

      <h2 id="chapter_25177544">Mobile Home Investing Business</h2>


        <cite>Ed Mathews</cite>
      <time>0:00</time>
      <p>
          Greetings   and   salutations .   Real   Estate   Undergrounders .   It   is   Ed   Matthews ,   again   with   the   Real   Estate   Underground   podcast .   Thank   you   so   much   for   joining   us   today .   I&#39;m   always   looking   at   different   asset   classes   and   places   that   are   thriving .   Obviously ,   this   is   a   rapidly   changing   world   and   a   rapidly   changing   market .   I&#39;m   a   multi-family   guy ,   but   there   are   other   asset   classes   out   there   and   my   friend ,   adrian   Sleud ,   has   been   kind   enough   to   join   us   to   talk   about   his   mobile   home   investing   business .   So ,   adrian ,   welcome   to   the   show   and   thank   you   so   much   for   your   time   today .   Good   to   see   you ,   ed .   I   appreciate   you   having   me   here .   Yeah ,   man ,   good   to   see   you .   One   of   the   things   that   I&#39;m   fascinated   by   in   terms   of   your   business   model   is   you   hear   about   all   these   folks   that   are   buying   a   multi-family   excuse   me   mobile   home   parks   as   fast   as   they   can   possibly   find   them .   You&#39;re   in   the   mobile   home   business ,   but   that&#39;s   not   what   you   do .   You   want   to   tell   everybody   what   you   do .   

      </p>

        <cite>Adrian Smude</cite>
      <time>0:50</time>
      <p>
          Yeah ,   exactly ,   people   think   of   I&#39;ll   see   you   in   different   things   than   they   think   of   mobile   homes .   One ,   the   mobile   home   park ,   like   you   just   mentioned ,   and   that   is   a   good   business .   It&#39;s   got   lots   of   zeroes   that   are   real   sexy ,   but   it&#39;s   gotten   pretty   competitive ,   just   like   the   multi-family   space .   It&#39;s   in   the   multi-family   space .   It&#39;s   just   a   different   structure .   And   to   real   quick   talk   about   those ,   even   though   that&#39;s   not   the   business   I&#39;m   in ,   there&#39;s   two   main   ways   to   run   a   mobile   home   park .   

      </p>

        <cite>Adrian Smude</cite>
      <time>1:13</time>
      <p>
          You   can   own   everything ,   all   the   homes ,   the   dirt ,   absolutely   everything   you   own   is   flat   apartment   complex .   Or   you   can   own   just   the   dirt .   So   you   own   a   big   parking   lot   and   everyone   pays   you   a   monthly   lot   rate   park   their   home   there .   The   only   thing   that   you   can   invest   in   mobile   homes   is   owning   just   that   home .   You   don&#39;t   own   any   dirt   at   all .   So   now   the   park   manager   gets   to   make   all   the   rules   and   I   don&#39;t   really   do   that   anymore .   Both   of   these   are   no   longer   in   my   vision   of   what   I   want   my   business   to   be .   I   have   something   in   the   middle .   So   I   own   a   single   unit ,   an   individual   mobile   home   with   the   dirt .   So   it   is   a   real   estate   transaction .   It&#39;s   a   homeland   package ,   we   call   it ,   but   I   own   the   home   and   the   dirt   together   and   I   get   to   make   all   the   rules   and   all   the   cash   flow   that&#39;s   really   attractive .   

      </p>

        <cite>Ed Mathews</cite>
      <time>2:00</time>
      <p>
          So   what   drew   you   into   this ?   This   is   a   very   specific   niche ,   right ,   so   I&#39;m   fascinated   by   the .   I&#39;m   interested   to   learn   more   about   how   the   heck   you   found   out   that   this   is   the   spot   you   wanted   to   plant   your   flag   and   grow   your   business .   

      </p>

        <cite>Adrian Smude</cite>
      <time>2:14</time>
      <p>
          Let   me   back   up   and   tell   you   real   quick   my   story ,   because   that&#39;ll   make   a   little   bit   more   sense   how   I   got   here .   I   live   in   central   Florida ,   in   between   Tampa ,   orlando   and   we   are   the   winter   strawberry   capital   of   the   world   Plant   City   and   we   have   hurricanes   here .   I   started   my   investing   career   as   a   very   bad   tenant .   We   had   spaghetti   wrestling   parties ,   mud   wrestling   parties   pudding   wrestling   parties .   

      </p>

        <cite>Ed Mathews</cite>
      <time>2:35</time>
      <p>
          You&#39;re   one   of   my   dream   residents .   Thank   you   All   right .   

      </p>

        <cite>Adrian Smude</cite>
      <time>2:37</time>
      <p>
          Yeah ,   you   don&#39;t   rent   to   20   year   old   Adrian   at   all .   

      </p>

        <cite>Adrian Smude</cite>
      <time>2:41</time>
      <p>
          But   that   forced   me   to   get   addicted   over   and   over   to   find   something   else .   So   I   bought   a   house   your   typical   ranch   style   house ,   moved   all   my   friends   in .   I   finally   found   out   what   the   landlord   has   to   deal   with   whenever   we   were   the   terrible   tenants .   Fast   forward   a   little   bit .   I   bought   a   second   house ,   but   that   one   was   at   the   top   of   the   market   with   the   adjustable   rate   mortgage   losing   a   little   bit   every   month .   I   think   everyone   knows   where   that   story   is   going .   I   end   up   giving   it   away   a   few   years   later   as   a   short   sale ,   dinged   my   ego .   My   credit   brought   back   some   childhood   memories ,   but   that   is   the   key   part .   So   let&#39;s   just   fast   forward .   

      </p>

        <cite>Adrian Smude</cite>
      <time>3:16</time>
      <p>
          I   bought   some   more   single   families   years   later   and   then   that   feeling   came   back .   I   couldn&#39;t   make   any   money ,   the   numbers   weren&#39;t   right ,   I   didn&#39;t   know   all   the   right   ways   to   run   all   the   numbers   and   I   thought   we   are   at   the   top   of   the   market   over   seven   years   ago   Wow ,   but   I&#39;ve   been   extremely   wrong   right ,   there&#39;s   not   many   people   have   been   more   wrong   than   me   and   the   market   direction .   But   that   forced   me   to   look   for   something   different   and   I   heard   some   of   the   old   school   investors   guys   and   girls   talking   about   this   mobile   home   thing   and   I   was   like ,   no ,   we   have   hurricanes   here   and   eventually   I   said   you   know   what ?   I&#39;m   just   going   to   buy   one   and   check   this   thing   out .   The   cash   flow   was   so   much   better .   I   have   since   sold   off   all   my   site ,   built   homes .   Because   I&#39;m   a   cash   flow   investor .   I   can   eat   my   cash   flow .   There&#39;s   not   as   many   people   in   this   space .   It&#39;s   not   competitive ,   sorry ,   and   the   cash   flow   is   what   I&#39;m   after .   Cause   again ,   I   can   just   say   it   over   and   over   I   eat   cash   flow .   I   can&#39;t   eat   equity   or   it   runs   out .   

      </p>

        <cite>Ed Mathews</cite>
      <time>4:19</time>
      <p>
          Right   on ,   I   percent   agree .   And   when   we&#39;re   looking   at   the   potential   for   a   recession   here ,   we&#39;re   already   in   a   fairly   light   one ,   and   if   the   economists   that   I   pay   attention   to   are   to   be   listened   to   which   I   think   they   are   we&#39;re   in   for   a   dip ,   and   to   be   determined   how   big   a   dip ,   but   it&#39;s   a   dip   and   it&#39;s   a   healthy   cycle ,   right .   But   the   cool   part   about   cash   flow   is   that&#39;s   what   saves   your   baking   in   a   recession   and   it&#39;s   why   real   estate   is   resistant   to   the   ups   and   downs   of   the   economic   cycles .   So   tell   me   about   the   deal   structure .   I   used   to   flip   houses   and   back ,   a   long   ago   actually ,   and   you   buy   the   house ,   you   fix   it   up ,   you   either   sell   it   off   or   you   read   it   and   but   the   economics   are   different ,   because   I&#39;m   buying   a   house   that   the   price   point   is   probably   a   multiple   of   what   you&#39;re   paying   for   your   mobile   homes .   So   I&#39;m   curious   how   that   works ,   and   I&#39;m   also   curious   when   you   turn   around   and   rent   them   or   flip   them .   How   does   that   work   in   terms   of   returns   and   things   like   that ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>5:15</time>
      <p>
          So   you   can   fix   and   flip   mobile   homes .   I   don&#39;t   know   how   to   that&#39;s   my   joke ,   because   I&#39;ve   literally   done   one   and   it   was   a   mistake .   I&#39;m   not   a   fix   and   flip ,   but   I   got   a   good   friend ,   mark   Bracey ,   and   he   is   a   fantastic   fix   and   flip   in   the   mobile   home   space .   Think   about   it ,   were   they   affordable   housing   space ,   not   just   for   the   rent   but   for   the   sell ,   you   bet .   So   right   now   people   are   buying   their   payment   and   the   interest   rates   went   up .   It&#39;s   much   more   difficult   for   those .   So   now   people   that   really   work   after   a   mobile   home ,   they&#39;re   like   maybe   I   will ,   because   I   can&#39;t   afford   anything   else .   

      </p>

        <cite>Adrian Smude</cite>
      <time>5:50</time>
      <p>
          The   demand&#39;s   gone   up   there .   You   would   run   a   fix   and   flip   the   same   way   as   any   other   house .   Ok ,   there&#39;s   some   differences   that   you   do   need   to   understand ,   because   the   loans   they   look   for   a   few   different   things .   In   the   skirting   and   the   tie-downs   there   are   some   different   rules ,   but   how   you   would   run   your   numbers ,   as   long   as   you   know   all   the   information ,   it&#39;s   the   same .   

      </p>

        <cite>Ed Mathews</cite>
      <time>6:09</time>
      <p>
          So   at   an   entry   point .   I   live   in   the   Northeast ,   I   live   in   Connecticut ,   when   my   area   the   average   home   is   called   340   grand ,   which   is   expensive .   What&#39;s   the   price   point   in   central   Florida   for   mobile   homes ?   I&#39;m   curious .   

      </p>

        <cite>Adrian Smude</cite>
      <time>6:22</time>
      <p>
          I   actually   own   some   of   their   rentals   that   are   close   to   the   300   range .   Ok ,   so   they   can   retell   about   what   you&#39;re   saying .   Three   simply   Mark   texted   me   the   other   day .   I   think   it&#39;ll   be   finally   sharing   it .   He&#39;s .   I   accidentally   made   90   K   net   on   a   flip   yeah ,   because   he   runs   his   numbers   real   concerning   and   the   market   kept   going   up   because   the   demand   has   risen   in   them   without .   He   didn&#39;t   take   that   in ,   but   yeah ,   it   sold   over   300   and   he&#39;s   in   Jacksonville   for   it .   Ok ,   so   they   can   retell   there .   Yep ,   the   one   behind   me   for   the   people   that   are   checking   out   the   YouTube   this   one   doesn&#39;t   retail   anywhere   close   to   that .   I   hope   that   it&#39;s   probably   worth   40   grand .   This .   

      </p>

        <cite>Adrian Smude</cite>
      <time>7:03</time>
      <p>
          OK   but   it&#39;s   under   market   rent   at   seven   hundred   and   forty   dollars   a   month .   

      </p>

        <cite>Ed Mathews</cite>
      <time>7:07</time>
      <p>
          Yeah ,   so   mobile   homes   read   for   similar   price   points   to   single   family   homes .   

      </p>

        <cite>Adrian Smude</cite>
      <time>7:13</time>
      <p>
          Yeah ,   the   rule   of   thumb   that   a   lot   of   people   like   to   use   is   they   take   off   about   a   hundred   dollars   for   the   competitive ,   the   comparable   type   of   home .   Ok ,   just   the   class   of   homes .   Yeah ,   in   reality   in   today&#39;s   market   we   know   that   there&#39;s   not   much   housing .   Also ,   the   housing   providers   actually   have   the   upper   hand .   So   we   do   push   rents   a   little   bit .   But   I   run   my   numbers   conservative .   So   if   I   think   I   could   probably   really   put   it   out   out   there   and   here   in   tip   for   eighteen   hundred ,   I   run   my   numbers   at   sixteen   hundred .   

      </p>

        <cite>Adrian Smude</cite>
      <time>7:42</time>
      <p>
          Good ,   I   always   run   a   little   conservative   because   I&#39;m   not   going   to   repeat   that   cycle   from   the   past   of   not   being   able   to   pay   my   bills   Right   on .   But   you&#39;re   right ,   they   can   rent   really   close   to   the   exact   same   price   as   a   house ,   or   sometimes   more .   And   what   I&#39;d   say   more   is   because   people   don&#39;t   realize   when   I   have   that   acre   of   land   and   that   mobile   home   on   it ,   the   three   bedroom ,   two   bath   people   are   like   how   someone   paying ,   and   why   would   they   pay   $2,100   for   that ?   Because   they&#39;re   renting   the   three   bedroom ,   two   bath   house   and   the   acre   of   land .   Right ,   people   value   that   and   sure   everyone   that&#39;s   in   the   big   cities   don&#39;t   always   realize   that   there&#39;s   a   lot   of   value   to   someone   to   live   on   their   private   land   and   they&#39;ll   bring   their   utility   trailer   there   and   everything   else .   They   have   a   workshop   and   they&#39;ll   have   neighbors   or   HOAs   to   worry   about .   

      </p>

        <cite>Ed Mathews</cite>
      <time>8:29</time>
      <p>
          Yeah ,   we   learned   then   COVID   right ,   we   had   so   many   folks   here   in   Connecticut ,   we   had   so   many   folks   moving   out   of   the   big   cities   Boston   and   New   York   and   moving   here   to   the   country   and   same   thing   and   it   really   drove   prices .   It   was   ludicrous ,   fun ,   well-lasting ,   but   okay .   So   tell   me   a   little   bit   more   about   your   business .   Obviously ,   the   more   we&#39;re   talking   about   this ,   the   more   it   sounds   like   a   traditional   rental   business .   Right ,   it&#39;s   almost   a   butter .   Right ,   you&#39;re   buying   it ,   you&#39;re   rehabbing   it ,   you&#39;re   making   it   clean   and   safe   and   beautiful   and   then   renting   it   out   to   folks   that   are   looking   for   this   type   of   home .   Right ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>9:06</time>
      <p>
          Yep ,   and   you   left   off   the   last   part   because   we   don&#39;t   usually   refinance   them .   Financing   is   a   tricky   thing   in   the   mobile   home   space .   Let&#39;s   just   split   mobile   homes   up   into   two   categories .   Let&#39;s   look   at   the   1960s   and   the   1970s .   They&#39;re   not   financing .   No   traditional   banks   are   gonna   finance   it .   

      </p>

        <cite>Adrian Smude</cite>
      <time>9:22</time>
      <p>
          I   always   joke   around   about   this   one   behind   me   that   Bank   of   America   is   not   going   to   finance   this .   1960 ,   that   comes   with   most   of   its   siting ,   most .   But   I   am   making   payments   on   this .   Okay ,   how&#39;s   that   work ?   Financing   to   me   on   the   older   ones   is   a   very   simple   topic ,   but   it&#39;s   big ,   because   I&#39;ve   never   financed   two   properties   the   exact   same   way .   This   one   I   have   owner   financing   on .   Okay ,   owner   financing   has   not   been   that   difficult   for   me   in   the   mobile   home   space   because   it&#39;s   a   very   well-known .   No   bank   will   finance   this .   It&#39;s   not   a   secret ,   there&#39;s   nothing .   I   don&#39;t   get   that   pushback .   And   then   obviously   private   money   would   be   the   other   avenue .   Okay ,   and   then   that   can   be   a   little   challenging   to   people   that   aren&#39;t   very   experienced   with   private   money ,   because   your   private   money   lender   not   only   has   to   be   comfortable   doing   that ,   but   then   they   have   to   be   comfortable   with   this   mobile   home .   There&#39;s   two   levels   there .   

      </p>

        <cite>Adrian Smude</cite>
      <time>10:14</time>
      <p>
          Then   let&#39;s   look   at   about ,   we&#39;ll   say ,   the   1990s   and   newer .   Okay ,   those   you   can   get   bank   financing   Okay .   So   you   have   to   look   at   the   credit   unions   and   community   banks   and   then   you   can   eventually   get   to   the   traditional   bigger   banks .   Bank   of   America ,   I&#39;d   actually   chase .   I   used   to   do   tons   of   mobile   homes .   I&#39;m   not   sure   they   currently   are ,   yeah ,   but   it   is   possible .   And   then   the   80s   is   a   mix .   Most   community   banks   will   still   do   that   for   owner   occupants .   Okay ,   I   like   to   split   it   up   in   those   two   categories .   

      </p>

        <cite>Ed Mathews</cite>
      <time>10:44</time>
      <p>
          Okay ,   so   question   about   that .   So   the   difference   between   the   two   types   of   mobile   home   financing ,   what   is   the   difference   Is ?   It   is   the   assumption   that   the   ones   that   were   built   in   the   60s   and   70s   are   just   fully   depreciated   and   there   isn&#39;t   much   left .   Or   what   is   the   bank ?   What   is   the   bank ?   Why   don&#39;t   they   finance   something   that&#39;s   50   years   old ?   Cause   I&#39;m   53   and   I&#39;m   still   in   pretty   good   shape ,   so   I   assume   that   the   mobile   homes   that   were   built   when   I   was   born   are   probably   doing   okay   too .   Right   You&#39;re ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>11:14</time>
      <p>
          right ,   we   can   rebuild   any   of   these   and   take   care   of   them .   Depends   on   how   well   you   take   care   of   yourself   and   shape   it   then .   But   there&#39;s   real   one   reason   that&#39;s   the   biggest   is   there&#39;s   a   key   date ,   june   15th ,   1976 .   Okay ,   that   is   a   year   that   HUD   basically   had   to   step   in   and   say   we   gotta   make   a   standard   for   these   things .   They   usually   made   out   toothpicks   is   what   my   joke   and   literally   the   walls   and   stuff   were   extremely   thin   and   there   wasn&#39;t   actual   law .   The   quality ,   so   that   year   is   the   year   so   they   had   the   aluminum   wiring   beforehand .   They&#39;re   not   as   safe   and   they&#39;re   just   was   about   West .   Every   state   built   them   a   little   different   as   well .   That   makes   sense .   That   is   the   biggest   reason   that   the   banks   don&#39;t   go   further   than   that .   Now   you   still   gotta   bring   them   all   up   to   code ,   to   a   certain   quality   for   that   bank .  
      </p>

      <h2 id="chapter_25177545">Real Estate Management and Growth Strategies</h2>


        <cite>Adrian Smude</cite>
      <time>12:03</time>
      <p>
          Yeah ,   I   don&#39;t   know   anyone   that   is   able   to   fix   and   flip ,   say ,   a   1978   to   a   profitability ,   because   it&#39;s   gotta   become   up   to   the   same   standard .   

      </p>

        <cite>Ed Mathews</cite>
      <time>12:13</time>
      <p>
          And   the   amount   of   money   you   put   in   it   no   one   really   wants   to   buy   it .   

      </p>

        <cite>Adrian Smude</cite>
      <time>12:16</time>
      <p>
          There&#39;s   less   comps   cause   there&#39;s   less   of   that   happening ,   so   it   is   more   challenging .   And   that   doesn&#39;t   mean   you   couldn&#39;t   own   or   finance   it   to   someone   and   as   well ,   obviously ,   dodd   Frank   still   is   in   the   mobile   home   space .   I   don&#39;t   know   why   people   think   it&#39;s   not ,   but   it&#39;s   in   the   mobile   home   space   as   well .   You   gotta   be   a   good   boy .   

      </p>

        <cite>Ed Mathews</cite>
      <time>12:33</time>
      <p>
          Yeah ,   okay ,   all   right ,   that&#39;s   interesting .   Yeah ,   that   makes   sense .   Now   I   understand .   So   thank   you   for   that .   So   I&#39;m   curious ,   I&#39;ll   put .   

      </p>

        <cite>Adrian Smude</cite>
      <time>12:40</time>
      <p>
          Yeah ,   fire   with .   Oh ,   I&#39;m   sorry ,   I   want   to   have   more   thinking .   This   is   a   benefit .   Once   we   learn   this   stuff   now ,   we   can   get   a   better   price ,   because   most   people   aren&#39;t   gonna   do   everything   we   just   talked   about   and   learn   how   to   negotiate ,   though   under   financing   and   actually   that&#39;s   not   what   you   know   let   the   seller   know   how   it&#39;s   beneficial   to   them .   

      </p>

        <cite>Adrian Smude</cite>
      <time>12:59</time>
      <p>
          And   if   we   can   do   all   that ,   we   have   an   edge   up   on   everyone   else   that   doesn&#39;t   wanna   do   that   worth   and   spend   time   to   build   that   rapport .   So   we   get   a   cheaper   price   because   also   we   don&#39;t   have   as   many   exit   strategies .   So   the   one   reason   the   ROI   is   so   much   higher   because   we   have   less   competition   and   we&#39;re   able   to   serve   the   person   better .   

      </p>

        <cite>Ed Mathews</cite>
      <time>13:17</time>
      <p>
          Yeah ,   interesting .   Wow ,   that&#39;s   an   interesting   play .   So ,   in   terms   of   managing   the   business ,   what   do   your   systems   look   like ?   Do   you   use   just   a   commercially   available   property   management   software ?   Do   you   have   a   team   that   manages   your   residence   in   terms   of   paying   the   rent   and   work   orders   and   all   that   Like ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>14:03</time>
      <p>
          how   does   that   work   for   you ?   Really ,   most   of   our   residents   take   care   of   the   properties .   We   set   that   expectation   before   going   in ,   but   obviously   we   still   have   to   do   some   work .   Yeah ,   it&#39;s   not   like   move   in   and   never   call   us   again ,   that&#39;s   not .   But   yeah .   

      </p>

        <cite>Adrian Smude</cite>
      <time>14:16</time>
      <p>
          We   do   look   to   attract   and   serve   the   community   that   are   handyman   and   handywomen .   Now   I   do   have   some   site   built   homes   that   I   master   lease .   I   lease   it   from   someone   else   but   I   manage   everything   the   exact   same   way .   But   most   of   our   residents   are   handyman   so   that&#39;s   their   job   every   single   day .   So   they   don&#39;t   call   me   when   they   have   a   light   switch   that&#39;s   out   because   they&#39;re   electrician .   Yeah ,   they   just   fix   it .   A   lot   of   the   small   stuff   they&#39;re   just   like   I   could   fix   it   faster   and   call   you ,   but   then   there&#39;s   always   things   that   we   need   to   repair .   I   do   have   an   office   manager   now .   I&#39;m   very   fortunate ,   as   I   decided   to   grow   and   really   more   than   that ,   go   on   the   road   and   teach   everything   to   go   lower .   She   takes   care   of   that   side   of   the   business .   I   just   naturally   grew   Software   wise .   We&#39;re   using   Trello   right   now ,   which   is   not   good .   She&#39;s   switching   us   over   to   something .   She&#39;s   literally   doing   that   research   now   what   we&#39;re   gonna   switch   to .   But   yeah ,   I   started   doing   this   with   an   Excel   spreadsheet .   It   wasn&#39;t   the   best   way .   

      </p>

        <cite>Ed Mathews</cite>
      <time>15:11</time>
      <p>
          It   wasn&#39;t   the   best   way .   

      </p>

        <cite>Adrian Smude</cite>
      <time>15:12</time>
      <p>
          I   made   money .   

      </p>

        <cite>Ed Mathews</cite>
      <time>15:13</time>
      <p>
          Yeah ,   the   fact   is   that   when   we   first   started   buying   it   up   in   Vermont   right ,   we   had   a   whole   bunch   of   properties   up   there   in   Rutland   and   the   gentleman   that   I   met   that   was   we   would   have   not   hired   him ,   but   not   for   this   reason   the   gentleman   I   met   when   I   asked   him   how   do   you   manage   your   properties ?   And   he   pulled   open   a   huge   ledger   he&#39;d   written   in   pencil   and   that&#39;s   how   we   manage   it .   

      </p>

        <cite>Ed Mathews</cite>
      <time>15:36</time>
      <p>
          I   said   okay ,   how   does   that   work   and   he&#39;s   been   doing   it   this   way   for   40   years .   So   I   was   like   all   right ,   it   obviously   works   because   you&#39;re   still   doing   it   that   way   and   the   folks   that   worked   with   him   spoke   very   well   of   him ,   so   he   was   obviously   good   at   his   job .   But   I&#39;m   curious   about   the   types   of   systems .   Like ,   we   use   a   tool   called   Hemlane ,   which   I   really ,   but   we   can   talk   about   that   offline .   So ,   in   terms   of   growing   your   business   and   scaling   your   business ,   what&#39;s   the   kind   of ?   Where   are   you   in ?   What&#39;s   the   ultimate   grand   plan ?   What&#39;s   the   empire   look   like ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>16:06</time>
      <p>
          I   don&#39;t   see   myself   ever   stopping   buying ,   cause   there&#39;s   always   people   that   need   help .   I   enjoy   the   business .   I&#39;m   not   the   big   grant   cardone .   I   need   to   do   100   deals   a   year .   I&#39;m   more   like   let   me   average   out   four   really   good   deals   a   year .   So   last   year   I   bought   two .   This   year   I   should   buy   six   my   averages .   What   am   I   really   doing   now   that   I   have   most   of   the   cash   flow   I   want ?   I   am   focused   on   some   cash   flow   so   we   can   get   some   better   systems   Like   we   were   just   talking   about .   Yeah ,   cause   those   cost   money   and   I   wanna   pay   Joe ,   my   office   manager ,   more .   That&#39;s   one   of   my   big   goals .   I   asked   her   what   are   your   personal   goals   in   life ?   I   can   help   fulfill   them .   And   then ,   besides   that ,   what   does   it   look   like ?   I   don&#39;t   want   100   units .   What   I   wanna   do   is ,   as   I   get   a   better   quality   property   and   quality   for   me   it&#39;s   going   to   attract   good   resident   that&#39;s   gonna   take   care   of   the   place   and   stay   a   very   long   time ,   and   then   the   structure   what   most   people   think   of   quality   I   want   both   pieces .   

      </p>

        <cite>Adrian Smude</cite>
      <time>16:58</time>
      <p>
          I   get   one   of   those   and   then   I   sell   off   something   like   behind   me .   That   is   not   a   very   good   structure .   It&#39;s   not   gonna   attract   the   best   person   in   the   world .   I&#39;m   just   trading   up   as   I   go   and   I&#39;m   buying .   Actually ,   when   we   go   off   this   call ,   I&#39;m   going   to   throw   a   closing   and   it&#39;s   not   a   very   nice   property   to   be   assigned   to   it   will   be .   

      </p>

        <cite>Adrian Smude</cite>
      <time>17:17</time>
      <p>
          What   I   can   do   now   where   I&#39;m   at   in   the   business   is   I   can   find   a   younger   investor   that   has   a   few   deals   and   he&#39;s   done   something   he&#39;s   hit .   Emma   Hur&#39;s   shown  
      </p>

      <h2 id="chapter_25177546">Real Estate Investing Strategies and Interests</h2>


        <cite>Adrian Smude</cite>
      <time>17:25</time>
      <p>
          me   what   they&#39;ve   done .   I   can   now   owner   finance   it   to   them .   I   had   some   mentors   that   did   that   for   me   and   I   can   make   good   money   helping   them   out .   They   don&#39;t   have   the   money   necessarily   or   can&#39;t   get   the   financing   it   becomes   a   win .   

      </p>

        <cite>Adrian Smude</cite>
      <time>17:37</time>
      <p>
          And   I   actually   got   to   do   that   with   my   second   property   ever   bought .   It   came   from   one   of   my   mentors .   He   gave   me   a   fantastic   deal .   I   made   great   money   for   years   and   now   I&#39;ve   re-owner   financed   it   out   to   someone   else .   But   just   continuing   to   help   he&#39;s   making   good   money   on   it .   Someone&#39;s   living   there .   

      </p>

        <cite>Ed Mathews</cite>
      <time>17:53</time>
      <p>
          Everybody   wins   right ,   cause   you   pay   it   forward   and   you   give   someone   who&#39;s   a   few   years   behind   you   the   opportunity   to   cash   flow   and   you   get   to   take   back   capital   that   you&#39;ve   in   terms   of   appreciation   and   flip   it   into   something   else .   100% ,   that&#39;s   exactly   it .   I   get   it   In   terms   of ,   like   how   we   talked   about   your   business   now ,   so   let&#39;s   talk   about   you .   So   how   do   you   take   in   information ?   I   always   say   that   leaders   are   readers ,   right ,   and   but   reading   today   is   different ,   right ?   It&#39;s   not   just   a   book ,   right ,   it&#39;s   not   just   the   paper   book ,   it&#39;s   audio   books ,   it&#39;s   Kindles ,   it&#39;s   YouTube   videos   and   podcasts   and   a   whole   bunch   of   other   things .   So   I&#39;m   curious   how   do   you   sharpen   the   saw ?   What   do   you ?   And   I&#39;m   also   really   curious   about   who   you   paying   attention   to   these   days   in   terms   of   authors   or   creators .   

      </p>

        <cite>Adrian Smude</cite>
      <time>18:41</time>
      <p>
          The   only   one   I   don&#39;t   do   of   your   list   is   the   Kindle   version ,   so   I&#39;m   not   a   very   good   electronic   reader .   I   read   a   physical   book   in   the   morning   and   that&#39;s   a   mindset   book .   I   listen   to   podcasts   all   the   time .   I   am   a   very   big   Howl   and   Oron   fan .   I&#39;ve   listened   to   all   450   whenever   episodes   he   has .   

      </p>

        <cite>Ed Mathews</cite>
      <time>19:00</time>
      <p>
          Yep .   

      </p>

        <cite>Adrian Smude</cite>
      <time>19:01</time>
      <p>
          And   he&#39;s   the   miracle   morning   guy .   Oh   yeah ,   I   listen   to   audio   books .   I   am ,   this   year ,   focused   more   on   doing   less   content   absorption ,   but   more   actually   doing   the   stuff   the   book   says   to   do   Right .   

      </p>

        <cite>Ed Mathews</cite>
      <time>19:16</time>
      <p>
          The   end   of   the   chapter   has   something .   

      </p>

        <cite>Adrian Smude</cite>
      <time>19:18</time>
      <p>
          Yeah ,   we   usually   just   listen   to   him   and   we&#39;re   like ,   okay ,   that&#39;s   nice .   I   have   not   gone   on   to   the   next   chapter   in   some   books   which   admittedly   I&#39;m   a   few   months   behind   because   I&#39;m   not   allowing   myself   to   go   to   the   next   chapter   till   I   take   action   in   what   they   said .   

      </p>

        <cite>Ed Mathews</cite>
      <time>19:31</time>
      <p>
          Yeah ,   man ,   but   it&#39;s   not   a   race ,   right ?   You   do   it .   So   you   read   the   way   I   read ,   right   it&#39;s ?   You   read   a   chapter   and   you   get   a   couple   of   really   good   ideas   from   the   author   or   the   podcast   or   whatever   and   all   the   stuff   we&#39;re   gonna   implement   that .   We&#39;re   gonna   make   it   work .   And   then ,   okay ,   let&#39;s   do   the   next   thing ,   right ,   Cause   I   found   that   I   have   a   pretty   profound   case   of   entrepreneurial   ADD   and   that   whole   shiny   object   thing .   I&#39;ll   read   this   book .   And   I   used   to .   The   way   I   used   to   do   it   was   I&#39;d   read   a   book   and   then   I&#39;d   read   another   book ,   and   then   I&#39;d   read   another   book   and   then   I&#39;d   read   another   book ,   and   then   I&#39;d   be   like ,   all   right ,   what   did   I   just   learn   and   how   do   I   implement   it ?   And   it&#39;ll   be   like   I   don&#39;t   remember .   I&#39;ve   learned   from   just   losing   out   on   those   opportunities   to   implement .   Do   exactly   what   you   do ,   which   is   really   smart   in   that   it&#39;s   you   read   something ,   you   get   a   gold   nugget ,   and   then   you   turn   around   and   use   it   and   then   proceed .   

      </p>

        <cite>Adrian Smude</cite>
      <time>20:19</time>
      <p>
          So   there&#39;s   two   other   ways ,   and   I   thought   of   it   from   what   you   just   explained   is   mastermind   groups .   I&#39;m   into   and   I   run   one   and   then   I   go   to   actual   seminars   in   person .   I   do   the   zoom   world   some   but   I   like   the   in   person ,   cause   he   energy   and   we   can .   

      </p>

        <cite>Ed Mathews</cite>
      <time>20:35</time>
      <p>
          Yeah ,   there&#39;s   really .   You   can   only   get   so   much   out   of   a   zoom   call ,   right .   

      </p>

        <cite>Adrian Smude</cite>
      <time>20:39</time>
      <p>
          Yeah ,   something   though   I   started   last   year   and   it&#39;s   been   working   pretty   well   for   me   of   where   I&#39;m   at   today   is   when   I   hear   something   I&#39;m   like   that&#39;s   one   of   my   nuggets .   I&#39;m   looking   for   two   to   four   nuggets .   Yep ,   same ,   I   almost   ignore   everything   going   on   for   the   next   five   or   10   minutes .   I   get   into   my   CRM   or   whatever   I&#39;m   gonna   do ,   and   I   put   it   to   work   right .   Then   I   sign   it   to   a   VA ,   or   at   least   I   sign   it   to   myself ,   because   if   not ,   I   leave   and   I   start   driving   or   traveling   and   I   forget   about   it .   And   then   I   literally   have   some   books   right   here   from   six   months   ago   that   I   haven&#39;t   taken   everything   out   of   it .   But   if   I   can   do   that   with   three   or   so   things ,   at   least   it&#39;s   in   the   works .   And   someone   else   on   my   team   cause   I   give   them   permission   to   call   me   out .   Sure ,   hey ,   you   have   a   task   that   hasn&#39;t   gotten   done .   So   they&#39;re   holding   me   accountable ,   but   that&#39;s   what   I   decided   about .   I&#39;ll   just   miss   the   next   few   minutes   of   whatever   the   speaker   is .   And   it&#39;s   been   working   for   me   so   far .   That&#39;s   great .   

      </p>

        <cite>Ed Mathews</cite>
      <time>21:31</time>
      <p>
          Yeah ,   when   it   works .   Rinse   and   repeat ,   man ,   okay .   So   if   let   me   ask   you   this ,   having   done   this   for   as   long   as   you&#39;ve   done   it ,   if   some   guy   in   Connecticut   waved   to   Magic   Wand   and   said ,   okay ,   you&#39;re   going   back   to   the   beginning .   Right ,   you   can   take   everything   you&#39;ve   learned ,   but   nothing   else ,   what   would   you   do   differently   if   you   had   to   start   over ?   Is   that ?   Do   I   have   money ?   Nope ,   no   money .   

      </p>

        <cite>Adrian Smude</cite>
      <time>21:53</time>
      <p>
          Okay ,   just   a   knowledge .   Alright .   So   if   I   started   over   today   with   no   money ,   I   would   do   master   leasing .   So   I   would   go   to   someone   like   you   and   say   hey ,   aren&#39;t   you   really   tired   of   managing   all   your   stuff   and   you&#39;re   tired   of   those   late   night   calls ?   Let   me   professionally   manage   them .   I&#39;m   going   to   sublet   them   out   because   you   can   get   in   for   pretty   much   no   money .   You   can   control   the   property .   I   have   a   few   of   those .   It   works   for   those   owners .   

      </p>

        <cite>Adrian Smude</cite>
      <time>22:17</time>
      <p>
          I   would   also   probably   look   at   the   mobile   homes   inside   the   parks   because   they   require   a   lot   less   dollars   to   get   in .   Now   there&#39;s   more   time   and   you   don&#39;t   have   that   control   and   I&#39;ve   done   really   well .   They   were   fantastic   for   my   growth .   And   then   I   would   slowly   be   building   up   because   I   have   my   network ,   my   knowledge   and   network .   I   think   I   would   grow   really   fast   because   I   would   say   hey ,   I   know   you&#39;re   in   a   multifamily ,   I&#39;m   not   really   good   at   that ,   but   I   just   got   this   league .   Can   you   help   me   out ?   I&#39;ll   bring   you   in   the   deal   somehow .   I   would   use   my   network   and   leverage   that   bring   anyone   into   the   deal   that   I   needed   to   bring   in   to   get   it   done .   

      </p>

        <cite>Ed Mathews</cite>
      <time>22:53</time>
      <p>
          And   that&#39;s   how   I   would   start   over .   I   am   so   happy   to   hear   that ,   and   I&#39;m   sure   our   audience   is   as   well ,   because   one   of   the   things   when   I   talk   with   folks   either   with   local   meetups   or   whatever   it&#39;s ,   one   of   the   three   things   that   they   always   get   stuck   on   is   I   don&#39;t   have   any   money .   And   my   answer   is   always   exactly   what   you   just   said   you   don&#39;t   need   money ,   you   just   need   creativity   and   resourcefulness ,   and   as   long   as   you   can   put   a   deal   together   that   pencils   out ,   invariably   you   can   find   somebody   or   a   group   of   somebodies   who   will   help   you   get   it   done .   

      </p>

        <cite>Adrian Smude</cite>
      <time>23:24</time>
      <p>
          Yeah ,   so   one   of   my   big   mentors ,   peter   Fortunato .   He   talks   about   it .   He&#39;s   got   this   house .   People   should   go   and   Google   Peter   Fortunato   house   and   you&#39;ll   see   the   little   copy   right   at   the   bottom   and   it   breaks   up   everything   the   real   estate   gives   us ,   and   his   goal   is   to   find   out   what   do   you   need ?   You   might   need   the   cash   flow   and   appreciation .   He   takes   the   rest   and   at   this   point   he&#39;s   not   as   picky   as   what   you   get ,   but   you&#39;re   growing .   All   you   need   is   cash   flow .   You   need   someone   that   needs   appreciation   or   needs   a   depreciation   tax   right   off ,   being   able   to   split   it   up   like   that .   I   actually   have   his   house   hanging   up   on   my   wall ,   but   it&#39;s   always   in   my   mind   what   is   the   other   person   really   needing ?   Yeah ,   and   can   I   compliment   them   by   my   needs   right   now ?   

      </p>

        <cite>Ed Mathews</cite>
      <time>24:05</time>
      <p>
          Absolutely .   Yeah ,   it&#39;s .   It   reminds   me   of   the   old   Zig   Ziglar   quote   if   you   help   enough   people   get   where   they   want   to   go ,   they   will ,   in   turn ,   help   you   get   where   you   want   to   go   right .   If   you   solve   people&#39;s   problems   in   a   way   that   works   for   everybody   involved ,   creating   that   win   but   makes   it   a   lot   easier   to   do   deals ,   you   sleep   well   and   you   actually   make   money   doing   it   right .   Couldn&#39;t   agree   more   Cool .   Hey ,   so   I&#39;m   curious   about   I&#39;m   still   curious   about   you   in   terms   of   how   you   operate .   So   when   you&#39;re   not   slinging   mobile   homes   and   fix   it ,   making   them   beautiful   and   renting   them   out   and   all   that ,   what   do   you   like   to   do   outside   of   real   estate ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>24:39</time>
      <p>
          What&#39;s   fun .   I   do   love   real   estate .   One   of   my   coaches   actually   today   helped   me   realize   that   I   probably   spent   a   little   too   much   time   in   the   business   because   I   love   this ,   yeah ,   but   what   do   I   do   outside ?   Nature ?   Nature   is   one   of   my   recharges .   I   love   going   hiking .   Actually ,   in   about   a   month   I   will   have   cell   phone   reception .   For   about   a   week   I&#39;m   going   to   the   glacier ,   the   Grand   Tetons   and   Yellowstone .   I   love   doing   that .   I   love   RIA&#39;s   real   estate   groups .   That&#39;s   one   reason   one   of   my   coaches   helped   push   me   towards   the   education .   He   just   can&#39;t   stop   you   from   going   there .   Why   don&#39;t   you   just   start   sharing   there ?   I   never   thought   of   that .   So   I   get   recharged   at   the   news   traveling ,   so   I   fit   everything   within   my   vision .   So   that&#39;s   where   the   education   fits   in .   I   get   to   travel .   I   pick   the   areas   I   want   to   go ,   but   travel   and   deep   conversations   and   nature   are   probably   three   of   my   top   recharges ,   like   what   I   just   really   love   doing   at   Sillsline   Bucket .   

      </p>

        <cite>Ed Mathews</cite>
      <time>25:35</time>
      <p>
          It   gets   you   cooking .   That&#39;s   awesome .   Yeah ,   adrian ,   I   know   you   have   a   book   and   I   admittedly   haven&#39;t   read   it   yet ,   but   I   will   read   it   now   that   I   know   that   you   have   one ,   and   if   folks   are   interested
      </p>

      <h2 id="chapter_25177547">Find Adrian&#39;s Book</h2>


        <cite>Ed Mathews</cite>
      <time>25:45</time>
      <p>
            in   learning   about   you   or   your   business   or   picking   up   your   book ,   what&#39;s   the   best   way   to   make   that   happen ?   How   do   I   get   it   all   to   you ?   

      </p>

        <cite>Adrian Smude</cite>
      <time>25:53</time>
      <p>
          So   the   easiest   way   to   find   my   book   and   all   my   information   my   book   is   how   to   buy   mobile   homes   and   you   don&#39;t   have   to   read   it   now .   It&#39;s   un-onable .   It&#39;s   not   un-onable   just   yet   I&#39;m   waiting   for   the   approval   but   I   read   it .   So   you   have   to   listen   to   this   voice   for   over   two   hours .   That&#39;s   all   right .   You   can   go   to   adrans360.com .   It&#39;s   basically   a   landing   page .   It   has   links   to   my   books   there .   It   has   links   to   all   my   social   media .   It   has   links   to   my   websites ,   so   my   buying   website   as   well ,   even   though   I   only   buy   in   my   little   area ,   but   used   as   a   resource   to   go   on   it   Buying   what   you   like .   Recreate   it   and   make   it   yours .   That&#39;s   how   my   website   was   created .   I   went   to   a   bunch   of   other   people&#39;s   Absolutely ,   and   everything   I   have   is   on   that   adrans360.com   and   connected   with   me   through   whatever   channel   you   use ,   except   for   the   phone .   I   don&#39;t   answer   the   phone .   It&#39;s   my   phone&#39;s   been   on   do   not   disturb   for   a   few   years ,   yeah   me   too ,   because   you   could   spend   days   returning   phone   calls .   

      </p>

        <cite>Ed Mathews</cite>
      <time>26:51</time>
      <p>
          Excellent ,   hey   Adrian ,   thank   you   so   much   for   your   time   today .   It&#39;s   really   good   to   see   my   friend   and   continue   success ,   and   I&#39;m   looking   forward   to   seeing   where   you   take   it   next ,   and   I   also   look   forward   to   reading   your   book .   Thanks ,   ed ,   appreciate   you   having   me   on   here .   Good   to   see   you ,   buddy .   All   right ,   hey   man ,   you&#39;re   really   good   at   this .   

      </p>