(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).
Recently, I had the opportunity to read this book about mobile home investing.
(Note: This is one of the mobile home investing books several folks had asked me about inquiring if I had read it – many folks had asked what I thought of this one).
The format of the book is more of a Question and Answer (aka Q & A) type format. Basically, it’s a book that answers a lot of the most basic and frequently asked questions in the mobile home investing world. There are some pros and cons to the book.
In my opinion, the pro to the book is that it’s a very basic book that has a lot of mobile home investing type questions that a lot of folks just starting out usually ask – it’s all in one place (in this book). Since it’s a Q & A type format, it’s a very easy and fast read – the book is divided into 11 Chapters.
What I like about the book is that it’s very easy to follow. I also like the fact that the book is divided into chapters based on the different topics involved in mobile home investing. So, if there is a certain question someone had on a certain topic (i.e. marketing, mobile home inspection, etc) then they could just turn to that chapter and read through the Q &A on that specific topic.
Now, I do understand the questions and answers presented in the book are very basic. A lot of these same type questions and answers can be found and/or asked by visiting various real estate forums online such as BiggerPockets, CREOnline, Mobile Home University, etc. So, if money is a bit tight and you would rather go and find the answers – it’s available. Though, it will take time to go out and seek this information.
(Note: I’ve had some folks ask me if I had any material such as this – a basic Q & A type book on mobile home investing. Unfortunately, I do not have any material right now. Though, I am looking to put together a Frequently Asked Questions (FAQ) section on this blog in the future to address the most common mobile home investing questions that have been asked to me).
But, if you’re new to mobile home investing and still have questions (after reading Lonnie’s book, “Deals on Wheels,”) the pro of this book is that the questions and answers pertaining to mobile home investing are all in one place.
(Note: Personally, I’m one of those people who have to have a hard copy when I’m reading books. To me, it’s just not the same. Yes, it’s nice some information is out there in electronic format though I prefer hard copy type books. I’m sure there are others who do read material in electronic format out there, though reading a hard copy and having it at hand is just my preference).
As for the cons, there are some grammatical errors in the book (i.e. run on sentences, missing words, syntax errors, etc). For me personally, this is a bit bothersome. It’s not every sentence but I do recognize the grammatical errors when they show up in the book.
Another con is that there are some statements made that I just don’t agree with. I understand this book is supposed to be based on one individual’s experience investing in mobile homes, though I do have a problem when folks (especially real estate investors) are too black and white.
Honestly from my own personal experience, everyone is going to have different experiences and different results – what works for one person in one area but not necessarily work for another person in another area (or the same area) – it’s all a matter of preference and personality.
One of the examples involves a question regarding whether or not to invest in 55 and older mobile home type communities. The answer was very black and white.
Basically, investing in senior parks was not recommended. However, I know of some folks who have been very successful investing in senior parks. Some even started out that way because that’s all there was in their area. So, you see – it’s going to be different for everyone.
Another problem I had with the book was a statement made in the beginning (actually in the Forward). It basically made a statement about an “elderly man” who had written a book and “had been in the used mobile home business for years.” (I’m guessing this is Lonnie). And, it further stated that the material in the book was “somewhat limited and dated.”
Honestly, Lonnie’s material is NOT outdated. There are folks doing exactly what he has taught in his book – those types of deals are out there. Though each area is different and the market values vary, the concept is the same – no matter if you buy at the upper end of the spectrum or the lower end. It doesen’t matter – what matters is the concept. And, that is NOT outdated.
(Note: If you’re interested in reading more about the concept of mobile home investing, feel free to read this article I wrote).
Furthermore, I know folks who have been very successful in mobile home investing and the only book they used to get started was Lonnie’s book. Though there’s other material out there, really it’s a matter of taking action and having the passion to just go out and do it. Period.
Lastly, near the end there are some “sales type” pitches for other products and services – it showcases some audio courses and seminars as well as a reference to the website.
(Note: I don’t necessarily see this as a bad thing – I think it’s there for those who may be interested in checking out what else they offer as available in terms of materials and seminars on the subject of mobile home investing).
Though a lot of the questions and answers can be found through a bit of digging and searching online, the pro to the book is that the Q & A is here all in one place organized and divided according to topic. But, if money is a bit tight and/or you’re a bit resourceful you can go out and find these same type questions and answers online.
Again, this book is based on one individual’s experience – every person’s experience will be different. What works for some may not work for others and vice versa – it’s a all a matter of preference and personality. What’s important is that the concept is the same. And, the concept is NOT outdated.
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.
I’m going to end this review by sharing with you another one of my favorite Lonnie quotes, “If you look for opportunities, you will find opportunities. If you look for problems, you will find problems. If you look for excuses, you will find excuses. What are you looking for?”
p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, 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!