Before you even start investing in mobile homes (my favorite type of investment, by the way), residential real estate or even commercial properties, the first thing to do is get your personal finances in order and understand how money works.
To help you understand the subject of personal finance and money, I highly recommend putting in the time to educate yourself. There are a lot of good books out there on personal finance. I highly recommend you read them.
Getting Your Financial House in Order
Here is my list of the “Top 10 Personal Finance Books” that have helped me understand the subject of money. Before going out and starting to invest, I needed to make sure I had my own financial house (aka personal finances) in order.
There have been countless people who go out and invest without even having their own finances in order first. By having your financial house in order, you will know how much money is going in and how much money is going out, and what areas you need to work on – this is basic stuff most people don't even know. It's very important so you will be able to see your overall goals.
Here's my Top 10 Personal Finance Books:
- The Richest Man In Babylon
- Rich Dad, Poor Dad
- Cashflow Quadrant
- Guide to Investing
- The Millionaire Next Door
- The Automatic Millionaire
- Your Money or Your Life
- Four Pillars of Investing
- The Bogleheads' Guide to Investing
- A Random Walk Down Wallstreet
Once you have your personal finances in order, then you can start to look into investing. As an investor, you need to have a plan. Think about your investing goals – what are they? Also, one of the things you'll need to think about is exactly how much time and how much money you want to dedicate to investing – there are many forms of investing.
Getting Started in Real Estate
How involved do you want to be? Is your time limited? Would it be better for you to be a passive investor? Or, do you have more time to be more involved?
Some people have more time than money, and vise versa. I highly recommend you take the time to learn about the types of investments you choose.
Personally, I am more involved with my investing activities. I can put deals together because I'm very good at networking and working with people. On the other hand, I know other investors who want to be more “hands off” and would rather work with someone who can find deals for them and lend out the funds for their deals.
In the end, it all boils down to personality. What are you good at? What do you enjoy doing? What skills do you have? What are your strengths? What are your weaknesses? Take the time to assess yourself and your skills.
Once you have your personal finances in order and have been able to assess your strengths and weaknesses, then and only then are you ready to get started investing in mobile homes.