All Forum Posts by: Rachel H.

"Pigs get fed. Hogs get slaughtered."

Fear and greed are two of the most powerful emotions in this business. Know when to get in and when to get out - cut your losses early (if you must) and move on.

Hi Justin,

I'd go with what fits your needs best. If you think you'll be needing to access the net, I've heard good reviews about the iPhone. For looking up listings, I've heard some people say the screen on the phones are too small and they have to do a lot of scrolling. Just the feedback that I've heard.

For me, I use a regular phone - Motorola Razr V3 - it works for what I need to do, which is talk, talk, talk :D In my line of business, I don't use the internet much. Most of the stuff I need to do is by phone and/or in person.

Hope that helps!

Hi Chris,

The paperwork needed to purchase and transfer title will depend on your area. Check the laws and contact the government agency in your area (i.e. DMV, state, city, etc) responsible for handling transactions for mobile homes only. (Note: If you are buying the mobile homes attached to the land, that is usually considered real property and may be handled by a different government entity).

They will let you know what paperwork is needed to do a title transfer. Also, be sure to ask them how you figure out what liens are on the homes (i.e. taxes, mortgage, etc) and what paperwork is involved to take the liens off. Hope that helps!

Hi Mike,

I've been to Rochester - it seems like a nice place to live :D

Before you start investing, it's probably best to get your personal finances in order first. From there, you can figure out what your goals are and how you want to achieve them.

Once you have your goals in mind, then you'll know what you need to do (i.e. building up cash, buying and holding, etc).

If your new to the game, the best thing to do is keep reading and educating yourself. Also, you may want to check out your local real estate club - it's a good way to network and find out who they key players are in your area.

I always recommend to people just starting out to go out and find deals for other investors - it allows you to get the experience and learn hands on without taking all the risk. Learn a system and learn it well - find someone in your area who is doing what you want to do and offer to help them find deals. It's a win/win situation for everyone.

Also, this site is a good place to network and bounce off ideas with others. Hope this helps!

It can work - you just need to look at the demographics. Find out what and/if the needs are of the community. Is there a need for affordable housing? Also, check out the job situation - be careful of towns where one employer is the only employer. I've seen it before where it's hurt other investors if that employer leaves the area. Also, see how far bigger towns are especially those with universities and bigger/more employers. Hope this helps!

Of course, Bigger Pockets....Also, YouTube :D

Welcome to BP, Richard! It's never too late to start - all that is required is a strong passion and desire. I think Colonel Sanders was in his 60s/70s when his business venture started, and look at KFC now :)

Hi Dottie,

You'd probably have to check with the local authority in charge of manufactured homes - see what they've got in their records and how they see this property - i.e. real property or personal property. Also, I'd check with the tax office - they can tell you exactly how the property is being taxed i.e. real property or personal property. From there, you'll see how it's being handled. Hope that helps!

Hi Hal,

Yes, the dealer license issue is an ongoing issue in the mobile home business. I'd definitely check with the state and/or local authority to see exactly what is involved. Talk to the folks there and ask them what is involved. Some people give info out but it can be outdated. I find that laws always change. I think Lonnie did mention this issue in his books as well. Hope that helps!

Hi Brenton,

There's a mobile home investing group here on BP - you might want to check it out. Hope that helps!