Welcome back,
First things first – Thank you to everyone who has contributed to this website by reading articles, watching videos, commenting and helping this website grow to help so many mobile home investors and mobile home end-users nationwide.
Almost 8 years ago I began giving free advice to those interested in mobile home investing as a source of creating value and alternate-income for themselves. Since then the education platform, online training, mentorship, and financing laws around the country have changed and morphed.
With that said the foundation for success and traits an investor should have to build a successful and profitable mobile home investing business remain the same. These traits include:
- Having a clear plan
- Taking daily action
- Pulling the trigger
- Like and care about people
The videos below are of such an active investor.
Paul Brecht is a newer investor from Bradenton, FL that has only been investing for just over 1 year. What Paul lacks in experience he more than makes up for in taking action and a determined attitude to Win. With 6+ Mobile Home Formula deals under his belt and climbing, Paul has more experience than most other mobile home investors in his market.
Part 1:
What you may have learned:
- Paul got started with no prior experience
- Every deal can lead you to another deal, seller, buyer, and/or mobile home park to work with
- Be aware of floor repairs needed in homes. One or two soft spots is alright to repair quickly however chronic problems throughout the home may be a red flag to avoid.
- Mobile home parks may likely create Win-Win deals with you when you present them with Win-Win terms
- You do not need to spend much money in order to get started in this business
- Paul’s last 6 mobile home deals have been purchased for $0.00
- Investing in mobile homes can take place on private land and inside all types of parks
Part 2:
What you may have learned:
- Make a great reputation for yourself. Parks will refer you to other parks.
- It is crucial to know how to speak and relate to park manager
- Aim to make every deal Win-Win-Win
- Only be in mobile home parks that you are comfortable with
- If you plan to sell a mobile home for all-cash then mhvilliage.com may be helpful
- Use strategies that allow you to have little to no holding costs. This is typically negotiated while purchasing directly from the park management
- Structure deals that allow to you to pay little to no money for nice quality mobile homes
- Make sure to become educated so you don’t buy any lemons or nightmares
- Craigslist.com can be a good source for used appliances
- Aim to invest in mobile homes that require (at max) a few thousand dollars or less in rehab costs
In conclusion mobile home investing is very much alive. While investing in any type of real estate having clarity for the steps moving forward is key. If you are unclear about any of the steps needed for you to move forward safely and quickly helping sellers and buyers do not hesitate to email me or comment your questions below. Never give up and never stop taking daily action to help others.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Related videos:
9 Comments
Samuel Gillbo
May 15, 2014Wow! Great interview John and Paul. I am in east Minnesota and would love to get started with mobile homes. Sounds like I found the right site to start my journey. Do you have education concerning mobile homes on land you also own. My mother has a home like this and I would like to start here then move to mobile homes inside parks.
Thank you both again,
Samuel
John Fedro
May 16, 2014Hi Samuel,
Thanks for commenting and your kind words. Remember that for every goal in real estate investments there is a specific path to get to this goal. In fact there are many paths. I wish for you to take the path of least resistance and start investing quickly and safely. With that said please look around the site and if you have any questions please do not hesitate to comment them below or email me personally. With regards to mobile home investing on land and inside parks I typically advise to start with mobile homes inside parks, however if you wish to focus on mobile homes with land or both to start then all the better. There are very likely sellers around you right now that are confused and need help selling their unwanted homes. It is our job to reach out and attract these folks to help educate them on their options moving forward.
There was a lot covered above and some it it was vague so if you have any more questions, as you very well should, don’t hesitate to ask. 🙂
Best,
John Fedro
Tim
May 16, 2014Great interview John and Paul. Congratulations Paul. You are an inspiration for me in my golden years.
Tim
John Fedro
May 18, 2014Hi Tim,
Thanks for commenting and listening along. Glad this has provided you so value. I am very proud of Paul as well.
All the best,
John
John Mehl
May 18, 2014Glad to hear there is someone experience in this field… I have been involved in dozens of sales of buying and selling mobile homes in parks..
I live in Sacramento Ca….
We have a good plan… but like to team up..
John Mehl 916-[number blocked by admin]
John Fedro
May 19, 2014Hi John,
Thanks for reaching out to me. I will aim to contact you this week with regards to networking.
Talk soon,
John Fedro
Dave McGovern
May 20, 2014Hi John,
I used to own rental housing and sold all my rentals in 07 pannicked by the coming collapse. I am now jumping back into the market and have been working with a guy flipping houses but its slow finding money to expand the business as we use investors in trust deed investment vehicles and they earn 10% on their money in an average 2 to 3 month flip. I live out in Sacramento California and what I have noticed is a lot of mobile and manufactured homes priced from 14K to 25K. Should I be trying to flip these? Should I ask for owner financing/owner carry? I have access to materials and labor and I’m very handy but I just don’t know enough about this sector the mobile home sector, please advise and thank you,
Dave McGovern
Sacramento Ca
916-[number blocked by admin]
John Fedro
May 20, 2014Hi Dave,
Thanks for commenting and your questions. Congratulations on your past success and motivation to move forward in new areas you are uncertain of. I have separated your questions and my thoughts below.
Q: Should I be trying to flip these?
A: Depends if you have many cash buyers around you. If you test for cash buyers and you know you have many AND you can contract these properties for less than $15k then you can try to flip these homes. The issue is that many buyers will not have cash to purchase these homes outright. Also, if the homes are on the market and not selling for $14k-$25k what makes you (or anyone else) think they can buy than flip the home for more? If anything I would say suggest an option to hold the property, avoid holding costs, and try to resell for a higher price. Another suggestion is to call nationwide and local mobile home lenders to ask what they require when lending on mobile homes inside parks. This way you’ll make sure only to contract mobile homes that fit a bank’s lending criteria so you can help a potential buyer become bank approved.
Q: Should I ask for owner financing/owner carry?
A: Always yes. This is attractive for end-users as well as investors. Disclaimer: If there is a mortgage already on the property taking the home subject to the mortgage purchase technique is a very advance strategy with a mobile home in a park.
Q: I have access to materials and labor and I’m very handy but I just don’t know enough about this sector the mobile home sector, please advise and thank you
A: Understanding your local market is the first key. I don’t want you to get into a home you think is profitable only to spend too much money on repairs and holding costs to then find out you over paid and that there are too few cash buyers for you to sell quickly to.
I hope this all makes sense to you. If not please let me know.
All the best,
John Fedro
Stuart Mayberry
November 20, 2015Thank you John! This is just what I was looking for. I will be in touch with you in the coming days about a possible deal in a co-op style park I am working on. Thank you so much in advance for your help.
Sincerely,
Stuart
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