A Path to Riches

How do you get rich in real estate? 🤑

This is one method.

It's no secret. 🤐

✅ Buy value-add properties.
✅ Utilize debt and business partners to stretch your dollar.
✅ Stabilize the asset.
✅ Refinance
✅ Purchase more value-add properties.
✅ Rinse. Repeat.

This is how you turn $1 ➡️ $4 ➡️ $16 ➡️ $64.

Poor decisions can make this a ‘get bankrupt quick’ scheme too.

Tread diligently.

The Biggest Thing in Industry Needs

What is the industry missing? 🧐

Third party managers

Apartment owners have options.

Not the case with mobile home parks.

You must build an in-house operations team. 🛠

Too many investors love to purchase and hate to operate.

Trading one job for another one isn’t freedom. 👨🏼‍💼

Plan and you can be successful.

#realestate #reinvesting #propertymanagment #multifamilyinvesting#multifamily #business #mobilehomeparks #mobilehomepark #operations#apartments

Business Sacrifice Is Apart of the Process

Every business person has to sacrifice.

It is opportunity cost analysis in action.

When we first started this business, we had to make several sacrifices.

And still do to do to this day.

We pay ourselves 30% of the money we make.

We still 'take home' less than half of the income we made in corporate America.

We prioritize reinvestment into the business.

We both drive 10+ year old Hondas and that likely won't change soon.

Cars have a negative return on investment.

We both live in modest places.

I still have several roommates. Ryan lives 30 mins away from Uptown Charlotte in a modest home.

We don't rent office space and film our content in a garage.

Long term we may have finer things, but today building a business is way more rewarding.

What sacrifices do you make for your business?

#realestate #business #reinvesting #mobilehomes #multifamilyinvesting#mobilehomeparks #mobilehomepark #strategy #success

Seminars Are Sending A Signal

The amount of the educational seminars in the market today is a SIGNAL. 📡

Did you interpret it?

If you listen carefully, it is somewhat contradictory. 🤨

“Sign up for my course where I’ll give you the blueprint to make millions in real estate”

Investors who have purchased millions of real estate are now spending their time educating the masses.

In other words, the opportunity cost of chasing for new deals is lower than talking to a large group of new investors for a weekend. 🤝

The market isn’t yielding enough opportunities.

Therefore, the incentive to teach is more attractive. 👩‍🏫

What do you think?

#realestate #education #business #incentives #multifamilyinvesting#mobilehomeparks #mobilehomepark #multifamily

Finding Good Contractors

Finding good contractors is a common problem.

In Georgia, we hired a HVAC tech that seemed to check all the boxes. 👨🏻‍🔧

He was young, responsive, and reasonable on price.

He would work on the weekends.

On several occasions, I found him working until 11pm. 🌙

We did a TON of business in short period of time.

Then something changed.

We started receiving the same bill for work already completed.

Shortly, after he finished, tenants would call with complaints. ☎️

Work quality decreased.

We stopped paying him.

He threatened a lawsuit. 👨‍⚖️

We hired the previous company that we used, only to find out he improperly installed the wrong systems.

We had to pay for the work to be completed twice.

Ouch. 😧

It was an expensive learning lesson.

What’s your best ways to vet contractors?

#business #realestate #mobilehomes #multifamilyinvesting #contractors#mobilehomeparks #mobilehomepark

What is MHP_IRL?

I think you SHOULD get into MHPs, but with PROPER expectations. And that's why I'm here.

We have a chance to usher in a new era for MHPs, and to do that, I want to provide you with the tools necessary to get started and to grow. I'll expose raw and uncomfortable realities that'll help you understand what's really going on within the space. 

We’ll talk about deal sourcing, structuring partnerships, property management, negotiation, persuasion, marketing, overcoming your own psychology, and so much more

We can shape the future together. Join me. Welcome, to MHP_IRL.

http://archimedesgrp.libsyn.com/what-is-mhp_irl

Time Management

How do you schedule your day?

It could make all the difference...

I try to focus on high dollar activities first thing in my day. 🧐

In other words, the results of my actions could yield the company thousands or millions of dollars. 💲

Certain activities are better addressed after completing high dollar activities.

Here are a few tips I try to implement

✅ Schedule phone calls after 12pm.
✅ Answer emails after your morning focus activity.
✅ Prospect new deals is the highest value. Do it daily. 
✅ Batch LinkedIn post writing to Sunday afternoons. 
✅ Prospect, develop our brand, conduct operations, network, complete administrative tasks in that order.

What are your favorite time management techniques? 🕐


How to Market Rentals

What’s the best way to market rentals or mobile homes for sale?

A year ago, we used Craigslist exclusively.

Then, we found a goldmine. 💰

We discovered the power of Facebook location-specific groups and marketplace.

We added ‘online yardsale’ and ‘buy and sell’ groups for that area.

Most require acceptance from a group administrator.

Once accepted, post ad with pictures and info. 📸

Wait for the wave of messages. 🌊

One of our ads received 20,000 views and 1,200 messages in less than 2 months. 👁

The best part is this is all free.

#realestate #rentals #tenants #mobilehomeparks #mobilehomepark#multifamily #marketing #propertymanagment

The Recession Isn't What You'd Expect

When will the next recession happen? 📉

Most people say a variation of this…

“This can’t go on for much longer.” ⏲

“I’ll be ready to pounce on opportunities.”

I see two problems with this.

1️⃣ If most are anticipating a pullback, it likely won’t happen when or how we expect.

Meg McConnell of the Federal Reserve once said, "We spend a lot of time looking for systemic risk; in truth, however, it tends to find us."

2️⃣ When fear strikes, few actually make bold decisions especially with investors’ money. 😱

#realestate #mobilehomeparks #mobilehomepark #reinvesting #multifamily

Luck

We closed a $10,500,000 deal in our 20s.

It changed everything.

How did we do it?

This may surprise you.

We got lucky. 🍀

We were in the right place at the right time.

I honestly don't know where we would be without that early win.

We learned quickly that certain things aren't in our control.

However, there are several things we can control that will help us achieve more lucky breaks.

What lucky break has your company received?

#realestate #realestateinvesting #mobilehome #multifamily#mobilehomeparks #mobilehomepark #luck #risk

An Important Question

Do you even enjoy the business? 😃

👊🏼 If you don’t enjoy working with people in stressful situations, this business isn’t for you. 
👊🏼 If you are running away from your corporate job and looking for a passive investment, this business isn’t for you. 
👊🏼 If you focus solely on underwriting and sourcing deals, this business MIGHT not be for you.

This business requires many skills and hours, many of which you learn on the job. Yes, the 'visit once a year' park do exist, but they are few and far between.

🧐 If you like the idea of mobile home parks but not the nuisance of operations, I’d suggest investing in a fund. There are many available.

#mobilehomeparks #realestate #multifamily #mhp #fund

Use All Sources

We closed another park last week! 🙌

From a surprising source…

Loopnet. 🤨

We have searched for deals online several times a month since 2016. No results. 😌

When we first contacted the broker, the park was under contract.

We told the broker we were interested if anything changed. We sold the broker on why we should be considered.

The broker reached back out a week later.

We ran our due diligence swiftly. A few issues were negotiated, and we pushed to closing.

As much as I preach about diligently following up with off-market leads, take all avenues to grow the business. 📈

You never know where your next deal might come from. 💣

#realestate #mobilehomeparks #mhp #multifamily #business #mobilehomes

Funny Tenant Story

This business brings us many humorous, entertaining stories.

Today, I'll share one.

A tenant brought in a family member to purchase a home.

Me: We have an application process for every resident. 
Applicant: Well, I have a felon. *tells story of cops breaking into his home in the middle of the night and tasing him*
Me: 😮
Applicant: It was my ex-wife. She set me up.
Me: Got it. It will be difficult pass the background check.
Applicant: I am going to go down to the county and get it deleted. 
Me: 🤯 *I didn't know that's how the court system worked.

Few months go by…

He tries to sneak onto property by living with another resident.

Me: Sir, we told you that you have to apply to live here.
Applicant: The other property manager said I was approved
*call Ryan and put him on speaker
Me: I’m here with Paul and he said he was approved by you. Is that true?
Ryan: Absolutely not. 
Me: Sir, we are going to have to ask you leave the property. We will call the police in 24 hours if you haven’t left.
Applicant: *starts yelling obscenities* 🤬
Me: *leaves the situation quickly and goes back to office

A while passes and the office door swings out
Applicant: I’ll have you know I am going to call the NAACP and sue you.
Me: *a white male who assaulted a cop…* 🙄 Ok, sounds good.