Mobile Home Investor Q&A #7 – 200% ROI, Handyman Issues and 1st Deal Jitters

Welcome back,

In today’s video I am super excited to interview active mobile home investor Randy from Michigan. In this 20-minute video below we dive into Randy’s new mobile home investing business. Hear what happens when “life” gets in the way of our investing. While Randy doesn’t have years of experience investing in mobile homes, he does possess the experience of working in his local trenches and successfully investing in his 1st mobile home profitably. The main 2 reasons I am so excited to talk with Randy is to:

  1. outline Randy’s very 1st mobile home deal. What is working and what needs improving?
  2. discuss Randy’s skepticism, self-doubt, and realist fears that almost all humans have with regards to his 1st mobile home deal.

Disclaimer: In this article/video we are pointing out Randy’s past fears and self-doubts (and Randy is nice enough to allow us all to share in his past anxieties). I mention this because Randy is no wimp; Randy is a badass. He is a firefighter by profession and helps save others by putting his life on the line regularly. Even firefighters get nervous about starting and growing new businesses. It is very normal to be cautious, even skeptical when developing new skills you have little to no experience with. Cautiousness can be helpful, however unproductive negative or self-sabotaging inner-talk should not be allowed.

Related article: 6 Self-Sabotages In Your Mobile Home Investing Business – Avoid These

A big “Thank You” to Randy for opening up his business to discuss the positive and negative aspects of his first mobile home deal.

 

Please sit back and enjoy this 20-minute conversation. (Keep this screen open and video playing to listen while working.)

Questions/Topics discussed in the video above: (Times are provided to fast-forward if needed)

  • 1:19 How long have you been investing in real estate?How about in mobile homes?
  • 2:45 Describe your first few weeks and months after getting started?
  • 4:00 What were some hesitations you had after getting started?
  • 6:45 How many sellers did you speak to before your first deal? Appointments?
  • 8:10 Let’s talk about the purchase price and sold price. Profit? Repairs?
  • 9:50 What would you have done differently?
  • 10:50 Did you show the home before repairs were done?
  • 11:20 Why so long to find a handyman? Any tips?
  • 14:15 Did you sell for cash or payments?
  • 15:05 Did you ever have doubts about this deal or this business?
  • 16:30 Anything you were not expecting?
  • 17:26 Can you talk about the buyers in your marketplace?

randy-mobile-home-investing

Related article: Getting started investing: Transitional vulnerability

Real World: Most buyers and sellers (mobile homes and single family home sellers) in your area will not need the help of a local real estate investor. However within 5, 10, and 20 miles from you there are mobile home sellers that are unsure and confused why their homes are not yet sold? Or why more cash-buyers are not calling? Disclaimer: If you are located in a very hot sellers-market you will need to saturate your local market and expand your investing territory regularly. All areas around the country are a bit different, however there are motivated sellers in every general area. Remember to stay productive and continue aiming to help local sellers, park managers, investors, and buyers daily.

Do you have any questions or helpful suggestions we missed? Please comment them below.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

 

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7 Comments

  • Judith

    November 4, 2016

    Hi John,
    Congrats Randy. I am new to this type of investing but am now more open as most homes are over my price range to be comfortably. I would like to fix and flip if that is possible. I am in Tx. Any advice would be helpful. Thanks for putting this material out for people to learn.
    Thanks, Judith

    • John Fedro

      November 5, 2016

      Hi Judith,

      Thank you for reaching out and connecting. I do hope this website has been somewhat helpful to you thus far. Depending on your area of Texas you absolutely have the possibility to fix and fast-turn mobile homes to cash buyers or bank financed buyers. I mentioned the “area of Texas” because in the bigger cities there may be a high demand of cash buyers looking to overpay for use mobile homes inside pre-existing communities or attached to private land. Make sure to know how many mobile homes have sold for all cash and bank financing in each park you go through by befriending and talking with the park managers. Texas would also like you to have your “mobile home dealers license” while investing in mobile homes and manufactured homes inside pre-existing communities. I hope this all helps and make sense. Feel free to comment back or email me personally with your exact location and any other specific or general questions you have. Happy to help if I can. All the best.

      Talk soon,
      John

  • Mrs Rawlins

    November 4, 2016

    I am guilty of negative talk too. I have heard it all my life from my family but I know the first step is to admit that I am guilty and try to give myself peptalks daily. Thank you for all you do and being an inspiration. Love and cheers, Mrs Rawlins

    • John Fedro

      November 5, 2016

      Hi Mrs. Rawlins,

      Thank you for reaching out and connecting with your comment. We are definitely all guilty of this. There is so much “negative” in this world on the outside of us, we should never say bad things about ourselves. We should be our own best cheerleader 24/7! If you are not your number one fan, who else will be. These are at least my opinions. I absolutely agree with your comment about the first step admitting we say negative things and quickly being aware of when we say them out loud or think of them. If you ever have any future questions or concerns never hesitate to reach out any time. Always happy to hear from you if you need help setting realistic goals and mile markers for your investing businesses moving forward. Either way all the best and keep in touch.

      Talk soon,
      John

  • Debbie Desmond

    November 7, 2016

    Dear John,

    Do you know if the state of Arizona requires to have a license, to buy and sell mobile homes?

    Debbie

  • Lisa Canosa

    December 7, 2016

    I have read and watched the videos carefully, it’s awesome. Thanks!