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Mobile home park investors should know the potential for the market they are investing in, the real value of the property, the real rents, real repair needs and costs, and how to protect themselves throughout the process.
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By Mobile Home Investors Academy
One of the greatest stumbling blocks for aspiring investors is over analysis. It literally causes financial paralysis, with dire consequences. How can more hopeful investors overcome this counterproductive hurdle in order to realize more of the results they really crave?
Thorough due diligence is necessary. By no means does the following suggest that an investor should not be thorough in their research, learning, and vetting of potential investments. Mobile home park investors should know the potential for the market they are investing in, the real value of the property, the real rents, real repair needs and costs, and how to protect themselves throughout the process. However, over analysis can absolutely be self-sabotaging as well.
Diversification is wise. Yet deep analysis of too many asset classes can definitely be counterproductive, confusing, and draining. Not even the most successful are masters of every type of investment. If you feel stocks should be in your mix then grab a broad mutual or index fund and let it roll. If you’ve got to have gold in your portfolio, just grab some and get it done. If you think single family homes are a sound investment then buy yourself a home. Then move forward focusing on investing in mobile home parks.
Even within a domain such as mobile home parks there can be many diverse geographic locations to cover. There are mobile home parks all over the USA, and even abroad. Trying to evaluate the ins and outs and quirks of these varied markets all at the same time can be a massive burden. Instead hone in on a few key areas, start investing, and then move on while you already have money working for you.
If numbers and spreadsheets are your thing it can be easy to be caught in the modeling trap. What if X happens? Or what will happen to Y if I do ABC? You can do a lot of this after making an acquisition. If you spend too much time in this trap upfront you’ll miss out on deal after deal.
Boosting your investment and real estate education is great. Sadly some use learning as a way to fuel their pension for procrastination. Some will spend years learning as the opportunities slip away and their peers gain both knowledge and financial rewards. Knowledge is not power until it is turned into action.
Another way to permanently sit on the bench is to demand too much from investments. You can invest in good deals and expect great results, or sit on the sidelines demanding unlikely scenarios and worry about what could happen. This sometimes happens to those learning from out of date materials which offer strategies and calculations that no longer apply or work in the current market.
There can be benefits of buying and selling during different phases of the market, and depending on various outside factors. But in any asset class the gains normally go to those that simply consistently invest. Those that try to wait to find the perfect day and hour, normally only notice it after it is gone.
The most successful don’t pride themselves on being the best analysts. Instead they are the bold actors that take action when others are fearful and timid. Even the best investment gurus admit they know they will absolutely get it wrong sometimes. But they can’t win unless they take shots.
Action is the antidote for analysis paralysis. So take action.
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