Welcome back,
How cool is this!
In all of my 18 years I did not think I would be making a video like this.
What a crazy feeling it is to be able to give something meaningful to a family you care about. It has been a few weeks since making the video below and I still get a corny smirk when thinking of Alan’s face when he found out in the video below.
Even now while writing this I am smiling.
A $60,000 smile.
Part of me is having a very hard time believing this is happening and I’m capable of giving like this. The other part is ecstatic and relieved for Alan, Linda, Zach and Kristin.
This was a huge burden off Alan and Linda as they now have more income to save, prepare, and build for their future.
This is definitely breaking one of my investing rules: Don’t become friends with your buyers. I have gotten too close to some clients/payment-buyers. I suppose some rules are made to be broken. 🙂
When I first met Alan, his new wife Linda, and their grandbaby Zach I was in my mid-20s and had only been investing for a couple years.
At the time, circa 2005 I was unsure about the future or where my life may end up.
Things are weird in your 20s. Learning more about yourself, the world and where you fit in it. Not including learning how to build a successful business + invest in mobile homes continuously for the future.
While I don’t pretend to have it all figured out, I’m much more comfortable where I am due to my mobile homes, past education, daily action and investing decisions made in the past 18 years.
Along the way to the present-day I am beyond grateful and honored for my business-path to have crossed with so many brilliant real estate investing mentors.
It sounds cheesy however I was able to succeed quickly in mobile homes by standing on the shoulders of giants that helped me understand real estate better and implement new strategies into my own business/life.
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What do I think of Alan & Linda?
I think they’re a super hard working, honest, non-victims, proactive, and communicative payment-buyers. They both take care of their family, have built a successful handyman business together, and have had more bad cards dealt to them than most.
However even when things are seemingly at the worst, Alan and Linda’s attitude somehow stays positive. They step-up to pay the Bills to keep a roof over the family’s heads.
Like most all of us, when we get knocked-down we get back up and press forward, as hard as it may be sometimes.
This is their forever-home. Alan has improved the home considerably since moving in 16 years ago. As an investor this high-pride of ownership is something we aim to look for in our long-term payment-buyers residents/applicants.
How much profit is enough?
Besides the ability to travel the world and make money passively, I got attracted to real estate investing to really help others.
Between monthly payments and improvements Alan and Linda have paid a great deal already for the property.
The ROI profit for this home is an amount most investors would already be very happy with making; I know this investor is.
Plus, I get to help friends take a massive $60,000+ weight off one family’s shoulders to help prepare for a brighter them all.
Are you still reading this? Hope you’ve got some value from my rambling article and trip down memory lane.
Time flies. Invest while you can. Help others along the way. Some of your investing memories will become your favorites.
Are you a newer investor? What to do next?
Get educated. Have a plan. Ask so many questions along the way. Correct and improve daily. Take daily action. One way or another, take action.
In conclusion mobile home investing takes hard work and relatively daily effort to make a consistent name for yourself and help multiple buyers and sellers consistently.
You’ll likely never learn everything you need to know about mobile home investing from reading books or watching videos. While there are many ways to make money in real estate, there are countless ways to lose potential profits as well. Know what you are doing, have fun, and take daily action to reach your goals.
One day perhaps you’ll be cancelling the debt of your own Alan and Linda.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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8 Comments
Norman Griggs
January 12, 2021Hi John,
Im buying a mobile home in a 55+ community in Largo Florida. The Home is in a Co-OP and I have had a meeting with the board and been approved. The home is suppose to have a 55k share with it. Im paying a total of 75k. My question is what paperwork at closing should I be looking for confirming the share is part of the sell? Will the Share be listed separately on closing paperwork? Will their be sales tax on the share? I cant get through to the title company they had a covid outbreak and are short staffed and have only responded that in most cases a certificate is issued after the sale. My realator says the same thing, However I want to know that I have purchased the share at closing. Hope you can help
John Fedro
January 14, 2021Hi Norman,
Very good to hear from you. Thank you for reaching out and connecting. Additionally, thank you for your detailed comment as this does help me understand your situation a bit better. Congratulations on this home. I hope that you love the property and the neighborhood. You are absolutely right that there will be documentation for the land or share of land you are receiving. Different manufactured home communities and co-op style communities will handle the “share” in a couple different ways. However you always will receive documentation with your name on it whether it is a share, equitable interest, deed, or something else that is typically recorded in public record. Yes, there will likely be sales tax on the share of land. Understood about the title company not being open. Even with this virus it would be more professional that they at least return your phone calls or emails. I have seen where certificates are issued after the sale. However confirm this with the title company for sure. You can also double check with the neighbors that they receive the same information when they purchased as well. Hope this helps and points you in the right direction. If you have any mobile home related questions never hesitate to reach out anytime.
Talk soon,
John
Lisa
January 21, 2021Hi John,
We are new to this world and interested in buying a used home by a personal owner. He has the title. What is the deposit process that you recommend? It doesn’t make sense to me to write this man a check before taking ownership.
Thank you.
Lisa
John Fedro
January 27, 2021Hi Lisa,
You for reaching out and connecting. If I am understanding correctly, you are wondering what the best way to pay a mobile home owner-occupant type of seller is. Sometimes I will use this in the negotiation process and asked the seller how they would like their money, cash, or check, or Venmo. However if this is not brought up or the seller does not specify I absolutely do write them a business check. If you do not have a business and some sellers will not take a personal check. And for that matter some sellers will not take a business check either. If a business check is not used then having a money order or cashier’s check is a good option as well. Cash works for folks as well as long as you feel safe carrying around this money. Like I mentioned before, venmo or another cash sending service can work as well. Remember that this is negotiable however as long as you receive 100% of the documents, keys, and possession to the mobile home than they can receive their money however they would like in my opinion. Keep in mind that if you will not be receiving possession and the seller will continue living in the property for a little while longer, make sure to hold off some money and have separate agreement for this process as well. I hope that this helps him and point you in the right direction moving forward. If you have any follow-up questions never hesitate to reach out anytime.
Talk soon,
John
Lisa Porras Rojas
February 23, 2021How do we just transfer the Title to a daughter ?
John Fedro
February 24, 2021Hi Lisa,
Thank you for reaching out and connecting. I’m unsure about what state you will be investing in however check out the link below. Scroll down a bit and click on your state to see title transferring instructions from state to state. I hope that this helps and point you in the right direction. Moving forward if you have any follow-up questions never hesitate to reach out any time. All the best. https://www.mobilehomeinvesting.net/mobile-home-title-transfer-state-by-state/
Talk soon,
John
Christy
March 17, 2021Hi John,
I did the same thing one time for a family. It was the greatest feeling in the world!
John Fedro
March 29, 2021Hi Christy,
That is fantastic! You are amazing. You know the feelings that I am experiencing and was experiencing at this time. Thanks for reading along and commenting. Moving forward if you have any mobile home specific questions never hesitate to reach out any time. Keep up the great work. All the best.
Talk soon,
John
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