Welcome back,
In today’s 34-minute Mobile Home Investing Podcast episode #40 I’m honored and so proud to introduce you to Illinois based active Mobile Home Formula investors, Desiree and Harold to the co-hosting microphone. These guys have so much love for each other and growing a highly ethical mobile home investing business.
Harold and Desiree are mobile home investors that stay persistent, work together, and overcome any obstacles in their way. Everyday there are more questions, and all these questions means action is happening. Your questions need answers quickly.
Any mobile home related questions please comment below or email me directly at the email provided below.
The Struggle
Anyone that tells you mobile home investing is easy, either hasn’t been investing for very long or has a very well-oiled mobile home investing machine or is lying.
✔ Creating any business from scratch is challenging, and on a budget of only few thousand dollars leaves little room for mistakes.
Desiree and Harold have successfully flipped over 15 mobile home deals while keeping a high profit margin and genuinely helping others. These investors have ethics and the parks they work within love how they do business. These investors stay busy and only a small handful of mobile home parks.
In the beginning Harold and Desiree spent over 40 hours educating themselves, looking through mobile homes, driving mobile home parks, inspecting mobile homes that had to be moved, and more before they closed on their first mobile home investment property inside a local park.
Before Desiree and Harold knew about mobile home investing, they knew they were ready to put in the hard work and effort that was needed to grow a successful business. When they learned about mobile home investing, they took the right steps to invest safely and quickly to grow profitable business.
✔ Almost everything is teachable, except ambition. Ambition and dedication required!
In the mobile home podcast episode below, we all cover:
✔ 0:00 Getting started together.
✔ 2:00 why mobile homes?
✔ 3:45 Confidence to get started.
✔ 4:45 Negativity
✔ 6:25 Cash or Cash-flow
✔ 8:20 5-year goals
✔ 9:40 Beautiful home quick flip
✔ 12:00 Hours per week.
✔ 14:00 Building relationships.
✔ 16:15 Outshining the competition.
✔ 19:00 Switching business roles
✔ 20:30 The struggle.
✔ 21:40 What made you successful?
✔ 22:50 All free homes are not good deals.
✔ 24:45 Working as a couple.
✔ 27:15 Morning routines for success.
✔ 29:00 Using a calendar.
✔ 29:30 Has investing changed you?
✔ 30:40 Working with John.
Fixing & Flipping Mobile Homes… Sometimes just flipping them.
In today’s podcast episode Desiree and Harold admit that they almost exclusively are 1.) purchasing the mobile homes, 2.) fixing them up slightly or extensively, and 3.) reselling the mobile homes to all cash buyers for handsome profits.
Buying Right + Cost Effective mobile home repairs (Based on your Exit-Strategy) = Profit when you resell.
There are at least a dozen different methods or strategies to purchase and resell mobile homes. However, some mobile home investors only use one or two buy/sell methods to build their initial mobile home investing businesses and profit. Harold and Desiree are no different.
Win-Win Deals Only: As mobile home investors we have to make money to stay in business and keep helping others. However, we should always aim to leave our sellers happy, and leave our buyers happy as well. We want good reviews and good word-of-mouth reputations.
The three other most popular methods to create profit with mobile homes are:
✔ Some version of wholesaling: Depending on your paperwork the exact process will definitely change. However, this basic strategy revolves around the investor tying the property up under contract for a certain price, and then only making a profit once a buyer is found to pay a higher purchase price. The investor may get paid at closing or before closing depending on the deal.
✔ Purchasing and reselling for long-term monthly payments: This method allows you to sell for the most amount of profit possible. Collect a down payment and monthly payments for 5-30 years of monthly payments. The buyer owns the home once the mobile home is paid in full.
✔ Buying and adding to land for a profit: This strategy can happen multiple different ways. Things will vary if you mobile home is added to land, where the mobile home and land are purchased together in one package. Things also very depending on who owns the land, and if you are renting the land out, or selling everything, or only selling the mobile home. Mobile homes with land can have very big paydays if the property is sold to a bank financed buyer or all-cash type of buyer.
Desiree and Harold’s career is only just beginning. They’re wonderful investors that are so supportive and loving of one another. It would be great to see more investor couples like this.
Six Figures
Growing your business to six figures starts with your very first deal. In the beginning most investors are focused on building a small base of cash. Once $40,000 or $50,000 is reached, many investors feel more confident in holding mobile homes for long-term profits.
✔ Healthy mobile home investing business should ideally have a mixture of deals that create quick cash, as well as deals that will keep producing cash flow for years to come.
✔ None of this is possible without hard work and regular effort.
In today’s podcast episode Harold and Desiree really open up to share how much they’ve changed and grown as investors and as a couple since working with mobile homes and joining the Mobile Home Formula training and partnering program. The credit goes to these two young investors!
Have comments or questions? I’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, Harold, and Desiree’s Podcast here…
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10 Comments
Jules Martez
February 23, 2023Hello. Congratulations to you all. Thank you and I’m hoping you all can help in my situation. I am hoping to purchase a home but the seller is without title. He says he’s the owner but I do not know what paperwork to collect to make sure he is the owner and I buy the home. This will be my first flip.
John Fedro
March 2, 2023Hi Jules,
Thanks for reaching out and commenting. I do hope this article and video has already been helpful to you. I am super proud of these two as well. The credit goes all to them. Very glad to hear about this potential first mobile home flip. There are definitely a handful of other questions I have, with regards to if it has to be moved or if it is in a park, the condition, age, demand, park rules, time that needs to be moved by if needing to be moved, seller situation, your free time, your free capital, the local population, and a handful of other factors. It is important to know all of this so that you can craft one or two or three different offers for each mobile home seller. This way you are able to help them in a handful of different ways if possible. They can choose what works best for them, and then you can negotiate price and terms from there. You mention all of this because I do not want anyone to simply jump into the first opportunity that they come across. Number should make sense, and this business should not be risky when we understand what we are doing. Because there is no title at the moment, and other title may need to be obtained by the owner in most states. In some states they do not use titles any longer, and in some states depending on the age of the home a title is not needed. For this reason please feel free to comment back here with a lot more details about the situation if possible. Or email me directly at support@mobilehomeinvesting.net. Depending on what state you’re in the closing process and paperwork needed will certainly vary. However remember that you do not have to jump into the first deal, you may always pass on deals, renegotiate, or simply wait for a better opportunity. Again, prefer to reach out or email me with more details and any specific questions that you have and I’ll be happy to help if possible. All the best.
Talk soon,
John
Cynthia Brown
March 1, 2023This has been a wonderful story. Beautiful couple! Keep up the good job. Much better than what I was doing at their age.
John Fedro
March 2, 2023Hi Cynthia! Thanks for reaching out and commenting. These two are very impressive. I’m constantly impressed by their determination, maturity, and support for one another. Moving forward any mobile home related questions please never hesitate to reach out anytime. All the best.
Talk soon,
John
Colleen Marie Finley
March 14, 2023I’ve been interested in buying one particular place for months. Some corners inside are squishy, both bathrooms need everything replaced. Told I had to make an offer before bringing a contractor in to estimate the cost of repairs. I know nothing about what I’m doing. That sounds risky to me.
John Fedro
March 21, 2023Hello Colleen,
Thank you so much for reaching out and connecting. Great job looking at this mobile home for sale. It sounds like it has been on the market for some time. If that is the case I wonder if the price is too high, or something else is fundamentally wrong with the property or locations. While it certainly is not very fair that you have to make an offer before bringing in a contractor to give you final estimates. However remember that the initial offer that you make is absolutely subject to change once the contractor goes through to give you estimates. If you find a bunch of mold in the walls, the roof is falling in, or something else terrible than that may be a dealbreaker. Remember to mention this to the seller. You can certainly mention a price that is very conservative assuming that there are repairs. But then once you go through the price will definitely change depending on the repairs needed. Remember that you can also give a vaguer price range to say that you are definitely going to be under $10,000. But you do not have to be specific until you understand more about the repairs. This is a bit of a short and vague answer however I hope this helps and points you in the right direction. Moving forward any follow-up questions please never hesitate to reach out anytime. All the best.
Talk soon,
John
Geoffrey Besse
March 16, 2023This is great motivation for getting my business going. I’m learning so much from you and all your youtube videos. Thank you John.
John Fedro
March 21, 2023Morning Geoffrey,
Thanks for reaching out and commenting. Building something from practically nothing takes so much hard work, struggle, and daily persistence. Surround yourself with positive influences and motivation daily. Any follow-up mobile home or real estate related questions never hesitate to reach back out anytime. All the best.
Talk soon,
John
Sue McD
April 3, 2023Hey John,
I came across your YouTube channel as I was searching for info on investing in mobile homes for passive income. My husband and I bought a condo last year which we rent out and it’s managed by a property manager. We are now thinking of mobile homes as another potential passive income vehicle since we have cash to buy a few. One question I had is that since we live in Michigan, and a lot of the parks here won’t deal with investors, do you know if it’s possible for us to purchase mobile homes out of state and have them managed? I apologize if this question has already been answered.
Sincerely,
Sue.
John Fedro
April 12, 2023Hi Sue,
Thank you very much for reaching out and connecting. Congratulations with regards to the condo that you and your husband purchase last year. Great job with this investment. I hope it is working out better than you both have expected. Mobile homes in Michigan can be a very good investment. Definitely slow down during the winter season, however they do not stop and they certainly pick up the spring and summer. With that said there are plenty of parks in Michigan that do allow investors. However it is important to know what to say to these managers so that they are happy and actually want to work with you. Some managers will definitely be jerks however the majority of parks are happy to have us there. We are free help for them. Yes you can definitely invest out-of-state however there are obviously pros and cons. With regards to investing out-of-state it also very much depends on if you believe you will be getting to this area on a regular basis or if you will never see the property at all. This is definitely a very general answer however I hope it makes some sense and points you in the right direction. If possible, continue getting through local parks. Like you will notice on a lot of the interviews I have on this website, when people have 30 or 40 mobile homes, may only be involved in a handful of parks. We only need a few good ones to work with us. Hope this helps and makes sense. Keep in touch. All the best.
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