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.
Big data has lifted the veil covering the unknowns in so many industries. So what does it tell us about MHPs? More importantly, how can we use big data to more efficiently achieve our goals? On this MMW, we'll take a deep dive into how to do the math.
#MHP #MHP_IRL
Join our Facebook group!
https://www.facebook.com/groups/225028118382839/?ref=bookmarks
On this COVID-19 update, I'll discuss April collections along with conversions I've had all month with lenders, investors, owners and operators.
Fear permeates the marketplace. Bankers have hit the pause button for 30 days. SBA PPP loans saturate lenders capacity to underwrite loans. Sure, investors still have strong interest, but what happens if lending dries up for a longer period of time?
#MHP #MHP_IRL
Join our Facebook group!
https://www.facebook.com/groups/225028118382839/?ref=bookmarks
Reference links:
https://www.nytimes.com/2020/04/08/business/economy/coronavirus-rent.html
https://www.mpamag.com/commercial/multifamily-rent-growth-slowed-by-covid19-in-march-219383.aspx
http://archimedesgrp.libsyn.com/covid-19-april-2020-update-lending-collections
In the car industry, complainers deliberately seek to dissuade you from going the extra mile. This leaves more potential car deals for themselves. While intentionally manipulative pessimists may not exist in the MHP industry, the same negativity cycle perpetuates. On this Mid Month Wisdom, we will expose this sneaky behavior and explain how to avoid succumbing to it.
#MHP #MHP_IRL
Join our Facebook group!
https://www.facebook.com/groups/225028118382839/?ref=bookmarks
http://archimedesgrp.libsyn.com/mmw-winning-the-inner-game-battle
Sticky, long term tenants prove a big advantage for MHPs over other multifamily asset classes. But typically, people that need affordable housing also present the most risk of any asset class. So how do you find sticky, long term tenants that consistently perform? On this skill series, we will discuss how to welcome in great prospects and screen out trouble.
#MHP #MHP_IRL
How has COVID-19 affected MHP pricing? What should we be focused on in the short run and in the long run? On this bonus episode, we will discuss what may be coming.
http://traffic.libsyn.com/archimedesgrp/COVID-19_Effects_on_MHP_Markets.mp3
Investing time building skills that will make you FASTER, will get you PAID. Let me explain... Valuing deals, conducting due diligence, crafting business plans, etc. consume lots your TIME. These essential activities will be a major drain on you when starting out, especially if you have a full time job. But imagine if you could value a deal within a few minutes. Or copy / paste a solid business plan to pitch to lenders / investors. Truth is, when starting out, you just aren't good at those actives yet, meaning they could take hours of your time. Hours you don't have. I know folks that have been in the business for years that can value a deal in minutes. This is a SERIOUS advantage. If you only have an hour or two a day to devote to MHPs or real estate in general, because you have a full time job, you NEED to find ways to save on time without taking shortcuts. Brokers, sellers, lenders, etc respect decisive, quick, intelligent answers even if it is a 'no'. Ration your time. Build skills. Become faster to get paid more.
#MHP #MHP_IRL
Thank you for all the calls, texts, and emails asking for my opinion of what’s next for real estate (specifically MHPs) during this crazy time. I’m humbled folks respect my opinion. I figure I leave my thoughts here too:
When will the prices come down?
-Too many investors are itching, in spite of the fear, for deals and prices to drop. That, to me, means the demand for properties hasn’t been affected yet. Prices are likely to stay high until...
-Desperation. Right now, we are in the fear / anxiety stage. The economy will really take a hit when the checks start to bounce and bills go unpaid
-And that’s why: #CashIsKing -If you have money set aside for bills (and reinvestment), you will be primed to survive and to thrive
Should you consider other asset classes?
-Maybe. But the deals to come likely will be heavy value add
-Why sell a strong property during an uncertain time?
-So I’m focusing on what I specialize in
When should we expect a price adjustment?
-Not for a while. Possibly years.
-Talk to folks who survived and thrived after 2008
-It took years for properties to hit the market and even then, the deals were all value add
Best of luck everyone. As always, if Ian Tudor and I can help, let us know!
#MHP_IRL #MHP #RealEstate
Great deals are coming!!!
But there's one big thing you must have first...
You'll need to weather the storm.
You see, when you look back at business history and how companies took advantage of economic downturns, step one was always:
SURVIVE.
You can't buy good deals if your business doesn't exist anymore.
So, yes, we investors should be excited for impending good deals. But that's putting the horse before the wagon. Right now, we should be focused on surviving.
Thriving will be the next step once we know we'll be all right.
#RealEstate #MHP #MHP_IRL
After years of cold calling, networking with brokers, and evaluating hundreds of both on and off market deals, I can confidently place sellers into two buckets:
The Legacy Creator and The Highest Bidder
So how do you approach each type and successfully purchase their property?
On this mid month wisdom, we will cover each type, why they behave the way they do, and how you can adjust your strategy to position yourself to compete for the deal.
#MHP_IRL #MHP #RealEstate #Differentiate
http://archimedesgrp.libsyn.com/mmw-the-two-types-of-sellers
“You can’t get rich making a 7% return; at least not quickly.”
If you want to build serious wealth, you need to heed this advice.
Capital Preservation is a completely different game than Capital Multiplication.
Sure, if you want to retire comfortably, it makes sense to invest in the stock market, hit your 7% return relatively safely, and let compounding interest work its magic.
But if you want to get rich, and before retirement age, you need Capital Multiplication.
Do the math: 7% of $10,000 is just $700
That'll take many years and compounding interest to qualify you as an accredited investor based on net worth.
You need to make that $10k into $100k. And then multiply that $100k into much, much more.
Easier said than done, right?
Believe it or not, Capital Multiplication opportunities exist everywhere.
Wealth building, like any other discipline, is a skill that you need to develop over time.
Check out my most recent Skills Series episode "Rocket Fuel for Net Worth"
#MHP_IRL #MHP #BuildWealth #startingwithnothing #sidehustle #mobilehome #networth
Real estate, for the most part, isn’t a complicated game.
It’s a time game.
•You must time cycles correctly
•You must season value add properties before most refinances / sales
•You need certain skills and knowledge, which take time to develop
And most people quit before they develop the necessary skills.
So how does one make millions in real estate?
Play the long game.
•Teach yourself the skills to identify the right properties
•Learn how to execute on the business plan
•Network like crazy
•If necessary, partner with someone that compliments what you don’t have
•Most importantly, just don’t stop
For more, check out my episode called “Rocket Fuel for Net Worth”
How do you inject rocket fuel into your net worth?
Believe it or not, it’s way simpler than you think.
On this skills series, we’ll cover what skills you’ll need to develop, what mistakes you may be making, and how to put it all together to create serious wealth.
#MHP_IRL #MHP #BuildWealth #RealEstate
http://archimedesgrp.libsyn.com/skill-rocket-fuel-for-net-worth
People gravitate towards completing activities they enjoy doing and generally avoid tasks they find unpleasant. So how can we apply this knowledge to Real Estate, and fix what we are doing wrong?
#MHP_IRL #StartingWithNothing
http://archimedesgrp.libsyn.com/mmw-what-you-are-doing-wrong
How do you achieve 1% wealth? You must offer 1% something. You must be 1% smart, or 1% hard working, or 1% good looking. Or 1% lucky! On this episode, I'll explain how to break into the 1%, even if you aren't 1%.
#MHP_IRL #MHP #RealEstate #Differentiate
Are vacant pads upside? What goes into that process? How do you value an infill opportunity? In this episode, we'll take a deep dive into vacant pads and how they may, or may not, fit within your strategy.
First and foremost thank you, the listeners, for making MHP_IRL exceed any expectations I ever had
The texts, emails, phone calls, reviews, discussions and general gratitude y’all have for this podcast warm my heart
But more importantly, knowing I’ve been a part of YOUR success, through coaching listeners through making offers, closing deals, sorting through onsite issues, and so on, makes the countless hours worth it
If we are going to combat slumlordism together, I figure, not only do I need to keep this FREE, and be available for you to jump on calls with you, but also, I’ll need to double down
This year, you can expect a skills series where I take deep dives into the skill sets you’ll need to thrive
I’m going to ask industry leaders tough questions, like why don’t some MHPs trade? What big risks do people overlook? And why do people struggle achieving the deal flow they need?
We also realized we’re stronger as a community of owners, so to help connect everyone, we founded the free to join Mobile Home Park Mastermind Facebook Group
If you want MHPs, you NEED to join this group. We have TONS of fellow MHP owners already sharing tips, ideas, contractors, and even deals
Thank you for the tens of thousands, and counting, downloads we have achieved in nearly 2 years. Let’s continue to grow a community of truth, not hype, together.
I’m looking forward to growing with you during season 3
http://archimedesgrp.libsyn.com/season-3-announcement
At the end of the day, you're buying a business. If you'd approach buying a business like a restaurant or plumbing company differently than you would approach educating yourself to buy a MHP, then maybe you should rethink how you are approaching MHPs. On this Mid Month Wisdom, I'll push you to shift your mindset.
#MHP_IRL #MHP
How do you sell / convert former rental Park Owned Homes (POHs)? This old school strategy has killed it for some, and ruined others. On this episode, we'll dive deep into what it takes to buy POH MHPs with the intention to convert to all TOHs.
#MHP #MHP_IRL #Differentiate
http://archimedesgrp.libsyn.com/selling-park-owned-homes
