Welcome back,
In today’s 58-minute Mobile Home Investing Podcast episode #34 I’m honored and so proud to introduce you to active Mobile Home Formula investor, Beau to the co-hosting microphone. In a short period of time Beau has already massed quite a profit from his 15+ quick mobile home flips. Additionally, Beau is helping local sellers in need of immediate help and buyers that are eager to pay cash for his mobile homes.
Over the last 12 months Beau, his wife, and his son have been working to build their names, portfolio, and reputations in their local mobile home investing market. In today’s podcast we talk about what is working and not working today. Learn from our mistakes on today’s video and Podcast below.
Special Thanks to Beau for giving value to other mobile home investors he’ll likely never meet.
Ask Yourself, “How Can You Make This Situation, Deal, Or Opportunity Work?”
While looking at every mobile home that fits your criteria it is important to think about the best-case scenario, the worst-case scenario, and your top three realistic exit-strategies based on each particular mobile home opportunity. Keep in mind the repairs you make may vary depending on each exit strategy.
✔ Before passing on any mobile home investing opportunity consider asking the question, how can I make this deal realistic, win-win, and very profitable?
✔ Before passing on implementing something new in your business consider asking the question, how can I make this situation work with the smallest risk possible?
✔ Before passing on an overpriced or ugly mobile home consider asking the question, how can I make this opportunity very profitable for my budget and time?
If you are now beginning to invest in mobile homes learn multiple methods of helping sellers solve title problems. Even if you currently lack much starting capital, aim to learn multiple purchasing techniques to help each mobile home seller, park manager, and park owner. Investing in senior mobile homes, mobile homes with private land, mobile homes that must-be-moved, deals where you may partner with a seller, wholesaling opportunities, rental, co-op style parks, RVs, homes at auctions and more can all be profitable when purchased correctly.
At first aim to take a wide approach and speak with as many mobile home sellers that fit your criteria as possible. Ask questions and listen. Craft 2-3 purchase offers that solve your seller’s problems and allows you to invest safely.
What will end up happening? While it is very important to learn various investing and problem-solving strategies within mobile home investing, eventually two or three may stand out as the easiest and most predictable at the present time in your local market.
Author’s note: The newer mobile home investors I work with that have the quickest success are the most curious about mobiles, do not mind asking many questions, and do not mind being proactive daily. Asking questions allows us to learn more, allows others to see our intentions, and ideally builds rapport so you may keep reminding folks who you are and that you purchase/sell used mobile homes.
Pro Tip: The more mobile home issues, seller problems, and/or title challenges you are willing to solve the less competition you will find while investing.
“It’s Good Luck To Keep Trying”
This saying has become Beau’s investing mantra. In today’s podcast we talk about how this mantra came to be. Beau makes a great comment during the podcast that failing is a natural part of the process. It is only when someone gives-up for the last time do they truly fail. This is something we all likely know deep-down in our hearts; however, it deserves to be said again. Keep going.
Author’s note: The mobile home investors I am fortunate enough to work with are, for the most part, not enormously special individuals. However what we lack in “specialness” we each make up for in daily persistence, nervous-courage, and consistent determination to succeed.
Related video: Staying Motivated With The Help Of This Delayed Gratification Trick
In the podcast episode below John and Beau cover:
✔ 0:00 Welcome
✔ 1:40 Getting started with mobile homes
✔ 3:20 When is your free time to invest?
✔ 5:20 Mobile home deals completed?
✔ 5:50 RV investing
✔ 7:20 How has military affected you MH business?
✔ 10:50 Important relationships
✔ 11:20 1st time moving a mobile home
✔ 12:50 Selling everything for cash
✔ 17:10 Working with other local investors
✔ 19:20 Profiting $2,000 in 15 minutes
✔ 24:40 Moving mobile homes problems
✔ 27:40 Selling to investors VS. end-users
✔ 31:40 Buying/Selling 12 mobiles at once
✔ 38:50 Almost quitting investing
✔ 40:10 Mobile Home Formula training
✔ 44:00 Overview of Beau’s MHI biz
✔ 44:50 Are you expanding?
✔ 46:00 Finally investing Full-time!
✔ 47:15 Not dealing with park managers
✔ 47:45 Imposter syndrome
✔ 50:00 Your suffering is not real.
✔ 51:25 You have to fail.
✔ 54:50 How can I make this work?
In conclusion you will never learn everything you need to know about real estate investing from reading books or watching videos. While there are many ways to make money in real estate, there are countless ways to lose profits as well. Have fun and take daily action to reach your financial goals. If you have questions, ask them. There are plenty of active investors around to give you help and guidance if you simply ask for it.
Bonus mobile home investor video:
Have comments or questions? We’d love to hear them below?
Thanks for following along. Check out the podcast episode below. We hope it helps you and your mobile home investing business.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Listen to John and Beau’s Podcast here…
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6 Comments
Janet
August 24, 2021Can the property owner of a park require new siding at the buyers expense? This was disclosed to my prospective buyer prior to background check and at No time was I notified till the prospective buyer told me. Thank you in advance. Janet
John Fedro
August 31, 2021Hi Janet,
Thank you for reaching out and connecting. I regret to hear that you’re going through this situation. Yes, this is something that a mobile home park can suddenly change all of a sudden. However most parks and park managers are considerate and tell you, the mobile homeowner, before they simply blurt this to your potential buyer. Hearing this will of course make many buyers turn away or wish to negotiate the price. The cost to install new vinyl siding to a single wide will be around $2000 or less.
Part of me thinks park manager may be saying this to steer people away from your home in the effort you abandon the property or sell it to the community cheaper. However I would definitely aim to clear this up with the mobile home park manager directly. If this is a “corporate style” mobile home park that I would encourage you to tactfully go behind the park managers back to contact the owner of the mobile home park or regional manager or general manager of the mobile home park. You may still to find this information on the mobile home park website or through LinkedIn.
Depending on your financial situation and the resale value of the mobile home this will usually add value to what you are able to sell the mobile home for. Check with other local mobile home sellers in the community to see if they are being told the same things. Keep in touch moving forward. If you have any follow-up questions or issues never hesitate to comment back. Depending on the situation things might get a little bit worse before they get better. Either way feel free to keep in touch. Hope this helps.
Talk soon,
John
D C Underhill
September 22, 2021Hi John, Thank you for having this helpful site! I have a question for you. My mother has a regular non mobile house in Massachusetts which I as her son, am listed as the Trustee for. She wants to sell this house and then purchase in cash a mobile home also in the same state and county. Since this mobile home is on leased land therefore, it is considered a personal property. What happens to the current trust on the existing house? Does it automatically transfer to the mobile home even though it is considered a personal property or what needs to be done if not to protect it so if something happens to her it does not go to probate court?
John Fedro
October 13, 2021Hi DC Underhill,
Thank you for reaching out and connecting. Additionally, thank you for the detailed comment as the certainly does help me understand your situation a bit more. If I am understanding things correctly, then when your mother (who I’m assuming is the beneficiary) instructs you to sell the home and land than the ownership will come out of the trust and into the new buyers name. That means there will be an empty land trust, or at least until you rip up the paperwork. The new mobile home is personal property as you mentioned, so this will require a personal property trust. This does much of the same things as a land trust however of course is for personal property such as mobile homes in parks, cars, etc. I hope that this helps and answers your question. If you have any other follow-up questions about this or anything else never hesitate to reach out anytime. All the best. Keep in touch.
Talk soon,
John
Severin buys
April 29, 2022Are corporate owned oarks investor friendly? A lot of the parks where i live are corporate so when i go intk make my introductions with the park manager i have not been able to get any actionable info from them they hand me a card to an area manager.
John Fedro
May 6, 2022Hi Severin,
Thank you for reaching out and connecting. Absolutely! Some answers have a more gray answer, but this is not one of them. Large corporate owned parks are investor friendly, and smaller mom-and-pop parks are investor friendly. With that said a minority of these parks will not be friendly to you for one of four different reasons. If you are able to overcome the objection by being honest, clear and your intentions, and able to help the park, then most managers consider us free help and are open-minded to us working within the community to purchase and resell to park approved buyers. However keep in mind that even if a park does not want you in the community, there are still a few ways that you may be able to help a seller sell or partner with them or another strategy without becoming approved to live at the park or even being on title sometimes. While this is a bit of a vague answer I hope it helps and makes sense. Keep in touch moving forward. If you have any follow-up questions never hesitate to reach out anytime. All the best.
Talk soon,
John
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