Welcome back,
In today’s Mobile Home Investing Lessons podcast #60 we are talking to active Mobile Home Formula investor, Chris. Chris has been mobile home investing in the great state of Tennessee since beginning working with John in 2023.
In this short time working together Christopher has become more confident investing in mobile homes, helping others, investing on his own, and growing a profitable investing business.
Chris has now transitioned into a full-time mobile home investor.
Being a newbie stinks! Chris has had to overcome mental fears and roadblocks, desires to quit, imposter-syndrome, being laughed at by friends and more, ALL before becoming success flipping mobile homes.
Pro Tip: Once you commit to investing in mobile homes and helping others, don’t quit. Keep going.
Use the time markers below to fast forward the podcast above.
- ✔️0:00 Intro to Chris’s mobile home flipping business
- ✔️2:00 What does your average day look like?
- ✔️3:30 First deal
- ✔️4:30 Going full-time
- ✔️9:00 Imposter syndrome
- ✔️11:20 Typical mobile home deal breakers
- ✔️15:10 Selling a handyman special
- ✔️20:00 Investors need this _______________
- ✔️22:50 Advice for starting with partners
- ✔️26:30 Proudest moments
- ✔️31:45 Losing money
- ✔️35:20 Growing stronger
A Message from Chris: A Personal Mobile Home Investing Lessons Story
Early on in my mobile home journey, a distressed seller called me with a Doublewide for $3,000 inside a mobile home park. This was peak COVID when eviction moratoriums were taking place.
I worked for 3 weeks to market and coordinate showings for this seller.
Closing day comes, my buyer and my seller exchange funds and title. I make myself a nice fee and seller states he will be out in “a couple days”.
Fast forward 2 weeks: the mover is ready to pick up the home and relocate it. They’re ahead of schedule – this never happens with movers!
I’ve been pushing this seller to keep his word. This person refused to make any effort to move out. I tried to find a rental for him; I found storage units… He plainly refused.
The seller turned on me and ran away with the $3,000.
In our business, a handshake and words are sometimes all that are provided and the other party is hoping you do the right thing.
After a couple weeks, I refunded this buyer.
I messed up. I did not have a process. I did not set an expectation correctly with the seller. I did not withhold funds until the seller moved out.
That seller ran away with $3,000.
At this time, I had just left my W2 job.
I was convinced I had ruined myself before I even got started.
I had roughly $7,000 to run my business, to do marketing, pay my bills, and handle two rehabs. One of those rehabs, a contractor would steal $2,000.
Eventually after staying on top of this seller to recoup my funds, I simply walked away for my own sanity.
When running your own venture, you pay for your education in a variety ways. Many times this education involves correcting your mistakes and paying out of pocket for it.
I was crippled with fear and anxiety during this time period. It was so bad that I doubted my every move. The ruminations were so profound it prohibited me from taking action.
This only reaped more anxiety and fear because I didn’t focus on my daily inputs that would create more opportunity. I held on to every deal like it was the last deal I’d ever have.
This is common for those like myself that came from a struggling household as a kid.
Through all this, there was a fire to succeed. I was not going back to the factory. That flame was small though, but I had to keep fanning the flames.
I encourage anyone reading this to stay in the game.
Seek mentors. Seek education. Seek counselors and mentors that challenge you to let go of these stories you build in your head that do not serve you and that limit your abilities.
I promise that if you continue to be a student and take positive action, you will gain traction. No matter how bad it may seem in the current moment you will turn it around.
John’s note: A huge thank you to Chris for being on today’s podcast and sharing the personal learning lesson above. We all make mistakes that we wish never happened. However, we should always be open to learning from others, so we do not have to walk in the same mistakes as those that have started investing before us.
Helping others and helping yourself
Every single mobile home investor is in this business to make a profit. You make profits by solving mobile home park problems and mobile home seller problems.
However, we can only make a profit when we continue to run an ethical business that helps others. The more people you help, the more profits you create so, you can advertise and help more people.
Until you are better known locally, mobile home deals will rarely fall into our lap without regular work 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. Moving forward when you have any mobile home related questions please never hesitate to comment and/or email below.
Love what you do daily,
John Fedro
Support@mobilehomeinvesting.net
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