Planning for New Year (Long)


#1

It is definitely NOT too early to be planning ahead. I regulary talk with others outside this forum and know we are all working hard to make our businesses even better in 2007! Everyone should have done or be doing tax planning VERY soon. (Actually, I like to think that I do tax planning year 'round, but sometimes things get so crazy that perhaps that would not be a true statement.)

Jim and I have now moved a number of things from our “planning” to our “accomplishing” files. We actually BOUGHT a park in 2006 instead of looking for and not finding one! (Yes, for all of you who have been looking for awhile. It actually can be done.) Jim is having the time of his life because he is currently living the dream.

We have also made the big decision to sell all of our rental properties that we own in Florida. The market is a little bit down for sales, but we bought them right so will still make a nice profit on each. This will give us funds to invest in other ways - both in the park and elsewhere. We have found that there are so many properties currently in the Florida rental market (speculators unable to sell the homes they had built) that cash flow is either non-existent or negligible.

I have actually given notice to my employer - another big decision. The “safety net” is going away. Even though I had cut down to 3/4 time, there was still guaranteed income each month. However, the long-distance relationship leaves a lot to be desired. (Plus, he is having too much fun!) We have formed another company, which will house my consulting business. This business will specialize in mobile home park accounting as well as car dealership accounting issues. I am very excited about the prospects, and it will give me flexibility that I don’t currently have.

So…my last day is just two days before MOM. Next time most of you see me I will be gainfully unemployed!

Quite obviously, MOM is on our planning calandar, as is MHM. We have been going to both since each started, and have made a number of friends as well as business arrangements from people we have met there. You never know who your next business partner will be! The person you are talking with might just have the deal you will be interested in! There are always people at these functions with money to help do your deal, OR with a deal that will put your money to work!

We have also decided to end one of our companies at the end of the year. It no longer makes sense to have this particular entity structure in Florida.

(We have another company with the same structure, but it is Alabama based.)

So, my point (finally) is to THINK about what your plans are - and yes, your dreams as well. What do you want short-term, what do you want long-term? How hard are you looking for the park or the self-storage facility, or whatever it is you want? How are your going to pursue that in the coming year? What are you willing to put on the line to actually get what you want? (It is not always money…what about family life?)

So, with great optimism, we look ahead to 2007. If YOU are in the market for a person who knows the ins and outs of mobile home park and investment accounting, give me a call. Although it appears expensive to outsource something as “easy” as your accounting, it is not. Even with QuickBooks or other programs, if things are not done correctly you can lose a lot of money. This is NOT just if the IRS audits you and you haven’t claimed things correctly - you can lose money simply because you have not done things thoroughly! Believe me, it is easier to have things done professionally to begin with and not have to re-create (and not remember) down the road - even a few months. January is the time to make the decision to go in this direction. My rates are substantially less than your CPA who does your taxes. (I leave taxes to tax professionals, but provide them with a solid set of books that minimizes the time they must spend on your tax returns.)

Ellen Brenn

(321) 302-6238

(334) 670-0550


#2

LOL Couldn’t happen to better folks. The ONLY downside for me is this: I no longer have anyone to blame if I am short on funds…the old" Well the paycheck was too small" is gone. Last summer Iwanted a new boat (Malibu 55K) and had no dough…my wife’s response" better bring in some more homes and be more efficient and stop buying lots" Oh well…being unemployed beats all other options everytime!

Good luck to you and Jim…why not do some Lonnie deals with the funds IN YOUR OWN PARK (has a great ring to it). speaking of Lonnie deals, Lonnie himself will be at MOM…what an honor. This man really started this all happening for me …and a footnote, Iwas looking at a Park in TN in May, and was explaining how I wanted to owner finance homes in the Park and the Owner said " Oh you mean lonnie deals?" i asked him if he knew Lonnie and he said" Never met the man, but had a guy bring seven homes in in 1999 and that is what he and his wife called them…thought it was a type of financing or something" How sweet is that? Have your first name become an adjective and a verb in InvestorSpeak. LOL

Greg


#3

Hey Greg - How can you be a self-proclaimed hundredaire and have no dough? Oh, guess it takes a LOT of hundreds for a $55,000 boat! LOL

So, did you try the old “how many hundred dollar bills will it take to buy this old boat” as you peeled off the 10-12 in your pocket?

See you at MOM, old friend! (Max the cat scares our residents.)


#4

and the response was550 of 'em. This was at Waterspots in Ocala. That was still down from 59.9 which was asking price.

iI can’t wait to see you and Jim (how ismy touch typing doing?

Greg