There is a way out for you but you don’t see it. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 26, 2003 at 11:14:38:
Dear Anneise, I believe, I have been EXACTLY where you are now and I understand your dificulties better than you might suspect. Your current position is actually about the same position that I started from. I had to restart several times in fact, before I got it right. All of the oldtimers on this board already know what my answer to you will be, because they too have, been there and done that.
You post and long reply have kind of touched my heart. They remind me of my own beginnings, and how my mentor took so much of his valuable time to try to give me some direction. I have decided to take the morning off from work to try to do the same for you.
I suspect that there may be thousands of others out there who are in exactly the same spot as you find yourself in at this time. It is doubly frustrating because you read this board and dream that some day you will have investments and rental properties that will at once free you from a fate worse than death (having to hold a JOB) and give you the income to live the secure, happy, and prosperous lifestyle the every one of God’s children deserves.
People are in their present condition because of their past decisions and actions. They usually want to change results they get but not the actions they take. We kid a lot on this board as you probably know by now. We say that that is the definition of insanity, i.e, to make the same mistales over and over, yet hope to somehow get better results the next time. If you do the same things over and over you will get the SAME RESULTS, over and over. You will get the same results that brought you to where you are now, and they will KEEP you where you are now for the rest of your life.
This will be a good news, bad, news answer. It will bring you bad news because it won’t tell you what you probably want to hear. It will be a good news answer because it will show you the way out of your tight situation, but it will take time, and effort on your part.
To be a successful investor, we all new a little seed money to start. We can start without any credit or even with bad credit but we need a little capital for our first deal. Later as you gain more experience you will discover how to arrange deals and then use a partner’s capital (or credit cards), so you won’t actually need any cash of your own to invest. To start with no money requires a great deal of knowledge and experience, so it won’t be of as much help to you today as it will in the future.
To accumulate that first seed money, with which to get our start we all must follow the SAME, single guiding principal. We must spend less than we earn or we must earn more than we spend. Its easier said than done, especially at first because we need to CHANGE our earning and SPENDING habits. Habits are called habits, because they are so hard to break :~). Like the bars on a prision cell, our habits can keep us imprisioned in poverty and want, for all of out lives. It takes a BURNING DESIRE to break free from them. I suspect that like me, you have been highly motivated to improve you lot in life by the birth of your wee one. It was when my first child was born that I did some deep thinking, and made up my mind that one day I wanted to be filthy rich. Its OK to say I want to be rich. Its OK to have ambition in life. We all have destinies in life. Maybe it was more than just accident that brought you here, in search of a new and better future. It is an absolute CERTAINTY, that we here on this board can teach you how to become as rich as you want to be. Fortunately for us, it YOU who has to do all the hard work :~). It WILL be lots of hard work, but if WE have done it, then so can YOU.
Ok, Anneise, here is your answer short and simle. You must control your cost of living better than you are doing now and paning to do in the near future. You must NOT buy a $90,000 mobile home at this stage of your financial life. If you do, it will mean the death of your dreams of a better future for you and your family. We can teach you how to buy a mobile home that is probably 90% as good as the one you want, but we can teach you how to buy it for $10-$20k. Basically that is what this board is all about. We learn and teach how to buy mobile homes at sub-wholesale prices. Don’t cripple your future with the burden of such high debt and monthly payments as you were planning to do.
OK, Ok, now just how do you do this? Well you buy a few books and read this board a lot. Get a copy of Deals On Wheels (Lonnie Scruggs), and The Richest Man In Babylon (George S. Clason). The first is available here for about $30, and you can get the second in any bookstore of borrow it FREE from most libraries.
Ok, now, along this same line of reasoning, i.e, to reduce your living expenses to a minimum, so you can save up that seed money, I will try to sneek in my post on about how to get a nice place to live for only $30 per month, including all utilities. You should be able to do it almost anywhere in North America, if you just work at it a little. I feel that this post really IS related to mobile home investing because it illustrates how a creative individuals can learn to control living costs to the Nth degree, thereby enabling one to save up investment seed money, even on the skimpiest of budgets. I believe I could teach a welfare family how to become millionaires in 20 years by starting with just their welfare income. Read The Richest Man In Babylon, and see how much money you can REALLY save each month, for that first Lonnie deal.
Ok, here’s the skinny. You buy an older but VERY CLEAN 33 foot motor home($10k-$20k), and buy a used RV Resort membership. You can buy such a membership in my area for about $350. I know because the first RV park I visited offered me one at this price. You will pay a one time fee of about $400+ to transfer this membership to your name. You will pay an annual fee of about $350-$375 for membership dues. That is only about ONE DOLLAR per day, or $30 per month. Your membership gives you FREE electricity, water, sewer connection and garbage service. You don’t need gas because you will go all electric since electrictiy if free. Yes, you will have to move it to another park about every two weeks. You should have FREE reciprocal right to many other parks when you buy the right memberships. You can just move back and forth from one park to the other once every two weeks. You could also be a little more adventerous and see the whole country. Remember your investment income will eventually set you free to travel far and wide, as you look for deals and live on AFTER TAX money. Yeah, you can even deduct your food costs if you are traveling to look for more deals. :~). In my area you can stay FREE, in most Wal MART parking lots (without hookups) for several days at a time. They even send a hostest around in the morning with free coffee.
If you find this life style difficult in the north because of snow and cold, then for goodness sake MOVE. you aren’t a tree. You aren’t anchored to the ground by roots.
I don’t say you have to live this way for ever. You won’t have to because you will be quickly able to save up seed money to start investing in mobile homes and rental properties.
Some sacrifice is needed at first.
It is much harder to live poor than to get rich. Anyone can get rich slowly. Most can do so much faster. I have done it, and hundreds of other writers on this board have done it, and so can YOU, Anneise.
Do you love your family enough to make some sacrifices NOW so that you and your husband and son can all live in luxury later?
If you do NOW, for 5 years, what other people are UNWILLING to do, you will be able to live the rest of your life doing what other’s CANNOT do.
We on this board would be happy to hold your hand, and guide you along the long and arduous path that we have followed to get where we are today. We know the way well, some of us, like myself. have traveled it several times. I’ve taken my lumps along with the best of them. I’ve gone broke a couple of times, BUT, I’ve never forgotten the path to wealth. I’ve had the BURNING DESIRE to be rich, and the willingness to do the hard work to get there, ever since I was a teenager. You can slip up and lose what your money but they can never take your knowledge away from you. Once you know HOW to acquire the wealth that you desire you can always do it again if need be.
That is what this website is all about. We learn and teach about the accumulation of wealth. We believe that investing in mobile homes is one of the best ways to achieve our objectives.