- (QUESTION) Hi John. If you were starting over tomorrow without any cash, bad credit and in a completely different market, what steps would you take over a 30 day period to to secure your first mobile home deal?
Starting off with no money will not hinder your wealth in the long run. I remember my first mentor telling me it is much better to have no money and no credit when starting, this will force you to do make creative deals that generate positive cash-flow every time. I was apprehensive of this statement when I heard it at first. Because you have no money you will try to squeeze every penny out of each deal – resulting in a very high profit for you on every deal! I have never done a bad deal when I have negotiated great terms with zero down and low monthly payments to my seller…
I have however, in my later years, when I’ve had money, done my fair share of bad deals by signing my name to a mortgage or buying homes out right with cash.
Use your mind instead of your wallet!!
Anyways back to the question: It is so important to align yourself with someone who is where you want to be. Starting out with no money, bad credit and in a topsy-turvy market is just how many of tomorrow millionaires are starting off today, and how many of us started out in real estate.
I would start by investing in mobile homes located in mobile home parks, after 10-15 mobiles generating between $3,500 -$7,000 a month passive profit, I would move onto buying great creative deals with block homes or mobile homes that were attached to land, and while building towards my long term goal of every property free and clear of a mortgage (either seller held or bank) and marketing every which way I could I would wholesale the properties that where wholesale-able in order to build up more bank reserve to invest in more properties or pay off said mortgages/liens.
Buying and holding has always been the way to wealth. From biblical times to the current economy; families will always need a place to sleep and a roof over their heads.
Long story short – Bust your Ass for the next 3 years, building your own business! – Not working for someone else. And you and your family will never have to worry about money or work another day in your lives!
Happy investing!
- John
