Welcome back,
We’re joined today by active mobile home investors Dan and Katie. These part-time mobile home investors are flipping mobile homes, raising a baby, new puppy, organizing charity drives, and working full-time jobs. These investors tell all about their journey from startup to successful profitable mobile home investing business in today’s Mobile Home Investing Lesson Podcast #41.
It’s not all about the money with these two investors. Mobile home investing allows us the opportunity to meet and work with folks in various situations. Sometimes the people we meet are in vulnerable situations. What may seem like a small gesture, amount of time, or little money to you, may make a big difference to sellers you’ll work with locally.
Today’s 60-minute podcast is full of 💎💎💎. Listen and take some notes. Special thanks to Katie and Dan for today’s podcast. Listen to Dan and Katie’s journey below.
In today’s mobile home podcast episode below, we cover:
✔ 0:00 Kimura!
✔ 1:48 Starting out
✔ 4:19 Surprise at the door.
✔ 5:18 Love and hate
✔ 8:10 Time management
✔ 9:50 Give yourself grace.
✔ 12:45 Giving back to the community.
✔ 22:20 Handymen and contractors.
✔ 28:38 Deal breakers for handymen.
✔ 32:21 Dealing with partners.
✔ 37:33 Give up?
✔ 39:59 Cash VS. Payments?
✔ 45:40 Problem?
✔ 55:15 Dream BIG
Stories to entertain your friends.
As an active mobile home investor, you’ll be the hit of any dinner party with difficult-to-believe and jaw-dropping stories. Adventures with mobile homes, sellers, buyers, handymen and various situations you’ll find yourself overcoming to succeed.
You may likely have nicknames for some of your mobile home investments. “Prison home”, “Naked lady home” and “Jungle home” are a few homes in the recent past that quickly come to mind. These nicknames may have something to do with where the home is located, the sellers, or a particular characteristic of the mobile home.
In today’s podcast Katie and Dan discuss about their “naked lady home” that they will forever remember. Listen to today’s podcast to hear this story.
Making a real difference, one person at a time.
You can’t help everyone. However, you can help some. To help guarantee your long-term business treat people right and aim to keep a great word-of-mouth reputation. Mobile home investing is much easier if you actually like people, if you actually want to solve problems for others.
In today’s podcast: Organizing some folks in the community to give back and help others. Dan and Katie talk about a time they went over-and-beyond for a kind-hearted grandmother. This business allows us to give back to those in need.
The more problems you solve for others, the more value you may create.
Give yourself grace!
You will make mistakes.
Your success/goal is not a sprint.
You will be successful if you stay persistence and make consistent good decisions.
You will inevitably make some investing mistakes, some errors larger or dumber than others. Aim to make your wins far bigger than your losses.
Allow yourself the same grace and forgiveness you’d give to a loved one. 💗
Love yourself too.
Mistakes are normal but remember planning and smart decisions can significantly reduce much of the risk involved with getting started investing in mobile homes.
Be prudent and invest wisely.
Have comments or questions? We’d love to hear them below.
Thanks for following along. Check out the podcast episode below. Katie, Dan and I sincerely hope this content helps you and grows your mobile home investing business.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Listen to John, Katie, and Dan’s Podcast below…
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8 Comments
Joel C
April 4, 2023Hello John, my father purchased a double wide, had it moved to his property and has been trying to acquire the title for it. The home has been sitting in his property for two years waiting for permits, utilities to be hooked up but requires the title to move forward. It was purchased by bill of sale as the owner did not have the title for it. Ive been helping him and done some research to figure out how its titled, did a title search with the serial# and showed the title and registration where cancelled. Called the department of housing they told me that the home was considered real property and was married to the original owners land. My question is what can we do to detach it from the land and get a title for it?, we reside in California. Any help would be greatly appreciated thank you.
John Fedro
April 12, 2023Hi Joel,
Thank you very much for reaching out and connecting. Additionally, thank you for the detailed comment as this helps me understand your situation a bit better. Around the country so many people purchase mobile homes with only a bill of sale. However in almost every area around the country a bill of sale will not transfer ownership from one person to another. The mobile home typically will have a title in many states that shows this ownership. Even with a bill of sale, the state recognizes that somebody else will own the home. It sounds like in your situation your father purchased the double wide mobile home that was married to the land it was previously on. The home was not reclassified to personal property or legally separated tax-wise to the land it was sitting on. This means that over the last two years taxes are probably accrued on the home and land together. This typically will have to be paid and there will need to be no liens on the land or the mobile home before the home could be retitled or moved into your father’s name. Because of all the moving pieces of this situation I would very much encourage you to reconnect with the HCD in California. You will likely have to wait on hold for an hour however these folks are very helpful when I call as well. In my experience you will absolutely need to get in touch with the landowner where the mobile home was purchased. I would also encourage you to contact the tax collector and property appraiser in the county where the mobile home was moved from. When un-retiring a title these departments need to be alerted and paperwork filed so that the home and land can be taxed correctly moving forward. When you contact these departments they may still incorrectly think there is a double wide mobile home in the location. It will definitely not be very easy, however it is definitely possible to go down this rabbit hole to get your father’s title. If needed you may want to reach out to a escrow company or attorney that has experience with manufactured homes. I hope this all helps and points you in the right direction. Any follow-up questions please never hesitate to reach out anytime.
kathy thereablt
April 21, 2023hi my plan is to only purchase to sell one home at a time and my question is do I need to have an LLC before we get started
John Fedro
April 26, 2023Hi Kathy,
Thank you very much for reaching out and connecting. Having a company of any kind, S Corp., C Corp., LLC, or something else is definitely optional. Many people get them for liability protection. However there other pros and cons for sure. Many folks I know do utilize the help of an LLC or two, however I would encourage you to talk to a tax professional or financial planner based on your situation. I certainly do not want to give you any wrong or misleading information due to your situation. However if you invested in the first handful of mobile homes in your own name, you certainly would be doing something that many other folks across the country have been doing for years. I hope this helps some and points you in the right direction. As always, any follow-up questions big or small please never hesitate to reach out anytime. All the best.
Talk soon,
John
Dave Goggins
April 25, 2023What a beautiful family. I’m struggling a little bit with my mobile home investing, and I work part time. This gives me a lot of motivation. Thanks John for sharing.
John Fedro
April 26, 2023Hi David,
Thanks so much for reaching out and connecting. Good to hear from you. I’m not completely sure what your business looks like however keep up the daily work and effort. Make sure to have a plan that makes sense, and work the plan regularly. You cannot control who will need help or who is struggling, but you can control the advertising and marketing you do. And then from there everything else happens. However you are certainly not reinventing the wheel. Great job being willing to be uncomfortable and push yourself to succeed. Keep up the great work.
Talk soon,
John
Andres
May 4, 2023Hi john Im getting a job in industrial construction in a few weeks where ill be working 60 hours a week. On top of that this is a position that often requires travel every 6 months or so, therefore ill always be on the road. Im just wondering if theres a path within mobile home investing that would be feasible for someone who is on the road this often. I heard about you from Justin in your group who gave advice to someone in a similar situation; he mentioned he would owner finance mobile homes, that way there would be less maintenance required. Im all ears to any advice you may have. I really appreciate you getting back to me personally, looking foward to hearing from you!
John Fedro
May 5, 2023Hi Andres,
Thanks for reaching out and connecting. Thanks for the detailed email too, as this helps me understand your situation a bit better. You certainly do not have a problem working so many hours for someone else. Understood about you wanting to put some time into something for yourself too. Justin is a great guy! I’m glad to hear you have been communicating with him. Unless you have very deep pockets you may not be able to continue wholesaling every mobile home without selling an equal amount of homes for cash as well. If you work 60 hours a week then that leaves over 100 for you back at home. Most of the time in the beginning of our careers spent advertising and marketing. In my opinion you would spend more advertising and marketing online and outsourcing things in the beginning, versus other people spending more time driving for dollars. However when leads come in it will be up to you to talk to the sellers, screen the sellers, have someone go out to view the home you view it yourself, make offers, close, potentially repair the home some, and resell it. You can outsource the repairs to handyman you can outsource showing the home to a lockbox or simply have an open house on the day of your choosing. These are my initial thoughts and a bit short on this comment reply. However, I hope this helps some and points you in the right direction. If you have any follow-up questions never hesitate to reach out anytime. All the best.
Talk soon,
John
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