Missed Deals While Mobile Home Investing

Welcome back,

Missing opportunities in real estate means losing out on big bucks. Typically you can miss out on real estate deals for a few reasons. In this short article we’ll dig into some of these deal-missing reasons, why they happen, and what you can do to prevent them from happening again.

I think we can all agree that, missing even 1 great deal is 1 too many!!

Most of the reasons you will miss a real estate opportunity are the same “excuses” that would affect me. The problems are based in human nature.

Before reading further let’s assume something about you and me that will make the reasons below make sense. We are assuming that we are both actively investing or “trying” to actively invest. Example of being active: We are making offers to multiple mobile home sellers each week, going on multiple appointments to see mobile homes for sale each weekend, and following up with sellers and park managers regularly.

Assuming we are as active as above then lets proceed…

You are being too greedy:

If you are too greedy you can A.) insult sellers with your low offers or B.) wait on the sidelines too long before closing on a good deal. Yes it is important as real estate investors to buy every property with a generous final profit in mind – to keep us in business to help others. The saying that comes to mind here is, Pigs get fat, Hogs get slaughtered.

Make sure every deal you enter is Win-Win between your seller and You. A seller will not sell if it not in their best interest, and conversely you will not buy if the deal is not in your best interest – so come to Win-Win terms/price and then close quickly.

You waited too long:

Waiting too long during anytime of a deal is a symptom of 1.) Greed 2.) Procrastination 3.) Ignorance or 4.) Forgetfulness. Anytime you wait too long before you close on a good mobile home real estate deal you are likely over-confident in your ability to buy the home. You did not think the seller would sell so fast, and you thought you would have more time to close.

Recent Example “I Lost A Deal”: This was the situation when I was recently called by a mobile home seller selling his beautiful older 2/1 mobile home located in a family mobile home park for just $2,500. Instead of quickly calling the seller back I waited a few hours and then returned his call. By this time the seller was a work (I had no way of knowing this) and he was not answering his phone.

When I got in touch with the seller the following day I found out he sold the home that morning for only $2,100. The home could have been easily resold for over $8,000 to $12,000 without any repairs needed.

You Got Undercut By Another Buyer:

If someone else sneaked-in to purchased a real estate deal from under you do not feel as bad. An example of this is if you verbally agreed to purchase a seller’s mobile home for $5,000 and another buyer tells the seller they will pay $6,000 for the home. In many cases the seller will accept the higher offer even if they have agreed to your price already.

In the event you are undercut by another investor make sure to let every other investor know just how shady and cutthroat this undercutting-investor really is. We should support one another as investors, not slit each others’ throats in business.

To prevent being undercut by another buyer you could A.) have closed quicker with a home inside a park or B.) recorded your Purchase Agreement in public record to cloud the mobile home title when attached to private land.

You Got Scared Or Have Analysis of Paralysis: This is perhaps the most common reason I hear new mobile home investors say they “just missed” a great real estate deal. The remedy here is simple;

1. Make sure the mobile home meets your buying criteria
2. Make sure the mobile home park (if located in a MHP) meets your buying criteria
3. Make sure the seller meets your buying criteria
4. If your above buying criteria is met and your Win-Win purchase offer is accepted PULL THE TRIGGER! 

Seller decides not to sell:

This is the least likely scenario but it does happen. If a seller is having seller’s-remorse before they sell to you this could push a “low or middle priority seller” away from selling right now. Approach this situation carefully as you will always want to do what is best for the client. Find out what the seller is stuck on an overcome this fear by reworking the sales price/terms when possible.

What to do after you miss out on good opportunities?

Even though you may have lost thousands of dollars in potential profit do not get sad or blue. Instead get mad at yourself and PUSH yourself to;

1. Find new Mobile Home parks you never knew existed before to find new FSBOs.
2. Find new Mobile Home neighborhoods that you never knew existed before to mail to.
3. Find new Park Managers to talk with that you have never spoken with before.

Do you see what we am getting at here?? Use this missed deal to create action to get yourself in front of dozens of new opportunities. Turn Lemons into Lemon Daiquiris!!

How to prevent yourself from never missing another deal as long as you live?

I would love to say that this was the first time I have missed a great opportunity. Sadly it is not the first time, nor will it be the last.

The fact-of-the-matter is that as long as you are making steady purchase offers to every new seller you can talk to PLUS going to appointments and following up with sellers and park managers you are going to be juggling many good and great opportunities. You will on occasion miss a few, but you’ll be closing many more than you miss.

Focus on the deal you do complete and always keep adding new sellers to your buying machine.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

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