MHI Lesson 19: Missing Deals & Making A $13,000 Profit – Guest Roscoe

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Welcome back,

In today’s Mobile Home Investing Lesson Podcast episode #19, I’m very proud to welcome Roscoe to the co-hosting microphone. Roscoe will be discussing his first mobile home deal, his selling funnel, and his experiences missing other profitable opportunities along the way. Roscoe is a self-starter and go-getter right out of college. Discover what Roscoe is doing to juggle single-family flips and mobile home cash-flow side by side.

Learn more about Roscoe’s mobile home investing business in the short Podcast and video below. A special “Thank You” to Roscoe for opening up his business and sharing vulnerable mistakes that will help us all be more profitable investors.

Related article: Automated selling funnel for mobile homes inside parks

roscoe-facebook-mobile-home

In this show we cover: (Times are provided to fast-forward video if needed.)

  • 0:51 What is your real estate experience currently?
  • 1:56 Any words of wisdom for traditional SFR investors?
  • 2:30 Working with local handyman and contractors.
  • 3:15 Let’s talk about your 1st deal.
  • 4:10 What price and terms did you sell this home for?
  • 4:19 What repairs did you make?
  • 5:05 How long did this home take to sell?
  • 5:23 Why did this woman turn you on to this deal versus keeping it for herself?
  • 6:40 Will this be a good lead source for you moving forward?
  • 7:10 How did you find this park so far away?
  • 9:25 How many potential tenant-buyers had to walk through the home before selling?
  • 11:28 Let’s discuss your selling funnel.
  • 13:24 Using video in your selling funnel.
  • 15:23 Let’s talk about some missed opportunities.
  • 19:35 Are park managers helpful or hurtful?
  • 20:38 What are your goals for the rest of the year?
  • 22:02 Why do you love mobile homes on land?
  • 23:41 What advice would you give to others investing in mobile homes?

Watch the Podcast Here

Finding lower priced mobile homes in your area

Within every state the price, supply, and demand of used mobile homes may vary wildly from city to city. I mention this because on this podcast we mention that Roscoe is finding good quality mobile homes for $20,000 and below. These mobile home properties are not typically listed online or for-sale yet to the general public. This is possible in most areas of the country if you are: 

  • Well known by local mobile home owners, sellers, park managers, etc.
  • Marketing and advertising regularly so sellers and mobile home owners know who you are and how you can help.
  • Additionally you should be making offers regularly on all homes under $25,000 if aiming to resell via payments. Disclaimer: This $25,000 figure will vary depending on your exit strategy.

Related video: How to find lower priced mobile homes in high priced areas?

Listen to the Podcast Here

10 Comments

  • barbara lordon

    September 8, 2016

    Hi Jon,

    I really enjoyed the information in the podcast. Do most of the deals you find need much work or little work? The part about proactive buyers made a lot of sense to me and perhaps why I expereienced some issue in the past with investoing. Thanks in advanced for your help. Looking to do more but a little nervous.

    Barbara

    • John Fedro

      September 9, 2016

      Hi Barbara,

      Thank you for reaching out and connecting. I’m very glad to hear that this podcast has been helpful to you in some way. Many deals I purchased do need very minor structural repairs and moderate cosmetic rehab. While that’s not a very detailed description I can say that most rehabs for me come to less than $2500 per home including materials and labor. With that said the mobile home may be sold needing some degree of cosmetic work left for the tenant-buyer. Other folks I work with purchase mobile homes that are a bit nicer and pay a little bit more money for them. These homes need less work and may be newer in age as well. The second group of mobile homes is a step up from the first group in some ways. With that said you can really do the deals you wish to do based on your exit strategy, time, and capital you have to invest with. I hope this all helps and makes sense. If you have any follow-up questions or concerns never hesitate to reach back out any time. All the best.

      Talk soon,
      John

  • H

    September 23, 2016

    such an nice article keep sharing

    • John Fedro

      September 26, 2016

      Hi H,

      Thanks for commenting and stopping by. Moving forward if you have or have any investing related questions or concerns never hesitate to reach out any time.

      Talk soon,
      John

  • mark harvey

    September 26, 2016

    john thank you for all the help and information you provide. I’m hoping you could answer a couple questions for me about a deal I have going on with the seller now. I have agreed to give a seller $3000 for their 1991 double wide in a park near my house. The only problem is the home needs a lot of work in the sellers do not have the title. Is this a good deal or is there something else I should look into before paying the money? thank you again for any help you can provide. Mark

    • John Fedro

      September 26, 2016

      Hi Mark,

      Thanks so much for commenting and reaching out with regards to your questions. Please see my thoughts below in bold.

      thank you for all the help and information you provide. Thank you very much for saying this. I hope I’m able to provide help to you as well. I’m hoping you could answer a couple questions for me about a deal I will sure be happy to try. I have going on with the seller now. I have agreed to give a seller $3000 for their 1991 double wide in a park near my house. Have you written a purchase and sale agreement up and had it signed with you in the seller? When do you have before you are supposed to close on the property? only problem is the home needs a lot of work in the sellers do not have the title. These are both overcomable in certain situations for sure. With that said these can both be big problems as well if your due diligence is incorrect. Is this a good deal or is there something else I should look into before paying the money? thank you again for any help you can provide. There are so many more questions and things to consider before asking yourself, “Is this a good deal?”. With that said I do not want to to lose money or give yourself any unneeded headaches if unnecessary. Please feel free to email me directly with pictures of your home and detailed questions moving forward. Again, I encourage you to not close on this deal until we have talked a bit more about this property and your ideal exit strategy moving forward. Reach out to me at support@mobilehomeinvesting.net as much detailed information is pictures as you can about the home, situation, repairs, park, area, and exit strategy as possible.

      Talk soon,
      John

  • Joe Myota

    September 26, 2016

    Congratulations! You are a young man with a whole career ahead of you. I wish I got started and had that confidence at your age.

    • John Fedro

      September 26, 2016

      Hi Joe,

      Thank you so much for commenting and reaching out. Additionally, thank you so much for your kudos and kind words for Roscoe. Roscoe absolutely has stepped up to helping local parks and local sellers and buyers in his areas. Even though you did not get started at Roscoe’s age, sooner is almost always better than later in my opinion…There is no time like the present. Moving forward if you ever have any mobile home specific questions or concerns never hesitate to reach out any time. All the best.

      Talk soon,
      John

  • Allan Foglio

    December 10, 2016

    There is an excellent post that you published. I think that you write a great post that you published. Thanks for sharing this article. Thanks for sharing this article.

    • John Fedro

      December 12, 2016

      Hi Allan,

      Thanks for commenting and reaching out. Very happy to help. Moving forward if you ever have any comments or additional questions never hesitate to reach out any time.

      Talk soon,
      John