MHI Lesson 11: Market Where Buyers Want To Be
Welcome back,
In today’s Mobile Home Investing Podcast episode #11 I’m very proud to bring you a co-hosting newbie to our show. In the little time Vince has been an active Mobile Home Formula investor he has amassed quite a portfolio of cash-flowing properties.
When Vince started investing mid-2014 he had the goal to generate of enough passive cash-flow to cover his $1,500 rent bill. After quickly breaking that first goal, Vince has bigger plans in store for 2015.
Vince is not afraid of hard work, follow through, meeting new people and developing a great word of mouth reputation in his area. With Vince’s dedication, high personal values, and passion for helping sellers and buyers in his market there is little slowing Vince down.
Shortly after Vince and I started working together I noticed how analytical he was. Vince became a student of his market, each day we learned more and more about the demands, wants and needs of his local buyers and sellers. In this fashion, Vince breaks down his local market to understand just where his buyers are coming from and what they will pay. Just like we teach in the Mobile Home Formula online training program, once we know what buyers canand will pay, then we can begin to formulate how much to pay each seller.
Related: How to Convince a Seller to Accept Payments
Over the next 18 minutes Vince and I break down the where and why when it comes to marketing your mobile home for sale. Any questions or further explanation you need please comment below.
In this show we cover:
- ā Know what buyers will pay before you buy anything.
- ā Stop wasting your time while marketing.
- ā How to advertise to get your phone ringing?
- ā Growing a great word of mouth business.
- ā Buying a mobile home with your end buyer in mind.
- ā Total number of deals closed by Vince after only a few months.
- ā Making sure you keep happy buyers.
- ā and much more!
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10 Comments
Matt Straitland
March 20, 2015Hi John and Vince.
Congratulations to both of you. I am curious where you are Vince and also what condition the homes are in when you resell them. From the pictures they look really really nice. Im in WY and getting really excited about this opportunity.
Thanks for everything. Also, this recording sounds bit scratchy compared to others.
Thanks again guys! Love it!
John Fedro
March 20, 2015Hi Matt,
Thanks for commenting and the kind words. I will attempt to answer for Vince based on what I know about each deal. Vince is located outside of Chicago some ways away AND the condition of his homes is very nice as you can see from the photos. The truth is that he could be purchasing homes that need to be fixed up, however Vince has built a name for himself to help local sellers or really nice and clean MHs. So he busy pretty homes only to then sell pretty homes only. I hope this makes sense. It is not like this is every area of the country but we always aim to go forward with the “path of least resistance” while starting. I hope this makes sense.
There are certainly many good hot spots in WY with mobile homes and a healthy inventory to help local buyers and sellers of these homes. Getting started can be a bit confusing so if you need any help or questions don’t hesitate to reach back out.
Talk soon,
John
Jed
March 20, 2015Great podcast, very informative! I have been toying with the idea of sending out mass “junk mailers” to my target areas for Mobile Homes. Have you had any success with this method?
John Fedro
March 24, 2015Hi Jed,
If the letters or postcards are compelling then yes. In my opinion and experience if you mail 100 letters to traditional homes and 100 letters to mobile homes, you are going to get a better call back rate from the MH owners. Simply for the fact that MHs are tougher to sell and many MH owners are paycheck to paycheck, meaning that if a seller needs to sell, they may need to sell now. I hope this makes sense. In short I am all for a mass testing. Aim for MHs on private land with less than .5 acres if possible. Keep in touch.
Talk soon,
John
Anna
March 22, 2015LOve the podcast Vince and John. The slightly clicky sound on the recording is worth it. Look forward to hearing Vince’s next one. Will it be next week?
Love, Anna
John Fedro
March 24, 2015Hi Anna,
Thanks for the kind words and support Anna. Vince’s next podcast is a great one that ties in wonderfully to this one. It will be next week or the following episode for sure. š
From John and Vince
Fallon
March 28, 2015Awesome pictures! This is very exciting to hear and see. Are these average deals around the country or unique to Vinces area?
Thanks sincerely in advance. Fallon
John Fedro
March 29, 2015Hi Fallon,
Thanks for commenting and I happy you are liking what you hear and see. This business takes effort and daily consistency however, I am happily finding almost all areas are able to cash-flow $300 over lot rent monthly. With that said, Vince’s area is not very unique. What you did not hear at the beginning of the talk, Vince described that he had to find this area/pocket of homes and sellers to make deals with. Together we put multiple offers and win-win deals together to help local sellers and buyers. In short, the cash flow and reselling is common and very similar to what you can expect when reselling yourself. Additionally, the purchase price can range between $6,000-free for 90% of markets around the country. (Source: Personal experience working in over 90 markets)
I hope this helps and makes sense. If you need anything else don’t hesitate to reach back out.
Talk soon,
John
wefliphousesatl
March 28, 2015Great conversation guys, Nice work john
John Fedro
March 29, 2015Thanks crew at wefliphousesatl,
Glad you enjoyed it. Hope it helped. Part 2 is coming and even better.
Talk soon,
John
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