In my going on nearly 10 years in this asset class, I have seen far too many good, would be entrepreneurs fail to get started. Enough is enough. I now know where, how, and why those good people fail. And I will help get you and other good people into our asset class. Join me for my new podcast where we will laser focus on exactly that:
What I discovered at 1,000 lots will shock you.
This may prove my most controversial episode to date.
Once you hit 1,000 lots, you begin to see the MHP world from a different light.
Some opinions and convictions will get uprooted. And then uprooted again.
But what can you learn from my experience?
Due diligence can be FUN. You'll play detective, but for your own investment purposes. But this crucial step in the acquisition cycle must not be taken lightly, with thousands if not millions at stake. So for this Skills Series, we will cover the ins and outs of the inspection period.
You've got to fight to keep you community safe, clean, and fair. Often times, this involves heartless decisions. On this Mid Month Wisdom, I'll talk about ways you CAN have a heart, while being fair to all.
http://archimedesgrp.libsyn.com/can-you-have-a-heart-in-mhps
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? 🕐
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
"I'm going to kill everyone in the office with my shotgun". How would you react to that? A corroborated threat turned into a test of all my skills. Listen in as I tell the tale of how my life, as well as the life of my fellow employees, was threatened. And how we escaped with our lives.
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
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
The Austin Powers movies provided us with more than just laughs. It brings levity to the excuse loop we all fall victim to. On this Mid Month Wisdom, we will discuss what the Real Estate equivalent excuse loop and how one passionate home flipper found a way to escape it.
http://archimedesgrp.libsyn.com/mmw-the-austin-powers-excuse-loop
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.
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
If you want off market deals, the best way is via a database and direct out reach. But for purchase databases can be outdated and/or expensive. The Database Legend himself, Charles DeHart, joins us on this episode to discuss how he built his and how he overcame the odds to become a successful entrepreneur.
http://archimedesgrp.libsyn.com/charles-dehart-database-legend
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.
People often ask me what I’d do differently starting off knowing what I know now. My answer to that may surprise you. I'll cover that and detail how I would start over, knowing what I know now.
Each deal has three essential parts: the willing seller, the money, and the operators. The necessity of each leg gives it inherent value, which you can monetize. On this episode, we'll discuss how you can profit by bringing real value to the table during, and after, a successful lead sourcing opportunity.
Any small business must make difficult choices to survive and thrive under intense competition. Ryan answers what early pivots Archimedes Group made to find their niche within a niche:
We all compare ourselves to others. Sometimes we look down on folks to feel better about ourselves. Sometimes we torture ourselves by looking up at people seemingly outperforming us. But at the end of the day, is that really productive? On this Mid Month Wisdom, I'll breakdown some of the traps social comparisons present so you can ultimately avoid them.
The debate between POHs and TOHs continues to divide the MHP industry. But which is better for you and your business? On this episode, we break down the differences between each business model. Listen with an open mind. You'll find a hear things you disagree with.
Who would have thought the same effective strategy wouldn't work elsewhere? Starting a business in a new market presents unexpected challenges that even super experienced and successful businesses encounter. On this Mid Month Wisdom, I'll explain how you can plan for this additional risk during due diligence.
http://archimedesgrp.libsyn.com/mmw-breaking-into-new-markets
Dan Handford likes to get granular with closings. Dan and Ryan do exactly that on this inaugural episode of Dan’s new podcast!
https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=1449591388&i=1000427700918
Kenny Kirunda welcomed Ryan onto his podcast to discuss many a topic, mostly centered around what it takes to get started in real estate. Check it out!
https://itunes.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=1357664844&i=1000428888709
No money? No experience? No network? No problem! On this episode we are going to talk about how YOU can get started in this business (or really any business) by simply changing the way you think. It all comes down to this: what can I monetize? We are going to discuss Other People’s Money (OPM), value add activities, networking tricks, and so much more.
