Mobile home parks are one topic that most Americans are never taught in high school or college - or even heard of unless they seek the subject out. Since they are starting from scratch, it is imperative that most investors be properly trained in the niche before they risk their investment dollars. Like anything else, there is a skill set to being a successful mobile home park investor, and these are skills that you must be taught. So how do you best proceed in obtaining mobile home park investing instruction?
Make sure this is the right investment niche for you before you commit a lot of resources
Like anything else, don't just jump into something without doing some basic thinking about your goals and how the mobile home park sector can meet those. Mobile home parks have the highest returns in real estate, and are easy to manage and have some basic strategic advantages due to the fact that you rent the land, and the tenants themselves own the structures. But mobile home parks are not always the most beautiful places in the world, and it's not always glamorous cocktail party conversation.
Once you decide, then commit
The civil war's most successful general, Nathan Forrest, said that the best way to win at something is to put on your bayonet and run screaming at it. While this might be a bit extreme, the truth is that your best odds of success in mobile home park investing require 100% commitment. You need to keep your deal flow high and put in the time to make many offers to find the right park. A half-hearted attempt at buying a mobile home park will only yield either no park at all, or a real loser. If you really want to buy a park, you need to make the commitment to learn everything you can about the business, and then put that training into practice.
Focus on the material
Any training materials should be given 100% of our focus. Don't day dream and read every paragraph or two. Take it extremely seriously. You are going to be risking your hard-earned savings on that mobile home park, and you better know what you're doing. It's amazing how some people will spend hours memorizing baseball statistics - which make them no money - and then just gloss over their mobile home park training.
Don't be afraid to ask questions
Any good mobile home park investing training will include the ability to ask as many questions as you want. The best way to learn is through communication with the instructor. Any event that does not allow you one-on-one questions and answers throughout is not a good training resource.
Think like a man of action, act like a man of thought
Successful mobile home park training only ends when you buy your own mobile home park. If you are going to spend the time and money to learn the business, then continue on with the process until you see it to fruition. There's no point to learning how to do something if you then don't do it.
Mobile home park training can be absolutely essential to getting up to speed fast and not making rookie mistakes. We spend our lives learning from birth on, and it is a valuable source of progress. So follow these steps to successful mobile home park training and enjoy the rewards of your efforts.