You’ve discovered mobile home parks are among the most profitable and secure investments, regardless of asset class. You’ve discovered just how much control you have over a mobile home park investments (compared to equity investments). You’ve realized that it’s an excellent way to diversify your portfolio. You’ve already invested your time researching and reading material to this point. Now how do you get started? What is the first step in investing your money in mobile home parks?
Ask Questions of Mobile Home Park Investors
Your greatest assets are people who have already achieved financial success through mobile home parks. Seasoned investors are almost always willing to give you as much information as you would like. They want to share the excitement of their success and pass along information that will help you reach the same level – information they often wish was shared with them when they first started. They may even want to partner with you and mentor you along the process.
Mobile home park investors have a wealth of information to learn about the industry. You can learn about day-to-day operations, vacancy rates, costs of maintaining infrastructure, building a solid base of long-term tenants, and forcing appreciation. As with mobile home park investors, many mobile home park owners are excellent contacts to keep as mentors and resources of information. Current investors will help you take the most rewarding path to success.
Attend Real Estate Investing Seminars
A financial investment in a seminar will have an immeasurable return. It’s an investment in yourself. Learning what has worked for many other investors will without question solidify your resolve to succeed, suppress your self-doubt and anxiety, and help you focus on taking the proper steps forward.
You will be introduced to investment methods and successful systems that have proven results. You will talk with professionals who can help you structure your investment portfolio in creative ways to make you as profitable as possible. Keep an open mind because what may be new to you may be the most beneficial piece of information you learn.
Read Books on Investing in Mobile Home Parks
There are several publications about investing in mobile home parks specifically; there are countless others in the field of real estate investing. As you endeavor to make the most of your invested money, keep reading! Focus your attention on reading every book about this specific niche.
The information contained in the books you read will certainly not all apply to you, but you can glean at least one valuable piece of information from each publication. You may even learn what not to do, and that could be more important to you than anything else. If something jumps out at you, try it. Put your knowledge into practice. Once you’ve read a book, put it aside to apply some of its lessons but then go back and read it again – you’ll gain even more wisdom from it because you’ll have a new foundation of knowledge and experience that you’ll build off of.
Learn As Much As Possible, But Don’t Hesitate To Take Action
Information is incredibly important to your future and ongoing success, so always be learning. Always read a relevant book or magazine, and put yourself around other people with similar goals. But don’t hesitate to take action!
One of the most fundamental mistakes entrepreneurs and investors make is feeling like they need to have ALL the information or know everything about their subject before they can proceed. The reality is: you will never know everything there is to know about mobile home park investing… and that’s okay! You can continue to expand your knowledge while your investment is ongoing. William B. Sprague said, “Do not wait to strike till the iron is hot; but make it hot by striking.” Inaction is the only thing that will completely inhibit your opportunity for success.
Find Mentors Who Will Help You Along Your Journey
A mentor is there to guide you and help you navigate the complex world of mobile home park investing. They’re not there to tell you what you want to hear; rather, they’re there to give you a fresh perspective and to share their experience. Many of the most successful people in business and investing have several mentors, each providing guidance on a different area. You may want to consider finding a mobile home park investing mentor who can help you.
We all get stuck in a rut at times. Sometimes every day seems to be a repeat of the one before, and pretty soon we get stale. Our ideas become bland and we start to feel dry. When you encounter these times, have a mentor that will be willing to tell you the truth you need to hear. Their ideas will kick-start you out of a plateau or rut and help you achieve what you never thought possible.
Partner With A Mobile Home Park Mastermind
Associating with like-minded investors who share a common interest is the intention here. A mastermind group is essentially peer-to-peer mentoring and is an excellent way of achieving quick success. Your mastermind group will be full of people who want to succeed as badly as you do and are willing to collaborate their time and effort to put their best foot forward. As a collective, you become allies and assist each other to avoid making the same mistakes and to fast-track success by implementing well-planned strategies. They may even become investment partners though the process.
Be Prepared To Invest When The Opportunity Comes
Financially, real estate deals can move very quickly. When the right mobile home investment opportunity presents itself, be prepared to take action. Let your accountant and attorney know that you will be acquiring a mobile home park investment and you may require them to review the numbers or legal forms at a moment’s notice. Also ensure that your investing capital can be accessed so that you don’t miss out on a deal that closes rapidly. And, as you continue to familiarize yourself with the strategies and concepts involved in mobile home park investing, you’ll gain confidence as you prepare for your next investment.
Quite simply, mobile home parks are a straightforward, no-nonsense investment. With a little bit of peer guidance, mentoring, and some focused research, this secure asset class will be very rewarding both short and long term. The most important step it to take action!