Posted by Tony Colella on April 05, 2006 at 14:59:14:
Many thanks to Roy, Ryan, Lyal and Jordan for the kind words about our course.
Jordan this was a great post and I want to thank for you taking the time to write such a long but direct response to many of the decisions one should address for themselves when deciding to invest in real estate (or mobiles) and courses.
Thanks.
Tony
Investing in Mobile Homes with Land course - Posted by Laura
Posted by Laura on April 02, 2006 at 20:28:38:
Anyone buy this course? What did you think of it? Worth the money? Thanks!
Re: Investing in Mobile Homes with Land course - Posted by Jordan (MI)
Posted by Jordan (MI) on April 03, 2006 at 08:36:06:
Laura,
In response to your question, is the land home course worth it, I’d have to say without a doubt, YES. YES YES YES.
But, I have to also add a disclamer to this, and that is, what kind of RE investor do you want to be? Seriously, what are you goals? You really need to think about this. All of the business knowledge in the world is worthless without action.
If you like most people, and you want no hassle investments, head on over to vanguard.com or some investment firm, and pick out a good mutual fund. Sure it’s going to give you very low returns, but how much effort did you put in to it? almost none.
Recently I was at a 401k presentation where the speaker told me that last year this particular fund did pretty good because they achieved a return of 6%. I had to control my laughter.
If you’ve read Lonnie’s books, and done a few deals, you’ve begun to realize that you don’t have to settle for a “good” return of 6%. You’ll realize that there’s some incredible returns to be made with a little bit of effort. Of course the down side is that Lonnie notes are short lived, and you must keep creating more of them.
In the three years during the typical Lonnie note the people can:
A) go through a financial melt down and you have to kick them out, and make another note with the same home, or…
B) they pay off the note, and then you have to make another note with a different home.
Also, with Lonnie deals, you have to have a good relationship with the park manager. This is key. Without it, they can ruin everything for you.
The land home package takes the park manager out of the picture all together. This has plenty of advantages, because this way there’s no one that has to approve your buyer. What’s to stop the park manager from letting your deal sit on the back burner for a month or two while you pay the rent?
The land home package can be rented, which creates an income stream which never stops. Your renter gets to pay down the mortgage for you, and while they are doing that, chances are that the home will appreciate, and can be leveraged for other deals.
So you really have to ask yourself, do you like this business? Do you want to become a ‘pro’ at it? Have you ever dreamed of freeing yourself from the rat race? Or watching someone else put money into your retirment account? What about buying a new car, and letting someone else make the payments? Would you like to leverage your RE investments into something larger like mobile home parks? What about apartment buildings or commercial real estate? It’s all possible, and this course will show you how.
It’s really about taking your mobile home business to a whole new level. First decide if mobile homes are for you, and then buy this course. After that the only thing holding you back will be you.
-Jordan, Michigan
Re: Investing in Mobile Homes with Land course - Posted by Lyal
Posted by Lyal on April 03, 2006 at 07:54:40:
Laura,
Bacause of the course, I’ve shifted my entire investing focus. I want the control that owning the land and home give you. No more park managers trying to solve their problems by digging into my wallet.
In my area, you can buy single wides at a discount and use them as rentals very profitably.
Buy the book and put the bootcamp on your list. Excellent hands-on education (walking through Scott and Tony’s deals-in-progress is very eye opening) at a bargain price.
Lyal
Re: Investing in Mobile Homes with Land course - Posted by Ryan (NC)
Posted by Ryan (NC) on April 02, 2006 at 21:28:58:
The course is a great hands on & common sense approach to getting the best of both worlds when it comes to investing in mobile homes. I believe the course to be extremely helpful to beginners, but the true power of what these guys do does not become apparent until one has done a few Lonnie deals and starts looking at the land aspect of investing. If nothing else order the “land lording” CD, which has been hands down the most beneficial part of the course to me even while we where strictly doing Lonnie deals.
Best wishes,
Ryan Needler
Re: Investing in Mobile Homes with Land course - Posted by RoyD(Al)
Posted by RoyD(Al) on April 02, 2006 at 20:39:31:
Yes it is a good course, a little different approach than Lonnie’s. Only regret is not getting it sooner in my career, would have probably done some things different. The book ( and the seminar in NC ) have given a better perspective of the business.