I have a book review today that is about an investing strategy most of us know very little about; the niche of Mobile Homes. What I found out in reading Rachel’s book is that she covers everything anyone would need to know to get started with this particular investing strategy.
Choosing a Strategy
When most of us are just starting out and we are trying to figure out which strategy is right for us, we generally try a couple of different ones before we find “the one” that is right for us. I have said it before; I really believe that a strategy chooses us. You will find one (or more) that seem to fit perfectly with your experience, your goals and the lifestyle you want to create.
This is exactly what happened to Rachel. She had a vision of what she thought she wanted her business to look like; a large portfolio of single family homes. While she was certainly successful at this, it just didn’t provide her with the lifestyle she wanted. Being a landlord is not easy. It’s time consuming and can be very costly especially when the tenants move out unexpectedly leaving behind a lot of damage. For some folks like Rachel (and me), being a landlord was just a miserable experience.
Rachel’s Quest for Passive Income
Rachel’s quest for passive income and a particular lifestyle that gave her more free time eventually led her to mobile home investing. She is the first one to tell you it was not an easy path to get where she is today. She had to step outside of her comfort zone day after day.
One thing in particular that I found to be unique about this business is the marketing. Because mobile home investing is so different than investing in single family homes, you need a whole different marketing process. In this niche, you own the mobile home but you rent the space it occupies. So it’s really important to get to know the folks that own the parks which are essentially the “neighborhoods”. They are the folks that you spend most of your time marketing to, but there are other ways to market for deals that she covers in her book. Rachel has a very hands-on way of networking with these folks. It is evident that she has mastered this process.
The Business Side of Your Business
If you are brand new and you are thinking that this strategy sounds like something you would be interested in but you have absolutely no business experience, Rachel has you covered.
You will find everything here from setting up your office, business basics, marketing, making offers and much, much more. This book is a primer on how to work both with sellers and buyers, and it also covers topics such as negotiating and doing inspections.
This is a great little book that will take you step by step through your first few deals.
If you want to learn more about investing in mobile homes, be sure to stop by Rachel’s blog at: www.AdventuresInMobileHomes.com where you will find great stories as well as great information.
You can find her book “Adventures in Mobile Homes” on Amazon.
Terry – It’s not for everyone, but Rachel seems to have made it work for her. Her book is a quick read.
It’s nice to read about people who branch out into other areas of real estate investing.
It seems like investing in mobile homes would be a challenging field. I would think the fact that mobile homes aren’t built to last as long as a house, would be a big hurdle to overcome.
I need to read her book to the full picture.