MiKessler Daily Investing Journal

Hey Mike can you give a little insight on the verbiage you use when introducing what you do to the MH park owners/managers?

Thank liberty. I agree. Just last night I was able to finish it up. It looks really good. My grandpa loves it and is excited to use it. I'm glad it is done though, it has been on my mind for a while. Nice to move on and accomplish new things

Thanks for reading. I really enjoy that others can learn from each other. I have learned a lot myself reading and talking with other students and investors. We are all in this together.

Keep investing.

Erika,

Thanks for reading my postings. I have really enjoyed my journal here. I haven't ever kept on for my investing and it is fun to see what I have done and where I'm going. It also helps me keep myself accountable so I'm always progressing and doing better.

To answer your question. I love mobile homes, they have been a great a great investment for cash flow. I have some good relationships with community owners and also other vendors that work in the industry.

The first thing to get started is to look on free classified ads for MH's and get an idea of what people are listing them for. Also you can find other investors that are selling them like I do with the the seller finaincing. I bought my first mobile home from a classified ad. Before I bought it, I found the retail buyer and just flipped the home just like wholesaling, but I did it with a retail buyer. That way I new I can do this with very little down and make huge ROI returns on my money.

Then I met my first community owner that is very motivated, i'm basically saving him and his park. he had 30-40 homes vacant, i've done about 10 for him and will do another 15 this coming year for him. I don't do all of his at one time because I'm in other communities as well.

But that is how I got started, and now i have about 20 properties ahead of me, I can just go from one to the next. I'm trying to line up a deal right now, but the seller won't call back, I don't know why. But they sold their land and need to liquidate all the MH's. I'm trying to get all of them. I just found a new community that has 40 vacant lots. I plan on filling them up and selling the homes. I think I can do those even faster because it is in a family community.

Hopefully this helps. just remember it is all about the motivated seller and motivated community owner, I can't stress that enough

I just heard from a MH buyer I just sold the property to a couple weeks ago. They just got access to their retirement funds and want to pay off their loan with me. I'm very excited, i'm always glad to take the money now. Although I love the cash flow and interest. I'm making hundreds everyday just off of interest with all the notes I own now.

I will have a check tomorrow for $12,500 from these buyers. I can't wait until I can use that money in my next deals. That is a what I call a great Christmas.

I have been making other offers again on SFD's. I have been starting and I think I will have my next one accepted. It is a creative deal that will be fun. I'm focusing a lot on doing a Lease Option right now. I'm going to be purchasing this home for what the seller owes, and I have a buyer list already for lease option buyers in that area. So I plan on seller financing the deal and selling it on a lease option. the buyer can pay for the future value of the proeprty and I will also receive a monthly cashflow of around $200.

Hopefully I get put this one together, that would be awesome. Wish me luck

Thank you so much for your timely response. I recognize that you are juggling a lot and this is just one more thing. I really appreciate that and I look forward to your daily post it keeps my motivated.

Well there has been a lot of hype in my family about Christmas. It has really been fun the last few days. I've enjoyed not working and just spending time with my family. We also added a new member of our family also, Rocky - he is a small pug/Chihuahua dog. He is really cute and is a lot of fun. He isn't house broken and have cleaned up a few accidents already. But we are working on teaching him right now and hope in a few days he will be solid about going outside.

My kids have just loved him, he is very good with kids and loves to jump and play. He gets carried around all over and is now the center of attention. I look forward to the fun times with him.

When i say blues, I have been working really hard lately and some long hours to get caught up on some things. It will take me a few more weeks to have everything done, and now I have my business books and taxes to work on. I have a lot of hours I need to finish with those. I just spent a few hours the other day finishing up my books on my investment properties, and my printing business. Looking over the year, it has been amazing and I have loved creating every bit of it. We have done very well and I'm so excited to step up my businesses next year.

This is just part of the Journey, and I'm enjoying it a lot

I am very excited for this coming year. It is always fun to begin a new year and have new goals. This is the most excited I have been in a while to begin a new year. 2012 has been a great year for me, we did very well and have a much better foundation to build upon.

My businesses are going to sky rocket this year. I am changing the way I do business which will allow me to do more and focus on the investments and not on rehabbing and the construction part. I learning to work on my business and not in my business.

I will be using a lot of deans marketing techniques to find deals. I'm excited to try some of his marketing techniques. I am mostly interested in his automated techniques. I will be getting a new local number and sending people to an automated message for people to leave their info if they want me to buy their home.

Well i'm excited for this year and we will see what it brings and hope that everyone out there has a very successful year as well.

Well, here it is, the brand new fresh start we have been waiting for. I have some new goals and changes I am going to make in life.

1. I'm going to make it the most successful year yet. I want to do at least 20 deals this year and have made with my new company another $100,000 and have this in the bank by the end of this year.
2. I'm going to lose some weight. I feel I'm gaining some sympathy weight, my wife is pregnant and well I'm gaining weight right along with her. Everything is too tight in my wardrobe. So i have to make changes there.
3. Pay off the rest of my small debts so I can increase all my income. Then have a personal 6 month savings in an account for rainy days.
4. start investing in a new area
5. Be completely automated with investing. I want to be able to run my business by phone and internet.

Well, those are a few of the most important things I want to do this year. I will work hard to achieve my dreams so one day I can live the life I know I will. Also I want to pass on success to my kids so they can learn to reach for greatness.

I hope everyone will set their goals and write them down, so you can remember everyday what you are working for.

Happy New Year!

Great goals. I love your journal.

Thanks for your comments. I like to make goals every year it helps me to keep myself accountable for my time. I just need to stick with it and make things happen

Thank you for your interest

I'm having a difficult time finding time. My life is just so busy. I need to learn to make the time. I am working on a machine that creates time. I hope it works.

Na, just kidding I just need learn how to use other peoples time more. leverage their time to be able to do more things I want to do. I'm working myself like crazy doing too many things.

Lately I have been working on some new offers for SFD and a 4 plex. I'm pretty sure I will be moving forward on this single family home. And I'm still negotiating on this 4 plex. the seller expired their listing and isn't real committed to sell it right now. If I can keep them on the hook, she may do it.

I just got news yesterday, my helper that sells my Mobile homes just let me know that my 3 bd home may be sold. I'm very excited about that. Also my flooring and counter top guy should be finished today with their work. We will be able to sell this new home next week. I'm working no getting my next home. Things are happening, and i'm excited about this coming year.

I'm very excited. I have been looking in another market that I have been thinking about for a while. I'm finally making headway. I'm going to be purchasing my plane ticket and heading out the first week of February. I have been contacting an agent there also another investor there that has already sent me some properties to consider.

I'm looking forward to what I can set up in that area.

Also I just sold another mobile home here. my buyer happens to be my assistant's sister. She is giving me full price and $1000 down. this is the second time I'm selling this home. The first buyer paid me for a year and unfortunately lost his job, he had to move. He paid me about $3500 in the last year and a half. He has completely cashed me out of the home, so I don't have any money tied in this home. So the new purchase of this property will all be profit. I'm selling it for $13,000, at 12% interest, I should make an additional $6K in interest in the next 5-6 years.

I'm way excited about these. Also my helper is just finishing up my new MH I'm selling, it looks great. I had my new granite guy do the counters and they look great, people are going to love them. I should have a problem getting about 14-15K for this home.

This is going to be a great year, I'm really going to work hard to reach my goal.

From: ctown
To: mikessler

Hello, My name is Carlton. I saw a post of yours about assigning another wholesaler property they have under contract to assign Smiling Can you give me a quick run down of how this deal will close ? I have a nationwide cash buyers list and I can start working with other wholesalers to get their deals sold to my cash buyers.

Ctown

sorry I didn't get back sooner. Great question

You can absolutely put double wholesales together. One of my more recent deals was a double close and ill let you know how I did that one.

The seller I found was on craigslist. As I got to know the seller of the property I found out she was another investor. She got a short sale accepted well below market value. I saw that and knew the area. I made a purchase contract with the seller. She accepted it with 2 weeks of inspection. In that time I found a buyer for the home through another wholesaler. There were 4 parties involved and my title company did my transaction with the few parties and we closed it. I was out of the country when I closed on that deal. It was amazing. I hope that helps

Thanks for your questions. Look forward to hearing about your success

I took back a mobile home a couple months ago. I have been showing it and keeping the place up for a new buyer. I had to clean the carpets and touch up some paint. I'm meeting with the new buyer tonight to sign the papers for her to buy it. I'm very excited to get this home going again. From the previous buyer he has paid me enough to cover my costs for this home, so now that i'm reselling this home this will all be profit.

I'm selling it for $13,500, it will be on a seller finance note. She is going to be paying me about $725 per month for 6 years. I will make another 5-6K on the interest on this home. I'm really excited about this deal.

Total I should make about 18-19K on this home in about 6 years.

Lets do another!

Hi Mike,
I get so much out of your journal and all the different
Strategies you are using to make money in real estate! I know that you are doing the
MH mostly by quite a few posts back you wrote about doing
a Lease Option. I'm wondering if you could share how
that one turned out?

Thanks a Ton

Thank you for your response and I appreciate your interest in my journal. I really love doing real estate and helping people out. Your right I have mainly been doing Mobile Homes. A couple years ago another investor showed me how to do them and so I picked up, made the contacts and now we are doing them. I have been now transitioning back into Single family properties again and multi family as well. I'm going to keep the system I have with mobile homes, it works very well.

The lease option deal you are talking about, I am right in the middle of one right now. The contract was just finalized last week, I'm showing the property this weekend and hopefully we can get the buyer. I plan on moving forward on this one for sure, i'm just trying to set up the exit strategy before I purchase the property. I'll keep updating my journal as I get closer to closing on the home.

Thank you again, I look forward to seeing your deals also

So my buyer closed on that mobile home yesterday. another deal working and some more dollars in my pocket. But most importantly i'm really helping out this lady. She just got separated with her boyfriend of 10 years +. It has been really ugly for her. She is paying 1150 in a rental by herself right now. She is so excited to move and start fresh and be able to purchase a home for $719 per month. She is going to save a ton of money and have alot more freedom than she had before.

That is why I love this business, I'm helping the seller of the property, I'm helping the buyer of the property and I'm able to make some really good money doing this.

I'm excited to help other people

I have enjoyed reading your journal. You are an amazing coach and investor. You are always doing a great job mentoring and writing your deals you complete here. It is inspiring to see you doing these deals. I look forward to reading about more of your deals

Keep up the good work

Thank you Diane for your positive feedback. I really enjoy your enthusiasm and optimism.

I'm excited to see some of your deals you have been doing here on the DG site. I'd love to hear about your coaching and what you help other student with.

Hi Mike its wonderful to see you coaches get involved and you are a true joy, Iam in Michigan and if you want to work together Id love to, wishing you very much success , Jim ( you only get this with Dean Graziosi, its so awesome, I still have trouble believing it, but I truely love it!!!! )

Hi Mike Iam a handyman as well, many thanks, Jim

Well, I need to do better keeping my journal up to date. Its amazing how fast time goes by. The last couple of weeks have been crazy and has flown by. I don't know where it went.

Having this journal is to help me stay on track with my goals and keeping going. The last few weeks I have been putting together a really creative deal. I found a seller on the MLS that is very motivated. The Agent that is listing the property for the seller is really helping me buy this home.

Here are the details:

Currently rented at 850 per month
Mortgage PITI $393 per month
I have utilites, vacancy and maintenance i'm holding about 200 per month

I will be bringing home about $250 in profit per month on this home.
The best part is. I'm buying this home with nothing out of my pocket. I have some closing fees to purchase the home, but I have a private lender that is lending me the money for a 10% return. I will have him paid in the first year.

I'm very excited about this. This will be my breaking into the northern market for me and I plan on buying more up there.

Hi Mike!

I enjoy reading your journal! You're not moving into my territory are you -- Iowa? Ha! I'm signing the purchase agreement tonight for my 5th deal (actually my 7th deal but I can only count 2 wholesale deals) within a year!!!

You have been a great help to me and I always enjoy it when I get a chance to talk to you about my deals.

I am pumped!

All the Best!

Brian

Bcampbell you are doing amazingly well. For just starting out and putting together what you have done in the last 6 months is amazing. There are a lot of students that would love to be in your shoes and have the success you have had.

The best part about every year are the new deals we can put together, help people and make more money. I look forward to have a fresh start with things because I set new bigger and higher goals for myself.

We are all in this together. great job, I love hearing and seeing your success as well. Keep it up

Well the last 2 weeks have been amazing.

I am in the middle of selling 136 garden Mobile Home property. I have a new buyer that wants to sell me his house on a short sale, then he wants to buy my Home. My assistant is going through the applications and such right now, i should know by Tuesday next week if he is approved or not. I don't doubt that he would be. He is a great guy, has a good job and is just looking to downsize and make life cheaper.

I'll go through the whole sale proceeds when it actually happens. This one is pretty good as well. unfortunately I had to buy this home, I wasn't able to get it for free like my others.

But wait. I just got another one for free. It is in a community about 45 min from where I normally work. I made a new connection with a mobile home mover. I feel he will be able to give me leads on homes every month. If I can get at least 1 home a month from him We can keep very busy and I can sell even more.
With this new home I have to move it. I've already lined up the moving and had a buyer, but I don't think they are going to come through. I have to find plan B which i'm working on a community local to where I am. They have a ton of empty lots I can fill up. I'm working with the owners right now to make a deal. I'm hoping it will come together early next week.

On to bigger and better things every day

Well, I just presented at a boots on the ground with deal in Cleveland. The event went very well, the students are excited about getting started. I decided to stay there a couple extra days and see what kind of market they have there. To be honest I am amazed with the deals they have there. I met some great contacts. I have a great RE agent that is fired up and ready to go we are already making some offers this coming week. I interview about 5-6 agents to find this guy and he is definitely the right agent I need in the area.

Also I found a company that has the same business model i'm looking to set up. they have deals already in the works and can sell me. I'm planning on just wholesaling those. They are off the MLS, and I can sell them to my buyers for a wholesale fee. I'm going to really push this next week to sell at least 1 of them.

I'm very excited with what I found out there and plan to really push that market to make some great deals.

This year is really look to be a fantastic year. I'm excited to see what it brings.

your message was great, it gave me enough info to determine what I would do with it.

I would wholesale it. I wouldn't go through a developement at all. if your saying that they aren't building around it, and it would take a few years for homes to catch up to it, then it isn't something I would put money into, it will be hard to sell that way.

But if you can find developers that have a ton of money, and most of them do. They buy properties that they know will be future developements and just pay the taxes on them until the future date. They would be the best buyers for that kind of property.

That is what I would do with that vacant land. it is worth trying to wholesale it, you just need to find the right buyer.

fantastic job finding deals not on the MLS.

I hope that helps

Mikessler

Hi Mike,

My business partner is interested in a vacant land I told her about.The land is in Southern California. I found this after I called nearly 50 banks. The bank sent me their REO list.

There are pros and cons to this possible deal. We could use some advice and if possible an investor experienced in SUBDIVISIONS to partner up with. Otherwise, it doesn't look like it is going to work. We greatly appreciate your advice and support

Pros:
Homes in the area have sold for about a million dollars. The lot is huge compared to others in the area. It's 6.18 acres for a single family home. The list price for the vacant land is 150K. It's not on the MLS.

Cons:
The land is not flat. It is not near roads. Nothing has been done to the land. It may take several years before a house is built on the land. My partner is inexperienced in subdivisions and does not know the major things to look for and what the major cost will be.

We greatly appreciate your advice.

Regards,

Greg

Well this week has been very exciting so far. I just made contact with a couple of new people. I just met Jim, he is buying one of my mobile homes. But he also wants to sell his home. it isn't on the MLS and I love that. I'm going to try and buy his home ans flip it over to another retail buyer. It doesn't need a thing done to the home. It is in amazing shape. He is upside down and needs to short sale. I'm going to negotiate the price just under retail and sell it to another retail buyer.

Second thing. i just had another seller call me on a ghost ad. They have a home they need to short sale as well. I'm meeting with them tonight.

Now here is the frustrating thing.

I have a mobile home that I'm moving from provo. It is a great deal. I'm getting it for free. Now that is actually exciting, but the frustrating thing is my mover. The guy I have hired to move the home to a new community is giving me the run around. he is over promising and under delivering.
The community owner that needs it out of the park is getting frustrated with me and it is out of my hands.

Moral of the story is, always have a back up plan!!! I'm now going to start finding other movers that can move this or other homes for me. i need someone more reliable and also that can do more of the work. I had to step in and do a lot of the work.

Well I will do it better the next time.

I just met with a BPO agent. i'm really excited about this relationship. She is an older lady that has been in real estate for year. she has access to the properties before they come out on the market. she says she can get offers into the bank before the property comes out on the market on the MLS.

That would be just amazing. I dont' know how it is going to work out, but I'm going to follow the tunnel and see where it leads me. I hope to a pot of gold/properties.

Always new things, every day is an adventure.