Welcome back,
In today’s podcast video we are talking with active Mobile Home Formula investor Megan. Megan has been busting her butt for the past year making a name for herself in the mobile home investing space. Megan is now successfully investing around her state and is well known by other mobile home brokers and park managers statewide. This success did not come by accident, but rather from a specific plan and daily action from Megan.
Like almost everyone, when Megan got started investing in mobile homes she had countless questions. Megan and John talked almost daily while building her mobile home investing business.
Megan has overcome struggle after struggle in order to achieve her success. She knows she still has a lot more to achieve.
A special thank you to Megan for hopping on today’s video to share her business details with others and help other mobile home investors she will likely never meet.
Mobile Homes Investing VS. Single Family House Investing
No one is born a mobile home investor. No one is born a single-family house investor. There are many ways to discover the real estate investing field, however typically investors find themselves gravitating towards 1 niche or another.
Like many folks, when Megan heard about mobile home investing through her family, she was skeptical. Actually, Megan admits to rolling her eyes and laughing at the idea of investing in mobile homes. This attitude is extremely common, who wakes up and thinks to themselves “I want to invest in mobile homes today?”
After doing more research Megan did the math to realize that mobile homes were just as profitable as single-family homes when it comes to monthly cash flow. Additionally…
- ⭐ There are way less mobile home investors compared to single family home investors.
- ⭐ There is way less capital needed when investing in mobile homes compare to traditional houses.
- ⭐ The risk is much lower in mobile home investing, but serious risk does still exist.
- ⭐ Mobile home sellers can be in a real time-crunch to get their mobile homes sold quickly.
- ⭐ This year is a great time to sell mobile homes for all cash or monthly payments.
- ⭐ When selling mobile homes on monthly payments the cash flow can be very similar to that of site-built houses.
Sacrificing Today’s Resources for Her Family’s Future
Do not believe anyone that tells you mobile home investing will make you rich quick.
Mobile home investing regularly in deals every month can take 20 to 30 hours each week dedicated to your mobile home investing business. Think you have what it takes?
Megan tells of a story about her driving over two hours away from her home to invest in a killer mobile home deal. Megan stayed an additional few hours at the mobile home while the seller packed up and moved out. Megan then had to drive all the way back home late at night. This was done with her kids and newborn baby in the car with her.
Megan has put in the time to learn this business, to overcome her fears in order to gain the skills to helped so many local mobile home buyers and sellers in her market.
Appreciating What You’ve Accomplished, While Still Always Aiming for Bigger Goals. 💪
Outsourcing is what Megan is currently working on growing. Megan’s mobile home business is growing, and she will need to outsource and automate her mobile home investing daily workload in order to scale and continue investing in mobile homes while investing less of her own personal time.
Megan is becoming the definition of, working smarter and not harder.
In today’s podcast you can watch Megan as she discusses her attitude about her recent successes. As we become more and more successful, the goalpost keeps moving further and further back. This is normal and a very healthy sign your business is growing. As we accomplish one goal another pops up! Megan is also appreciating where she has come from and the success she currently has.
Megan admits to doing bigger and bigger deals that she never dreamed were possible. Achieving her goals is a direct reflection of the time and commitment Megan has put in to learning this business, partnering with the right mentors, and taking daily action even though she is scared at times.
Megan has no intention of slowing down anytime soon!
In conclusion, mobile home investing takes hard work and typically daily effort to make a consistent name for yourself and help multiple buyers and sellers monthly. You will never learn everything you need to know about real estate investing from reading books or watching videos. While there are many ways to make money in real estate, there are countless ways to lose profits as well. Have fun and take daily action to reach your financial goals sooner rather than later. If you have questions, please ask them. There are plenty of active investors around to give you help and guidance if you simply ask for it.
Love what you do daily,
John Fedro
Support@mobilehomeinvesting.net
Listen to John and Megan’s Podcast here…
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4 Comments
John Young
March 22, 2024Hi,
https://www.mobilehomeinvesting.net/new-jersey-mobile-home-title-transfer/
In the article is says no Notary is needed in NJ for the bill of sale……..
https://www.mobilehomeinvesting.net/wp-content/uploads/2018/02/ALL_STATES_Bill_of_Sale.pdf
When I download the form it has a place to be notarized, which is it for NJ?
Thank you, John Young
John Fedro
March 25, 2024Hi John,
Thank you for reaching out and connecting. The article is correct that no notary is needed in New Jersey with regards to the bill of sale. In fact, some of the motor vehicle associations will not even ask you for the bill of sale to begin with. However it is definitely best to have this as a receipt of the transaction. You can always get this notarized if you want to, however it is not needed. The reason it is on this form is because in some states the notary is needed in order for the bill of sale to be valid. Again, the article is correct when it says no notary is needed. This helps and makes sense. Hope you have a good mobile home investment deal on your hands. Any follow-up mobile home related questions never hesitate to reach out any time. All the best.
Talk soon,
John
James Park
July 26, 2024Hello John
May I ask your advice? if the registration on a mobile in florida had inadvertently not been renewed for several years, when the home is sold, can the registration be paid for the current year or is there a problem? (in this case, the county stopped sending renewal forms 5 years ago and the 2 the owners, different addresses, presumed the other had gotten the notice and renewed it)
Thank you very much for your help
James
John Fedro
July 30, 2024Hi James,
Thank you very much for reaching out and connecting. There is good news and bad news to your question. The good news that is in Florida you will likely not get a notice or violation that your yearly registration is past due. This requires tax workers to drive around mobile home communities or mobile homes on land to verify that each home has their yearly registration sticker posted on the front of the mobile home that is easy to see. However this does not happen as tax workers do not go through parks as often as they should. This means that registrations can build up over years and years of them not being paid. However the bad news is when the mobile home title is transferred to the next person, all of these back taxes and late fees need to be paid. The state will not transfer the home from one person to another without all of these back registrations being paid. Luckily with the profit of the home you are getting from the sale you can ideally pay all of the back registration years. These yearly registration fees are definitely a lot cheaper than property taxes most of the time. The state will absolutely want their money whether they stop sending renewal forms or they have been going to the wrong address. This will not excuse the fact that registration fees need to be paid. I hope this helps and answers the question. Moving forward if you have any follow up questions never hesitate to reach out any time.
Talk soon,
John
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