Starting Out Resources

[Ian Tudor]

What are the best resources for learning the fundamentals of the business? I understand there are several options at 2k for boot camps or a collection of videos and literature. I'm not ready for that yet. Also, there are a couple forums around the web. I was wondering if there are any great books or resources on the subject. Ian

[John Fedro]

Hi Ian and group,

I just have to say that I love this group. Very few other forums would be so giving and helpful towards a new investor. Ian please heed everyone's advice here as the books and actions mentioned are spot on. In addition become a sponge and read, listen, watch everything you can in the next X number of days before you start taking action and sprinting forward. 

Since all the books listed here I love, I will only add some hopefully helpful advice I can share after helping many folks start in this business. 

1. Make sure you understand your market and what buyers are paying for all types of MHs in different areas of your town.
2. Based on these "what buyers are paying" numbers know what you can pay for each home to ideally make your invested capital back in a few months (12) or less. You can always purchase a "skinnier" deal but I suggest you set a high bar from the start.
3. Now get out and talk to every seller and person-of-mh-influence you can about all homes for sale. Make appointments and purchase offers accordingly. 
4. Know your paperwork to close and be confident explaining it.
5. Understand what repairs your buyers want in a home and do not over-improve the home past this point. 
6. Be comfortable with the process you will use to sell and manage.

The steps above are some brief bare-bones advice of just one type of investing business - my own. There are multiple ways to invest and multiple styles of operating a mh investing business. Do you want to specialize in rehabs, nice homes, homes on land, in parks, whole parks, senior parks, must be moved homes, other types, or all of the above??

Great advice above that says "take action". Too few investors ever do. 

As usual if you have any follow up questions or if any of my comments don't make sense please don't hesitate to followup.

You have already started your journey so keep it up and get excited. 

Hope this helps some,
John Fedro