Welcome back,
Running a long-term successful mobile home investing business is almost only possible by 1.) helping countless others, 2.) having a great reputation, and 3.) regularly investing in multiple properties at one time. That last one is debatable however investing in multiple properties at once is definitely something that will happen and should happen sooner rather than later.
In today’s Mobile Home Investing Podcast episode #36 we talk with active Mobile Home Formula investor Jarod from Illinois. Jarod had a rocky start after getting injured at work and only beginning to invest in mobile homes with a few thousand dollars… but with persistence Jarod is making it work.
Jarod’s strategy from the beginning was a combination of wholesaling and flipping mobile homes, as well as reinvesting profits back into long-term Rent-To-Own cash flowing mobile homes. Up until now Jarod has only been investing in individual mobile homes located inside pre-existing mobile home parks locally.
Jarod has now amassed enough Rent-To-Own mobile homes in his portfolio to pay for his own house’s monthly mortgage payment.
Special thanks to Jarod for hopping on the microphone today and opening up his business and being vulnerable.
You must not be afraid to talk to strangers, be slightly uncomfortable daily, and be willing to stay persistent daily.
✔ Mobile home investing can be tough.
✔ Mobile home investing can be uncomfortable.
✔ Mobile home investing can be scary.
✔ Mobile home investing lets you help others, while helping yourself.
✔ Mobile home investing forces you to grow and develop new skills.
✔ Mobile home investing forces you to talk to strangers regularly.
Jarod has had the opportunity to give up thousands of times. Who knows what would happen if Jarod would have given up? He likely would’ve been disappointed with himself. He would certainly not have as many cash-flowing mobile homes.
Instead of being comfortable and relaxed, Jarod decided to push himself to help others, help himself, and grow his mobile home investing business asap.
Pro Tip: Make multiple purchase offers for each mobile home you visit. These different purchase offers may each help the mobile home seller in different ways.
Now that Jarod has built up a reputation with local mobile home park managers it is easier for him to find/attract mobile home deals inside parks and around his local area. This is common and expected.
Pro Tip: After a 24-month period most investors are only investing within 10 to 15 mobile home communities. However, this many parks can absolutely keep you very busy and successful as an individual mobile home flipper.
Towards the end of this video above, and podcast below, Jarod mentions it is important to remember that we are in this business to help others.
Jarod wrestled with the thought he was giving sellers too little money for their good-looking mobile homes. While it is certainly true that investors should purchase mobile homes at below-market-prices, each one of us should aim to work with sellers to understand their situation and best tailor multiple offers to each mobile home seller to purchase the home or help sell a seller’s unwanted mobile home.
What Jarod discovered is that seller’s will typically do what’s in their best interest. This is why it is so important to ask many questions to sellers, park managers, tax offices, and buyers in order to understand the seller/home’s complete situations. Only with full knowledge and clarity are we able to make the most logical, not emotional, business decisions.
Pro Tip: Aim to have 1-2 valid mobile home appointments each week with mobile homes and sellers that fit your criteria. 1-2 valid mobile home appointments will help lead to 1+ mobile home wholesale or fix/flip per month.
Do not invest in skinny deals! Do not invest in mobile homes, parks, or locations that will make it difficult for you to resell each mobile home. Make sure you have a clear exit strategy: Plan A, Plan B, and Plan C for each mobile home in which you plan to wholesale or buy/sell.
Ask your mobile home questions below.
Please comment below or email us directly at support@mobilehomeinvesting.net.
Love what you do daily,
John Fedro
Listen to Jarod and John’s Podcast here…
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6 Comments
Tabitha W
June 20, 2022Hello what if there’s a land deed and it’s not in a park but no title how to get it retitled
John Fedro
June 27, 2022Hello Tabitha,
Thank you for reaching out and connecting. This process will vary a bit from state to state. If the mobile home and land are joined together and considered real property, then the mobile home title was probably ripped up or handed over to the state. This process of retitling or unretiring the mobile homes title will vary a bit and I would definitely like you to double check what I’m saying in your local area. You want to get in touch with the local tax collector to start. Explain to them your situation and they will usually be able to help you along this process. You may be instructed to create some type of affidavit from the land owner to the consent of the mobile home being removed and change back to personal property. A title company or real estate attorney may need to get involved as well to prove that there are no taxes owed or liens owed on the mobile home or land. This title company may also need to provide a report of the owners and/or secure parties. You will then likely have to pay different fees associated with retitling the mobile home. However these are usually not that expensive in most areas. Hope this helps and point you in the right direction. This is definitely not a complete answer however I hope it helps and makes sense. Any specific follow-up questions never hesitate to reach out any time. All the best.
Talk soon,
John
charlene herron
June 25, 2022I am in the same situation with a lien on my title to a doublewide mobile home and green tree mortgage who first changed their name and then filed bankruptcy . My dmv says I need a statement saying the lien was paid in full which I have proof of with my canceled check which was deposited in their account . The companies that took over their accounts say they have no records. What can I do next ? Please help me, I am 77 years old and badly need to sell this home . Thank you !
John Fedro
June 27, 2022Hi Charlene,
Thank you so much for reaching out and connecting. I regret to hear about your current situation. This is absolutely a situation that affects a decent number of mobile home owners that have taken out loans in the past. A number of banks sell their notes to other banks which are bought by service company after service company. We sometimes have to track down or go through five or six companies with the old loan number and our explanation of what we are looking for in order to find the current records and to receive a satisfaction. However sometimes the bank goes out of business altogether. In these situations I’ve seen where the banks do send out satisfactions to everyone whether they have paid or not, and other banks that simply close up shop never to help their current clients or release any of the notes/titles they have. It really is a bit crazy that there is not better regulation or processes involved in situations like this. With all of that to say, some states make this process easier than others. When a bank is shut down or people are in your exact situation, the process will vary from state to state. In some states you are able to send a certified letter or a specific form to the current lender’s address on file. Whether that address exists anymore or not if the letters filled out or comes back nondeliverable you can use this as proof that the bank has shut down. In other states there are other processes. And in some states there is no process besides getting an attorney and going in front of the judge to receive a judgment and force the DMV to print you a new title that is free and clear of liens. While this is not a magic bullet answer I hope it does help some endpoints you in the right direction moving forward. You may want to call up your states manufactured housing Association and they might be able to help point you in the right direction or towards a mobile home specific attorney that may be able to help. Moving forward any follow-up questions big or small please never hesitate to reach out any time. All the best.
Sincerely,
John
Amanda Grace
April 17, 2023Please help me… I’m the owner/landlord of mobile home park in Tennessee, I recently had some tenants that rented a lot from me, broke the lease agreement by selling their mobile to someone without my prior approval of this person & had told them they could move in. They have not moved in the trailer and have shown me that it’s titled in their name now. I did receive a application from the new owner but this was after the purchase was done and they don’t meet the mobile home parks criteria for rent approval, (example: there monthly income doesn’t even pay the $220 lot rent). So my question,**What rights does the new owner have to this trailer now on my property without approval? **What rights do I have in obtaining the title to the trailer since the previous owners broke their lease agreement by leaving it & the lease agreement specifically states that prior to sell of the trailer they must get approval/consent from landlord to rent them the lot. **Do I have to give any length of time to the new owner which has no lease agreement with me, not been approved & never got permission to rent the lot? ***What is the legal definition/term for this perdictment exactly fall under & what steps do I take to do so. I’ve never had to do anything like this & I look forward to hearing back from you. Thank you so much
John Fedro
April 26, 2023Hello Amanda,
Thank you very much for reaching out and connecting. Additionally, thank you for your detailed comment as the certainly does help me understand your situation a bit better. In all of my mobile home parks I have a big sign when you first pull and that says that all buyers must be approved with the manager before purchasing any homes in the community. However even with these signs, this still sometimes happens. As a manager/owner we need to stay on the previous seller and the new buyer for them to get approved. We need to make sure everyone in the home is approved and we know their background. However like you mentioned, the new buyers are not approved to live inside the community. Since they have not moved into the home then it would be ideal for you to not allow them to come onto the property any longer. If they are on the property perhaps letting them know that you will call the police and go after them for criminal trespassing. However, you can usually get more flies with honey rather than vinegar. For this reason let the new buyers know they are not approved and will need to resell to someone else that is approved. If they do things correctly they can sell the home and hopefully get all their money back or even make a profit. However they need to sell to a park approved buyer that keeps the home in the community. Since the new buyers purchased the home in my experience you would have to evict the buyers and then file for abandonment of the mobile home. However since the buyers are not living in the home you can likely start the abandonment process. Call up the DMV to ask them about the abandonment process with regards to a personal property mobile home on private land. In reality there are a number of different ways that this plays out. However in reality you are holding almost all of the cards since you are the landowner. The only risk is that the new buyer or next buyer purchase this the home and removes it from the park. Which may or may not be a bad thing depending on how you look at it. I hope this all helps and points you in the right direction. Any follow-up questions never hesitate to reach back out anytime. All the best.
Talk soon,
John
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