Welcome back,
Mobile home investing is this father’s side hustle. Dustan is married, has kids, and has a full-time job, and Dustan still finds time to make money investing in mobile homes. Watch today’s video to learn how Dustan invests in mobile homes monthly on a part-time schedule.
Dustan has a mobile home investing plan that he sticks to regularly in order to attract sellers, make offers, negotiate, close, fix and resell trailer, to help others and help himself. The more mobile home sellers and buyers Dustan helps, the more his company profits.
Like all of us, Dustan is still going through life and learning things regularly. As an active and successful mobile home investor Dustan is regularly going outside his comfort zone growing his business. If mobile home investing were easy, everyone would be doing it.
Success takes time and commitment.
Special thanks to Dustin for hopping on today’s call!
Use times below to fast-forward to different parts of this mobile home investor training interview.
✔ 0:00 How many deals under Dustan’s belt?
✔ 1:00 Putting pressure on yourself.
✔ 2:50 Investing without a partner problem.
✔ 3:30 Why mobile homes?
✔ 5:00 Rundown of all 5 deals so far.
✔ 7:00 Becoming a landlord.
✔ 8:05 100% ROI fast
When selling a mobile home investment for ALL cash aim to resell and double your invested capital quickly. If you are looking at a mobile home investment where you will not likely double your invested capital upon resale, consider focusing more attention to your advertising and marketing to pursue more profitable future mobile home opportunities.
New mobile home sellers are always needing help around you.
When selling via monthly payments aim to recoup all of your invested capital back within six months, or at maximum 12 months typically. After this break-even point everything is profit. You should be collecting payments for five years minimum and around $350 minimum net mobile home cash flow monthly.
Pro Tip: Mobile home investing is a lot easier if you genuinely care about people. As investors we do aim to profit, however it is only after we have genuinely helped mobile home sellers and buyers. We help others first, then we are rewarded.
✔ 9:10 How bad do you want it?
✔ 12:00 Beware the clowns
✔ 12:30 Very 1st deal
✔ 16:00 Free mobile homes
Yes! You will find, attract, and come across free mobile homes. In some scenarios these free mobile homes are not even worth zero dollars. Sometimes the seller would need to pay you money to remove the junky mobile home. Don’t aim to close every deal.
Many times, on our mobile home investor videos you will hear that we invest in free mobile homes. Many times, these free prices are negotiated down from a few thousand dollars or more. However occasionally the seller simply does not want the trailer and is happy to give it away for free. Assuming that the buyer can actually remove the mobile home off of the property quickly.
You will only receive phone calls from sellers when people know that you exist. They must know who you are and how you can help them. You will only find and attract free mobile homes when you’re properly advertising, marketing, and better known.
Pro Tip: Begin advertising and marketing with inexpensive and guerrilla-type methods. Once you start making more profit from flip or wholesale deals, immediately reinvest everything back into more advertising and mobile homes.
✔ 19:30 Selling the trailers AS-IS.
✔ 20:15 Removing the bad smells.
✔ 22:30 Doubting your investment.
✔ 25:12 Approving buyers
When selling mobile homes for ALL cash, or wholesaling them, we are not as concerned about a cash buyers’ criminal status or job status. When selling for all cash, we’re looking for someone that actually has the cash in hand. However, if the mobile home you are selling is inside of a pre-existing mobile home park, the Park manager will almost 100% require the buyer and/or new resident to pass the parks background checks. If the mobile home “must be moved” after this purchase, then any cash buyer that has a mover lined up and land for the mobile home may purchase this mobile home from you.
When selling a mobile home for monthly payments, your eyeballs should be 100% open and eagle-eyes focusing on any potential payment-buyers looking at your rent-to-own mobile home.
We do NOT chase buyers. When selling on payments, aim to have multiple tenant-buyer applicants interested in the property due to the advertising and attractive terms. Let the mobile home and the attractive price or terms sell the mobile home.
✔ 25:30 Manager kickback
In conclusion, mobile home deals rarely fall into our lap as newer mobile home investors without hard work and daily effort. After you’ve built up a noticeable reputation for yourself and made hundreds of purchase offers, opportunities have a way of finding you more and more. In the beginning of your mobile home investing career the majority of your time and effort should go towards building your reputation, networking, and specific advertising and marketing daily and weekly.
Mobile home investing should not be thrilling, but rather a predictable and safe business. If you are taking action regularly then you should absolutely have questions about mobile home investing almost daily.
Moving forward when you have any mobile home related questions never hesitate to comment or reach out to the email below.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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6 Comments
Davie
January 3, 2023Dear John,
I am trying to help my mother get the lien release for her trailer. She had paid it off some years ago. The lien was through Green Tree Financial and she was located in Montana. The company has since gone bankrupt as far as I have tracked, several company’s since have taken and passed those loans on. Who would she need to get in contact with to have the lien removed?
John Fedro
January 8, 2023Hi Davie,
Thank you very much for reaching out and connecting. Your situation is unfortunately a common one. Banks around the country, including Greentree financial, go under and do not necessarily let their customers know what is going to happen. Usually the loan is sold to another bank, then sold to another bank, then sold to another bank. However sometimes the bank simply goes under and takes the loan with them. Making it very difficult for the borrower to ever get clear title, at least in some states. If you are able to track down who currently holds the note, or who held it when it was satisfied, that would be the easiest. You could likely get another satisfaction letter from them with the borrower’s permission. In some states you are able to go forward one of a couple different ways in these situations. However I’m not sure what state that you are in and do not want to give you any wrong or misleading information. I would absolutely encourage you to have the VIN or serial number to the mobile home and call your states mobile home title transfer department. Explain the situation, and speak to a manager if needed, they should be able to help point you in the right direction. Ultimately you will need proof the loan was paid off or to convince someone at the title office that the lien no longer exists. There may be one or two other avenues depending on your state, or you may need to go in front of a judge to order that the state print you a new title free and clear. Sorry I’m not able to be more of a help your however do not want to give you any wrong or misleading information as this will vary from state to state. Feel free to keep in touch moving forward. Any follow-up questions please never hesitate to reach out anytime. All the best.
Dianna Jameson
January 7, 2023Hi John. My husband and I are in the process of selling our manufactured house. It was quit claim deeded to us a couple years ago. The abstract was up to date when we purchased it. There is no evidence of a title mentioned in the entire abstract. There was no VIN found anywhere on the trailer or in the home. It had been gutted an we completely remodeled it. It is a very old single wide trailer. We are assuming early 1970 or late 1960’s. We have no certainty of year, make, or model. My question is was there a time that mobile homes were not issued a paper title? We live in Oklahoma. My other question is, why has the abstract been updated several times over the past years and the lack of title never been an issue until now? Any input would be greatly appreciated. Thank you.
John Fedro
January 8, 2023Hi Dianna,
Thank you very much for reaching out and connecting. I do hope this entire website has been somewhat helpful to in your search already. I regret that you are in this situation. It sounds as if you own the mobile home as well as the land that it sits on. When you purchase a home/land package like this the title company will usually only perform due diligence on and guarantee the real estate involved in the transaction. If there are old cars, sheds, or mobile homes that are personal property on the land, the title company will usually not warranty clear ownership transfer as part of their job. If the mobile home is attached to the land and considered real property. When mobile homes are considered real property they are legally joined to the land at the state and taxing level. They are taxed differently and banks treat them differently as well. I would imagine that the mobile home that you rehabbed, which I imagine must be beautiful, his personal property and has not had a title in many many years. Perhaps the last few owners only sold it with a bill of sale. In the 50s and 60s there absolutely were some builders that were only selling mobile homes with a bill of sale. There were hundreds of builders and each one had a different title or sales form. However even back then, many of them had data plates and titles. I would highly suspect that your mobile home did at one point have a title. With regards to your second question, if no one ever required a title for the mobile home then life just simply kept on moving along. If the bank never ask for it or the landowner never really cared about it, then I can definitely see how decades go by without the title ever being issued. I hope this makes sense. I do not think it helps very much or points you in the right direction, you are certainly in a difficult situation. If you’ve looked all over the mobile home for identifying numbers, as well as on the front I-beam, the mobile home may be a ghost mobile home. I talk more about these types of homes in this video. https://youtu.be/9sN3pyNqBAw I hope this helps some and make sense. Any follow-up questions that you have please never hesitate to reach out anytime. All the best.
Ken Gibson
May 8, 2023Hi John, thanks for everything you do to help folks move ahead.
We’re a senior couple, active, with rescuing and restoring vintage TRAVEL TRAILERS – over 600 in the last 11 years. We’ve helped put hundreds of individuals and families into better lifestyles, given them housing options, over 50 start=up mobile businesses like coffee wagons and mobile bars.
Looking to retire or take in a partner on that biz (my 8th company from scratch), and build up retirement income (I’m 79, she’s 72-ha ha !)
We’ve loved your stuff since Cash Expo 2020. We ended up buying and moving into a mobile home in Denver after cashing out our mountain home in 2019.
Looking to diversify, and we believe mobile homes are a big solution to the affordable housing crisis.
Right now we can’t spare much cash to move into something else, but we need to set up regular cash flow apart from the camper biz.
We’ve both done a lot in real estate, tourism, hospitality for 40 years, sales, internet marketing, teaching/training, biz development, personal growth.. Looking at the glamping boom, and already starting to source travel trailers for AirBnB and glamping.
Maybe we could chat about working together ?
Again thanks for all you do, and congratulations on building an enterprise that’s based on Win-Win.
Love to talk or email soon.
Ken Gibson and Karen Jones
http://www.vintage-travel-trailer.com
720-229-8511
John Fedro
May 16, 2023Hello Ken and Karen,
It is so great to hear from you both. Thank you so much for commenting in reaching out. Additionally, thanks for following along and your kind words. Thanks for the detailed comment as this definitely helps me get to know you both a little bit better. Now it is time for me to give both of you some praises. I checked out your website and love all the tiny trailers that you rehab. Congratulations with regards to building so many businesses in your lifetime. That is pretty incredible. It is great that you both are bringing these older homes back to life for folks that can really use them. You both have done so many homes in the last 11 years. I cannot imagine all of the ups and downs you both have been through. Rehabbing and selling hundreds of trailers like this does not come without a great deal of hard work and daily effort on both of your parts. Great work again! Keep up the great work moving forward. With regards to potentially working together, next time I’m in your area I would certainly love to come by to see what you both are working on. Perhaps even record a video to let more of the mobile home community know who you both are and what you do. I do not believe there are too many folks or companies like yours working on older trailers like this. Again, keep it up moving forward. Thank you for the phone number and email, I will aim to reach out sometime later this week so we can communicate a bit more in private. Thanks again for commenting. All the best.
Talk soon,
John
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