Are you an investor struggling with time constraints? Maybe you have a family that needs you to be there for them. Maybe you have a second job that always seems to suck up the time you’d rather be spending on your mobile home investing. Whatever your specific situation, investing can be quite a juggling act.
If you’re that overextended mobile home investor, drowning in investment property upkeep, bills, taxes, and multiple obligations to others, we have some tips for you today. Start building a business that will give you more time to relax, not less!
#1 Stay on track with goals
Whether you’re a new investor or a seasoned expert, making a plan is always the first thing you should do. You may have a master plan with many smaller plans branching off it. Usually, plans start with a vision. You’re not just aimlessly buying mobile homes or parks in hopes that you’ll make it big. Instead, you’ve already thought about the answers to key planning questions like these: How “big” do you want this mobile home investing project to be? Will it always be a side gig? Do you want to go full-time someday?
We’re assuming you already have a firm idea of what you want this business to become. But do you have a plan? Do you know the actionable steps that will get you there? After you have a plan or a set goal, you can finally buckle down and get things done. Stick to your plan, and you’re guaranteed to save time. Instead of wasting time wondering what your next move should be, you’ll be referring back to your goals and making confident steps forward.
#2 Partner up
Trying to go it alone will only slow you down. We highly recommend every mobile home investor start making connections with other people in the business. If you’re new to investing, partnering with a mentor can save you many hours of mistakes. Depending on what type of business you plan to create, it can be a great idea to bring on a full-time partner – someone who be a co-owner.
Or, maybe what you need to save time is someone knowledgeable to do the heavy lifting (such as research). That way, you can invest in excellent properties without spending valuable time hunting them down.
There are a hundred different ways you can team up with others to save yourself time.
#3 Organize, organize, organize
Organization is vitally important in any business. But in investing, it’s especially important when it comes to your finances. Keeping records and updating those records monthly (or even bi-monthly) will save you headaches. What kind of headaches? Tax headaches. Business license headaches. “Oops, I went over budget because I thought I had more money than actually did!” headaches. You get the idea.
Record everything. And yes, we mean every little detail. Travel expenses, inventory, everything. It might seem like the mundane task of record-keeping will suck up more of your time, but actually, it’s the opposite. By taking the time to do it right, you’ll ultimately save time that you might otherwise have spent untangling the knots in your finances.
#4 Limit your buying territory
Are you frustrated because it seems like all you do is drive around, looking for property to invest in? That may be why you’re overextended! If you’re driving too far and failing to land good deals, maybe it’s time to narrow your search.
Putting limits on yourself can actually make you more creative. You’ll start looking at properties around you in a new light. Instead of being lured in by expensive out-of-state mobile home parks, that small fixer-upper park near you will start looking like a better deal. Mark out your territory and stay within that circle, at least for a while. Not only will it save you hours on the road, but it’ll save money too!
#5 Don’t take shortcuts
Time-saving tips are worthless if you start using them as shortcuts. The whole point of saving time is to make your business more efficient. Taking shortcuts undermines your investing business. Eventually, you will reap the fruits of your shortcuts. Maybe you won’t reap them immediately, but someday you will. So be sure to have that mobile home inspected before you buy it. Don’t fall for too-good-to-be-true deals. And don’t go it alone just because bringing on a partner would cut into your profits.
In the long run, shortcuts will cost you more time than they’ll save you. Sometimes, to save time, you have to put in the extra work to make things come out right.
Turn overextended into overachieving
When it comes to mobile home investing, start by doing things right. Make a plan. Feed off the knowledge of others. Don’t assume you should take the easiest way out. You’ll find that these few tips will streamline your business and give you peace of mind. Ultimately, a well-functioning investment business will save you time.
And if you’d like to learn more about mobile home investing, check out our Top Mobile Home Investing Pitfalls You’ll Want to Avoid.