Welcome back to The MHP Expert Blog Archive! As you may know, I’ve spent what feels like a lifetime exploring the field of MHP investing. My time in the industry has afforded me a great deal of experience, leading to some pretty interesting stories along the journey. Today, I’ll be recounting some of my most memorable successes in real estate investing, along with my ultimate takeaways from these.
And with the chance of success, there always comes the chance of failure. While this may seem daunting, failure is often the best teacher. And I can confidently say, I’ve learned a lot from both the wins and losses. Read on to learn more!
Investing In A Spec Townhome
One of my very first investments was about 20 years ago, and it wasn’t even in the MHP industry. But, it was a great introduction into the realm of real estate investing, and its lessons were just as important. It was a townhome that was developed in Florida. I was looking for a house to live in, and had recently come into some inheritance money following the passing of a cherished loved one. So, I took a portion of this, and used it as a downpayment on what would become my personal home at the time. I would eventually flip that home, yielding an incredible return on my investment.
The rest of the money was put to great use as well. My father and I went 50/50 on a spec townhome development. We had to put down about $10,000 each until the construction while we waited for its construction to finish. By the time it was developed, we’d found a tenant to move into the place that covered the mortgage and the taxes. She lived there for a year; this would go on to be my first experience in positive cashflow. After her lease was up, we sold the townhome, managing to triple our initial investment. Altogether, it was about a three year commitment, and the payoff was well worth the effort!
The MHP Expert
I always knew investing was a good idea, but I didn’t always have the capital to follow through. This was my first opportunity to not only try my hand at it, but it proved to be a wise choice. From there, I was bitten with the real estate investing bug, and there was no turning back! I actually used the returns from this to purchase both a farm, and my first trailer park. I’ll discuss that deal more in a future blog entry.
These are the first of a few investment tales that I’ll be recounting in the coming blogs. Be sure to check back in to learn more about my journey; it may inspire you to take that first step! And as always, if you’re looking for help in the MHP space, you’ve come to the right place! Check out our services page to learn more.