So you want to get started investing in mobile homes. Whether you’re diving in as a buy to sell investor or a buy to rent investor, this article will provide the top need-to-know items.
We’ll do more than pontificate about the merits of investing. In this article, we’ll offer actionable tips and steps to help you follow through on your dreams.
Mobile home investing often starts with a dream. We hope to walk alongside you and see the dream blossom into results. In time, you’ll know just what it takes in terms of wherewithal and actions. Allow us to provide the startup guide you need and want.
The Mobile Home Investor’s Startup Guide
From building cash to landing your first fixer-upper, this guide will kickstart your investing adventure.
Yes, it’s an adventure for sure. While mobile home investing does come with challenges, it also provides rewards — if you stay determined, work hard, and stick to it.
Build cash to start investing
If you haven’t already, you want to begin saving. The wise mobile home investor builds cash so they can start buying up mobile homes. Setting aside some of your income for the purpose of investing is a good idea. Ten percent of your income is a good place to start. See where you can cut back on your spending so you can make this happen.
If your finances leave no room to do that or if you want to supplement that 10%, another idea is to find yourself a side hustle. Put that income accumulated from your side hustle into your investing fund.
And here’s another thought — if you’re in debt, we recommend paying off your credit cards.
Seek out mobile homes for investors
Above, we mentioned side gigs to accumulate cash for investing. While this particular side hustle is not a must-do in our startup guide, it’s a worthy mention at least — finding mobile homes for others. There’s a lot you can take away from the job of identifying mobile home deals for other investors. If you don’t have the money to get your own head in the game at the moment, you can get your feet wet while building up cash in this manner. And who knows, maybe you’ll find your dream mentor in the process (more on that below).
Knowledge is power — educate yourself
Knowledge is power. The best action you can take as you’re starting up is to educate yourself. There’s a lot of information to take in when it comes to mobile home investing.
Whether you’re in it to sell mobile homes with attached property or to rent homes out to mobile home park tenants, there’s a world of information on the internet. Join online mobile home investing communities such as forums. Follow YouTube channels or subscribe to podcasts that elaborate on the trade. Familiarize yourself with every angle that you can. Put your best foot forward into being a researcher. Be self-motivated to learn.
Familiarize yourself with your own area
In addition to knowledge about the trade itself, familiarize yourself with the trade as it pertains to your area. Know all you can about your competitors, local mobile home parks, and contractors.
One of the perks to learning about the area in which you operate is that such knowledge will help you determine the best locations for selling.
Find a master and ask them to walk with you
Here at EZ Homes, we’re all about mentorship. You don’t have to walk this road alone. A drive to self-educate and a tenacious attitude will get you far. Add a solid mentor into the mix, and you’ll be at the top of your game soon enough. Through a mentor, you can learn from mistakes others have already made, and you can absorb knowledge gleaned from another person’s experience.
Pursue your leads, strike up a bargain
After you’ve accumulated cash, broadened your knowledge base, and taken all other necessary steps, it’s time to pursue your leads. Sift through the leads and find your first seller. While that may take some time, the experience is rewarding. Once the bargain is sealed, it’s time to finish strong.
Sell, rent, repeat!
And how does one finish strong? By selling or renting out your mobile home then repeating the process all over again.
Do you want to rent out your mobile home? There’s a process for that. Do you want to sell your mobile home? There’s a process for that too.
Whatever you do, we wish you the best and much success. We hope this mobile home investor’s startup guide gives you clarity as you begin your journey.