Welcome back,
In today’s Mobile Home Investing Lessened podcast #53 we are talking to active Mobile Home Formula investor David. In 2022 David started mobile home investing in the great state of Virginia since partnering with John and the Mobile Home formula. In this short time working together David has become more confident investing in mobile homes, knowing how to help mobile home buyers and sellers, and has even transitioned into a full-time mobile home investor.
David was able to retire from his electrical engineering career and invest full time living off of his mobile home flipping profits. David has overcome normal fears and mental roadblocks, compulsions to be a perfectionist, fear when talking to strangers, and learning a completely new skill set/career safely and quickly.
Pro Tip: Mobile home investing and real estate investing is not for the weak.
Use the time markers below to fast forward the podcast video above.
- 🕑0:00 Restart mobile home investing?
- 🕑1:32What would you do differently?
- 🕑2:52 Working with John.
- 🕑4:50 The cat mobile home deal.
- 🕑8:50 Deposits refundable?
- 🕑13:40 Getting approved with no W-2.
- 🕑14:59 Quitting
- 🕑19:37 Common mobile home repairs.
- 🕑22:25 Being a perfectionist.
- 🕑26:10 Selling safely
- 🕑29:41 Cheap buyer story.
- 🕑32:30 Average repair budget?
- 🕑37:20 Advice for others.
We’re all scared in the beginning.
How could starting a new business and putting yourself out into a new world not be scary? We are all human, and most of us do not like to feel insecure, unsure and new at something.
Mobile home investing is not just one thing. Mobile home investing is a combination of dozens of skills and new knowledge to learn and possess.
As a successful mobile home investor, you should be able to…
- ✔️Stay within an advertising and marketing budget.
- ✔️Successfully negotiate with sellers.
- ✔️Talk to strangers.
- ✔️Help people in need.
- ✔️Start investing on a budget.
- ✔️Analyze repairs.
- ✔️Perform due diligence on parks, homes, and mobile home titles.
- ✔️Screen and negotiate with handyman.
- ✔️Structure win-win deals with sellers.
- ✔️Learn your state’s mobile home laws entitled procedures.
- ✔️Juggle multiple properties at once.
- ✔️Successfully talk to and work with mobile home park managers.
- ✔️Purchase and add mobile homes to private land you also own.
- ✔️Profitably move mobile homes to new locations and completely set them up.
- ✔️Establish purchase price and resale price for every mobile home you find.
- ✔️Overcome title challenges on a regular basis.
- ✔️Learn to screen cash buyers and payment buyers.
- ✔️Increase your marketing in cost effective ways.
- ✔️Scaling and automating your mobile home investing business in the future.
Most of us start mobile home investing with little money and very little knowledge of this industry. How are we expected to stumble our way to success without failing multiple times? If you plan on learning this business on your own through trial and error, please remember that you can always reach out to ask questions at the email address below.
Pro Tip: We all pay for our education eventually.
Making enough money to retire young.
Replacing your current income with the profits from mobile home investing does not happen overnight. This only happens with consistent effort and correct daily action towards your financial goals. David had zero money coming in from mobile homes when we first met.
Through all his fear David continued to push forward, ask questions, take action, and check in regularly for updates and feedback. Nobody saw this daily struggle from David. Nobody sees all of the effort that we put in day after day after day. However, when done correctly, all of your hard work and effort will pay off.
🔥ONE-TIME CASH paydays from flips and wholesales: In the beginning of your mobile home investing career, it may likely be wise to focus on selling mobile homes to all cash buyers. Flipping mobile homes for cash and wholesaling them for cash is a smart way to build up your bank account.
🔥Down payment and monthly payments for CASH-FLOW when selling on payments: Once your business bank account has a safe amount of capital from mobile home flips and wholesalers, then selling a mobile home for long term cash flow can be a smart idea. When you can sell for monthly payments, you are able to sell the mobile home for a substantially higher value.
🔥Rental income from rentals: If you own your own land or are dealing with a mobile home park that allows you to rent mobile homes, then renting mobile homes for long term profit can allow you to create a good deal of value from the mobile home while you continue to own it. Once you have finished renting the mobile home it can then be cleaned up and resold for cash or payments.
Pro Tip: Of all the people this author has helped to quit their jobs and become full time mobile home investors, the average time to do so is around 12 to 18 months from the start of active investing.
In conclusion, profitable mobile home deals rarely fall into our lap without regular action and effort. Expect to work harder for yourself than you do for someone else.
Mobile home investing should not be exciting, but rather a predictable, safe, rewarding and profitable business. Moving forward when you have any mobile home related questions please never hesitate to comment or reach out to the email below.
Love what you do daily,
John Fedro
Support@mobilehomeinvesting.net
Listen to David & John’s Podcast here…
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4 Comments
Leigh
December 24, 2024Hi John
I purchased my neighbors 4 acre property that has an older 70’s mobile home on it that is stepped in the middle so that the bedrooms and bathrooms are in the back with the kitchen and living room in the front. On the roof there is a step of over a foot from one to the other that makes it seem like its 2 units put together as one but I think it was made this way. The width is 12ft and the overall length is 72ft. My question is given that it is so narrow and the plumbing is shot is it even worth the trouble and expense to make it habitable again? Replacing it with another used or new MH is way outside my budget but I don’t want to put more than 20K into it. Dilemma
John Fedro
January 16, 2025Hi Leigh,
Thank you so much for reaching out and connecting. My apologies for the delay in this comment reply. First things first, congratulations purchasing this 4 acre property! Ideally before you purchase any mobile home or investment property you want to make sure you have a clear and realistic exit strategy lined up. I am curious if you have put much effort into this mobile home. You certainly do have some options. Redoing the entire plumbing in a single wide mobile home will certainly likely only cost you a couple thousand dollars or so. I am curious what you are planning to do with the property if you do fix up the mobile home. Do you wish to add additional mobile homes to the property to cash flow them? Or are you just looking to sell everything to make as much money as possible? If you are only looking to create a quick profit then perhaps you bought the property add a good enough price where it can be quickly resold for a profit. Additionally, depending on the area it may be worth more money without the mobile home on the property. There are definitely a lot of moving factors when it comes to these mobile home and land packages. I do not believe my advice has been too helpful already, however please feel free to keep in touch or email me directly at support@mobilehomeinvesting.net for a quicker reply. Happy to help if you have any additional questions. Keep in touch. All the best.
Mave Rameriez
January 2, 2025This video is helpful. This man did wonderfully. When is the best time of year to start I am worried that homes will not sell this time of the year when it is the coldest.
John Fedro
January 16, 2025Hi Mave,
Thank you for reaching out and connecting. I do hope that some of the videos you have watched on this website have been somewhat helpful to you. If you have any specific mobile home questions never hesitate to reach back out any time. Depending on what state you are in, if there is a lot of snow on the ground for a long then that will slow things down. However mobile home parks still want their money every single month and people will still need to sell. People will still leave the state and need to sell for a variety of reasons. Some of these homes will be well insulated and winterized, and others will not. Check out the link below with regards to an article that talks about winterizing mobile homes when you are investing and the temperature drops below freezing. https://www.mobilehomeinvesting.net/freeze-checklist/
Even during these cold times Of the year you can still be making a name for yourself by reaching out to park managers, building an online and offline presence for yourself. There are absolutely mobile home sellers and parks that would love your help but have no idea that you exist. As long as you purchase the homes correctly then you should be buying them 12 months out of the year.
You may have to hold them a little bit longer in the cold months however you should also purchase them knowing that you will hold them longer or need to sell a little bit lower to get them sold quickly to a happy buyer. Either way there should be ample profits and you should ideally be doubling your money when flipping for cash. I hope that this all helps and makes some sense. Keep in touch moving forward. All the best.
Talk soon,
John
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