Introduction
Rachel Hernandez’s entry into real estate investing was sparked by Robert Kiyosaki’s influential book “Rich Dad, Poor Dad.” She initially ventured into the real estate world by sourcing deals for other investors in the realm of single-family homes. However, her entrepreneurial spirit and thirst for innovation led her to explore new avenues, eventually leading her to mobile home investing.
Transition into Mobile Home Investing
The transition into mobile home investing marked a significant turning point in Rachel’s career. Drawing insights from Lonnie Scruggs’ book “Deals on Wheels,” Rachel delved deep into the world of buying and selling mobile homes using owner financing. This strategic approach propelled her business to achieve remarkable success, generating five-figure monthly revenues.
Key Strategies in Mobile Home Investing
One of Rachel’s key strategies involves buying mobile homes situated in parks, where the land is owned by communities, and homeowners pay monthly lot rents. Central to her success is the emphasis on building strong relationships with mobile home park managers and owners, enabling her to access valuable leads and opportunities.
The Importance of Personal Connections
Rachel underscores the significance of establishing personal connections in mobile home transactions. Recognising that selling a home can be an emotional decision for many, she advises investors to prioritize relationship-building and effective negotiation skills to secure favorable deals.
Educational Resources and Advice
For aspiring mobile home investors, Rachel advocates for continuous learning and recommends essential resources like “Deals on Wheels” by Lonnie Scruggs. She advises newcomers to familiarise themselves with the intricacies of mobile home investing niches and take decisive action when ready.
Marketing Strategies and Cautionary Advice
While Rachel shares insights into her successful marketing strategies, such as distributing flyers and networking within mobile home communities, she also cautions against rushing into mobile home park investments without proper permissions and relationships with park managers and owners.
Empowering Others Through Education
Rachel’s dedication to empowering others in the real estate investing realm is evident through her website “www.Adventures in Mobile Homes.com,” which features a wealth of information, including blogs and podcasts. Additionally, she offers a free mobile home investing course, highlighting her commitment to sharing knowledge and fostering growth within the industry.
Conclusion
Rachel Hernandez’s journey in real estate investing, particularly in mobile homes, serves as a beacon of inspiration for aspiring entrepreneurs. Her strategic approach, emphasis on relationships, and dedication to education have not only fuelled her success but also paved the way for others to thrive in this dynamic sector.
Links in podcast
EPISODE QUICK Q&A
Q: What type of investing did Rachel start with before transitioning into mobile home investing? Rachel started with single-family homes before transitioning into mobile home investing.
Q: What book inspired Rachel to get into real estate investing? Rachel was inspired by Robert Kiyosaki’s book “Rich Dad, Poor Dad.
Q: How did Rachel initially get into real estate investing? Rachel started by finding deals for other investors in single-family homes.
Q: What made Rachel transition from single-family homes to mobile home investing? Rachel transitioned because as a landlord for single-family homes, everyone got paid before her, including the mortgage company, homeowners association, insurance company, contractors, and property managers.
Q: What book did Rachel learn from about mobile home investing? Rachel learned from Lonnie Scruggs’ book “Deals on Wheels.”
Q: How does Rachel buy and sell mobile homes? Rachel buys and sells mobile homes using owner financing.
Q: What is the importance of building relationships with mobile home park managers and owners? Building relationships with mobile home park managers and owners is important for successful mobile home investing.
Q: What is lot rent in the context of mobile home investing? Lot rent is a monthly fee paid by mobile home owners to the park where their home is located.
Q: How does Rachel conduct business in mobile home parks? Rachel needs approval from the park manager and home owner to conduct business in mobile home parks.
Q: What are the two parts of mobile home investing? The two parts of mobile home investing are buying and selling mobile homes and building relationships with park managers and owners.
