It is no doubt that a person starting from scratch in today’s real estate investing market has never had so many choices and/or strategies to choose from to start making money.
In addition to the simple fact of just-knowing that these methods exist – it seems that you can find additional resources and free information by searching online for any particular real estate topic. Information to make-money with real estate is everywhere these days; from millions of free Youtube.com videos to high-priced mentoring with the so-called Guru’s.
Then why is it still surprising to me that many folks I meet [and have always met] rarely ever build the real estate cash-flow business they fully expected.
Example:
What the typical newbie real estate investor wants? Easy leads, Fast Deals, Instant Profits
What the typical newbie real estate investor may soon realize? Fear, Information overload, Debt, No deals finished
I believe that in today’s information-is-everywhere World it is more important to be 100% honest with yourself when deciding a niche to focus in on within real estate investing. In addition to being honest with yourself you also need a credible source that will open-up and shed light to the realistic expectations to expect in any particular field.
Below I have a list of the top 5 most frequently asked questions I receive weekly from newbie mobile home investors inquiring as to where or not mobile home investing is right for them. While reading each question below, answer them honestly about yourself. Ask similar questions of each niche of real estate and then pin-point the ideal method-to-make-money for you.
Do I have Enough Money or Credit to get Started Manufactured Home Investing Fairly-quickly?
No-money-down purchase transactions are out there for you to find and profit from. However for every motivated seller that will accept a no-money-down offer there are a dozen more sellers that will require only a couple hundred dollars or a couple thousand dollars to close their homes.
The more capital you have the more cash you can offer to each seller. Is more money necessarily a good thing?Many people will say that just because you have the cash doesn’t mean you should not always try for a seller financed transaction first. Figure on a minimum of $2,000-$5,000 to get you started quickly and safely.
Do I have the Time to get Started in MHI Fairly-quickly?
Real estate investing requires focus and daily effort. Eventually you may be able to outsource some or most of your investing business but at the start you will often have to learn everything by doing it yourself. With regards to actively investing in multiple mobile home deals per year I recommend everyone I help have at least one hour per day they can dedicate to their new real estate cash-flow businesses. Two to three hours per day is even better!
Do I know if there are Sufficient Mobile Homes around Me to Support a Thriving MHI Business?
In any one area there are only a finite amount of mobile homes [in parks and on private land] that may be for sale at any one given point. Performing a basic Google-search “mobile home parks” and “manufactured home communities” to identify some of the local mobile home communities around you. Talk with local Realtors and other investors to identify the mobile home areas and zip-codes within your county.
Do I have the Discipline for Real Estate Investing?
This is perhaps the most introspective question you are reading. Are you the type of person that loves to start tasks and then bails-out when things get too real and/or outside your comfort-zone? In order to become something you are not will require you to take action outside your comfort-zone. Each day try to enter this uncomfortable-zone with regards to making progress and taking action in your real estate investing business.
Do you Enjoy Conversing with People?
There is little way around this; if you are not a people person and you are starting a REI business by yourself, begin improving your human-relationship skills immediately. Like many other niches of real estate investing there is no getting past the fact: mobile home investing is completely a people business. From start to finish we create value and make money by talking with sellers and then talking with buyers – over and over and over again.