Tool Pouch...(long, of course)

mobile home university
1

I had two good friends from this forum come visit me yesterday. We quickly toured our lot and Park I just L/O ed and afterwards, as I am tearing up the highway to meet Grandkids for supper I had kinda an epiphany.

After 22 years in the Carpenters Union I knew tools and tool pouches…after retiring I filled a different kind of “pouch” up with tools for investing in mobile homes…here are a few of these tools in my new pouch:

  1. DOW

  2. CRE and MHU websites

  3. 11 mobile investing books(Thanks Lonnie, Steve, Scott, Tony, Ernest, Joe, William, Ray Alcorn)

  4. Financial Calculator (more on this later)

  5. Investor’s Toolkit

  6. Continuing Education…this includes Bootcamps, Seminars, Teleseminars,MHM, Tony and Scott’s Small Parl Bootcamp, MOM (s)

  7. Hard Money Lenders

  8. Fellow Investors…I saved this one for last and it is the most important of all. There is a lot I don’t know about money and Investing. But I bet I have a phone number of someone who most definitely does. Investing in my SDIRA? I would call Steve. L/O for a Park? Steve or Karl. Hard money lending deal? Lonnie is the man. SS Units? Lin of course! These are the sharpest tools in my pouch and the ones most used.

At my last MOM in Daytona at supper I mentioned that I did NOT know how to use a financial calculator. Early the next morning Lonnie comes by and casually gives me the book, “Taking the Mystery out of money” with a cd. Didn’t make a big deal out of it, But i read that book and can now do cash flow, yield, etc…like most things, the more I use it the better and quicker I get. It embarrassed me to do so many deals and not know my ACTUAL yield, or to have to have my accountant work up the numbers of which is the best deal for me…89K sales price, 10K down and 79K @ 10.25% for 20 years or 89K Sales Price, 5K down and 84K @ 11.5% interest for 15 years. I know now and on a good day can get the same numbers twice with customer standing at my elbow…A most sincere and humble thanks Lonnie…I reached that point where “good enuf” needed numbers to back it up!

I’m sure I have left several tools out. Anyone else think of one? Two? A bunch? Please add your favs.

Greg

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Well, because I do most of my own work (sometimes not the smartest aproach). I would add a knowledge of how to use real tools and an active imagination on how to repair things in a creative way. Last evening I repaired a rear door with a scrap piece of p/t 2x4 and a plastic door bottom sweep (cost $14) Also a general knowledge of how a home is built and the components, eg PEX as most plumbers do not have a working knowledge of the stuff.

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An open mind to brainstorm ideas with friends who are working every aspect of this business, I don’t think I’ve ever talked to one of my friends made here that I haven’t learned something from them… An open mind is a "tool"that took me a long time to sharpen but once I had chatted with enough people in the know and got their phone number (your #8) I’ve been able to apply ideas to things way outside my box.

Case in point I had an annuity settlement cross my desk this week… I knew nothing about them but in a short amount of time we came to an agreement that will net one of our partners and us a total of about $6300 cash with an hour or two invested if everything closes ok.

Best wishes,

Ryan Needler

PS: nice post Greg!

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I have a left-handed Greg wrench!

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There are flocks of folks that will tell you it can’t be done…I look for folks that tell me it can and should be done, same as you.

Steve: A left-hand Greg wrench, eh?

“What’s wrong wit you mon is no small thing”

( Cool Runnings- 1993)

LOL you crack me up…any HI real estate left? Is that BK near the Sea Tac Doubletree open 24 hours??

See ya in Oct

Greg