When you look into the window of a car to see your reflection to comb your hair, make sure you use a BMW, Rolls Royce, Mercedes, or Jag…not a Pinto! Even if you don’t own one, find one in the parking lot to use. Your state of mind is important to your success and you must start seeing yourself successful before you become successful!
Once your state of mind is right, then you must take massive action! Goals are important…take the time to write them down and review them daily. Massive action means you MUST make the calls, you MUST inspect the properties, you MUST negotiate. The deals are out there…take action and find them. Being self employed still requires work. Do not be lazy…make the calls and you will find the deals.
I join our colleagues in Philadelphia to offer free advice this month to any ligitimate questions regarding real estate related investing. Good job, giving back to this industry that has made many of us large amounts of money!
I have 20 years experience and have completed over 400 transactions. Mobile Homes, MH & Land Packages, Single Family Homes, Lease Purchases, Subject To Deals, Flipping, Creating Notes & Selling, Seminar Presentations, One on One Mentoring, MH Park Development, Private Investor Funding Develpment, IRA Funding Sources, and so on…You need an answer, ask me!
2010 can be YOUR year to make it big in this industry. Best wishes for success and I look forward to your questions.
Im looking for a mentor Rob and I know you could provide great insight to a young ambitious investor. What do you suggest my first invesment be?? Rehab, flipping, lease option subject to, are some areas I have grown an interest in.
Another ‘good call’ by Mike…definitely buckets of money! There are many forms of transactions to consider, even in the current economy. What I teach and mentor to my investor students around the country is to do small and calculating deals as a new investor so that you can experience making money, minimize risk for you and your investors who fund deals, and build an army of investors for larger deals down the road.
How about learning to ‘create notes’ and resell them for profit. I’ve given this example many times but here it is again and this is written in Lonnie Scruggs book, Deals on Wheels where he refers to his friend Rob in Atlanta (that would be me) when I told him about one of these transactions back in the early 1990’s:
Buy a mobile home on a rental pad for $3000.
Resell for $500 down and $200/month for 5 years.
That leaves $2,500 in the deal with a $2,400 cash flow, nearly 100% yield!
Resell the note, secured by the title and insurance for an 18% yield to an investor.
60N 28% i/y $200 PMT $7,876.05 PV
That means you get a check for that cash flow of $7,876.05. Subtract the $2,500 you have left in the deal and you are left with $5,376.05 in profit. Then, repeat often!
Do several monthly and you will earn a nice living and stay in this great business to receive the big rewards when the market recovers.
I did very well in investing a few years back then I got divorced. I have finally recovered a bit financially and can start investing again but the market has changed so much.
I used to do very well in manufactured housing as it seemed taboo to others. I bought, refurbed and sold several for huge profits. Problem is, the days of low down, stated income, investment property loans for manufactured homes are long gone. It kills me because there are SO MANY foreclosed mobiles out there.
Any advice on how to get into them other than owner occupied?