This book has everything but the kitchen sink! I have been to two seminars costing over $350 each and they didn't cover half the stuff this book does. The home work he gives you at the end of every chapter goes a long way in getting you started. I read the book cover to cover the first time. Then I help a friend who went chapter by chapter doing the home work the second. By the time he was done with the book the second time (5 months ago), he had everything in place and have been purchasing one mobile home a month ever since to great success, with a positive cash flow after expenses of $1,500 a month so far and plans to keep going. Mobile Home Wealth: How to Make Money Buying, Selling and Renting Mobile Homes
If you're looking for a 'cheerleading' book about how great real estate investing is or how easy it is to do no-money-down deals, there are plenty of choices. If, like me, you want to see a book that gives real, practical advice on how to invest: finding and evaluating good deals, checking out the property, getting it financed and managing it, buy this one.
This is not a light read, but it is easy to follow and it lays out one of the clearest and most complete paths to investing I've seen anywhere. I read it quickly, but will also use it as a reference as I begin investing in mobile homes. If you plan to invest in mobile homes, any one of about fifty tips in this book is going to save you way more than the book's cost. I wish there was a book like this for every real estate investing sector.
This book doesn't provide high level topics with vague details, like you get at most investing seminars. It covers each topic thoroughly down to boxed and highlighted equations, where necessary. The book contains 3 key sections: Profit Strategies, the 5 Green F's that tell you have to actually execute each deal, and the basic principles of wealth. Another HUGE perk is that this book contains many example forms at the end from contracts, Leases, FSBO call sheets, inspection sheets, etc. For less than $20, this book is an enormous value. Not only does it motivate you but the topics are so clear, it almost takes away any fear you might have about starting in investing. Lastly, the author speaks in a clear, simple, and easy to understand voice that is quite humorous at some points.
As you can tell, I can't say enough about how awesome this book is
Great info for mobile homes as well as real estate investing in general.
I've read a lot of books on investing and this one gives some ideas I haven't heard of before.
The only problem I have is with the Lease Option chapter. As with many investors, they recommend giving a rent credit for each month of payment by the tenant/buyer. Check with a local attorney but this can lead to equitable interest in the property, meaning that you would have to foreclose on the tenant instead of just evicting them.
Not very many investors are aware of mobile home investing. They mainly focus on single-family or multi-family properties. Because mobile homes carry certain amount of stigma among the general public, many investors shy away from it, but they have no idea how profitable they can be. In this book, you will learn how to find deals, analyze them, obtain financing, and manage them. However, if you are looking for a get-rich-quick scheme, this book is not for you.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
Most of the book can be applied to any area of real estate investing, not just mobile homes. There are some very interesting strategies tailored to just mobile homes that are worth the read. Saw author in person at a local club. He was really fantastic.
This book is worth every cent of its selling price. I am wonderfully satisfied with the simple method the writer uses to explain the ins-and-outs of securing a good, stable income. This book will be my instruction manual for years to come.
The information in this book about mobile homes seems solid, such as land leases and maintenance. I have no reason to doubt that content. I am, however, worried about the advice given on buying/selling property in regards to the various seller financing methods (aka "no money down") as well as the seemingly manipulative behavior when approaching community banks.
In one section of the book, the author recommends going to the president of the bank, talking to his/her secretary and finding out who the VP of lending is. So you will have an "in", when you sit down with the lender and say "the president's secretary sent me to you." That may very well work, but crosses ethical boundaries that I'm not comfortable with.
In addition to that, the author suggests seller financing for purchasing property with no money down. One method is for the seller to give you a second mortgage for the down payment, which you use to secure the mortgage from the bank. So the seller provides the 20% down payment mortgage while the bank provides the 80%. If you search around for "silent second mortgage", you will see that this is a common type of mortgage fraud. You are misrepresenting your finances to the bank! The bank thinks you put down your own money, when it was actually borrowed.
There are also recommendations for 100% seller financing, to avoid down payment. Ask yourself this one simple question: if a professional bank requires 20% down to offset risk, why wouldn't the seller want such a thing? The only answer I can come up with, is that you are taking advantage of an unsophisticated investor. The seller doesn't know the real risks involved.
I would see a lawyer before touching any advice this book gives. - Manufactured Homes - Mobile Home - Real Estate Investing - Manufactured Home'
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