Albuquerque Realtor looking to get into Mobile Homes


#1

I am fairly new to this. I have been a Real Estate Broker for the past 3.5 years. Came into the field just when the market peaked and then started trending downward. I have learned a great deal, and continue to learn. I found out about this forum via a Jason Hartman’s podcast, and I was quite impressed. I have decided that I will definitely get into mobile homes.

My goal is to learn as much as I can from this forum. Hopefully folks here are open to share their knowledge. I know a little something myself, willing to share with others.

How does one get started? What are some of the major pitfalls? Are there really opportunities available these days?

I will be purchasing the Home Study Course. Just wanted to know how most of the participants got started. Did you attend the bootcamp? Or did you do the homestudy?

I would appreciates all comments, and feel free to email me at Info@LloydMcKenzie.com

You may also visit my website at www.lloydmckenzie.com


#2

Welcome Lloyd! I would advise you to search the archives, it is well worth your time. Basic words such as prosper, profit, mistake, failure yield the largest number of posts.

Also, do your best to make it to the MOM events.


#3

You need to talk to Doug Ottersberg in Santa Fe. He has parks in Santa Fe and Albuquerque, in fact he moved from CA to NM just to buy a park. Run a search for his website, I can forward his email if you do not find him. Give him good cigars and some 50 year-old tequila, and he will talk.


#4

I’ll beat my dead dog :wink: Start with Lonnie’s book deals on wheels and taking the mystery outa money! The both of them MIGHT cost ya $60 and you can order deals on wheels as an ebook cheaper if you google it.

I’ve noticed a trend that most folks that have been successful with this business have started with Lonnie Deals and worked their way to larger properties. The humble Lonnie deal is a great place to start as it’s dang near fool proof if you heed the wisdom in the books and follow the system.

After you’ve done a few small deals and searched the archives reading everything you can, then you can decide if you like the business or not without the long term commitment of larger properties. If you like it buy Scott and Tony’s mobile’s with land and there is also a guide on larger parks by Steve Case (I don’t know what it’s called now) that will help you with parks.

The events are well worth the money but I personally got started with a $30 book that has changed my life!

Best wishes,

Ryan Needler


#5

Hi John:

Let me say that I appreciate your generosity. I was not expecting such outpouring of support, at least not so quickly. At any rate, I am so grateful to you. I will make every attempt to to contact Doug. I’ll let you know once I have reached him.

Respectfully,

C. Lloyd McKenzie


#6

Hi Ryan:

Thank you very much for this invaluable pointers that you have shared with me. I will definitely heed your advice. I hope you don’t mind if I keep in touch with you. If there is anything I can help you with, please do not hesitate to contact me also.

I will definitely try to get the suggested books.

Again, thanks for your generosity!

C. Lloyd McKenzie


#7

Hi Shawn:

Thank you very much for your warm welcome. It means the world to me. I have a feeling that I will thoroughly enjoy this forum, and I hope this is the beginning of a great experience. Thanks for the pointers; I keep in touch.

Regards,

C. Lloyd McKenzie


#8

Hi Lloyd

Lest Hyre mislead you, 45 year tequila works just as good!!! ; )

Welcome to the amazing world of of the cash flow conveyor belt

AKA wobbly box business. Recession? What recession? : )

Sam Walton model of wealth generation = high volume low margin

Who was it that said “serve the masses, live with the classes?”

Doug


#9

Lloyd,

I read some posts on another website and ordered Deals on Wheels, read it, thought it made good sense, and went back to what I was doing.

A year later I reread DOW and tried it. It has been 6 yrs since I started, I went full-time almost 2 yrs ago.

Steve


#10

Doug:

Thanks for your warm welcome. I see you aren’t very far away. And with your sense of humor, I bet you make a great mentor. I look forward to meeting you in the near future.

45 yrs will do!!!

Lloyd


#11

Steve,

Thanks for the pointer. Deals on Wheel will be my second purchase after the MHU Home Study Course

Lloyd


#12

Doug,

Could you expand upon your quote, “Sam Walton model of wealth generation = high volume low margin.”

I am not certain I see where such a analogy would apply to this business of mobile home parks, lonnie deals, land/home properties.

If we were taking the wal-mart approach, would we not be doing a very high volume of deals with very little profit per deal? Money only being made, as you wrote, through the high volume, low margin?

This sounds like exactly the opposite of what Lonnie teaches. He makes a large profit on fewer deals, better protecting his investment capital, expenses as well as risk.

Risk needs room for compensation and high volume, low margin seems quite contrary to safe investing.

Most every time we see advice suggesting break even or low profit there is a fall out that ends up in court either through a bk or through adverse court action.

If I’m not mistaken, this is the exact mentality that got some investors in trouble here in NC that ended up with them feeling the weight of the attorney generals office. Little room for error left them and folks like them unable to protect their deals which lead to them not performing. The next thing they know they are in legal trouble that has resulted in the pendulum swinging so far that this state and other states were looking to all but ban creative real estate investing. Ask John Hyre about this scenario as he was one of the attorneys hired to try and mediate the fallout from this type of high volume, low profit investing.

I contend that we don’t need to do high volume at all if we do low volume correctly. Less is more when you have the phones ringing with nothing but problems and little spread in the deal. This not only burns out a new or seasoned investor but also burns the wallet.

I don’t know many investors, even the high volume lonnie dealers such as Karl (OH) who would want to do high volume with low profits.

As a park owner, I can sort of understand that there is an argument that your profit is not made in the lonnie deal IF you are infilling lots to get lot rent rolling in but even that is a double edged sword. Unless you are cashing out each deal quickly in the high volume, low profit margin approach, we as park owners will run out of capital quickly. If we are flipping for high volume, low margin there is also the tax burden to consider. Capital gains and the dealer status issue would be hardships.

I may well have misread or mistaken your post so please correct me if I am wrong about your advice.

Tony Colella