(Note: I think it’s important to know the terminology and words used when learning any new business including mobile home investing. I came up with ‘Terminology Tuesday’ as a way to go over the terminology used in the mobile home business. It’s important to know the terminology when talking to people in the business so you’re all on the same page).
**** Tricks of the Trade is a new series I have started that will be included with “Terminology Tuesday” posts. The goal of this series is to share with you the “tricks of the trade” I have learned in the mobile home business.
Over the years, I’ve had to deal with the issue of setting up power when getting homes ready on the market. In the beginning, I simply asked the seller if they could leave power on for a few days so I could have the necessary power to get the home cleaned up (as in my first deal).
(Note: When first starting out, resources can be limited — creativity does come into play!)
As I did more deals, I was able to build up a very steady income stream which allowed me to put money back into the business. Many times, I ended up turning on power to help get the homes fixed up. Though, this proved to be a drain on resources — it was not necessary to do this each time.
What I learned was that I could turn power on if any major systems needed to be checked and/or repaired (such as the furnace). However, if everything checked out at the initial inspection before closing and only cosmetic issues are involved then turning on power is not mandatory.
Instead, I decided to put money into a portable generator which I could bring with me on jobs. This would allow power to the home when using small electrical items such as a vacuum cleaner, power tools, etc. Again, it would only be used with only cosmetic issues.
(Note: For any major work needed on the home such as system repairs, it’s best to turn power on. Just my experience!)
(Note: From a tip from one of the park managers, I started using carpet cleaning companies early on. I was surprised they did not need power to the home for their jobs since they had portable generators!)
Here are some pics of what they use:
Using a generator for small jobs has helped me save both time and money. It’s an invaluable machine that has helped to fix up homes without setting up power.
I hope this “Terminology Tuesday” post has been helpful and has given you some useful information – it definitely has for me.
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Adventures in Mobile Homes: Official Book TrailerVideo Link
- Terminology Tuesday (Tricks of the Trade) – Flashing for Front Stairs
- Terminology Tuesday (Tricks of the Trade) – Window Replacement
- Terminology Tuesday (Tricks of the Trade) – Trisodium Phosphate (TSP)
- Terminology Tuesday (Tricks of the Trade) – Moving a Porch
- Terminology Tuesday (Tricks of the Trade) – How to Fix a Leaking Toilet Tank