How To Generate Massive Cash Flow With Little Money and Fire Your Boss

Understand the mobile home business. Affordable housing is always needed and you are going to provide it. Financing an older mobile home is almost impossible unless the seller holds the note. That's where you come in. You will be the seller doing the lending. You are the finance company. Every month, the mortgage payments will show up in your mailbox. You don't own the mobile, so you aren't responsible for repairs or lot rent. You just cash the checks. The owners you're buying from know these homes aren't very valuable. The people who want to live in them don't have the upfront cash to buy them outright. The sellers want cash upfront to move to their next place. They usually aren't willing to hold the note.

Do some Market Research. You'll need to know what to pay for old mobile homes in your area. You are looking for homes manufactured in the 70s & 80s. Visit mobile home parks and check out the local newspaper. Know what people are paying to rent these homes. You'll need that informaiton later to set your sale price. You are looking for clean homes, in decent repair.

Find the Money. Even while you are learning your market and looking for homes, you can be gathering/earning cash. You'll need enough startup cash to buy only one mobile home. Your money will then work for you instead of your work for it! In my area, I can buy a nice mobile home in decent repair for $4000 or less. There are lots of ways to generate cash, all of them involve work! Deliver newspapers in the morning or pizzas at night. You'll only need to do this for a few months in order to execute this plan for lifelong wealth. This is where your determination to be independently wealthy comes in. As you gather this money, you need to keep your end goal in mind. You can't spend this money on anything else.

Buy your first mobile home. Before you do this, inspect it. Pay to have someone do this if you don't trust yourself. If the home is decent (it doesn't have to be perfect, you can make some repairs!) call your local DMV office and check the title. Make sure there are no liens on the property, such as past due taxes. Now, bite the bullet and buy your first investment property! Clean it up and get it ready to sell.

Sell your home. Figure out your sale price. To find this you should dig out your market rent data. You got this from mobile home parks and newspapers in the first paragraph. Example: If a three bedroom, 2 bath mobile rents for $750 a month, subtract the lot rent ($300 for our example) leaving $450 a month in cash flow. You will multiply this amount ($450) by 24 to 30 months to come up with your sale price. Your buyer will give you $1,000 down (not much more than a security deposit), pay the lot rent to the park, and you will hold the financing until the note is paid in full. You now have a good portion of your initial investment back in the form of a down payment and you'll receive ~$450 a month for the next couple of years. Advertise the home, show it and sell it! This is the easy part!

Buy more mobile homes. This step is vital to your long term wealth. You now have $1,000 in cash. Within three or four months, you'll have enough money in your investment accont to buy another home from the cash flow you saved from the first. Then, you'll have two homes generating $900 a month, with another $1,000 in the bank. Now it will only take you one or two months to have enough cash to buy your third! Now, do it again. As you can see, the earning potential is huge. You don't own these homes, so you are not responsible for repairs or maintenaince. If your buyer doesn't pay you, there are several ways to get your home back in good condition without having to foreclose, - a mobile is personal property, not real estate. Soon, you'll have enough cash flow to replace your current income and Fire Your Boss! What will you do with all of your spare time? I have some ideas, but I'll save them for another article!

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