Posted by YUM YUM! on August 03, 2003 at 14:09:00:
Posted by YUM YUM! on August 03, 2003 at 14:09:00:
How many parks do you work with? - Posted by Ben_WA
Posted by Ben_WA on July 24, 2003 at 12:07:14:
Well I am just getting started in this MH business and I have a question. I set a goal to be making 8k a month by July 1 of next year. To make this possible how many parks do you think I need to have a foot in the door at? My guess is 5 to 7 but I could be way off. Well thanks for your time and good investing to all.
Thanks, Ben Buckley_WA
Re: How many parks do you work with? - Posted by ScottS(NC)
Posted by ScottS(NC) on July 25, 2003 at 11:11:46:
I applaud your aggresive goal however sometimes these kind of goals can be self defeating. They can cause you to be a motivated buyer(a terrible thing). Instead of 8k a month in a year why not allow yourself time to learn the business take a few steps before you start sprinting.
You don’t give us much of an idea of your level of investing. Do you have Lonnie’s books have you studied them completely? Have you studied Ernest’s materal? The more tools in your tool box the more skilled the craftsman(usually).
Finally Ben I don’t want to be negative but this goal is vey daunting for even an experienced investor. There are investors here that work hard for years to generate half that in monthly net income. Set a goal for a couple succesful deals then a couple more than once you have 3-4 under your belt you can set monetary goals.
The number of parks neccessary would vary greatly depending on size, market, cooperation level of PM and your inital cash amount available(seed money)and whether it is borrowed or not.
How about some land home combo’s as rentals for long term Cashflow? Nothing I have found can beat them. Do some lonnie deals but don’t see only hammer deals. There are other tools available that sometimes can do a faster/cleaner job. HTH Take Care ScottS(NC)
SHEESH! - Posted by Steve-WA
Posted by Steve-WA on July 25, 2003 at 12:14:45:
Aim high, they say. Guess you were listening, eh Ben?
Glad you’re ready to jump in. Scott has sound advice - follow it. Do not become a motivated buyer - it’s too easy to do (gotta catch 'em all!) I know. I still fall into that - but I recognize it in myself, and I battle it.
I went to a landlord lien auction on a tip from a little birdie - bid up to 4K for a 84 double wide needing maybe $1K in work. Lost it by $100 - but in retrospect its a good thing. That particular park - corporate owned, which means no negotiable leeway for a Lonnie dealer (generally) - likes to obtain homes themselves and do the sale. Compete with the park on their own turf? No thanks - last summer I moved one into their park, and sweated like crazy until they finally approved someone - and THAT only happened because the PM liked us, and let someone in that didn’t exactly meet their boss’ criteria. She caught hell for that, but they are still faithful payers to us!
There are a handful of motivated sellers in that park, but I think I’ll stay out.
Re: How many parks do you work with? - Posted by Ben_WA
Posted by Ben_WA on July 25, 2003 at 11:48:21:
Hey Scott here is more info for ya. I have bought and read Lonnie’s books and homestudy course as well as Ernest’s guide. I have also been to the MH workshop a few years ago. I have approx. $7500 to start with and a credit limit on 2 cards of 12k or so. Land home combos are definately in my sights. Once i get money rolling in from the initial deals I am going to invest in the land deals. I want to sell the home and rent the land so to avoid any landlording issues that would slow me down. Well thanks for your time and good luck and godspeed.
Re: Krispy Kremes - Posted by John Merchant
Posted by John Merchant on August 03, 2003 at 11:25:17:
Steve, if he’s really willing to bring KK’s, etc., maybe we ought to get together somewhere.
Hey, I’d bring my appetite, wouldn’t you?
Of course, as you say, it don’t work where I live either. But I’d be happy to share ideas with somebody in King or Sno Co’s, or Spokane, etc.
Good to hear from you Steve. - Posted by Ben_WA
Posted by Ben_WA on July 25, 2003 at 13:02:59:
How are things going for you? Are you planning on having another meeting any time soon? How many delas have you done so far and in what amount of time? I am trying to get an idea on what’s probably realistic. By the way do you think I could get your # so if I have an immediate question I could call you? Next time you come to Seattle I will take you out to lunch if you have any spare time. Well hope things are good.
Re: Krispy Kremes - Posted by Steve-WA
Posted by Steve-WA on August 03, 2003 at 11:59:26:
Sorry John - thought you were out of town!
Met yesterday with Dave, and those KKs are GOOOOD!
I think he’s gotten some of the groundwork laid, and research is underway, and maybe my lovely bride and I provided a little face to face “it DOES work where you live”. I bet we’ll be seening a success story from Dave-WA soon.
WA meeting ??? - Posted by Dave - WA
Posted by Dave - WA on July 25, 2003 at 21:00:07:
Are there regular meetings in Western Washington?
If so, I will bring some Big Macs or Krispy Kreme doughnuts to the next one.
Re: Krispy Kremes - Posted by Dave-WA
Posted by Dave-WA on August 03, 2003 at 12:59:02:
I thought you said you were going to give the doughnuts to the kids
It was very nice of you and your wife to spend some time with us. I had no doubt it works here but I needed to make sure my wife also knows it will work and is not just some hype that I read in a book.
And, I am happy to say that you and your wife are real good salespeople and we are ready to get started.
nah - nothing so glamorous - Posted by Steve-WA
Posted by Steve-WA on July 25, 2003 at 23:42:57:
Last year I hosted a MH investors meeting in Port Orchard - about 20 or so folks showed up, from Canada to Portland to Seattle, and we talked story - had a coupla speakers too.
It was pretty good, but not that good - it’s taken a year to get Ben going!
No plans to do it again any time soon - was impulsive to begin with. Maybe someday . . . Big Macs . . . mmmMMMMmmm . . . Krispy Kremes . . . mmmmmmMMMMMMMMMMMMMmmmmm!!!
Where are you Dave? Cuz it don’t work where I live!