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What do I do with this Mobile Home? by Jonathan Dugger

Mobile HOmeMobile home investing typically happens one of two ways; you invest in mobile homes attached to your own land OR you invest in mobile homes that are on someone else’s land (typically the land rented in someone else’s mobile home park). Today, let’s talk now about mobile homes located on rented land (in mobile home parks)!

First of all, there are No Closing Costs – In many states owning a mobile home is very similar to owning a car or a truck. For us as investors, that can mean…….No title insurance, no real estate taxes or insurance prorations, no fees, no surveys, no doc stamps or other costs that typically come with home ownership!

Mobile homes that are located on rented land, such as in a mobile home park, do not close at a title company or attorney’s office. You can close “traditionally”, and I even encourage that in some cases, but you can save those dollars once you understand the process for your area. As I mentioned, mobile homes in parks are considered “personal property” and for that reason it may be as simple as buying or selling an automobile, boat or lawnmower.

The second reason to invest in mobile homes is that you have built in Bird Dogs and Lead Generation – At the start of my mobile home investing career I was almost embarrassed to tell people that I was investing in mobile homes for profit. I really thought that my investor friends and colleagues were sure to scoff and think I had lost my mind. What happened? No one scoffed…well maybe a few did at first; but, for the most part, my fellow investors were happy!

They were happy because now they could do something with all the mobile home leads that they had been stacking up over the months; they could bring them to me. I was having new and seasoned investors bringing me finished deals or great new leads on a silver platter every day.

It is still amazing to me that no one seemed to know what to do with “Ready to Go” leads that came in from regular marketing efforts.

The other “built in birddog” resource is the park residents themselves. Once you get out there and start visiting the parks, you will be amazed at the people that will simply strike up a conversation. They will begin telling you not only their business, but everyone else’s as well. If you are willing to take the time to listen and ask good questions, those conversations often lead to additional inventory, information about market needs, and motivated sellers and buyers.

Next reason, Avoid the Crowds – When I started getting leads and looking at ads for homes listed at $1000, $3000 or even FREE…MUST BE MOVED, I really thought that my calls would be answer with… “Well it already sold”. To my delighted surprise 9/10 of the homes hadn’t been sold yet and the desperate sellers were really ready to play “Let’s make a deal”. I remember to this day the voices of desperate mobile home sellers, telling me how other investors wouldn’t even talk to them because they had a mobile home or how interested buyers were asking for owner financing and the seller didn’t understand the concept or didn’t feel equipped to handle that type of situation.

The Next reason is Low Dollar Deals…. REALLY! – It was for this reason that I started buying mobile homes. I didn’t have cash or credit when I started investing. Mobile homes in parks can be VERY inexpensive. I have gotten many complete homes (appliances included) for 100% FREE in terms of purchase price.

With mobile homes, you start with an initial investment capital of hundreds of dollars, NOT thousands. This also helps those of you that are hung up by the “fear of loss” factor. Although none of us like the idea of losing money, making a $1000 uh oh (we call that the cost of real world education) is a lot easier to recover from than that of a $100,000 catastrophe.

The Final reason….Going, Going, Gone! – What’s that you say, “Good luck selling a mobile home and making money in this market!?” Selling a used mobile home in a park for “All Cash” could be difficult in many markets these days. The fact is that not many mobile home end-buyers have $5,000 – $80,000 cash lying around to buy a used mobile home.

But there is a “World Full” of Serious Buyers ready to own their own home. Our target buyers have had some credit challenges in the past and may not be bank approved; but they DO have a clean record, savings account and good job history PLUS they have $2,000-$5,000 CASH for a down payment, and the ability to make monthly payments. In my experience they make the ideal customer and being able to create a home ownership opportunity for someone that thinks they can never own or never own again is AWESOME!

I’ve shown you just a few of the MANY reasons that mobile home investing can be easy and extremely lucrative. I hope to see you all in the 3 day Rich Dad Education Mobile Home Investing course so we can discover more of the profitable approaches for investing in mobile home units and parks and so like I did, you can go from skeptic to motivated!

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Using Goal Setting to overcome fear

fearIf you have a fear of failure, you might be uncomfortable setting goals but goals help us define where we want to go in life. Without goals, we have no sure destination. There are a lot of great goal setting approaches out there. Check out some of the more recent literature on setting those goals. I recommend a system based on the book “Immunity to Change” by Robert Kegan and Lisa Laskow Lahey. Their approach helps you discover those ways of seeing the world that they call “Big Assumptions” that may be limiting us and holding us back from being consistently successful in obtaining our goals. Many experts also recommend visualization as a powerful tool for goal setting. Imagining how life will be after you’ve reached your goal is a great motivator to keep you moving forward. What does success look like to you? Now…how do I get there?

Start by setting a few small goals. These should be goals that are slightly, but not overwhelmingly, challenging. Think of these goals as “early wins” that are designed to help boost your confidence. For example, if you’ve been too afraid to talk to the head of lending at your local community bank then make that your first goal. Stop by and introduce yourself. Take the pressure off for any particular outcome. Make the goal specific to that act of stopping by and having a conversation.

Try to make your goals tiny steps on the route to much bigger goals. Don’t focus on the end picture; instead put energy and effort toward accomplishing the next step. That’s where those action plans that your trainers and mentors gave you come in handy.

Taking one small step at a time will help build your confidence, keep you moving forward, and prevent you from getting overwhelmed with visions of your final goal.

So I’ll leave you with a few of my favorite quotes that help me stay on the path for success even when my fear of failure tries to hold me back….

“Failure is success in progress”
— Albert Einstein

“It is hard to fail, but it is worse never to have tried to succeed.”
–Theodore Roosevelt

“We learn wisdom from failure much more than success. We often discover what we will do, by finding out what we will not do.”
–Samuel Smiles

“Just Keep Swimming”
–Dory from “Finding Nemo”

Overcoming Fear of Failure

Fear into actionFear of failure is one of the heaviest weights that often hold us back from success. This common and powerful condition is closely related to fear of criticism and fear of rejection. Truly successful people must find ways to overcome their fear of failure. That doesn’t mean this potentially paralyzing set of fears goes away. It simply means that to obtain ones goals, we must learn to move forward in spite of those fears…

The Law of Feedback states: there is no failure; there is only feedback. All information can be applied to success. Successful people look at mistakes as outcomes or results, not as failure. Unsuccessful people look at mistakes as permanent and personal.

Buckminster Fuller wrote, “Whatever humans have learned had to be learned as a consequence only of trial and error experience. Humans have learned only through their mistakes.”

Many people self-limit. They get in their own way sabotaging potential success BEFORE they’ve even tried… It’s important to realize that in everything we do, there’s always a chance that we’ll fail. Facing that chance, and embracing it, is not only courageous – it also gives us a fuller, more rewarding life.

So let’s explore a few ways to handle those fears and move toward success….

Analyze all potential outcomes – Many people experience fear of failure because they fear the unknown. Remove that fear by considering all of the potential outcomes of your decision. You might use an approach called “Mind Mapping” (google it) to help with your considerations..

Learn to think more positively – Positive thinking is an incredibly powerful way to build self-confidence and neutralize self-sabotage. There is a lot of new research that shows a positive focus and attitude can not only help us be successful, but actually can affect us on a biochemical level, helping us stay healthy AND happy.

Look at the worse-case scenario – In some cases, the worst case scenario may be genuinely disastrous, and it may be perfectly rational to fear failure. In other cases, however, this worst case may actually not be that bad, and recognizing this can help. This may seem counter to the “positive thinking” approach but actually is a way to stay prepared and “try on the shoes” of failure to reduce the anxiety of that potential.

Have a contingency plan – If you’re afraid of failing at something, having a “Plan B” in place can help you feel more confident about moving forward. In real estate we talk about “exit strategies”. We always want to have several possible exit strategies so we can change and adapt as each situation dictates. Feeling locked in to only one approach is what leads to feelings of helplessness and ultimately failure.

Effective Communication: Emotional Awareness

Communication Awareness

Effective Communication Skills

Emotional Awareness

Emotions play an important role in the way we communicate. Learning to pick up on the emotional state in ourselves and others helps us to identify what is really being communicated and interpreted.   In fact, this is when as they say, “the truth comes out.” It’s the way you feel, more than the way you think, that motivates you to communicate or to make decisions. The way you react to emotionally-driven nonverbal cues affects both how you understand other people and how they understand you. If you are out of touch with your feelings, and don’t understand how you feel or why you feel that way, you’ll have a hard time communicating your feelings and needs to others. This can result in frustration, misunderstandings, and conflict. When you don’t address what’s really bothering you, you often become embroiled in petty squabbles instead—arguing with your spouse about how the towels should be hung, for example, or with a coworker about whose turn it is to restock the copier.

Emotional awareness provides you the tools for understanding both yourself and other people, and the real messages they are communicating to you. Although knowing your own feelings may seem simple, many people ignore or try to sedate strong emotions like anger, sadness, and fear.

Your ability to communicate depends on being connected to these feelings. If you’re afraid of strong emotions or if you insist on communicating only on a rational level, it will impair your ability to fully understand others, creatively problem solve, resolve conflicts, or build an affectionate connection with someone.

How Emotional Awareness Can Improve Effective Communication

Emotional awareness—consciousness of your moment-to-moment emotional experience—and the ability to manage all of your feelings appropriately is the basis for effective communication.

Emotional awareness helps you:

  • Understand and empathize with what is really troubling other people.
  • Understand yourself, including what’s really troubling you and what you really want.
  • Stay motivated to understand and empathize with the person you’re interacting with, even if you don’t like them or their message.
  • Communicate clearly and effectively, even when delivering negative messages.
  • Build strong, trusting, and rewarding relationships, think creatively, solve problems, and resolve conflicts.

Effective Communication Requires Both Thinking and Feeling

When emotional awareness is strongly developed, you’ll know what you’re feeling without having to think about it—and you’ll be able to use these emotional cues to understand what someone is really communicating to you and act accordingly. The goal of effective communication is to find a healthy balance between your intellect and your emotions, between thinking and feeling.

Emotional Awareness is a Skill You Can Learn

Emotional awareness is a skill that with patience and practice can be learned at any time of life. You can develop emotional awareness by learning how to get in touch with difficult emotions and manage uncomfortable feelings, including anger, sadness, fear, disgust, surprise, and joy. When you know how to do this, you can remain in control of your emotions and behavior, even in very challenging situations, and communicate more clearly and effectively.

When you are learning a new skill, it can be frustrating and scary.  Understanding that these are valid emotions and learning to address them can help you become a skilled negotiator.

Jonathan Dugger
Rich Dad Education Elite Trainer

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