(Note: Recently, I’ve had a lot of folks contact me asking what the difference between some of Lonnie’s as well as other mobile home investing materials out there and which one I’d recommend the most. So, I’ve decided to go ahead and start a new series of posts – book reviews.)
If you’re a subscriber to my newsletter, you’ll know that buying land has been on my mind lately. But why?
After doing “Lonnie deals” for a very long time, I’ve come to the realization that owning the land where the mobile home sits gives me much more control than owning just the home.
Over the years, there’s been so much change in ownership, management and employee turnover in all of the parks I work in. Even the park where the manager had been there the longest (and my closest relationship with a park manager), had soon retired and moved on.
When it comes to doing business in someone else’s community, change is inevitable. No matter how good you think you have it, change will happen. It’s just a matter of time.
And when it does, reality hits. And you realize, you just don’t have the type of control you’d have if you owned the land where the home sits on.
Which leads me to this book review.
(Note: If you’re interested, I wrote on the topic of change and how to face change as a real estate investor here. Thanks for reading!)
Like myself, Tony came to the realization that he simply had no control when it came to doing business in someone else’s park. He had done almost all of his deals in one park. He felt this was dangerous: All his eggs were in one basket.
At any time the lot rent could change or the management could ask him to leave. He feared his business was at risk. So he decided to expand and look into buying mobile homes with land.
(Note: I don’t advocate doing all your deals in one park. This is very dangerous. Though I’ve met several successful investors who have followed this path, you just never know what can happen. My deals are in multiple parks so the risk is spread out.)
What I like about Tony’s book is that he tells his story and the process he went through from buying mobile homes in parks to buying mobile homes on land. It’s not just a “how-to” book but a book on the psychological impact and how he dealt with change when it came to being a mobile home investor.
He goes into everything you need to know when buying mobile homes on land while at the same time explaining his experience and story.
From development to semi-development deals, foreclosures, financing and working with lenders, working with real estate agents and sellers, inspecting and estimating expenses, finding the deals, you name it — Tony covers it all.
Who should buy this book?
If you’re looking to have more control as a mobile home investor, I highly recommend this book. It’s a good resource to have when the time comes. And when you’re ready for a change.
I hope you enjoyed reading this book review. With the high amount of requests for my opinions on these, it’s something that I’ve decided to start doing from time to time.
p.s. Be sure to check out this article on the “9 Must Read Real Estate Investing Books to Create Your Empire Now” (where one of my books was mentioned). Thanks for reading!
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Interested in learning more about mobile home investing? Be sure to check out my book, thanks for reading!