Podcast Episode #13: Mobile Home Park Goals & Long Term Focus

Jason and Glenn join to discuss Glenn’s book, The Mobile Home Park Manifesto. George Allen, renowned publishing guru, gave notes on the book. Glenn took the advice, and prepared a working guideline for park owners. “This is not for the institutional guys or monster deals. This is for the guys coming into this industry, and the Moms & Pops that are struggling,” says Glenn. Its pages hold the key to realizing mobile home park goals.
He warns against underestimating how difficult the industry is. Its endless considerations take a great deal to manage. The effort provides a guideline for park owners that minimizes failure points. Read on as the pair examine chapter 6 of the book.

Goals and focus

“Chapter 6: Long Term Focus”. The purpose of this chapter is to help put your goals in perspective. Many have dreams of financial freedom, but achieving them can almost seem impossible. This is particularly true of entrepreneurial endeavors like real estate. Many are too daunted to ever begin the process. Or even worse, you go for it but aren’t prepared enough.
This can lead to irreversible losses. But worry not! There are few questions you can ask yourself to ensure success. The first is what are your exact long term goals? “Put that dream on paper to turn it into a goal, then you have to write out the steps,” says Glenn. The bigger the goal, the more steps you’ll have to constantly add and edit. Patience is a virtue in this case. The more you do this, the more your goals and eventual plan will begin to take shape.

Goals and priorities

The first step to creating this list is determine your priorities. Glenn lists his as a combination of himself, loved ones, and occupational interests. This can help you in any industry you pursue, not just real estate. But if you happen to land on real estate, especially mobile home parks, then this is the site for you.
Let’s say you have the capital to invest in your real estate goals. These ventures can range in rates, but even the lowest buy ins are pretty steep. Regardless, you’ll have to spend quite a bit on trial and error. “If you don’t have that years’ worth of savings, you’re going to get hammered by life. This business is not very passive.” Long story short, you’ll have to invest a lot. Sketching out a trajectory helps to at least manage your budget better. Over time that due diligence leaves you a larger chunk of your capital. This increases your future investment options.

The truth about mobile home park goals

If you are getting into the mobile home park industry, get ready for the long haul. The truth is, “this business is going to make your life harder in the beginning. But if you do it right, it should be a positive outcome for you after a couple of years,” says Glenn.
There is no set in stone path. Much like all self starting endeavors, your journey is exclusively yours. But, having a bit of a study to help you along never hurts! Use The Mobile Home Park Manifesto to prepare yourself for the business.

Podcast Transcript

Jason Sirotin:
Hello, and welcome to The Mobile Home Park Expert Podcast. I’m Jason Sirotin, here with Glenn Esterson. How are you doing, Glenn?

Glenn Esterson:
I’m doing wonderful as always. How are you doing today?

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