All Forum Posts by: Rachel H.

Before pursuing any type of investment, it's always good to have an exit strategy in place. If you're planning to wholesale, apart from knowing the market it's also important to have buyers lined up. Buyers will tell you their buying criteria and which areas they buy in. Good luck!

"Easy Money"

Wow!

Yes, you should check with your local government authority with any specific questions since laws tend to change. They will be able to answer any questions you have and are a good resource to keep you updated on the requirements for your area. Hope this helps!

Hi Dwight,

Those questions are a good start. Probably the most important question would be why are they selling.

Knowing the market, having a team and knowing the business is key to this business. If you plan to pursue this, I recommend getting control of the deal - perhaps getting it under contract with an option on it. Then, do your due diligence with an exit strategy to either bird dog, wholesale and/or partner with a more experienced investor in your area.

Hope that helps!

Oh, LOL Nick! I see your point. Maybe the Clayton iHouse would work - those things are pretty snazzy and are powered with solar and everything! Builders and/or investors who deal with upscale homes may have more ideas. Robert has some good suggestions as well.

Hi Joe,

It's best to ask people what they have to put down when they call in. This will give you an idea of the market and what buyers have and are willing to pay. Also, I've learned the best calls are from people who have actually driven by the home and/or standing outside the home when they call. Hope that helps!

I agree with, Joe. Location is everything when dealing with parks. Think of it as a small community. If people want to live in that area, they will buy if it's affordable. It needs to be affordable. If you know your market well, you will know which areas are desirable. Hope that helps!

I think one of Lonnie's earlier books is more specific to notes - Taking the Mystery Out of Money. It teaches you about money and how it works. I really like that phrase, "Stop working for money and make money work for you!" Definitely recommend it!

Hi Ryan,

It is kind of a dilemma. I've helped people in the past just by taking calls and answering questions. I've had people offer to bird dog and/or partner on deals - that route becomes more management intensive. I've done it and it takes a lot of time training people. I've even had people offer $ to be a private lender - I haven't looked into that route either.

The problem becomes just how much time you want to spend working with people. With the right person and the right attitude, a mentorship, bird dogs and/or partnerships can work. At one time, I had 30 bird dogs working for me - it was a nightmare and most of my time was spent training people.

Now, I just keep people in mind and on the shelf in case I want to pursue these types of things in the future - i.e. partnerships, private lending, etc. But, the majority of my time is still spent finding deals. What helps me is sharing my experiences and knowledge on sites here and my blog. This way, I can leverage my time and help more people.

There's a lot of good feedback here from everyone. Hope this helps!