Welcome back,
Today’s podcast #42 has been over two years in the making. Dominic and I started talking about recording a mobile home investing case study podcast together after he got started mobile home investing back in 2020.
Dominic got started investing in individual mobile homes at age 16 and a half with his family’s permission. Dominic is now 18 years old as of this article. By the time he could vote, Dominic had already closed a half dozen mobile home deals averaging over $5,000 profit per home.
Dominic is killing it at his age. This kid man is incredible! He’s got a long real estate career ahead of him.
Dominic has genuinely helped way more people and made way more money by the age of 18, than most of us could have only dream about. Dominic makes all of us look old, and I’m so proud of him.
While watching to today’s podcast, remember…
- ⭐ There will always be another safe opportunity to invest.
- ⭐ While watching this video enjoy in Dominic’s success and happiness. Also, take notes and learn from his journey from failure to success in mobile homes.
- ⭐ Use this video as fuel for your motivational fire. If Dominic can achieve these results, then there is no reason why you cannot as well. No more excuses.
- ⭐ Mobile home investing is not easy, but it can be predictable when consistent.
In today’s mobile home podcast episode below, we cover:
- ✔ 0:00 Side hustles early on?
- ✔ 3:00 6 deals under age 18
- ✔ 4:10 Fears looking younger.
- ✔ 7:20 Making $35k in 6 deals.
- ✔ 9:00 Selling for cash or payments.
- ✔ 10:00 What percentage of your homes must be moved?
- ✔ 11:00 Take the cash while you can.
- ✔ 13:30 Be a sponge, to be the best
- ✔ 14:40 Working with John
- ✔ 17:05 Deal #3
- ✔ 21:25 Finishing the deal for a 10k profit
- ✔ 22:45 Surprises?
- ✔ 27:30 Free mobile home!
- ✔ 30:00 Buying without looking
- ✔ 34:00 Advice for new investors?
Thank you so much to Dominic for coming on today’s podcast. Dominic is truly a great guy that puts people first and has a high code of ethics. He wants to have a great business with a great reputation, and that is exactly what he is developing.
Today’s article is short to encourage you to watch or listen to today’s podcast. Watching this podcast in full should only help your mobile home investing business growth.
Note to Dominic and all the active mobile home investors reading these words: Keep it up! Keep up the regular consistency. The hard work will pay off and your future is worth all this effort.
Have comments or questions? We’d love to hear them below.
Thanks for following along. Check out the podcast episode below. We sincerely hope this content helps you and your mobile home investing business.
Love what you do daily,
John Fedro
Listen to John and Dominic’s Podcast here…
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6 Comments
Sara
May 10, 2023Hey John!
I’ve been watching your YouTubes and listening to your Podcasts for almost a year now and I am in the process of purchasing my first mobile home, personal purchase!
Well, it’s for my daughter who’s going to college 2 hours away from where we live and I’ll be soon to join her in the area. So when she finishes with school in a year, then I can resell the home.
Ok…here’s my question. It’s a 1990 mobile home. No title. I have a Bill of Sale and am waiting for park approval (yes, it’s a contingency). Do I need to go to the DMV for the purchase or what do I do now to make this an official purchase?
Thanks!!
Sara
John Fedro
May 16, 2023Morning Sara,
Thank you very much for reaching out and connecting. Thanks for watching some of my past videos. I hope that some of these videos and podcasts have been somewhat helpful to you already. Congratulations with regards to the personal purchase. I hope that this mobile home is a good one and in a nice community that you and your daughter are very happy with. When you purchased the mobile home I am assuming that you knew that there was no title. I hope that you got a very good deal on the mobile home. While you did obtain possession of the mobile home you are technically not the owner in the states eyes. Unless you are located in Mississippi or New York State. In these two states a title is not needed with mobile homes after 1994ish. If you bring the bill of sale to the DMV they will tell you that they need the sign title from the current owner. In some states you may be able to file for what is called a “bonded title” which will allow you to obtain clear ownership after a few years. In other states there are a few other ways to go forward, however your options are limited if you are not the landowner. The landowner can file for an abandoned title if they so choose. The last resort could be to sue the DMV in court to force them to print you a new title, however that may be difficult. If the mobile home park is okay with you having only a bill of sale, or rather they do not ask to see a title with your name on it, then you should be fine to live there in peace. You can simply continue to pay her lot rent and rest confidently that the current owner is likely not coming back as situations like yours happen in every state, unfortunately. When you go to “resell” the home then you will likely do so with only a bill of sale again. This will not be the correct way to do things however your between a rock and a hard place depending on your state and options moving forward. Sorry this answer is a bit vague however without knowing what state you’re in do not want to give you any wrong or misleading information. Any follow-up questions never hesitate to reach out anytime. All the best.
Talk soon,
John
Mrs Derrrpy
June 17, 2023How do you acquire an abandoned title for a home that has been left on the property?
John Fedro
June 26, 2023Hi Mrs Derrrpy,
Thank you for reaching out and connecting. In each state the process will very some. Typically as the landowner you are holding most or all of the cards. However this is typically only true if there are some identifying numbers or markings on the mobile home. The VIN or serial number or HUD label number will all help. Or perhaps the VIN is located on the legal description or you have old paperwork that shows these numbers somewhere. If that is the case then you will typically be able to contact your states manufactured home/mobile home title transfer department. These folks should be able to point you in the right direction defiling for an abandoned title on your property. This may or may not require going through court and being in front of a judge. However either case it typically will take a little bit of time, 30 days or more, as you will have to post a notice or two on the door and give the home owner time to remove the property. An abandoned title typically cannot be done if you are the one abandoning it on the property. Meaning that you move the home onto the property yourself and are now looking to get a clear title. However I suppose where there is a will then there is a way. Hope this helps and all make sense. Feel free to keep in touch moving forward. All the best.
Talk soon,
John
Sue Hidinkl
November 20, 2023He is so inspiring! I wish my children were a bit more ambitious like Dominick is. What age can people legally start investing. Did Dominic need help when he was under 18. Thank you in advance. Looking forward to sharing this opportunity with my children.
John Fedro
November 21, 2023Hi Sue.
Thanks again for reaching out and commenting. When I have children, I definitely want them to be as ambitious as Dominic. It is amazing what he has already done in his life. There is definitely a lot more to do and Dominic seems up for the challenge. Then again he seems to have a good work life balance, at least better than I did at the start of my business. With regards to purchasing personal property prior to 18 years old, this changes from state to state. However there are definitely ways to help sellers, buyers, and local parks whether you are under the age of 18 or over 18. It is important that we always make our buyers happy, sellers happy, and the parks we work with happy as well. When it comes to getting approved at any local mobile home parks, Dominic did use the help of his family members that were over 18. However when it comes to paperwork, Dominic did not need the help of his family members for this portion. This is a bit of a vague answer however I do hope it helps and makes sense. Your age does not determine your success in this business, your action and dedication do. This is a people business it is important to be willing and able to talk with strangers. I hope this all helps and makes sense. Any follow-up questions big or small are hesitate to reach out anytime.
Talk soon,
John
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