guess I learned the hard way. I started out finding deals for other investors, then wholesaling and then landlording - it really burnt me out. I found myself tied up in the day to day operation of things, not being able to enjoy life and not having enough time to do the things I want to do. I went into mobile homes (after many years of knowing about it) and things have been great ever since. Now, I have the time to do things I enjoy doing. I truly understand now the concept of "financial freedom," which has helped me to learn the value and importance of time. Hope that helps!

Way to go Terry, nice job!

Hi Darren,

If you're looking to get started in mobile homes, it's important to learn and get to know your market. Also, I can't stress enough how experience is really the way to go out and learn this stuff. Yes, it's important to read and be prepared going in. Though, a lot of what I've learned has been through experience.

I highly recommend Lonnie Scrugg's book, "Deals on Wheels," if you're looking to learn more about investing in mobile homes. It's been one of the best investments I've made. Hope that helps!