Welcome back,
Who is on your investing TEAM? While actively mobile home investing which individuals do you work with on a daily/weekly/monthly basis? Does your TEAM change depending on your specific mobile home sub-niche (Example: mobiles inside parks VS. mobiles on private land)? In today’s quick 32-minute podcast we discuss all this and much more.
In episode #21 of the Mobile Home Investing Podcast, I’m super honored and proud to welcome Tommy to the Podcasting microphone. Tommy has only been mobile home investing for 6 months and has already amassed a total of 13 cash-flowing properties at the times of this recording. This monthly cash-flow has helped allow Tommy to start investing in mobile homes full-time. While this is a sizable income, Tommy admits he loves being able to have helped 20+ families sell unwanted properties or buy a mobile home of their very own.
Notable quotes from Tommy: “If you don’t work, it’s not going to work.” (Tommy says this just before ending the podcast and rushing out for another closing.)
Related posts: MHI Lessons Podcast 009: Taking Your Mobile Home Business Serious with Kenneth
Author’s note: I consider myself outstandingly fortunate to work alongside so many great real estate investors and mobile home investors. What makes these investors “great” is not always their vast wealth of real estate knowledge or experience, but instead it is the rare ability to take action, ask questions, and never quit until success has been reached. Special thanks to Tommy for helping investors he will never meet.
In this mobile home investing show John and Tommy cover:
- 1:20 How many deals are you closing per month?
- 3:00 What is your average repair cost per mobile home?
- 4:23 Can you discuss down payments and monthly payments?
- 6:30 Do you invest full-time or part-time?
- 6:55 Can you discuss your financial partner?
- 7:45 The advantages to holding a few vacant homes.
- 8:50 How many mobile home parks are you actually within?
- 9:20 Has been dealing with the mobile home park managers a positive or negative experience?
- 10:15 Can you talk about a negative park manager experience?
- 11:35 Are you investing in mobile homes on private land yet?
- 12:16 Are you investing in complete mobile home parks yet?
- 13:10 Who else has been valueable on your team?
- 15:50 Where have you found your handymen?
- 17:40 Do you pay handymen anything before they start a job?
- 20:11 Any other valuable tips when working with handymen or contractors?
- 23:14 Ways to find a mobile home real estate attorney.
- 24:37 Your TEAM may change depending on your sub-niche.
- 26:40 Can you talk about your most recent deal?
- 28:33 What is something you were not expecting while mobile home investing.
- 30:25 Advice for go-getters wanting multiple deals per month?
The picture above is the mobile home Tommy talks about starting around minute 27:00. There are some damages that will cost approximately $930 in labor and $800 in material. Tommy paid just $3,000 for this beautiful 2003 manufactured home 3/2 in a family park. This home will sell with payments over $30,000+ once repairs are complete. Tommy literally had to run out of the door to close with these eager sellers. Keep up the great daily effort to help others locally.
Listen to John and Tommy’s podcast here…
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10 Comments
Nicholas Rosell
March 4, 2017Hey John
This is very impressive. I have been sitting on the sidelines for over a year watching some of your videos. What is your opinion when using other people’s money to buy mobile homes? Thank you for your help. Please keep making these videos and podcasts. Things are finally starting to sink in. Thanks in advance. Cheers!
Nicholas R
John Fedro
March 4, 2017Hi Nicholas,
Thank you for reaching out and connecting. I too am very impressed at everything Tommy has accomplished in such a short period of time. He definitely has a past the amount of mobile homes I had my first year. I’m glad to hear that you are still pursuing real estate investing and mobile home investing even though it is from the sidelines. Moving forward please feel free to keep in touch with any questions and concerns. With regards to your question about using other people’s money I definitely have a number of comments and concerns. It is important to understand each parties risk. If you have never done a mobile home deal before then please keep in mind it is very easy to lose money or not make as much as you think you will. For this reason make sure to pay your lender back as soon as possible with the money you get when you resell the property. Always make sure to have a clear path forward and realistically understand your purchasing and exit strategies. You will course want the correct paperwork in order to protect both you and the lender on every deal. Additionally, there are number ways to pay your lender. You can pay them a percentage monthly or quarterly, perhaps make them a part of the deal, or simply provide them with the flat fee if you can return their money in a certain period of time. With all this said there is a lot to consider when borrowing someone’s money. Simply because you have this money does not mean you will be a success… I understand you likely know this, however I wanted to mention it for other people reading this comment section. Please keep in touch moving forward. If you have any follow-up questions or concerns never hesitate to reach out any time. You can also contact me personally at support@mobilehomeinvesting.net. Keep in touch.
Talk soon,
John
Lucas C
March 4, 2017Wow! Great podcast guys! Cheers!
Lucas
John Fedro
March 7, 2017Hi Lucas,
Thank you so much for the kind words! Very glad to hear this podcast was helpful to you in some way. Moving forward if you have any follow-up questions or concerns never hesitate to reach out any time. Always here and happy to help if I can. All the best.
Talk soon,
John
Nancy
March 4, 2017Hi Jon and Tommy,
Great work, Tommy! It was mentioned that the homes are below 10k with everything invested. It is tough finding homes for these prices in my area. The UT market is pretty hot right now. Any help you can offer would be great. I would love to start this business if its possible here. To be honest I am not too certain were mobile homes are near me. Thanks for your help.
Nancy
John Fedro
March 7, 2017Hi Nancy,
Thank you so much for reaching out and connecting. You mentioned that you are looking to invest in Utah. I am working with two gentlemen in the state that are active and finding success. With that said I am not sure the exact area of the state you are in is Utah is a fairly big and fairly wide-open state. With that said you mentioned that you are not sure where the mobile homes are near you. It is extremely important to have clarity before and during your real estate investing career. With that said this deafly comes with experience and by knowing what is for sale in and around your local market. I mention this because whenever I work with someone new, we go to great lengths to make dozens and dozens of offers in the first two weeks alone. This takes us going through a massive number of mobile home communities and talking to almost every mobile home seller that fits our criteria in and around your area. I mention all of this because we are certainly not magicians, we are hard-working investors that have a specific plan and are looking to help educate people and make a tremendous amount of offers and name for herself in our local markets. I hope this all helps and starts to make sense and point you in the right direction. This is obviously just the very tip of the iceberg however I do hope it starts to help and spark other questions you have. Never hesitate to reach out her comment back any time. All the best.
Talk soon,
John
Roy Robinson
March 6, 2017Wow this is extremely impressive. I’m very excited my friends Robin and Talton introduced me to your website recently John. I look forward to learning, starting and growing with you……
John Fedro
March 7, 2017Hi Roy,
Thank you for reaching out and connecting. Additionally, thank you very much for your kind words. The credit completely goes to Tommy and the hard work he is putting into his business daily. I’m very glad you stumbled upon this website as well. Moving forward if you have any follow-up questions or concerns please never hesitate to reach out any time. Look for to talking with you soon.
Talk soon,
John
Nate J
March 17, 2017Great information here John! Im just now looking into mHs and getting more excited looking through your world of stuff! Very cool. thanks for posting this.
Cheers!
Nate
John Fedro
March 23, 2017Hi Nate,
Thank you for reaching out and connecting. Additionally, thank you so much for your kind words. Moving forward if you have any mobile home related questions or concerns never hesitate to reach out any time. All the best.
Talk soon,
John
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