Welcome back,
This website aims to help you become the most profitable mobile home investor and manufactured home investor you can be. Not only with immediate short-term gains, but with long-term results.
With only 12 years of experience under my belt I am certainly not the most experienced person to ever make a living buying and reselling mobile homes for cash-flow. Still, I would like to provide you with a set of all important business-building rules to abide by with regards to your manufactured home investing business.
This list is how I run my business and what I teach to my clients. I believe in these statements so strongly they are called ourĀ Business Commandments.
1. Keep a “Mindset” of helping others.
Investing is about helping others and creating value. If you are familiar with this site and my philosophy you know that the mobile home business is a people business. Your buyers and sellers are only willing to pay you a profit because you have provided a “useful service”. Talk to sellers as you would a good friend and try to genuinely help everyone you can, even if no profit is the result.
“Money follows value.”
2. Know what is happening in each local park.
This statement can have a broad interpretation and that is the intention.
- Know where all the mobile home parks are located in your counties.
- Know the lot rents
- Know the park managers
- Know what is for sale
- Know what is about to be for sale
- Know you have advertising targeted to each park
3. Become proficient at explaining (and then using) multiple strategies for purchasing a seller’s manufactured home.
Sellers are unique people that have unique desires, goals, motivations, wants, moods, skills, assets, education levels, pet peeves, questions, doubts, and fears when it comes to selling their unwanted homes. It is for this reason that it is important to be flexible, creative, and educated about structuring and presenting your purchasing methods for each specific mobile home.
Example:
Know what makes each mobile home seller happy and fearful with regards to;
- Price
- Terms
- Outcome
and then…
Help the sellers move-on with their lives by purchasing their property one of these few ways;
- Cash
- Seller financing
- Options
- Take over the deed
- Trade
- Partnership Agreement
- Other creative strategies
“A good investor can find a deal, a great investor can create one.”
4. Be prudent in your spending to purchase a used mobile home.
Prudent is defined as, “Acting with or showing care and thought for the future.”
Mobile homes will only allow you to charge so much for them. Make sure to ONLY agree to Purchase-Terms and Purchase-Prices that allow for substantial profit and business sustainability.
Mobile Home Formula Guideline for Investors:
- If paying your seller “All Cash” aim to recoup your initial investment back in less than 12 months once occupied by your future tenant-buyer.
- If paying the seller in monthly, annual, or semi-annual Payments make sure to receive a minimum profit of $100 every month while paying your debt service to the seller.
5. Advertising daily will cause your business to grow.
If there is one activity that should be thought about daily it is Advertising for sellers. If there is one skill that most investors need more attention with it is Advertising for sellers.
Your business grows as a result of advertising your message “You Buy Mobile Homes” for everyone to hear and see. At the start and middle parts of your investing business (prior to your 20th buy and hold) aim to use inexpensive and free methods to find leads. Once you have sufficient automated income every month you may want to test other lead sources to find motivated sellers.Ā Always have multiple sources of lead generation running at one time.
“Appointments, Offers, Soft Negotiations, and Closings all come as a RESULT of 1st attracting a seller to help.”
6. Always give your future tenant-buyer an attractive Win-Win Terms.
Aim to resell every manufactured home with a great and attractive Repayment Plan for your buyer. Selling with an attractive Move-In Fee, Down Payment, and monthly payment will allow for a wide number of potential buyers to be interested. More buyers = Faster sale
Investor Tip:Ā Price your monthly payments at “comparable local apartment rent” prices. If a nice 3/2 apartment nearby rents for $1,000 per month, then you will be able to charge between $900-$1,100 (including lot rent) depending on the condition of the mobile home. When you can sell for market rent many buyers will be eager to work with you.
7. Have the strength for delayed gratification.
If you are anything like me then you respond well to rewards. Who is going to reward you in YOUR business, you are! Be tough and don’t let yourself down.
Do this:Ā
The next time you really want to purchase a new shiny toy, vacation, fancy dinner, outing, or other non-essential item make sure to close 1 MH deal first. One deal = One reward.
8. ______________________________________
*I would love to hear an Investor Commandment that you think is equally important for a mobile home investor to live by.
If any of these commandments sound weird or unusual to you than I agree. You must think and act differently than other “normal” investors to produce results different from average investors. Average investors do NOT do deals, they are confused and struggle.
“Treat your business like a business, and run your business to achieve results.”
I feel so strongly about my methods of purchasing and reselling mobile homes that I want to provide you with a printable list of our Business Commandments like the one you see below. To receive this PDF please simple comment below with a Commandment of your own.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Free Gift:
Thank you for stopping by my site. To receive yourĀ MHI Business Commandments PDF please click here.
Related Mobile Home Investing Commandments To Obey video:
12 Comments
Jordan James
July 28, 2013Hi John,
This is our first time to your site and all we can say is wow. There is so much useful material here on the subject of manufactured home investing for free I am really impressed.
We would be very happy to receive that print out. A commandment I would add is to Work Smarter by outsourcing the tasks I do not like to perform.
We really like your motto, Love what you do daily.
Thanks agian John,
Jordan and Marsha James
John Fedro
July 28, 2013Hi Jordan and Marsha,
I am so glad and happy to read that you both are taking away value from your time here. That is the goal. š Welcome to the fun and lucrative world of MHI.
We will be emailing the PDF over to your email address asap. Great Commandment by the way. I became a much happier investor when I outsourced the tasks I truly did not care to do. As investors our time is best spent making offers to sellers, thinking of big picture items, networking, and talking with new sellers. All the other stuff can be outsourced.
Best,
John Fedro
Roger
July 28, 2013My tenth commandment has do do with Knowledge.
1. Know what you don’t know.
2. Know that you don’t have to personally know that which you don’t know.
3. Surround yourself with those that know.
John Fedro
July 30, 2013Hi Roger,
All great investor rules to live by. Surround yourself with people that do know the business you are striving for. If you have to rub shoulders with someone, you might as well let it be the most active and successful people in your industry.
Great advice.
Talk soon,
John
Craig Schewe
July 30, 2013John,
Craig from Wisconsin. I’ll update you soon, but just wrapped up my 4th very profitable deal! Thanks again for your course.
These commandments are great advice, and good reminder. What comes to mind is:
-Know what your buying: Inspect the home, and don’t let sellers distract you. Bring flashlight. Run every sink, shower and tub. Run the furnace, and turn on every switch. Feel for soft-spots on all floor surface. Inspect roof on interior and ex.
-Know rehabb cost: Crazy how paint, carpet, flooring, and “odds an ends” turns into $1500.
-Buy right: It’s one of your’s John, but so important. Cash is King! There trying to buy your money with their trailer! Don’t step into seller’s shoe’s unless confident of very profitable exit stategy.
-Organization: I suck, but stay on top of buyers, sellers, follow-up, and every part of trying to become a great real estate investor.
-“Cameleon approach with management”: Your an experienced, qualified handy person who can help the park. Your not some investor who talks too much, and trying to make money.
-Act now: People don’t know what they don’t know. If you become the local expert, new investors will only help your business if you do it right.
John Fedro
July 30, 2013Hi Craig!
Awesome to hear. Yes, please keep me in the loop and upload the pictures to the FB group to discuss. Congratulations go-getter!
This is such great info to remind every investor to 1.) Truly know and understand what you are buying 2.) Know rehab costs, don’t just think you know 3.) Buy right, buy low 4.) Organize by having the clarity of what to do next 5.) Be prepared for Management and 6.) Act act act, get involved and start making mistakes and money!
Thanks for commenting Craig.
John
Bridgette
July 30, 2013Hi, John,
I find your videos and website to be very helpful. You make it simple. I would like to know where is the paperwork for purchasing MH in a park?
Thanks
John Fedro
July 31, 2013Hi Bridgette,
The simplest forms (in most states) needed to complete a basic Purchase and Reselling of a mobile home in a park for all-cash will be a 1.) Bill of Sale and 2.) Title. If you plan to purchase or sell with payments OR you wish to protect yourself with the use of a Personal Property Trust OR you wish to purchase and resell multiple homes pr year I would advise you get educated to save money, stop mistakes, and cut your learning curve down to as little as possible.
The forms I have and use for mobiles on land and in parks are contained in my Mobile Home Deal Maker Formula. You can learn more by clicking the training tab on the top of this page. If the training is currently unavailable that means that I am waiting for more time to allow more members to work with and will be available again soon.
Talk soon,
John
Jason
August 8, 2013John,
When do you think you will be signing up the next round of students? I am interested in your course
John Fedro
August 9, 2013Hi Jason,
Thanks for reaching out about this.
I am here to help in any way I can. I have just recently opened back up the MHDMF and Coaching. Both programs should be clearly explained in the “training” tab above, however let me know if there is any confusions you are seeing or having.
Either way talk soon,
John Fedro
Cathy A
September 20, 2013Hi John, This is my first time to your website and I am going thru all of it. I really loved the success stories and videos. Real people who had success in a very short time. That is great!!!
Question: Can we use our Roth IRA’s to do these deals? Which IRA custodians would be willing to do this?
I really look forward to getting your commandments. I do need to learn a lot and I feel you are the one that can teach me the most.
Thanks so much for all your valuable information and training!
Cathy A š
John Fedro
September 22, 2013Hi Cathy,
I am so glad that you stumbled upon my site and are already receiving value. The success real people are having and your kind words mean more to me than you know.
Yes, you can invest in real estate and mobile homes with your IRA. However the IRA must be self-directed. I am a big fan of Entust at theentrustgroup.com when it comes to IRAs, however there are many other great ones too.
I admire your courage and dedication to learning and growing with regards to R/E investing, we are always learning. Over the past 11 years there have been some uphill battles and many victories. In all I would not trade it for doing anything else. Feel free to ask any more questions that you are having an issue with. Here to help.
Best,
John Fedro
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