Welcome back,
In today’s video I’m super proud to welcome active mobile home investors and licensed mobile home dealers, Andrew and Shaniqua to the investing spotlight. In today’s video we talk about what to do, and more importantly what not to do during your first mobile home flip.
Tip: Invest safely and always know your clear plan, realistic exit-strategy and back-up strategy, and steps moving forward with every mobile home investment.
Andrew and Shaniqua jumped right into mobile home investing before investing in any single-family properties. This Georgia-based investing couple initially attempted wholesaling single-family homes locally but soon found their way helping mobile home sellers and buyers for profit.
These deals and successes have not come without a great deal of hard work and daily effort. Andrew and Shaniqua have only scratched-the-surface when it comes to working with and helping some of the hundreds of local mobile home parks in their area.
Andrew and Shaniqua market directly to mobile home owners and park managers to purchase and improve mobile homes within the community. In today’s video we talk about one mobile home manager that Shaniqua 100% refuses to work with again. Here why in today’s video below.
These investors closed on their first mobile home deal before having a full picture or plan moving forward. Costly errors were made from the beginning. However action was taken and the journey began. 💪
Andrew and Shaniqua’s first mobile home flip was profitable, however the buyer inherited a seller that refuses to leave. Hear the story and learn from these mistakes in the video below.
While in this first mobile home flip deal, this is the time Andrew and Shaniqua connected with John. Three more mobile homes and counting have been purchased and resold since this first mobile home flip.
We speak about these four mobile home flips in today’s video. While these flips are all profitable… four mobile homes will not make anyone rich. Aim to consistently make more purchase offers to more mobile home sellers weekly, close mobile homes monthly to resell for cash and/or long-term payments.
Tip: Reinvest all of your profits into more mobile homes to keep long-term and more mobile homes to wholesale and fix/flips.
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In conclusion, mobile home investing takes hard work and relatively daily effort to make a consistent name for yourself and help multiple buyers and sellers monthly.
You will never learn everything you need to know about mobile home investing from reading books, courses, or watching videos. While there are many ways to make money with mobile homes, there are countless ways to lose profits as well.
Have fun and take daily action to reach your financial goals. Any mobile home related questions never hesitate to comment below or email me.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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6 Comments
Julie Griffith
February 23, 2021I purchased a mobile home received the title, the name on the title was the previous owner , he was already deceased, purchased from the previous park owner , the seller section was not filled out with my name as buyer & the bill of sale was signed by the previous park owner not the seller name on the title, there was no probate performed , do I have recourse?
John Fedro
February 24, 2021Hi Julie,
Thank you for reaching out and connecting. I very much regret to hear about the situation that you are in. It absolutely sounds like you seriously fell through the cracks or something fraudulent is going on. I’m not sure what state you are located in, however you absolutely do have some recourse and steps to take moving forward if you do not fully receive clear title to the mobile home. I will assume that you do have possession and the keys to the property. Every state has a title transferring department. I would very much encourage you to call your state title transferring department with the mobile homes VIN or serial number. Check out this page for more help locating where your title transfer department is in your state. https://www.mobilehomeinvesting.net/mobile-home-title-transfer-state-by-state/ Explain to the clerk over the phone what is happening in the easiest way to clearly get ownership into your name. There may be a way for you to semi-easily get the mobile home into your name. I would also contact the sellers who sold you the mobile home and politely demand that they help solve this problem. The deal is not technically over with until you own the property. And right now you do not own the property legally. I hope that this helps some endpoints you in the right direction.
Talk soon,
John
Diana
March 23, 2021Hi, Im in New York and found a double wide mobile home for sale but the title Im told ,by realtor, is owned by a company and is lost. Would it be useless to purchase the home or how do I make this legal and not be in jeopardy of having home repossessed by title owner? Price is so tempting that I hate to give up on it.
Regards, Diana
John Fedro
March 29, 2021Hi Diana,
Thank you for reaching out and connecting. A New York State a mobile home considered private property does not need a title if it was built after 1994. You can find out more information about transferring titles to mobile homes in New York State by clicking the link below. If the price is as tempting as you mentioned that I definitely would not give up on this. Keep in touch moving forward. If you have any specific mobile home related questions or concerns never hesitate to reach back out anytime. https://www.mobilehomeinvesting.net/new-york-mobile-home-title-transfer/
Talk soon,
John
Amber Rivas
April 11, 2023Hi John, I just came across your website and thought you may have some advice. I bought an old rv (with an added addition) in a park for $25,000. 3 months into owning it I was informed by the park that I couldn’t rent/Airbnb it out and that within the next 3 yrs I would have to get it removed off the property and I also can’t resell it to someone else. I feel like this is wrong as I would like to sell now. Shouldn’t they have informed me that I was purchasing something that could not be resold. How can it be right that I bought something I can’t resell? Is this common? Is there someone I can talk to and get more information of my rights?
I appreciate your time and any advice you can offer!!
John Fedro
April 12, 2023Morning Amber,
Thank you very much for reaching out and connecting. Additionally, thank you for the detailed comment as it certainly does help me understand your situation a bit better. Good job being willing to invest in this property to fix up and profit with. In my opinion it is definitely misleading, shady, and very unethical that they will not even let you sell the home and keep it there. It does not make sense that they are giving you such a long window, of three years, to have the home removed either. Normally they would want removed a lot sooner or not at all. Unless they know perhaps their closing in three years or something.
Because of the addition I’m sure that it is going to be difficult to remove this mobile home. It definitely sounds like the park omitted the fact that the home will have to be moved and cannot be resold. No, this is not common at all. Have you talk to the regional manager or owners of the park about this? Perhaps the manager is being difficult with you specifically for some reason. Perhaps this is not an official corporate policy. The park can however tell you that anyone you sell or rent this to will not be approved to live in the community. They cannot stop you from reselling the home, but they can stop you from having your buyer able to keep it in the community. This means you will have to sell to a buyer that will remove the home to put on their land or in another community. This is definitely within the parks rights, however it definitely is not ethical and is very shady.
If you put this one on the market do you think that you would be able to breakeven or make a profit as is? Which city and state are you located in?
I regret to hear that you are going through all of this in the first place. It sounds like you only want to improve the home and community. And for this you are being punished. Keep in touch moving forward please. Any follow-up questions never hesitate to reach out anytime.
Talk soon,
John
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