Who knew that working in the world of mobile home parks could be so lucrative? We recently spoke with Ryan Narus, who has grown his mobile home park investment business to over 500 mobile home pads. Ryan started out as a car salesman and then moved to the corporate banking world before making the leap to becoming an investor.
Read on to see what you can learn from Ryan about networking, going above and beyond, and betting big on yourself.
Success Looks Different Now Than It Did in the Past
Like many of us, Ryan was told to go to college, get a job in the corporate world, and then move up the ladder to success. But Ryan quickly realized that that strategy is no longer viable.
What worked for our parents doesn’t work today. If you want a job that offers financial freedom, you have to make it for yourself. There are ways to earn money and scale a business, but you have to take the initiative. You can’t depend on another company to get you where you want to be.
Even if you work your way up to the top, there’s only so far you can go if you don’t own the business. Your best chance of success is to start your own business.
Don’t Let “No” Stop You
Ryan heard the word “no” a lot when he was first starting out. He even had 40 banks reject his financing application. Where many may have given up, he kept going.
If you want to get into real estate investing, you have to go in knowing that it’s not going to take off the minute you start. There will be obstacles and pitfalls along the way. The reason so many people fail is that they gave up too soon.
You have to have a mindset that you won’t give up, no matter what. Once you make it beyond the others who quit too soon, you’ll be primed for success.
Find People You Can Help — and Who Can Help You
Everyone has something to offer. If you can find people whose talents complement your own, you can accomplish so much more together. Ryan’s business partner specializes in underwriting. He linked up with a broker who needed help. The broker then helped him by giving him early access to deals coming on the market.
Network, Network, Network
No matter what phase of the real estate investing process you’re in, it’s all about who you know. Ryan credits a lot of his success to networking with as many people as possible. His goal is to get people on the phone.
Ryan finds people anywhere he can. He’s willing to talk to just about anybody, not just his best prospects. He networks in person and through social media platforms like Facebook and LinkedIn.
He also suggests networking with people who are both slightly ahead of you in the game and slightly behind you. He often has people who are a little further along who’ll offer him a property off-market because they’re getting ready to take their business to the next level and don’t want to deal with the hassle of putting it up for sale.
He also likes to pay it forward. If he’s offered a property that doesn’t work for him, he’ll often recommend someone he’s networked with.
Choose an Avenue That Matches Your Skill Sets
There are many types of real estate you can choose to focus on. While each can be lucrative in its own way, it’s more about your approach. Dig deep and figure out what skills you have. Even if you think those skills may have nothing to do with investing. You’d be surprised how a skill can transfer from one area to another.
Ryan chose to work with mobile home parks because he had spent a few years working as a car salesman. It was an emotionally grueling job that required him to continually put himself in front of people who may not want to talk to him. He used these skills to make it in mobile home parks because he deals with many of the same types of situations.
Be the Person Who Takes a Different Approach
The investment market is hot right now. Everyone is looking to buy, and sellers have their pick of buyers. Ryan said that one of his secrets to success was always offering a little something different than what everyone else was offering.
While others are being formulaic in their approach with people who own trailer parks, he recommends tailoring the pitch to each individual. He and his business partner take the time to get to know them and will do whatever it takes to close the deal, even if it means going to the person’s house. Tenacity can be incredibly powerful.
Don’t Be Afraid to Bet Big on Yourself
Many get into the investment game but only go halfway. They keep their day job while doing investments on the side. While they may have a few minor successes, they often bemoan that they could have so much more success if they just had a little more time.
Ryan knows many people like this. His advice is to not be afraid to go all in. It’s difficult to build a full business if you aren’t willing to bet big on yourself. That often means quitting your day job and giving up some security for a while.
Going all-in can be terrifying, but according to Ryan, you should imagine how you’ll feel when you’re old. Will you be glad you stayed at your job where you were never able to build something for yourself, or will you wish you’d taken the leap and bet big on yourself?
Obviously, you shouldn’t walk out of your job today, especially if you have a family to support. But start making an exit plan. Put up money so that you can try your venture for at least a year. If things don’t work out, you can always find another job. If things do work out, you’ll never regret your decision.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.