All Forum Posts by: Adrian Smude

 Lakeland has hit many newspaper articles over the years as the best place to invest. It’s gotten crowded with investors, but I still love it. The area has treated my bank account and me really well. :-)  I do have to look a little harder, but that’s in most markets. We also have to think about the concept “who moved the cheese?” 

I’ll second the fact that @Gavin Welch knows our market. He’s a great person to keep on your team. :-)

 I’m not licensed. I do really well investing for myself. I believe in finding your niche and sticking to it. Being licensed can be very good money right now, but if what you truly want is to be a full time investor I believe it’s a distraction and excuse not to be an investor. In my opinion start with the end in mind and work backwards. 

Sit down without distractions and plan out your perfect day, or what I call my life vision. Does being an agent fit into that?  If yes go for it & be an outstanding agent!  If not don’t do it and find what fits into your vision and be outstanding in that. Dabbling Doesn’t typically get people very far. :-)

As I was moving my business to the niche of mobile homes as rentals my wife & I stayed in an Airbnb log cabin in the mountains of GA. While we were there she said this is a mobile home, I challenged her but she was right because there were wheels under it. They put thin wood planks to make it look like a log cabin inside and out. So yes it can work and it can be very profitable. 

As John mention some have lot rent because you don’t own the land. I’m in the long term rental space of mobile homes with the dirt so I stay away from lot rent. If you are going to entertain the lot rent idea make sure the park manager is okay with your business plan. 

I switched my niche in the real estate investing world about 6 years ago (when this post originated). We have since sold off our site built homes for mobile homes with the land. 

Mobile homes are about CASH FLOW.

We get appreciation, but that’s a bonus. 
the trailer trash stigma is true if you buy in an area that is trailer trash. But the stick built homes will be the same trashiness in that area. It’s not the structure, it’s the person. We buy where people want to live. 

Mobile homes do go down in value, but not to zero because there is value to the investor for a monthly payment coming in and there is value to the person living there for a roof over his/her head. 

The older ones are built with less quality materials, but as long as you keep the roof from leaking and do the proper maintenance they can last forever. 

Did I mention the cash flow is really good? :-)

financing is another topic that’s always brought up. The fact there are not many or any banks that lend on them is a good thing. This means the price drops. This also means less competition. Seller financing, Cash, and private money are our best ways to fund our properties. 

I’m in three masterminds and none are multifamily specific  I truly believe in the power of masterminds because of the success I’ve had from being a part of them  I would check with @Rod Khleif to see if he has one, but at the least I’d follow him and check out his education to expand your knowledge & network  :-)