I am interested in getting started by investing in a self storage facility or a mobile home park. Given the current economic climate, which one would you suggest for a newbie to invest in. I have a full time job and a little cash. I am looking for a cash flow type deal rather than a turn around.
Also whose training program (Self Storage and Mobile Homes) would you recommend that I obtain to get started educating myself? I am interested in a training program that also offers mentoring.
Thanks.
Your education will nt be free. As you stated you have little cash - why waste it going to dry seminars that will drain your investment nest egg? The courses are all designed to move your money to their pocket. Good Luck and Best Wishes in your investing!
First I suggest read read and read more!, talk to people already in the business. Thats what I did and so far I have owned my current park for almost a year.
It took me about 2 1/2 years to find out what I wanted, I looked at probably 30 different parks and each time I came out with something I liked and didnt like. So each time I looked at a park towards my current park I knew what I wanted and had a pretty good idea of what the park was worth. Time was on my side, I like you had a job and didnt have to buy myself one to survive. It will take alot of time to feel comfortable after looking at a park to say it needs further looking into or not. I am no expert by any means just my 3 years of pounding the pavement looking and talking.
You also mention funds are very limited. well join the club. But it can be done. Prices are coming down fast and furious and I believe it will keep trending that way for some time, But this is America and we always bounce back, it’s just the amout of damage will be done before we do. Keep looking for the owner finance deals and I am seeing more of them as the sellers are finding out if they want out they cant cash out at this time so owner financing is there way out for now. Lease options are a way to go also. I have never done it but I am going to try it on an owner of a park down the street cause she cant hardly give it away and she older and health isnt so good. it’s a small park just 1 acre and 6 units. But I only have only so much cash. I believe its a win win. she gets out and I get control of the property. I am talking to my accountant on tue. to find out the tax benefits to her and me. To make her feel comfortable and myself also no deal is a good deal if it’s 1 sided.
Additionally, keep looking at all the forums alot I mean alot of REAL WORLD Knowledge here and a few others. I attended a MOM event a few years back in troy alabama and that was the best most education (not selling you there garbage dvd’s and telling you how rich you will be) It is casual just real people sharing life experiences. Thats where I met Greg Meade. I have called him several times after and he always gave me free advice, He even put MOM events on for years and there was never a charge. Imagine that! (no charge and they werent even selling anything).
Feel free to shoot me an email anytime if you have certain questions. I dont have all the answers but I have some. Good luck, Anthony