Welcome back,
In today’s 23-minute Mobile Home Investing Podcast episode #38 I’m honored and so proud to introduce you to Virginia-based active Mobile Home Formula investors, Verline and Samuel to the co-hosting microphone. Samuel and Verline are mobile home investors that stay persistent, work together, and overcome any obstacles in their way. After some hard work this couple profited over $30,000 on deal #1 together with John.
Sam and Verline (a married couple) have been busting their butts, working smart and diligently together to build their mobile home investing business. In today’s 23-minute long podcast we talk about what is working for Sam and Verline to overcome doubt, fear, and become a success helping local mobile home buyers and sellers.
Learn from Sam and Verline’s successes and roadblocks on today’s video podcast.
Disclaimer: In this article the purchase price and profit numbers are rounded. The terms mobile home and manufactured home are used interchangeably.
Special thanks to Samuel and Verline for taking out time to provide us with helpful stories, lessons, and struggles and valuable tips.
In this mobile home podcast episode below, John, Sam, and Verline cover:
✔ 0:00 Why mobile homes?
✔ 1:30 First deal without any help.
✔ 5:00 3/2 hoarder house
✔ 9:45 Road blocks with the park.
✔ 11:30 Helping your buyer get park approved.
✔ 13:00 What repairs did you decide to do?
✔ 13:50 Any surprise repair issues?
✔ 16:00 Did anyone ask for an inspector?
✔ 18:00 $30,000 profit!
✔ 18:30 Married and investing together.
✔ 20:00 Words of wisdom
Mobile Home Video podcast #38 right here. Audio podcast below.
Doublewide mobile home 3/2
A three-bedroom to bathroom double wide manufactured home inside of a park. These 3/2 types of mobile homes are very desirable in most areas around the country. In Sam and Verline’s area of Virginia this is no exception.
Work required: Much of Sam and Verline’s work went into the deal before they ever closed. Learning this business, finding and attracting the seller, offers and negotiations, due diligence and more.
From the pictures below you can see the mobile home already looked pretty good when it was purchased. However, the mobile home did need some repairs; junk removal, cleaning, soft spots fixed, and a bit more. The total all in cost was roughly $20,000.
Various handymen removed junk and fixed the floors.
After thoroughly advertising the mobile home for sale, Sam and Verline were able to attract a happy buyer able to pay $50,000 in cash for the manufactured home. That’s just over a $30,000 profit.
Cash buyers around the country: Around the country many mobile home buyers have more cash now than they did 5 years ago. Buyers with $20,000 to $60,000 cash are more common than you may think, and these buyers are looking for a very good deal for their money.
Watch more about Sam and Verline’s mobile home journey on today’s podcast.
Working together with difficult park managers
On this website you’ll watch videos and read articles discussing situations working/dealing with difficult mobile home park managers. Difficult mobile home park managers exist because human beings are emotional, sometimes greedy, sometimes selfish, and other negative traits at certain points in our lives.
Mobile home park managers can be “difficult” for various reasons:
✔ Park manager doesn’t communicate with you.
✔ Park manager is much too strict.
✔ Prejudiced in some way.
✔ Playing favorites in some way.
✔ Moving the goalpost and changing the rules.
✔ Charging ridiculous fines for made-up violations.
✔ Become argumentative or childish for no reason.
✔ Sabotaging you in various ways.
✔ Lie to potential buyers about your mobile home.
✔ Steal your potential buyers that come into the mobile home park office.
✔ Deny your potential mobile home buyers for various made-up reasons.
Most mobile home park managers are normal and thoughtful individuals that just want their mobile home community to succeed.
The mobile home in the pictures above and below is located inside of a spacious mobile home community located in a country setting. The residents are very friendly and there are kids playing in at playground. Everything is wonderful except the mobile home park manager is a jerk.
Sam and Verline faced this difficult mobile home park manager and won.
Sam, Verline, and John all worked together to get this cash-buyer approved.
Hear exactly what happened and how this problem was solved on today’s podcast.
Related video: Dealing with difficult mobile home park managers
Getting your mobile home investing questions solved in real-time
Mobile home investing happens 7 days per week.
Although we may plan for time-off and vacations, various real estate needs may pop up unexpectedly.
If you have not already done so, join a local real estate investors association, group, or club.
Some real estate investing clubs are definitely more educational and have a more advanced network of investors than others. Some groups are strictly through Facebook and online, while other real estate investor groups meet in person weekly or monthly.
In a shell? Come on out and network with other real estate investors like you. It’s not weird. Real estate investing is not a lone-wolf activity. At these group meetings find another investor or group of investors that you like. You may likely be the only active mobile home investor there.
Pro Tip: Aim to be the newest, poorest, and/or dumbest investor in the group of investors you choose to network and/or hang around with.
Try the websites Meetup and NationalREIA to find a real estate investor’s club near you.
Have mobile home questions? Comment below. We’d love to hear from you.
Listen to John, Sam, and Verline’s Podcast here…
Podcast: Play in new window | Download
Subscribe: RSS
6 Comments
Heavenly support
December 5, 2022Hi I am looking buy a mobile home in North Carolina near Concord. I see a lot of mobile homes for sale with just a bill of sale is this legal.i live in Mississippi and we have to have both is why I ask. Thanks for any information.
John Fedro
December 7, 2022Hey there Heavenly support,
Thank you for reaching out and connecting. The North Carolina and Mississippi areas are both beautiful parts of the country. However in North Carolina you will not legally own the mobile home unless the title of the mobile home has your name on it. In Mississippi and New York only a bill of sale is needed in certain situations, however this is not the same for North Carolina. You will absolutely see people trying to sell you just a bill of sale, this is because the title may have been lost many years ago. In reality, there definitely are people exchanging money for mobile homes with just bills of sale, however technically you will not legally own the home until the title is in your name. Hope this helps and makes sense. Feel free to keep in touch if you have any follow-up questions. All the best.
Talk soon,
John
Carlos
December 22, 2022this is it 🙂
John Fedro
January 8, 2023Hi Carlos,
Thanks for watching and commenting along. Can’t tell if you are saying this as a question or in an excited way. However I do hope that all the details that we discussed in the podcast really help your mobile home investing business. Any mobile home specific questions you have moving forward never hesitate to reach out anytime. All the best.
La Daughn
March 14, 2023Good Morning,
I have an uncle that purchaseda mibile home home 7 years ago but never transferred title or registered in his name. My uncle just passed away last month. My brother had the park manager produce a bill of sale in my brothers name. My brother then went down to HCD and fraudently filed paper work to get title into my brothers name. Ughhhh. I don’t think this is legal. What should I do?
John Fedro
March 21, 2023Hello La Daughn,
Thank you very much for reaching out and connecting. Additionally, thank you for the detailed comment as the certainly does help me understand your situation a bit better. So many mobile home buyers delay or do not put the mobile home truly into their name. Sometimes they do continue to pay the yearly taxes owed, and sometimes they do not. This may mean there might be seven or more years of back taxes owed on the property. These usually have to be paid or taken care of prior to the title transferring to another buyer. I’m surprised the park manager produced a bill of sale to help out your brother. Depending on how the title was held by your uncle, typically more than a bill of sale will be needed at the HCD’s office. However if you fraudulently filled out everything then perhaps the ownership is now in your brother’s name. I am curious if you want to fight this or if you simply want the name to be transferred into your brother’s name as well. If that is the case that I would confirm with the HCD by calling them up giving them the number or serial number of the mobile home, and asking them if this is in your uncle’s name. If it is not then I would explain to the clerk over the phone exactly what has happened and allow them to tell you directly the best steps moving forward. I assume that there is no will and your brother does not have a power of attorney. If this was the case then things would be a bit more streamlined. However I do not want to give you any wrong or misleading information and I would rather you hear directly from the horses mouth in the situation. Make sure to call the HCD to find out if this title did transfer and if not the folks over the phone will be able to help you from there. You may have to wait an hour on hold but the folks usually are helpful in this department. I hope this helps and points you in the right direction. Moving forward any specific follow-up questions or other mobile home related questions please never hesitate to reach out anytime.
Sincerely,
John
Leave A Response