Welcome back,
In today’s Mobile Home Investing Lessons podcast #64 we are talking to active Mobile Home Formula investor, Garret in Georgia. From nervous newbie to now flipping multiple mobile homes at a time.
In just the past 6 months Garret has grown from being unknown locally, to now having a channel of park managers, brokers, and house flippers knowing who he is and how he can help them. However, Garret knows he has a lot more to do.
Personal note: it has been awesome to watch Garret’s confidence go from 0 in the world of mobile homes, to now speaking very confidently when he talks about the topic. Keep up the great work Garret!
In the past 6 months, Garret has;
- ✔️Push through his nervousness by asking questions and understanding the plan.
- ✔️Asks mobile home questions daily.
- ✔️Been able to profit with mobile homes that “must be moved”.
- ✔️Been able to start a successful investing business with just a few thousand dollars.
- ✔️Proven he is not afraid to over an hour to get to good Mobile home deals.
A huge thank you to Garret for coming on today’s podcast. I know this podcast is going to help a lot of folks.
The times below are to help jump to certain topics if needed.
- 🎙️0:00 Welcome Garret, again.
- 🎙️0:55 Twin girls!! 🙂
- 🎙️2:10 Winning with mobiles
- 🎙️2:45 Family life while getting started investing
- 🎙️4:59 Best and worst part of mobile home flipping
- 🎙️5:50 Hours you’re working per deal
- 🎙️6:55 Learning curves while mobile home flipping
- 🎙️8:35 What types of deals you closing
- 🎙️10:55 Deal numbers
- 🎙️12:40 FEAR of messing up
- 🎙️15:45 Scaling to complete parks and land/home packages
- 🎙️18:20 People taking advantage of Garret
- 🎙️18:50 Working with John
- 🎙️20:25 Have your bare minimum action items weekly
Garret’s motivation to get started, His two twin baby girls.
Garret and his family are incredible! With everything that they have going on with the brand-new baby girls, Garret’s wife supports his actions and plan to build this business to support their family in the future. I love to see families working and supporting one another like this.
- 💪Starting a mobile home investing business can take a good deal of mental focus and time.
- 💪💪Raising two new baby girl twins can take a good deal of mental focus and time.
Garret is in BEAST MODE for burning the candle at both ends to build his side business.
Obviously, a Mobile home flipping business is not going to build itself. Sellers are not going to know who you are or how you can help them without your direct efforts. If a brand-new father of twin girls can overcome his fears and insecurities to start to flipping home mobile; anyone can achieve the same results with focus and a plan.
Have your bare minimum action items weekly…
Garret gives some great advice in today’s podcast. For his young age he is wiser and more caring than many others twice his age.
One of Garret’s tips in today’s podcast is to make sure that you at least get your minimum core action items done every week. Whether you are sick, busy, having a good week, or a bad week, you get these things done. Or you outsource them to get them done. Or you get them done when you get back from vacation and make up for the time that you missed. But either way you get these weekly bare minimum activities done.
Other weeks you can implement new marketing and advertising methods if you choose to and it makes sense for your specific seller targeting strategy. However, at the minimum make sure you are doing those core action items every week.
The reason is because as we continue to live our lives, mobile homeowners continue to live their lives and get into situations where they may need our help. It is your job to make it easy for these sellers to find you when they need your help.
Focus on free and inexpensive online and offline advertising in the beginning. Do not just spend money on marketing. Take the time to build a network with local park managers that are on the ground with mobile homeowners daily and have their fingers on the pulse of what is going on.
Garret’s mobile home flips and consignments
There are so many ways to create value when it comes to mobile home investing. Personally speaking, Whenever I get started working with a new mobile home investor, we take a massive approach to find and attract off market mobile home sellers.
Regardless of whomever calls, we try to listen to them, help if we can, or at least point them in the right direction. This goes for buyers and sellers.
When it comes to sellers, some have a variety of different types of mobile homes, and many are completely different situations and scenarios when it comes to time, abilities, capital, equity, deferred maintenance, etc.
Garret mentions on today’s podcast video that in his first 6 months investing in mobile homes all his deals have consisted of…
- 👍50% buy and flip mobile homes.
- 👍50% wholesaling or consignments. In these situations, Garret had no money in the deal and walked away with a minimum of $2500 on his skinny deals.
Buy & Flip: If you are reading these words then I am pretty sure that you understand would a “buy and flip” type of mobile home deal consists of. You buy the mobile home in one of a variety of ways, you may do a little bit of cleanup or TLC, and then you will quickly resell the mobile home for an affordable price to a buyer. Usually a cash buyer.
Consignments or Wholesales: In situations where we cannot get the sell price down as low as we would like, or the deal is risky for some other reason, we can always fall back by offering to bring a buyer to the seller. In these situations, we are helping the seller because they are not yet advertising the property themselves, and we believe that there is profit in the deal. Profit for you means that there is a spread between what the seller is asking for the mobile home, and what we can sell the home for. These type of deals typically require no money out of pocket.
Many newer mobile home investors have begun their careers buying and selling used mobile homes inside preexisting parks. This allows homes to be purchased for the lowest possible price and sold for a profit to a buyer looking for an affordable home. Not to mention you can learn the mobile home investing business, gain experience, and help local mobile home parks while you make a sizeable profit and learn.
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 make so you can advertise and help more people.
Mobile home investing should not be exciting, but rather 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
Listen to John and Garret’s full investing podcast here…
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