I jumped off full time into this business with no safety net.
At the time, I closed one deal and had one under contract. I made $4,500 in the first half of 2017. In a way, I got lucky. If it weren’t for one opportunity, I would have made less $10,000 this year. Every month, I met and speak with people looking to purchase mobile home parks. Some are even considering starting a fund. There are a ton of people doing the same thing. It would be hypocritical of me to suggest that these people shouldn’t do it.
I would just think through a few of the headwinds I’ve dealt with this past year.
How are you sourcing deals? Brokers alone will not get you to an “living salary”. It’s a seller’s marker. Don’t be reliant on one deal sourcing strategy. It took me over a year of mailing before a deal came through.
Mobile home park transactions are small relative to other forms of real estate. If you plan to finance and use capital partners, it will be sobering how little comes your way. Closing large transactions or several medium size deals is the only solution.
Financing can be tough. Would you be willing to go recourse for a good deal? Do you have capital partners that will as well?