Welcome back,
Over the past few months many of us have been busy in the real estate trenches building a name for ourselves, helping sellers, and creating deals. The power to leverage your time, knowledge, and capital is within you.
The people that create the most value in any business are not typically special or gifted people. These folks are motivated, disciplined, and determined to succeed no matte the challenges. It could be said that successful investors are “abnormal”, as normal investors make excuses and putter along, really determined investors are following directions and creating a plan to get things done.
In the below audio recording from our last week’s VIP recording call Idaho/Washington mobile home investor Bill Neves discusses some of his past deals utilizing the Mobile Home Formula training program. Here is Bill’s Mobile Home Deal Maker Formula review. Please see the major bullets below.
Audio recording from VIP call below.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
7 Comments
Freddly K
March 20, 2014Hi John,
Congrats Bill. I have 2 questions and they are about becoming the big dog in my area. I am in the middle of now where and my budget to start investing in mobile homes is almost 4500. I am not sure where maximize this money and do with it. And what about the financing mobile homes act? Do these apply to these mobile homes in parks?
Thank you in advance Bill and John.
FK
John Fedro
March 20, 2014Hi Freddly,
Thanks for commenting. 2 good questions that I would be happy to help clear up. You say that you are in the middle of nowhere and that is fine. There are owners around you that are struggling and need your help. The fact that you are in a small town limits your opportunity at your font door so you will need to travel to the nearby cities and towns. To be a top dog you do not need to spend large amounts of money, in fact advertising can be quite inexpensive, however you must be active and the face of the business. If you are wiling to travel to appointments and closings then you can make this business work. As far as the Dodd frank and Safe act I covered this in a past article that can be found at the link below. Yes, the Dodd frank and Safe acts do apply to mobile homes inside of parks and on private land. You must comply with them and do not violate them. This is easier said than do as the rules are vague in some regards however what isn’t is what we can and can not do when it comes to owner financing. https://www.mobilehomeinvesting.net/mobile-home-blog/2014-safe-act-and-dodd-frank-for-mobile-home-investors
All the best,
John
Bill Neves
October 29, 2014Thanks again John for interviewing me. I know first hand that this business works in more than one area. I moved from Boise, ID to Vancouver, WA and have done deals in both places.
The Big Dog syndrome works here too.
Freddy K – budget your money as best you can. John’s program talks about making payments when buying, as well as, taking payments when selling.
Good luck with everything.
Bill
Bruce Jennings
April 1, 2014This is excellent to hear. I am so glad that people are still investing in mobile homes. I have heard of others giving up lately. Sorry to hear about Lonnie passing too.
Keep this up John and Bill.
– Bruce
John Fedro
April 1, 2014Hi Bruce,
Thanks for commenting. I couldn’t be prouder of all Bill has accomplished too.
As investors we must adapt to the changing times and continue to help others and create value as we know how. Stay persistent and keep making offers everyday.
All the best,
John
Linda
May 20, 2014John
I have been in the manufactured housing business for 15 yrs and currently own 3 communities. I have been contiplatiing flipping houses as well and wonder what to expect and how it differs from a mobile home rehab and profit? Since I own the mobile home communities I am currently receiving lot rent and home lease to own payments
Thanks
Linda Farren
John Fedro
May 20, 2014Hi Linda,
Thank you for reaching out to me on this issue. Congratulations on your success thus far investing in real estate. With regard to SFR there are many issues to compare when it comes to fixing and reselling traditional homes versus mobile homes. Some of these topics are listed below.
1. Financing when reselling: When you resell your SFR you will likely be reselling to an end-user that has some cash and will be going to a bank for a conventional home loan. When selling mobile homes you know that bank financing can be strict and many sales results in “lease to own” payments as you stated in your original comment.
2. Repairs: Mobile homes are a “what you see is what you get” type of building as there are only a few layers to every mobile homes. SFRs often have more construction demands than current and older mobile homes. With this said you will typically be paying a higher price to repair a SFR than you will for a MH. If you are using a contractor than this price will be great in most cases. If you are able to do the repair work yourself then you may be able to safe extra costs. In addition to the cost of repairs you will need to fix up SFRs to a higher standard than MHs as explained below.
3. The end-user: Most SFR end users will be looking for a home that is ready to be lived in. As you know many mobile home owners can be very handy and will not mind making some alterations to their homes when moving in. While dealing with SFRs you will need to fix and upgrade most of your “flips” to move-in ready standards to get top price.
In short there are many differences. With that said many people fast-turn SFR with ease and profit. Make sure to have a local expert looking over your shoulder on your first few deals. That is just my opinion though.
Keep in touch and I wish you all the best,
John Fedro
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