is almost over…did you get your project list for the year done? 1/2 done? Started??? LOL, I like this last one the best.
My 6 project plans for this current year?
Take the summer off
Find a Park to purchase
Not start any L/H pacs until finished sale prices rise.
Go to three mobile investing events.
Pay off all hard money loans.
Learn to use a financial calculator.
The results?
1.We purchased 100 s/w homes July 15 and they had to sell by Dec 15. Looks like they are all sold…but it took working all Summer and Fall.
Leased w/ Option a beauty 25 spacer…another under contract.
Started four more, sigh (with hard money…sigh again). LOL
MHM in San Diego, Tony and Scott’s Bootcamp in Asheville, NC, Steve’s MHINE in Seattle,WA, MOM VII in Troy AL.
Paid off 85K balance less than 36K.
Can do most any calculation and even get the same answer twice sometimes. Thank you Lonnie!
I did better this year with a combination of lowered expectations and morecommitment to attain these goals.
I make a list each year to try and motivate myself for the coming year. In years past I would often put off projects “to a more opportune time”…the Wise Woman called it procrastinating! Imagine that. numbers 1, 2 and 3 were all about the money. numbers 4,5,6 were very satisfying personally. A very good year for me. And no, I did not get a perfect score.
To the new folks…Got Plan? The choice is yours really, watch Jerry Springer re runs or start building a secure future for you and your loved ones. Whichever you choose, next year at this time another year is gone forever. i am not making fun of you…I know how hard it is to leave our 9-5 comfort zone and try something new and different. Buy that book, attend that event, GOTC…force yourself to place a test ad, call someone from this or CRE forum, walk through a local MHP and look for opportunities…make something happen!!
Increase cashflow with my current projects (SS and MH parks)
Not buy another park or SS project
See at least 5 MH or SS students purchase their first deal
Attend at least 3 investing events (other than my own)
The results were good, but I’ve still got a few weeks to round everything out. The SS projects are doing great. As a matter of fact, one of them was doing so good, I got an offer I couldn’t refuse and sold it in July. The MH parks are growing each and every month.
As hard as it was, I didn’t buy anything this year even though I saw several good deals come to me via brokers and Loopnet. I passed on everything to the MH and SS students for review and believe 2 students ended up buying projects that first came through my email box.
Wow, what a great year for bootcamp students making things happen. I know of at least 8 people who either got started in the business after attending a bootcamp, I’m hoping there were several more that I just don’t know about. It ranged from Alexander and his father purchasing two land/home packages to Lin who jumped right in on 3 SS facilities.
I attended Tony/Scott’s bootcamp, Dyches training and two other investing events that will help me make more money next year.
I’m really going out on a limb on next year’s goals. I hope everyone else is as well. Times are getting ripe for some great deals in SS and MH parks over the next thirteen months.
Folks, I can’t over emphasize the importance of setting goals and writing them down. The most successful people I know make it a habit of goal setting each and every year.
You owe it to yourself to take the time, think about where you want to be, and make a road map on paper how to get there. It will change your focus and direction.
I didn’t have any mobile home related goals at the start of the year as I was unaware of the MH investing world then. In February a broker I was talking to about apartments suggested I look at mobile home parks. I mentally shrugged and thought what a crazy idea.
A week later I figured I should at least look at the idea and started researching. Found this site and a few others, ordered Lonnie’s books. My girlfriend insisted I go to Mobile Home Millions when I was dithering about it. There I won the bootcamp drawing and so went to San Angelo in April to learn from Steve and Corey.
Steve, I don’t know if you’ve got me included in your students who are purchasing their first deal, but I’m closing on a 35 space park in Iowa on November 30. Classic turn-around, half full and older trailers. But the numbers work, infrastructure looks mostly good and I’ve factored some needed work into the price, and the small city it’s in will be very supportive of anyone doing a turn-around. It’s zoned as a mobile home park and only 5 blocks from downtown - they are very happy to have someone planning to putting some effort into the park. I think I can turn it into a nice little cash generating park.
Goals for the coming year.
Improve appearance and management of my park, starting with the first ever written rules.
Attend at least 3 mobile home investing events - definitely MHMillions in Austin and a bootcamp - maybe San Angelo in March.
Move in and sell 7 mobile homes in my park.
Find my second park! Now I’m looking for a park of at least 80 spaces to buy or lease option, preferably in Iowa/Nebraska/Missouri/Kansas.
I hope you find your next Park soon. WOW! Funny how a book or an event can have such an impact on our lives, isnt it? I was at that MHM when you won the drawing…small world.
That is awesome! No, I didn’t count you in the total…now, it’s at least 9 students who have made it happen. Keep us posted on your next park and welcome to wonderful world of mobile home park ownership.