What I’ve Been Up To

(Note: Since sometimes I can get really tied up with work and may not have the time to post regularly, I’ve decided to start this new series “What I’ve Been Up To” to highlight my current projects).

Hi all!

Sorry I have not had time to post this week. I’ve been really tied up with work. Lately, I’ve been working around the clock. Seriously, it’s not easy being a full time real estate investor!

For starters, it looks like I may have another deal in the works. I’m currently in negotiations with the seller – it looks like we’re getting close to an agreement. And, the crazy part is that the home is still on wheels! No kidding. They bought the home 5 years ago and the wheels were never taken off. Here’s a pic:

The other project I’ve been working on is getting a front porch and back steps built on another home. For it to pass inspection (per the city), it needs to meet certain specifications.

(Note: In some instances, the city inspector will come around to inspect homes in parks to make sure they meet certain requirements and specifications. If they catch something not up to code, you may receive a letter requesting changes made in order to get the home back up to code. Each area is different. Though it’s a hassle, this is a reality and cost of doing business).

Here’s what I’ve come up with so far:

Front Porch (handrails and safety rails still needed to bring up to code)

Back Steps

First Attempt (not going to pass inspection)

Second Attempt (better)

Next project I’m working on is this home here:

It’s been vacant for 3 years. And, now it’s currently going to foreclosure. I saw this home a year ago (per the park manager) – it wasn’t bad, just a few cosmetic issues. At the time, the sellers owed 10k on the home. Now, the sellers are really ready to do something. Plus, they owe around 3 months lot rent with the park. So, we’ll see how this goes.

Lastly, I’ve been working on getting the home ready on the last one I just recently closed on. Here’s a pic of some of my gear:

In any case, that’s kind of what I’ve been up to lately. I apologize for not being able to post as regularly scheduled this week. I may not be able to post regularly for the next couple weeks being tied up with these projects and all. Honestly, it’s been work non-stop!

Though, I do want to leave you with some food for thought. Lately, many people have contacted me asking my opinion on the mobile home business as a whole. It seems that there’s a lot of “talk” about the mobile home business being the best investment vehicle out there and the one with the least competition. Some have asked me what I thought about these statements. So, I thought I’d address them here.

To be honest, there is not one best investment vehicle out there. Mobile home investing is just one strategy. There are countless other investment vehicles out there. And, to be quite frank – the best investment vehicle is the one that works for you and with your personality. That is why I wrote this article.

I know countless other investors who are very successful in other areas of real estate investing, not just mobile homes. And, the reason why they are successful is that they’ve found their niche – they’ve found something that works for them and with their personality. They’ve studied their niche (and continue to study it) and know it very well (backwards and forwards). That is the reason for their success.

For example, I know of one fellow investor who has been investing in tax liens for over 30 years. He’s not a people person, but loves to research homes and market areas. He invests out of state and focuses on tax liens for single family homes in one particular “college town” in the mid-west.

Throughout the years, he’s accumulated a nice portfolio of rental properties from those tax liens that were never paid back. Since he does not like to deal with people, he has property management in place to manage his properties. And, he’s quite happy with this arrangement. For him, he’d much rather focus on a strategy that caters to his personality of  not dealing so much with people and being able to do what he enjoys – research.

So, you see – success will really depend on finding something that you enjoy doing which caters to your personality. If it does not, success will be extremely difficult.

Now, regarding the question of there being less competition in the mobile home business – my answer is that there is competition in any business. And, to be quite honest – my success has been a direct result of my ability to network and build relationships with other people.

Sure, there’s competition – there always is. But, remember – selling and/or buying a home is usually an emotional decision with most people. And, the majority of people will only sell and/or buy a home from people they like, know and trust. It’s just human nature.

Personally, I think folks get too caught up in the “how-to” of things which really makes things harder than they are. If you can learn to focus and work on your strengths (not your weaknesses), you will eventually succeed.

For those interested in self-development and learning more about yourself and your skill sets, I highly recommend this book – it’s helped me out tremendously. And, I even visit it again from time to time!

I hope this post has helped. Happy Investing!

(Note: The blog will be on a sort of “mini hiatus” for the next couple of weeks with my work load being so full. I may not be able to write and/or post videos on a regular basis. But, I will try my best! )

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!