I am a newbie. I have bought and studied the MHU home study course. I am going to attend the bootcamp in NV in September. I am wondering how I go about finding a mentor/minority partner? I just want someone who is going to hold my hand for my first few deals until I have a better understanding of how the MHP business works. Is there anyone out there who has quite a few successful MHP’s and be willing to be a minority partner/mentor?
go to bootcamp, network with people there. listen to podcast and guest of people on other podcast and reach out to them. join other mobile home park investors groups, whether it be online or in person. Then actually start providing value to the person you want to bring in on the deal. Basically if you find a good deal and already have a list of network you can take it to and know what people are looking for you can then find someone that meets up with your skills as well.
For me, I am 27 years old and besides my corporate job, I have a lot of time others may not have. so I try to do my best to send mailers/cold call as many owners as possible to find a good deal. then when I find one I go to the network that I have to either assign the contract or partner on the deal if it makes sense. Right now I think it is easier to find money then it is a good deal. Best of luck.
@groenerm, great idea about reaching out to the people on the podcast, I like that! Do you recommend I start sending mailers/cold call before I go to the bootcamp? I am scared I will actually get someone that will sell to me and I have no idea what I am doing or have a minority partner to help me.
it depends on if your comfortable enough to feel that you have a solid understanding of how parks work and how to source deals. in the end action is how you learn so I would get all education you could(reading, podcast, online articles, forums, speaking w/ others, etc.) before I bought a park. plus someone is probably going to want to see that you are educated enough to help in the partnership. and if you don’t have a lot of money you may have to take a 20-30% stake in the partnership vs 50 because you don’t have money to add to the deal. but it depends on how you structure it with your partner.
I started trying to buy parks while reading on the forums here. When i got the first one under contract, i went through the MHU DD book to walk me through the land mines. Signed up for the next bootcamp which happened to be right after closing and that helped me. I think the DD book along with the MHU bootcamp is one of the most solid foundations you can build. Its never to early to start looking for deals and deals are the root of the business so you are wise to acknowledge that. Good luck !
- You have the education; finding the deal will be the hard part.
- There are all kinds of people to ask questions of: Frank and Dave, Jefferson Lilly, Kevin Bupp, Charles Dehart, and all of the people right here
- If you want a “mentor,” then you have to recruit one based on what YOU BRING TO THE TABLE. What is it you are going to do for them that they need doing?
Thanks for the mention!
Going to the MHU bootcamp is a required first step and you are doing the right thing. When you get there, you’ll receive a database of around 44,000 leads. That database is the single most valuable thing you’ll get among a litany of great things you’ll receive. At least it was for me. It’s been almost four years since I went to the bootcamp and I still remember asking Frank what he would do if he started over and his response was, “Update the database, send out mail, and cold call.” I have a pretty one track mind and that was the only thing I did for the first 18 months of “being in the business.” Which helped me actually get into the business as an actual owner (I partnered with Kevin who was already an owner shortly after the bootcamp). I’ll also leave this here: http://reportallusa.com/products/parlay/
The above link will assist you immensely in updating that database if you choose to do so. I didn’t know about this service while I was building the bulk of my database and it would’ve saved me a ton of time had I known such a thing existed.
Thank you guys! Charles, I have been listening to all your podcasts. Such great information. Thank you so much for offering all of your wisdom! I have been talking to @Ash229 and we are going to be going to the bootcamp together and so excited to learn the business. If we have any questions along the way can we email you? I have been trying to get my data base like you have said but having problems with finding any information on the county website. I can not figure it out for the life of me! I have been talking to @Andriy_Boychuk as well and he has such great things to say about you guys! So exciting to see the success of other people, and have those people offer such great advise. This business is so contagious and so exciting to get into. Thank you all who have offered advise, so much appreciated!
There are a lot of great people in this industry and you’ll have no problems finding people willing to lend a helping hand. My suggestion would be to learn from everyone who is active in this space. Personally, I listen to the Frank & Dave show every week and I also listen to @Jefferson and @BradJohnson’s podcast every week. If there was more out there, I’d listen to that as well. @Andriy_Boychuk and I have known each other a long time and he networks with everyone. It’s actually not surprising that you two have already connected! Definitely follow his example and start networking with everyone you can.
The link for Parlay 2.0 turns Google Earth into a GIS system so you can largely ignore county records sites if you end up using it. You should also consider outsourcing the databasing to a virtual employee via UpWork. The last thing you want to do is tie yourself up with databasing that you don’t have time to study due diligence procedures, network with investors, speak to owners, develop refined marketing strategies, learn the business, etc. Just get a system for marketing put in place so you can focus on higher and better uses of time. You are, after all, trying to buy more than one or two parks. Outsourcing a complicated task like databasing is great practice for managing a business so there is a ton of value in not doing it yourself.
You can always email through here if you get stuck. There’s not that much to the research side of the business and it might benefit you to go hang out with a RE attorney or at a title company for a few days to learn how to do online research. You only need to get it down enough to find and train the right person to hire. Eventually, your employee will know it better than you anyways.
@meganbridgette here are my two cents.
BP forum and this forum are the best mentors. I know it is better to have somebody you can call or email but people value their time a lot nowadays.
If you have a great deal, you will find money or experience partner quick. Also, you have my direct cell and email, you can contact me and I will direct you to a right person.