How to Create a Freedom Lifestyle with Investment Property

freedom lifestyle with investment property

Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.

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I wanted to spend some time on how to build wealth through the vehicle of, investment property,  As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property.

So, this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth.

Wealth is the vehicle that you need for any successful venture in your life, whether it's to give your kids a better life, whether it's to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with.  So, building wealth through, real estate investments, investment property, is what we're going to be focusing on for the next three remaining episodes in our four-part series.

So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too!  Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio,  so you're not missing any episodes.

 Mike made his wealth from offering turnkey, investment property, services to in the Atlanta area.  His system allows his investors to sit back and collect, passive income, while living a, freedom lifestyle,

Mike Wolfe has been a real estate investor for over 28 years.  Over the years he's gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder.  He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he's created through his, investment properties,. Mike's company sells, turn-key real estate, and, investment property,  in and around Atlanta to investors around the globe.  He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property.

Starting your investment property business

I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction.  It's not what most people have when they go to Vegas.  It was not gambling or drinking.  It was actually this addiction to go look at real estate.  I noticed that back in those days the prices of, investment property, kept going up and up.

I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn't be in two places at the same time.  I couldn't go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas.  So, I reluctantly hired a property manager.

Three phases of investment property business cycle.

At first, I find most entrepreneur's do is we go through three phases if we survive long enough.

  1. The first phase is where we do everything ourselves, usually because we don't think anybody else can do what we do as well, and we don’t have the funds to hire help.  It’s kind of like for an entrepreneur our business is like a birthing a baby and you don't trust just anybody with your baby.
  2. The second page where I had no choice but to get somebody to help me, so I reluctantly hired a property manager; but phase two is what I call the micro manager phase. I needed to about know every little thing that was going on.  So I basically told my property manager to keep me in the loop with every repair, every issue with the tenants. I remember there was one week where my property manager called me twice with the same issue,  it was about a broken fridge.  Two of my properties had a fridge that wasn't working and in either case I tell the property manager.  I don't think the tenants need a new fridge, just fix it.  I realized I gave the exact same answer. Let's see what it cost to fix it and if it's over a certain amount then we'll replace it. I started thinking if I gave him the same answer both times maybe I can systematize this and instead of him having to call me, I can give him the freedom to follow our systems and procedures manual, which is to find out what is the  cost to fix and if it's more than X number dollars let's just replace it.
  3. Phase three was where I hired a team and put the right persons on our team. You trust them and they do a good job for you. I started to realize that I could build  a whole team like that, where I put the right people in the right position, give them a certain system so that they were following  my procedures then it made me feel comfortable to let them do their thing.  I would get my time back and so that was kind of the start of the transition to my, freedom lifestyle,.  That now has led to a typical work day for me these days is literally.  I wake up, I answer some emails and make a few phone calls when Myrna asked me to do a radio interview I do that and then I'm done for the day!

How to become efficient in, investment property, business:

After 28 years in the, investment property, business I still go to seminars.  I still open to seeing how other people run their businesses and how they make their money.  I'm always looking to be more efficient.  I also do a lot of personal development of work on myself.  Back in the early days I thought I was too good for all that;  but  the most successful people I know are all lifelong learners,  or at least they're always trying to strive to be better and get to that next level.

I'm making it sound like it was a very short transition like I just did some deals and I became rich and start traveling the world.  There were a lot of ups and downs along the way.

Let's say that you know someone is listening to this podcast right now and they want to quit their job and go into real estate full-time, because obviously they can make much more money in, investment property,  real estate then they can working for a pay check.

How would someone start an, investment property, Business?

If I  could go back 28 years and talk to myself, the first thing I would ask myself is,  Do I want to have my money work for me, or do I want to work for money?

Take advantage of the benefits of, investing in real estate, to create, passive income,

Investment property, is something you buy once and it generates income forever until you sell it.

You've got to be  ready for that kind of commitment.  You’ve got to treat, investment property, as a career.  You don't dabble in it.  If you dabble in it and try and mix it part-time and with your job, I don't see very many people being successful.

That's the number one thing. Figure out what type of investors you want to be.  You want to be creating, passive income, or you want to get out of your job and make this your career?

Make sure you have a passion for, investment property, don't get into it just because you see those shows on TV that make it look really easy,  flipping this property and that property. These shows make it looks like you can just every day wake up find a property, flip it, make a couple hundred grand and call it a day.  It doesn't work like that.

So number one thing is to figure out what kind of investor you want to be.   Then the second thing that I would do is figure out what  resources you have. Whichever side of that equation you're on. Whether you're the passive investor side or whether you're an active investor. Figure out what your resources are.  How much cash you have available?  How much time do you have?  How much education do you have?

When I first started I got really  lucky on that first deal, otherwise there would have never been a second deal. Then I had some humbling experiences that made me go get educated.  I got a mentor,  somebody to help me.  So I didn't  go winging it.

Joint ventures in, investment Property,

If you were to go do a joint venture with somebody.  You have to decide what are you bringing to the table.  Are you bringing money?  Are you bringing the ability to qualify for the mortgage?  Are you bringing education? Or are you're bringing access to good deals?  Figure out what you're adding and then figure out what you're lacking and then go find joint venture partners.  Find other people that have the pieces that you're lacking.  So if you have a lot of spare time and no money,  there's a lot of people out there with money who can't create more hours.

I want to be enjoying time with my grandson and my daughter doing a lot of volunteer work and humanitarian things.  I don't want to be door knocking, looking for good deals anymore.  So if I find somebody who's got some time, I have got the money.

If you start off on that track asking yourself those two questions, then you're going to have a pretty realistic chance of succeeding and going forward in your, investment property, business.   A lot of people have really big dreams because they go to some seminar where they make it sound really easy, because  they're trying to sell you some high-end expensive, investment property,  coaching program.  They fill your mind with all these things you can achieve and probably only about two percent of people who go to those seminars ever end up not even earning their money back that they spent on the seminars!

People come to me after they've invested a lot of money in their education and their education is pretty much worthless.  So make sure you do your homework and you know what the reputation is of these quote-unquote gurus that are selling stuff.  They are professional marketers.

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Biggest Myths in, real estate investment, investment property,

I think I think a lot of myths are perpetuated by the media.  We see all these shows about flipping this and flipping that.  I feel the biggest myth is that you know,  real estate investment, and, investment property, can create, passive income, but it can also become something that takes up a lot of your time.  You might be trading your eight-hour day job for a 20 hour a day job.  It can be fun it's exciting because you're out there and you're meeting new people but sometimes when you spend so many hours working on your business, you kind of forget about things such as your health, such as your family and other things start to fall apart.

A lot of people get into, real estate investments, investment property, because they think it's going to change their lifestyle to a, freedom lifestyle, and they actually end up with actually sometimes with a worse lifestyle with no freedom, because, investment property, is  something you take home with you every day.  You can't just say oh I'm going to work from 9:00 to 5:00 today on my, real estate investment, business. Because guess what at six o'clock when you're having dinner with your family, a tenant will call about a leak in the bathroom! And you have to take care of it.

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Additional Resources:

https://www.forbes.com/sites/forbesrealestatecouncil/2018/07/26/eight-things-you-need-to-know-before-buying-your-first-investment-property/#10ac9ea45a93

https://time.com/money/collection-post/2954483/should-i-buy-an-investment-property/

http://blog.myhelps.us/real-estate-investment-fund-fix-flip-series-are-rental-properties-worth-the-headache/

http://blog.myhelps.us/true-wealth-path-financial-freedom/

Using The Inner Game To Become The Richest Real Estate Agent

Ben Oosterveld become the richest real estate agent

Ben Oosterveld became a, real estate agent, and a coach and said I would literally show the agents how to do sales using their, inner game.  I convinced 12, real estate agents, to coach with me, and I said, I'm gonna really kill this. I'm going to destroy it. It's not going to be hard. I know how to do it, but I'm going to do it alongside you.

And it was the weirdest coaching program ever. I said only one group of people are ever going to see this and I became Rookie of the Year.  My first year I did over 80 transactions. But I but I also hired an assistant within my first three weeks, because I was businessman.

Download the podcast here: 

https://pdcn.co/e/https://chrt.fm/track/897G7/www.buzzsprout.com/1761155/10894290-using-the-inner-game-to-become-the-richest-real-estate-agent.mp3?download=true

Bio

Ben Oosterveld, didn’t have an easy start. He lived on the streets from the age of 14, survived a failed suicide attempt at age 15, and later spent 365 days in rehab. Ben's, inner game, needed work. He was a pure-bred, people pleaser, manipulative & controlling man who always compared himself to others to the point of constant self-sabotage.

Ben has since coached entrepreneurs and national companies. Previously, he built a real estate investment company that held 61 properties with investors in 4 different cities. After getting his real estate license, he built a multimillion-dollar real estate business with an award winning top national team in 3 years.

Today, Ben helps business owners and, real estate agents, get clear about who they really are and what they really want. He helps them make the right changes in their business and life with the new goal of building a life they love. His focus is on coaching, speaking, and running personal growth retreats. Ben loves business but his real obsession is helping people break free of the old patterns that hold them back in life. The, inner game, is everything to him and he is on a mission to find his tribe, one extraordinary person at a time.

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How Ben found his inner game

Myrna; : Can you share your backstory, why you were suicidal and bridge the gap for us and how you went from there to here?

Ben: Sure, I grew up in a tough childhood. I had good parents, but my dad was not in a place to be a parent. He has his own backstory that shaped him. And yeah, just I started running away from home when I was 12 and lived on the streets. I was a very industrious kid, but still and I would find places to sleep and just honestly just got into drugs. Alcohol found a place of acceptance. I never felt accepted.

I got really good at doing drugs as a young kid, every day just getting go.  I ended up trying to commit suicide and committed in a psychiatric ward. I broke out of the psychiatric ward as a kid and that was on the news. My parents told me the news it was a pretty crazy story. But there's lots of stories within all these stories, but I went to a place called Teen Challenge. I went to 365-day rehab center, my plan was I was gonna give this one last try. And I went and that helped me. It helped me a lot.

And then I went into the world. I got into sales. I got into selling. My dad was a salesman, so it's just ironic that I got into sales. I desperately wanted his approval and his love thinking that was the missing hole in my life, thinking that was the actual hole that I needed to fill was based around my father relationship. But it was a relationship with myself. I didn't realize that till later. And I figured, you know, we got to work on this relationship with my dad and, and he was really interested in to me when I was doing things that he was interested in.

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The performance mentality to crush real estate sales

I built the, performance mentality. You know, people pleasing, mentality where I felt loved when I worked hard, so became a workaholic. My dad was a salesman and a financial planner. I became a, salesman. But I'd be not just a, salesman, I became number one, salesman. I had this weird drive that but if I wasn't number one, I was nothing. I had this huge gap happiness was always based on my performance, and what other people would say about me.  I knew I could control what other people say if I just become number one.

I became a, real estate investor, and the first year or so I bought 41 properties and ended up building a, real estate investment, company. I ended up coaching, real estate agents. We changed the investment company when the crash happened. That was a pretty huge hit in my psychology, because I was always winning, and I didn't know what it was like to not win. I cried at my desk. I went through a lot then I hired a, life coach. And I hired someone I thought he was a, business coach.

His name was Mr. McKernan and I worked with him for eight years. And he was the first guy to challenge me. I was a very strong, strong person. I could tell myself stories and I could convince you and me of these stories. And a lot of times we just got to identify some self-awareness around these people that are going on with their stories.  I've really niched out in, real estate, to help the, real estate industry and, real estate agents.

Transform Your Mind Amazon
Transform Your Mind Amazon

Becoming an inner game coach

I actually became a, real estate agent, and a coach and I would literally show the agents how to do sales. So, I convinced 12, real estate agents, to coach with me, and I said, I'm gonna really kill this. I'm going to destroy it. It's not going to be hard. I know how to do it, but I'm going to do it alongside you. And it was the weirdest coaching program ever. I said only one group of people are ever going to see this and I became Rookie of the Year.  My first year I did over 80 transactions. But I but I also hired an assistant within my first three weeks, because I was businessman.

Why would you buy a restaurant and try to cook and serve all at the same time?  Real estate agents, all over the country are doing everything themselves. And I realize it's the thinking that's the problem. They think they can keep selling and selling, but they forget that you could build a, referral base, every single year bigger and bigger and eventually if you did 1000 deals in your lifetime and you have a 10% referral rate, you'd have 100 sales every single year without even spending $1 in marketing. So, no one's playing the long game. I coach now helping, real estate agents, put in the right systems in place, so they can buy back their time because a business is if you're a, salesman, you got to grind it out.

But if you're a business owner, what you're doing is designing your company to serve the life that you want. The question is what else do you want? And that's where I'm a blackbelt, because I can help people uncover what they want. Now we create that then we say how much does that cost? Cool. So, you only need 200 grand a year to have the life you want when you thought you needed a million.

Podfriend Transform Your Mind Podcast
Podfriend Transform Your Mind Podcast

People pleasing and the inner game

So, we do a lot of work regarding the, inner game, and figuring out what they want. Most people don't know. My journey has been this weird, obsessed with human behavior and psychology because I was broken and I hated myself. So, I just was I tried to fix myself along the way and then the, inner game, really changed me.

It's been many, many lessons. We could talk for long. I'm sure we could share stories. The thing is, though, the biggest one. The biggest one happened the last, say three years for me. I've done well. I've done been doing this for years now. But the thing is, I got to a place where I would see something in my life and I want to fix it. I want to fix, people pleasing, manipulative, anger, whatever you can choose, anxiety, and I looked at it and I say I don't want that in me.

So now I'm going to use my skill of attacking and my builder skill, which is like, let's figure out how to get it down. I would study and try to attack these ailments that I had that I didn't like. But the more I fixed them, I find more, fix more and find more, that's when I realized I knew I know a lot of knowledge and I can help a lot of people. But I realized I was digging myself into a hole of unsatisfied anxiety, depression, hatred, through the, Personal Growth Movement. Because I just found that I was still broken.

Then I would go into judgment and say I should feel better. I'm doing all these, personal growth tools, and affirmations and all this stuff. But it was judgment because I didn't feel better. I felt like I could get through stuff, but I had five more things in me that needed to be fixed. So that fixer in the builder just led me to more fixing and builder and what I realized is self-acceptance is enlightenment.

Transform Your Mind Luminary podcast
Transform Your Mind Luminary podcast

Why hiring an assistant is setting realtors up for success

Myrna: Yeah, you got so many nuggets in there. I got to remember which ones I want to circle back to. Okay. All right. Let me take let me let me test my memory here. So, the first thing I want to circle back on was and you hired an assistant right away.  A lot of, real estate agents, wouldn't understand that because we know in, real estate, you don’t make enough money to hire and assistant when you just get started. I interviewed a guy a couple months ago on the on the show and he became a top, commercial Realtor, in in San Francisco. And he was talking that for the first two years he didn't get a paycheck because of course he was working on big deals.

We know as, Realtors, when you come in, you don't always get the 10 deals a month. You get a little bit of money. And you're not thinking of hiring someone. You said you went in and immediately hired someone because you understood sales.

Ben: I hired an assistant because I was planning to be successful. Are you planning to fail?

Myrna: Yeah, exactly. That's a good tagline. You know, don't plan to fail, you know, set your business up for success.

Ben: I'm dealing with hiring an assistant, it's my secret way to get to find out where you psychologically create emotional friction. So, watch this. Hey, why don't you hire an assistant? Well, I don't have money or time. I don't know what to do. Hold on. That's all emotional friction. Let me change your thinking for some of the people on the show right now that have a business or anything. I'll just do it really quickly.

Can you afford $20 a week? Of course, you can. So, what we need to do is not go to the black belt hire, I gotta get you to hire well white belt, because I need you to get a psychological win.  I want for you to become a CEO or a boss. The learning curve is way too high. But if I can get someone to manage your birthday system to make sure that you send a birthday card to every single client, I call that project hiring. You can practice being a boss and the cost is 20 bucks, one hour a week. It's the only mindset first, real estate coaching, in the world. It's called the Richest Real Estate Agent Facebook group.

Transform your Mind Podcast Index
Transform your Mind Podcast Index

Definition of the inner game

Myrna: Okay, I love that. I will definitely join that. But you know in my defense, I focus a lot on my time on my podcast.  Explain what you mean by the, inner game?

Ben: The, inner game, it's the relationship with yourself. When you wake up in the morning, how do you feel? It’s your, emotional intelligence. Let's talk about, people pleasers. If you're a, people pleaser, you are extremely selfish person. I can speak about it because I got the medal of honor. And so, here's the thing, let's play this game with the readers and even ourselves. If someone says something like this, “You let me down.” If you can really take a second, close your eyes and think about how that would make you feel with someone that mattered. People pleasers, only please the people that matter.

Myrna: I would feel pretty bad. I would feel that I let you down and since I'm a caring person, that would bother me.

Ben: Correct, you have this internal energy this chaos that says, I don't like this feeling that I get when someone lets me down.  By the way I can manipulate anybody with that right now. All I got to do is say you let me down and I can pull the strings on people, that's manipulation. So, if you just be very careful, miss everyone wants to be an independent man, independent woman. Great. So, if you're a, people pleaser, super easy to control. FYI. That's how you give your power away. Second thing is this, if you are people pleasing, you act as if it's about the other person. And it's such a lie, because all I want is that feeling to go away.

So, I got to make sure you're not upset with me. That has nothing to do with the, is all about making sure I don't feel those emotions. Because it makes me feel bad. So, who are you really pleasing?  Yourself.  How do you like when someone says I'm doing something for you, but they're not using you so really, as a, people pleaser, you use people. No wonder there's no real deep connection.

Transform Your Mind Podcast Player FM
Transform Your Mind Podcast Player FM

Language and personality types

Myrna: That's true. That's a different way of looking at it. That's a different spin. Tell us about the 16 Psychological languages.

Ben: we're born with 16 personality types and we all are the same human. There are 16 through the study of 100 years of psychology, there's 16 combinations of personality. So, when we say that's just my personality, you're all personalities you just haven't visited say the organizing person, you're more of a winged person or you're more of a detailed person, you're more of this, so forth. So, this is years and years of studying humans is understanding myself as being my obsession, and now I understand the people and I'll give you an example.

Let's just do a practical example on a language understanding human language. So, let's say that, you're a real estate agent, and you go into a house, let's say I'm brand-new, real estate agent. I sit down and the client askes me, so how long you've been in the business, I'm thinking who says that? What if I'm brand new, you know? I'm gonna feel terrible.

And so here's the thing. I look at a guy like that. And so, speaking his language, he has the balls to hit me with a bat. That is a test on my credibility. Okay, we have to understand that we can stop being so self-centered, and observe how people talk to us. Here's the trick. Here's some tactical training. The guy says, how long you been in the business? You have to hit him with a sarcastic hit and you got to be direct, or you'll lose the guy's credibility. That's understanding his language.

So, I would say, you know what? I've only been in the business under a year. And I might not be your, real estate agent. Then I'd say to him, I'd say, but I do know someone 40 years in the business, her name's Betty. She has a walker. If that's how you're going to choose, let me give you her your number right now. And then guess what he says, I like this guy. I want to hire him. Because  sarcasm  is the language of the logical, but then later, they become loyal.

Transform Your Mind Podcast Pandora
Transform Your Mind Podcast Pandora

Using language to build connection and rapport

Myrna: So you're really pretty confident to do that. That's pretty good.

Ben: In my course I teach the psychology of all the languages and when someone teaches sales training, I think it's manipulative. What I do is it's like, I look at human connection.

So there's building connection and rapport through tactics or authenticity, and then one is rich, but people pleasing one is real. Like if I really understand you, I'll probably find out what makes you tick. What's your nostalgic value? That’s what I think of when I meet a client. So, this isn't this isn't mirroring, its building rapport. This is truly at a psychological level, making a connection.

Myrna: Tell us about your podcast is called the, Inner Game.

Ben: I am no longer doing the, Inner Game, Podcast. We're all in on bringing mindset and personal growth and business mindset versus worker mindset to, real estate. And so, I'm focused 100% of that in my podcast is called “The, Richest Real Estate Agent. The other thing is I have a book coming out called the real “The richest real estate agent: how to build a seven-figure business without sacrificing your relationships.” It's the first mindset book for, real estate agents, with full tactical training. Never ever has this been combined. We're going to be going after the, inner game, for, real estate agents, and that's our focus.

Book The Richest Real Estate Agent
Book The Richest Real Estate Agent

Conclusion

And so that's the book, the podcast and our group on Facebook is all The, Richest Real Estate Agent.  I also run, personal growth, retreats that I do that once a year for people that want to bring up their teams or whatever, and I take them on a three-day kind of off grid or adventure retreats. And that's three days I can't even compare to the effectiveness of what three days away on one of my retreats does for the for the head and the heart. All these information can be found on my website www.benoosterveld.com

Additional Resources

http://blog.myhelps.us/create-a-freedom-lifestyle-with-investment-property/

How to Own the Sales Process from Prospect to Client

real estate sales process

How to Own the Sales Process from Prospect to Client. i.e How to meet a prospect and walk out with a client!

In this episode, Coach Myrna Young interviews Elizabeth Gifford Maffei. Elizabeth was a multi-million dollar sales producer as a Real Estate agent, she is now a health and spiritual advocate and business coach.

Show notes Sales Process 

* What is a Challenge that entrepreneurs and business owners experience when trying to close a sale?

6 tips to close a sale quickly and effectively
  1. Identify the decision-maker and start a conversation. …
  2. Accurately qualify your prospects. …
  3. Pitch your solution (not just the product)
  4. Create a sense of urgency. …
  5. Overcome their objections. …
  6. Ask for the sale.

* What is the difference between making a sale and creating a loyal client?
* What is the first step in having a successful meeting with a prospect?

How to Prepare for a Sales Meeting As a Real Estate Agent

To be fully prepared for a successful customer meeting, you need to answer these questions:

  • Who are you meeting with?
  • Why are the two parties meeting?
  • What is the objective of the meeting?
  • When and where will it take place?
  • What is the agenda for the meeting (How)?

* How should you prepare before meeting with your prospect?
* How should a successful meeting be conducted?

Using Body Language during the Sales Process

How does the use of, body language, help, close a sale?

While it’s important to know what you should do in meetings and negotiations, knowing what you shouldn’t do is often just as important – and it begins with bad, body language.

The best sales managers know that while you may have a polished sales presentation, tasteful attire, and a product that practically sells itself, you can still miss out on, closing a sale, if your, body language, is out of sync with your words. While it’s true that first impressions make a lasting impact, cumulative, body language, is important. If you are in the habit of demonstrating any of the following, body language, in the, sales process, it could be enough to hurt your sales performance, turning a potential yes into definite no.

* What is the most important step that many business owners leave out?
* An example of a successful prospect meeting that resulted in a closed sale.

The four Stages of the Sale:

1: Qualify – Your, prospects, must have the money, the time, the need and the want to contract your services.

2: Build Rapport – People buy from people they like!
When you meet a, prospect, for the first time, it is important to find common ground. Look for similar interests or experiences and chat about them before getting into your, sales pitch.

3: Tell a story – Showcase how your product or service helped another client. It could also be a personal story of your journey to your current vocation.

4: Closing the Sale, – If you followed the first 3 stages then you don't even need to close, just ask them to sign!
If you get to the end and you get objections, then you missed the qualify or selling the benefits.

Additional Resources

How to Build Wealth with Turnkey Real Estate Investing

Real Estate Investing with No Money

 

How to Make High Returns Investing in Mobile Home Parks

Investing in mobile home parks

Mobile home parks, are a great, real estate investment, because of their low maintenance, high returns and overall affordability.  There’s a strong argument for, mobile home investing. Listen to this interview with Jefferson Lilly,  mobile home park,  investment expert and educator and learn why and how you should be investing in one of the, real estate, industry’s hidden gems.

Jefferson Lilly is the founder of Park Avenue Partners, a private equity real estate fund that acquires and operates, mobile home parks, nationwide.  His investment funds are currently returning 8% – 15% cash annually to Limited Partners.  Both personally and through his partnerships, Jefferson has acquired 25, mobile home parks, in 13 states since 2007 totaling over $56mm in value.

He also started the industry’s first, mobile home park podcast,  and the largest group on LinkedIn dedicated to, investing in mobile home parks. Jefferson has been featured in The New York Times, Bloomberg Magazine, and on the Real Money television show.  He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.

Listen to the full interview here:

Warren Buffett advises that we should stay within our circle of competence, so I figured that I had always lived in a house or apartment so that was within my circle of competence.   I started looking for traditional apartment buildings; but kind of stumbled into, mobile home parks,. I began researching it, in then realized why, mobile home parks,  was really the best niche in, real estate.

How to Get Started investing in, Mobile Home Parks,

I started out by buying my first, mobile home park,  it was a little under $500,000. I put down a little less than $100,000 and I borrowed almost $400,000 from a bank.   I still had some other reserves and I still had my day job.  Just to be clear, at no point you can say like hey, mobile home park,  next stop actions is silicon valley.   I was looking for passive income, I had two streams of income the, mobile home park, and my regular W2 income for about a year.  It's now just coming up on 12  years later and I haven't  looked back.

The first, mobile home park, I purchased, I  just bought the land, I didn't actually buy any of the homes at that time.  My tenants owned all the, mobile homes. There were about 45, mobile homes, in the park. I purchased the land and the, mobile home, owners paid me rent to park their homes in the park.  Think of it as a parking lot.  You own the lot, not the cars parked on the lot.  The cars pay you to park there.  Same concept in a, mobile home park.

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Investing in, mobile home parks, instead of mobile homes

Then about 5 years ago, I formed my first partnership to start acquiring, mobile home parks, Nationwide.    Now sometimes I buy, mobile home parks, with the homes as well as the lot.

We call those a horizontal apartment building of sort,  our colloquial term for that.  Most of the, mobile home parks,  the owner of the park does not own the, mobile homes, and the owner is paying rent to the park owner.

Whenever we buy a, mobile home park, with the homes, we tell the tenants, hey you can now own your own house for the same monthly payment as renting. Depending on the value of the house they can own after about thirty six months or less then 60 months. When they become homeowners they have to actually maintain the houses.  It’s just like real home ownership, they’ve  got to put on  big-boy pants, there  now a homeowner.  So when that proverbial toilet leaks, they don't call me.  They have to go to Lowe's or Home Depot and spend $12 for the part instead of the $200.00 it would cost me to send in a plumber to fix.

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The optimal way to own these, mobile home parks  is to not own the home but just home the park.  You don’t want to be responsible for fixing leaky toilets and such.

If you don’t have the money to buy, mobile home parks, for $500,000 as most of you will not, then buying individual homes and fixing them up or something and selling them or even renting them would be a good start. I know one gentleman who started with just a couple thousand dollars and now owns over 50 mobile homes.

How to talk to the owner of the, mobile home park, to get a deal

If you don’t have a lot of money to start, investing in mobile home parks, what you can do is you can go to a, mobile home park, owner and say.  Hey do you have any individual, mobile homes, in your park that are just sitting there vacant?  Maybe they need some renovation so you you can hopefully find a win-win scenario.

That Park owner may even give you the house for free or maybe just for a couple thousand dollars.  You then put some sweat equity into it.  You paint,  put in new flooring etc.  Your agreement with the park owner is that maybe you've got a couple months to get the house fixed up.  Hopefully you can do it in one month and then indeed you'll begin paying the lot rent.  Because that house is just sitting there un-renovated and  obviously the, mobile home park, owner is getting no cash flow off it because it's sitting there vacant.

So you get a month or two abated lot rent, you fix up the house and then rent it or sell it. You might then get an extra two to three four hundred dollars a month for the house depending on the market.  You put that additional money in your pocket, and that is how you get started.

The average income of a, mobile home,  owner  is around  $35,000 annually.  That’s about three thousand a month. So their housing budget is around a thousand dollars a month.  Most folks that make thirty five thousand a year aren't going to be able to save up twenty thousand for a down payment on a single family home, so that is the target market for the mobile home buyer.  Our, mobile home,  a 3 bedroom, 2 bath rents for about $800.00 per month. We offer a rent to own package and in 3 to 5 years, they can own their own home.  Beats a 30 year mortgage any day.

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If you visit my website https://parkstreetpartners.com , on the homepage you’ll see our phone number and information on our, mobile home parks, nationwide.  There is also information on investing in our private equity fund. You can also email us at Park Avenue partners. com.  You will  find other information on the web site as well. Articles and webinars on investing in, mobile home parks, on the upper right corner of that web page they'll see a button that simply says “Invest” they will find  and again they can find  summary information on the fund and also the PPM, the private placement memorandum which is a very long and dry legal agreement.

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Additional Resources

http://blog.myhelps.us/build-wealth-turnkey-real-estate-investment/

https://www.forbes.com/sites/brandonturner/2017/07/11/7-powerful-benefits-to-mobile-home-park-investing/#2f9eb1476e92

My interest was peaked after interviewing several mobile home park investors on The BiggerPockets Podcast, and later finding The Mobile Home Park Investing Podcast, hosted by Kevin Bupp and Charles Dehart of Mobile Home Park Academy.  I realized that mobile home park investors were crushing it right now.