Welcome back,
One of the first Action Assignments I teach brand new mobile home investors is to go after the “lowest hanging fruit” with regards to mobile home sellers. These “low hanging fruit” represent the easiest and most profitable deals for you invest in within your target investing area. I aim to teach low cost methods for attracting and finding used mobile homes for investments.
A free method for finding these deals is simply to Cruise for Cash and start driving your local neighborhood mobile home parks, but what parks and where do you find their addresses? Keep reading...
Prescreening the parks you will be driving through will cut down on wasted time and unprofitable parks. In most areas it would be ideal if your first few deals fit the criteria below. This will help follow the path of least resistance while learning this business.
- Owner-occupied mobile home park (we have no interest in parks that only rent mobile homes)
- All ages welcome
- Pet friendly
- Average lot-rents for county (in lower 60% of price ranges of local lot rents)
- Individual mobile homes are not listed with a Realtor or Bank
- Asking price is under $25,000
Map where you will be farming via Google directions then head-out and cover your investing radius. Do not be concerned with speaking to park managers until you have properly trained on how/what to say and what not to say on your 1st meeting with a park manager as this meeting is crucial. Collect as many “For Sale By Owner” leads as you can before calling each seller to set your 1st appointments with as many motivated sellers as possible..
Steps after you collect your first 25-50 leads:
- Collect leads
- Prescreen homes and sellers over phone
- Set appointments
- Craft 2-4 valid purchase offers
- Hear sellers likes and dislikes
- Put seller into a Automated Followup Sequence until the seller accepts your offer, makes a counteroffer, or sells the home to another party. (if applicable)
- Once sellers agree to price/terms begin to market for buyers before you close
- Generate and print closing paperwork
- Close on the property in your Personal Property Trust (new trust for each property)
- Make any repairs needed
- Resell mobile home for monthly payments, rent, or all cash.
This entire process starts with you taking action. The next step is attracting and finding these already motivated and ready-to-sell leads from local mobile home owners in your local communities.
Why should I gather 50 leads before making calls to these sellers? Let’s look at the big picture of your success…
- Out of 50 FSBO leads you can set up 10-15 appointments with qualified sellers.
- Out of these 10-15 appointments you may close on 1-3 mobile home immediately.
- The other 47-49 sellers that originally said “no” to you will now be placed in your Automated Followup Sequence. Overtime some of these sellers will come back to you when exterior-forces change in their lives and now they have to sell.
- At this point the seller is ready to accept your Win-Win offer and you may close on another profitable mobile home.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Related How to Find Mobile Home Park videos:
10 Responses
Hi John
I have spent the last 3 days going through all your videos and posts here and on bigger pockets. I really identify with how you run your business and keep your entry costs and risks low.
My question is once I gather these leads is there any chance you can help me out with how to talk to and negotiate with the owners.
Thanking you in advanced,
Sallem
Sallem,
Absolutely. Sign up for a coaching session so we can schedule some 1-on-1 help asap. Thanks for following along on my journey 🙂
Your free download (bill of sale, personal property,etc)noted above is not accessible when trying to login with name and email address.
Thank you for pointing that out Dennis. Ill make sure that’s corrected ASAP. For now sign up using the link on the top right hand of this site. I’ll make sure you get these forms and downloads. Enjoy
An excellent post John. I love the methodical way of presenting your information. Great share.
I know this can be helpful…Nice job!!Thanks for being so generous…
You are really awesome when it comes to write informative post…Thank you!!
That means a lot Andy. Glad to help 🙂
Like the sharing of this post.I am so glad for having this information and help.thanks