As I read through these posts, and really ask myself some tough questions I’m left with one thought that keeps coming to my mind. What makes these other big investors more successful than I?
I made the plunge 4 1/2 years ago, and acquired a 16 SW owner owned park with two single family dwellings. I was able to do this with very little money down. $4K on a $240k loan. I’ve put a lot of sweat equity into the park and have since expanded by adding a small (19 unit) storage building facility and 6 new mobile home sites with trailers. Monthly income is about $8k, as my cash flow is good. But at my current rate, reaching my financial goals will be hard to reach. So I’m back to my initial question. What makes the other investors more successful? More cash to invest? (My available cash is limited) How about financial knowledge and creativity? (I read Ernest Tews articles and ask, why couldn’t I have been there, although I admit I’m somewhat green when it comes to some of these financing “tricks”) Perhaps its about being willing to take the risks? (I’ve always been considered a “Savy risk taker”). Maybe I’m not patient enough? Too patient? I’m interested in knowing what you all have to say about this. What would you consider your biggest asset? What one piece of advice would you give someone wanting to “GO BIG”? I’d love to be able to attend the Mobile Home Millions 5 National Conference in March, but I’m gonna be tied up then. I’m still trying to make arrangements to be able to attend the MOM in January but that might be difficult too. Anyway, I’d like some feedback on what you all have to say? Thanks in advance.
I can’t speak for the big time operators but perhaps I can shed some light on how to reach more modest financial goals. It has been my personal experience that “big time” does not mean more time or more net income necessarily though I am sure many here may be exceptions to this.
For me it was free time that was more valuable than more deals but to each their own. I like being semi-retired (as I call it). How does one get there or bigger? I would say knowledge was the biggest factor for me. It came from the MOM type meetings, seminars, workshops and most importantly the networking with the people I met at these places.
I believe deals should stand alone without our cash but it does not end there. I don’t believe the “no money down” hype is safe unless and until you take into account that the investor has cash reserves to tap in an emergency (these happen so much I am not sure “emergency” is still applicable).
You have taken action and now have experience in this unique field and for that you are to be congratulated. In order to step up to a higher level you need to know what you don’t know now if that is what is holding you back. The only way to get there is to meet the folks that do know. The type of people that attend meetings such as Greg’s “MOM” that is coming up soon.
If your growth is important to you then you will not find a reason to miss such events. The teachers are there when the student is ready.