Welcome back,
Try and stay positive. There is so much negative in the world, it is sometimes hard to stay positive and focused on anything else but the negative in the world. Treat others with kindness and stay safe out there.
In this mobile home investing article we show 4 stories of mobile home investors around the country continuing to grow their businesses and help mobile home buyers/sellers locally. Watch their stories below and safely continue building your own mobile home investing business locally.
Mobile home investing is challenging enough without viruses and civil unrest. Mobile home sellers of course still want and sometimes desperately need to sell. Additionally, mobile home buyers are absolutely still looking for good deals and safe mobile homes to purchase for cash and via monthly payments.
Special thanks for everyone featured in the videos below. These folks all took valuable time out of their schedules to share their advice and help so many other investors they will likely never meet.
David and Toi
David and Toi are excellent examples of mobile home investors that are down to earth folks. Mobile home investing is certainly not a get rich quick overnight type of business. This power couple is now investing in multiple mobile homes however this did not happen without a great deal of hard work or on accident. Watch the video below to see how David and Toi purchased a used mobile home for only $6000 out-of-pocket, and then quickly broke even with a brand-new payment buyer.
Kathy and John
Content warning! The content in the video above is great, however half of the video is sideways and most of the video is pretty muffled. Our apologies until a follow-up walk-through video is recorded after all repairs are complete.
However, the video above features Kathy and myself. Kathy is a local mobile home investor that I am lucky enough to partner with on her very first mobile home investing deal. In the video above we walk through a newly purchased used mobile home in a family mobile home community.
This three-bedroom mobile home needs minimal structural and moderate cosmetic repairs. Some of these repairs we will have our handyman complete, and some of them we will not finish at all. Watch the video below to gain a better understanding of our strategy making these repairs and aiming to resell the home to an all cash mobile home buyer.
Matt
Matt has been actively investing in mobile homes for well over one year. While he’s crushing it today, his first 60 days mobile home investing Matt found one hurdle after another. The video below is another great example of life not necessarily handing you easy opportunities.
Mobile home investing is possible in almost every area around the country, however regardless of the area it will take to hard work, learning many new skills, asking endless questions, and daily effort.
Aderia and Rod
This pair of investors spent no time waiting around once getting started investing in mobile homes. In the video below Aderia discusses what mobile home investing is like since getting started just a few months ago. Listen how the Coronavirus has infected her investing business and her ability to help others.
Since Aderia and Rod have begun mobile home investing with limited capital, like most of us, their first handful of mobile homes will be sold to all-cash buyers or for a very large move-in fee from future payment-buyers.
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How are you feeling about investing during these uneasy times?
Are you investing?
✔ No: If now is not the right time for you to invest, there will be more mobile home sellers when you are ready to get started again.
✔ Yes: If you are already taking action, continue. Aim to take massive calculated actions towards safe and profitable deals.
There is no right or wrong answer when it comes to building your personal mobile home investing business and creating a cash-flowing portfolio. There are however certainly more productive and less productive choices, however everyone’s mobile home investing journey is unique to their own actions, mindsets, time, location, energy, daily tasks, purchase criteria, goals, capital, personality type, purchase offers, and much more.
Do not give up! Keep pushing forward, asking questions and helping others. Any specific mobile home related questions or concerns never hesitate to comment below or email me directly at the email address found below.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
10 Comments
pat langelle
June 3, 2020i bought a mobile home 7 yrs ago . paid it off in 3 yrs.the person i bought it from says he cant find the title. i did some research and found the title to be in somebody elses name that apparently owned it before .they live in another state.the taxes are pd i have all my reciepts and the rent to own paperwork his signature on it and mine .what do i do i live in nevada?
John Fedro
June 3, 2020Hi Pat,
Thank you for reaching out and connecting. I regret to hear that you are in the situation. In Nevada you are able to call the Nevada mobile home department to find out if the person you’re buying it from is the owner on the title. If this is not the case then there’s probably something fishy going on. This person likely sold to something that he did not have in the first place. I would encourage you to call the Nevada mobile home department at 775-684-2940 directly to explain the situation and find out the best course of action moving forward. You also want to get in touch with the seller to let them know you will most likely need their help in order to get a free and clear title. However it sounds as if you are going to have to do all of the work and get the information directly from the state. You are certainly not the first person who this is happened to however I would like you to hear directly from the state as the best course of action forward to get the title into your name. I hope this helps him and point you in the right direction. Keep in touch moving forward. All the best.
Talk soon,
John
Lynn Garner
June 3, 2020Hello John,
I don’t have a comment but I would appreciate your guidance.
I have a new 3 bedroom 2 bath modular unit that I can’t put on my land and need some guidance or options on what to do. The unit is still sitting waiting to be delivered (Indiana) so time is of the essence. Please help.
Thanks,
Lynn
John Fedro
June 3, 2020Hi Lynn,
Very good to hear from you. Thank you for reaching out and connecting. I regret to hear that you are not able to utilize the home in the first place. If you are unable to use this yourself sounds like you are trying to sell it. Contact all the local dealerships and mobile home movers to see if they may be interested in purchasing this home or may have a buyer that would be interested. Perhaps there is somebody with land that a mobile home dealership knows or is working with on consignment. You can then perhaps partner with this landowner to combine his/her land and your mobile home and sell to a bank finance or cash buyer. This is just one strategy of course. You also want to get this on the market online as much as possible as well. Hope this helps some. Keep in touch. All the best.
Talk soon,
John
Jack Mendez
September 28, 2020This certainly is very timely. I do not know where you are able to put together all of this information but we are extremely fortunate you do. You are an inspiration to others and myself. Thank you again. Blessings, Jack
John Fedro
September 30, 2020Hi Jack,
Thank you again for taking the time to comment. Moving forward if you have any specific mobile home related questions never hesitate to reach out any time. Keep in touch. All the best.
Talk soon,
John
Laura
October 20, 2020Hi John,
Is it legal to do a subject to on mobile homes in tx?
John Fedro
November 5, 2020Hi Laura,
Thank you for reaching out and connecting. Purchasing a mobile home “subject to” is simply a term of the sale that you are making. Most people use the term “subject to” to mean purchasing a property subject to the underlying debt currently attached to the property. However the contract could also read purchasing the home subject to the dishwasher not working, or an easement on part of the property, or anything else. Purchasing a mobile home subject to the underlying debt is not inherently illegal, however there are things that you can do to make the deal illegal or fraudulent. When purchasing a mobile home subject to the underlying debt, or any property subject to the underlying debt, it will be wise to use a closing attorney or real estate title company to help facilitate the deal. There should be paperwork in place to protect both the buyer and the seller in this type of transaction. I know a number of folks purchasing mobile homes and single-family home subject to the underlying debt in Texas and most other states around the country. This is absolutely a very realistic and valuable tool in many of our tool belts.
Keep in mind that everything I mentioned above was discussing mobile homes attached to private land. With regards to mobile homes inside pre-existing parks, this is a bit more tricky. In these situations you will not be able to transfer the mobile homes title or SOL until the underlying debt is paid off or you convince the bank to allow you to change the ownership. In situations where you are interested in purchasing a mobile home subject to the underlying debt inside of a pre-existing park, this is more of an advance strategy. It is an advance strategy because there are multiple moving pieces and again the SOL/title will not change ownership until the debt is fully paid off. This is definitely a bit of a vague answer however I hope that it helps some and points you in the right direction moving forward. In short, purchasing mobile homes subject to in Texas is definitely not illegal however it has to be done correctly. If you have any follow-up questions or concerns please never hesitate to reach out any time.
Talk soon,
John
Sharon A Burns
February 20, 2021Hi John, I’m watching your YouTube videos as we speak. Long story short my very first call reaching out to the owner selling property and a 1974 trailer went very well and I wasn’t expecting it too. The call for me was to get comfortable with wholesaling. I never really thought about trailers. So I have her from $36k to $30 and I have no buyers because I am just starting. Second issue she says that she bought it there was no deed so the lawyer put in wording which says it is part of the property. The land is showing at the tax assessors office and it has “improvement” which is the trailer. So taxes are being paid but does that mean there is or isn’t a title? So, I’m learning and I need a buyer she’s done renovations, not finished but leaving the materials for the renovation! Anyway you can point me in the right direction or who can assist me in NC? I’m will tell you this I did get a little frustrated I had to meditate bc I’m a Veteran and my PTSD kicked in 😂 but I am enjoying every bit of the learning process. I’m reaching out to my daughters college friends to find buyers etc. Thank you! You’re very energetic and genuine (I clicked away from another person glad I found you!)
John Fedro
February 24, 2021Hi Sharon,
Thank you for reaching out and connecting. First things first, great job taking action and reaching out to sellers. It certainly does sound like you are speaking to sellers before really knowing exactly what is a realistic sales price both all-cash, bank financing, and via payments. However this can definitely be remedied. As you see there are definitely sellers and homeowners needing some help for various reasons. Curious how you came up with the $36,000 price. Sounds like it is the mobile home and the piece of land for sale. If this is the case then you will get both under contract in order to wholesale both. In the past the title may have been relinquished to the state depending on the year the mobile home and land were joined together. A lawyer writing something into a contract may be legal, however it does not necessarily mean that your next buyer or their bank will approve or underwrite the deal. The reason I mention this is because the answer is definitely “it depends” with regards to if a title is needed or not. Thank you for serving this country as well. Meditation is good. I try to do some myself when possible. Practicing pulling myself back to a calm state daily helps. Thanks for watching some of these YouTube videos. Hope that they help some. Keep up the great work. With regards to somebody that can assist you, I’m not exactly sure what type of help you would like. Would you like help simply facilitating the deal, in which case a title company or real estate closing attorney will be helpful? Or do you mean some type of mentor or business partner of some kind? Feel free to keep in touch moving forward. Happy to help if possible. All the best.
Talk soon,
John
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