out there folks. I have had several months to ponder on the challenges facing mobile investors today and I realized some things that seem important to me personally. One of the main things I have discovered is that there are 2 kinds of investors out there right now in my circle of peeps.
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The type that is in complete denial. Everything is peachy keen and couldn’t be better. The next thing I read in my local paper is that they filed for Chapter 11. I don’t understand this type of investor. They made a decision to buy that Park, mobile, Note and it made perfect sense at the time…in other words a great deal. As things changed and it became a loser thru leverage, balloons,inability tor efinance, etc they keep quiet as if there is some shame attached to a truly once in a lifetime finacial meltdown that affects us all. They quietly file Bk and you never hear from them again.
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The type that calls other investors and tirelessly looks for ways to make sense and some dough out of this mess. An investor from this Board called me last week and he is trying to make some gold out of this landscape.
These are trying times. We have had to really trim back our lifestyles here in florida. Our retail lot is closed and inventory is slowly being sold off. I had 17 paying Notes a year ago and I now have 2. The rest are converted to rentals and will remain there until financing is available.
These are trying times. We have had to lower ents to the point we can no longer insure homes. We mhave blanket liability only and we have tenants sign a form that they are aware we have no fire, wind etc insurance and we push them to get renters ins which is affordable. If we lower further, we will not be able to capital improvements (a/c repacements, roofs, sewers, wells) and refurbs. We figure we can last 2 years at these rates before this lack of maintenace starts bringing down these rental units.
These are trying times. TJs yacht, my 4 wheeler,a lot of my toys were sold for debt consolidation. my credit score went from 760 to 540 and I am really ok with that. Chase bumped me fromn 8.9 to 23+ interest and I respectfully stopped paying them. 17K balance settled for 1800 dollars payable at 180 per month for 10 months. I live EXACTLY the same without the high score.
Has anyone out there had any speedbumps in their model or is everything about the Same? I spent a month in Indiana and that area is hurting but not like florida. We have property tax crisis, financing crisis, insurance crisis here…just lucky I guess.
I know I am out there 10 hours most days trying to make a buck and maintain what I own.
I would like to hear some ideas on how we can profit in these trying times. Cole’s idea and practice is very cool and will work here. Simple and inexpensive to implement…another tool for my NEW toolbox.
I’m not gloom and doomin’ but the reality is not great here right now and I talk to folks every day that are mentally throwing up their hands and giving up…I refuse to do this.
Any ideas? Comments?
We need to update blogs here also…last update was 18 months ago…what’s up with that??
Greg