Welcome back,
In today’s mobile home investing podcast episode #31 I’m super excited to share another active mobile home investor named Drew. Drew’s in the Midwest and in a short period of time has already flipped multiple mobile homes for profit. Drew is helping one park and one family at a time.
So far Drew has invested solely in mobile homes inside of pre-existing mobile home parks. Drew has goals to purchase more mobile homes with land this year.
In today’s 45-minute podcast we discuss Drew’s scariest deal while mobile home investing, and a deal that made him extra-happy while flipping mobile homes.
We encourage you to learn from our mistakes. Today’s podcast is packed with Pro Tips and actionable steps to implement into your business sooner rather than later.
A Very Special Thanks to Drew for being so candid on today’s podcast episode. Listen below to just hear how Drew’s confidence has changed so much since the beginning of the mobile home investing journey. Keep it up, Drew!
In this mobile home investing podcast episode below we cover:
✔ 1:25 Did you have any real estate experience before getting started with mobile homes?
✔ 1:38 What is 1 thing you were fearful about when first getting started?
✔ 2:38 Have all your mobile home deals been profitable?
✔ 2:45 Sold for cash or payments?
✔ 3:20 Is it easier to sell 3 bedrooms or 2 bedrooms for cash?
✔ 3:40 Are you mainly buying from mobile home parks or owner occupants?
✔ 4:00 Do you have good relationships with park managers?
✔ 5:50 Do any park managers want to see the insides of your homes after you repair them?
✔ 6:50 What was one of your scariest deals?
✔ 18:15 Did you have backup handymen in case one failed?
✔ 21:15 Was that scary mobile home deal very profitable?
✔ 29:20 What is a happy mobile home deal you’ve had?
✔ 39:20 Are all your payment-buyers on-time and happy with their purchases?
✔ 41:40 Any advice for other mobile home investors?
Thanks for following along. Check out the podcast below. We hope it helps you and your business.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Listen to John and Drew’s Podcast here…
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6 Comments
Liz
February 1, 2020Hi John,
Your website and thoughtful responses are super helpful and I might have the answer I need but wanted to confirm. I am trying to help out a friend who’s mother has just passed away. She left no will and has three adult children, one of whom is my friend. The children are all in agreement in regards to her assets so thankfully there is no issue there but they need to sell her mobile home asap as no one wants to be responsible for the monthly dues of the park it is currently in. My question for you is, are they able to use a Transfer of Death Beneficiary form after the owner of the home has passed or is this a form that has to have one or all of the kids listed before her passing? I was a bit confused by the wording on the form. Perhaps their best bet is to call California HCD directly and inquire.
Thank you John I look forward to hearing your answer.
-Liz
John Fedro
February 1, 2020Hi Liz,
Thank you for reaching out and connecting. Thank you for checking out the website. I do hope that it has been somewhat helpful to you already. Thank you for the detailed comment as the certainly does help me understand your situation a bit better. I regret to hear about your friend’s mother’s passing. California has a few different ways that mobile homes hold a title. For this reason I would definitely encourage your friend to call up the HCD at (800) 952-8356. Your friend may have to wait 30 minutes on hold however these folks are usually fairly friendly. Make sure your friend has the serial number, title number, or VIN to the mobile home while calling. Calling the HCD will allow your friend to hear the right answer directly from the horses mouth. I hope this helps a bit. If you have any follow-up questions or concerns never hesitate to reach out any time.
Talk soon,
John
Jonathan Riley
February 12, 2020Hello,
How bad is the credit inquiry when you are applying to purchase a mobile home inside of a park? I am wondering if I can avoid the inquiry against my credit if I purchase the mobile home under a trust instead.
John Fedro
February 21, 2020Hi Jonathan,
Thanks for reaching out and connecting. The good news is that you will only want and typically need to get approved for mobile home parks that you are 100% going to be investing in a mobile home already. We normally do not get approved until we have a verbal agreement or written agreement with a seller or the mobile home park themselves. Sometimes the mobile home park does a soft credit poll, and sometimes they do a full credit search. Other times the park knows that you are not the one living there so they are just concerned with your criminal history and past evictions. Once you’re approved in a mobile home park this typically stands for a few months if you wanted to purchase another home or two in the community you typically do not have to get reapproved. For my knowledge you are able to have one credit poll every quarter without anything negative happening to your credit. In reality you are only going to have a handful of parks pull your credit over the next year or two. I hope this helps some. You may be able to purchase the mobile home inside of a trust or under your company name, however they will definitely want a person on the hook and to verify their background. Keep in touch. All the best. If you have any follow-up questions never hesitate to reach out anytime.
Talk soon,
John
John G.
June 3, 2020Hello John, I have one simple question and that is, do I have to fill out an applications for every deal I do. My conversations with park managers is good, but they all want you to fill out a application. I just want to buy all cash and do a seller finance or flip and move on. I don’t plan to live at the park.
Advice appreciated!!!
John Fedro
June 3, 2020Hi John,
Thanks for reaching out and connecting. Most parks will absolutely want you to fill out an application and have a background check performed on you so they know who they are dealing with. Does not necessarily have to be you put somebody in your team or organization. Keep in mind that this background check and/or credit check will only need to be done immediately before purchasing a mobile home. Do not fill out a credit check just to make an offer. Very few parks will demand that you fill out a credit check before making a purchase offer to buy a park own home, however if the asking price is already close to where you want to be it may make sense. However again, we only aim to get approved when we know we are buying a home in the park for sure. Hope this helps and answers your question. Keep in touch.
Talk soon,
John
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