and noticed my buddy Eli has a BEAUTY of a a Park for sale in Victoria, TX , a very cool place. Notice the URL above…CASH COW?
It does a body good to see young folks not only listen to advise but act on it! I remember Eli from first Ernest Tew/ Steve Case meet in Gainesville a few years ago? and then he was looking for a Park to buy. Looks to me like he found one, filled it up with quality repoes and sold these on L/O for boo coo bucks! You go Eli.
I am taking this summer off from l/h…the ones undone will still be undone in September. I have found it is impossible for me to quit these l/h pacs…they present themselves in SPITE of me and there is no respite from “another good deal” unless I pull the plug and make time for normal life. I love selling homes off the lot (retail) and will be doing more of that and less multiple l/h’s. I have enough dough generated each month to live comfortable and right now that is enough for me and family. This is Jen’s last summer home and i want to bug her all summer! LOL
To the newbie out there, it can be done. No money? No problem …if it was easy, our kids would be doing it for minimum wage. Is it easy? No, it is not…the true success story from Eli above does not tell of the 18 hour days, the disappointment from crappy tenants, vendors on manana time, lies, thiefs, never enough time, never enough money, too hot, too cold etc. etc. it takes aton of work, sweat and worry to turn around a Park and make it a jewel.
OK, OK i am off the soapbox…y’all have a Great Memorial Day and don’t forget the folks it honors!
Eli, that is a very well put together property perspective. Its refreshing to see real numbers instead blue sky proformas and fairy tale expense ratios. And its priced right: a property that actually cash flows at the asking price. I wish you good luck in selling it, not that you’ll need it!
Greg, we absolutely won’t forget the meaning of this holiday- not only those who made the ultimate sacrifice but also those like your daughter who are willing to pay that price, and moms and dads that let them go off to serve.
Thanks for the kind words guys (and gal), everyone needs to realize that it really can be done. What Ernest used to talk about and what Steve and Corey talk about it real. What Greg says is SOOOOO true, it is not easy, but it is not hard either. It takes time and dedication, and a bit of knowledge, all you that know me know that I am not the sharpest tool in the shack, just a common young punk kid with some goals, and what I lack in knowledge I make up for in tenacity. Perserverance (the ability to keep going) is good but you really need Tenacity (Never stopping) to make it in this. It is a great trait to have where you can keep chugging along but you need more then that - you can NEVER STOP because there WILL be hard times. Greg mentioned a few and I will expound on his list… the late payments, the repos you are outbid on, the bankers that make you want to scream, the hundreds of offers laughed at, the tenant stories that are worthy of any Jerrry Springer episode, the hired help that drives you crazy, the long nights, the 20 hour days (come on Greg we are lucky if it is just 18), but there are definatly some benifits that come as well, like having the ABILTITY to spend as much time as I want with family and other things that are important (BTW my wife is doing GREAT), the ability to live where I want, the abiltity to sleep in till whenever I want to, the ability to take long exotic vacations, etc I figured yesterday that we have taken just over 9 weeks of vaction so far this year. (I never have had a J.O.B. but I think that is pretty good) We work hard and play harder.
When it is all said and done, this is fun. That is why I do it. You think the last deal was good, wait till you see what is coming…