Welcome back,
In today’s mobile home investing lesson Q&A Skype call we are talking with active mobile home investor, George. George is located in the New Jersey/Pennsylvania area and has been investing in mobile homes for the last year. In this short period of time George has already created a local reputation and small portfolio of properties generating cash flow monthly.
A special thanks to George for joining us on today’s Skype call and opening up his business to help us all learn/grow as better and more knowledgeable mobile home investors.
Plus, a “Guess the Mobile Home’s Age” Game
Here’s how to play. There are six groups of pictures below. In each picture there are eight photos of a unique mobile home. In total there are six mobile homes to guess the ages and number of beds/baths below. Find the answer key under the related videos section at the bottom of this article.
Hiring folks you already know as handypeople
In the video below George discusses how he uses a family member he trusts and loves to perform much of the repairs and walk-through estimates on his mobile home investments. If this is possible in the beginning of your career it certainly would give you one less thing to be concerned about while getting started.
Related video: https://www.mobilehomeinvesting.net/mobile-home-handyman/
However many of us investors may not know a trusted source for mobile home repairs. It is important to get started early (before you purchase your first mobile home) finding and screening mobile home experienced handymen and handywomen. Searching for reliable handypeople is an ongoing process as a real estate investor. Please see the related video/article link above with important tips finding and screening your handy people, skilled workers, and/or contractors. The more prepared you are the better.
In today’s mobile home investing episode we cover: (Times are provided to fast-forward video if needed.)
✔ 1:11 How long have you been investing in mobile homes?
✔ 2:02 Has your young age been helpful or hurtful in your mobile home investing business?
✔ 5:10 How many hours a week do you spending on mobile home investing related tasks?
✔ 5:52 How long before you closed your first deal?
✔ 6:01 Let’s discuss your very first mobile home deal.
✔ 11:34 What has surprised you about mobile home investing when the weather was freezing?
✔ 13:55 What are your goals for the coming year?
✔ 14:45 What is your best use of time as a mobile home investor?
✔ 15:43 Are you investing inside an age-restricted mobile home parks?
✔ 16:54 Has your specific past training been helpful while dealing with mobile home buyers and sellers?
✔ 20:37 What’s your why?
✔ 21:22 What has been a big shock to you with regards to mobile home investing?
✔ 21:51 What is your average down payment?
✔ 22:22 Are any of your mobile homes “handyman specials”?
✔ 24:58 Any negativity towards you from others?
✔ 26:27 George’s 3rd mobile home investment.
✔ 29:50 How did you find your handyman?
✔ 32:31 Have any prospective buyers said anything negative to you about your mobile homes?
✔ 35:07 Are you more of an investor or entrepreneur?
✔ 35:58 George’s advice for newer mobile home investors.
✔ 37:06 George’s advice for screening potential mentors.
Being your own biggest cheerleader
In the video above we briefly discuss about being your own biggest cheerleader. Cheesy yes, true yes. The outside world is a negative place. Often times our own inner thoughts can become negative or spiral out of control. Be cautious of any self-deprecating thoughts.
Our thoughts leads to actions. Negative thoughts that cause you to become distracted or stray from your mobile home investing weekly action-items may be sabotaging your best interest.
Related ebook: https://www.amazon.com/dp/B00KQ0SB8W
Putting the time into learn your business
In the video above George mentions that he has spent the last year really getting to understand this business and his local market. His first deal was closed within his first 30 days.
George is a one-man operation that is learning and growing this business himself. George’s ultimate plan is to outsource his business to workers locally and virtually, so he may pursue other businesses. George is currently the one acting as advertiser, marketer, consultant, offer maker, negotiator, investor, funding person, paperwork creator, closer, manager, salesperson, organizer, bookkeeper, and more. In this author’s opinion, it is necessary for George to understand all of these roles and learn his local market in-depth before he can begin to outsource roles effectively.
Pro Tip: Begin outsourcing tasks one at a time. It is important to keep your eyes wide open (looking for flaws) when it comes to new people/systems you work with on a regular basis.
Systems = Outsourcing
As mentioned in the paragraph above George now has experience in his local markets and where his time is best utilized. This education has come from experience, being active daily, helping others, and closing multiple deals.
Examples of Systems/Outsourcing as a mobile home investor:
✔ Using technology to create audio or video walk-throughs of mobile homes to show prospective buyers before they needlessly walk through your property.
✔ Using Google forms or other third-party web-forms to capture prospective buyer’s information when building a buyers list.
✔ Hiring a virtual assistant to answer seller and buyer calls.
✔ Other systems, outsourcing, and protocols may help remove you from tasks such as; advertising, walking through homes, making offers, dealing with parks, dealing with Realtors, following up and negotiating, funding deals, closing, working with contractors, repairs, management, taking a home back, etc.
Is looking too young giving you anxiety?
If this describes you then take a deep breath, and smile. Sadly it won’t be this way forever. This is absolutely something a number of other real estate investors deal with on a daily basis. In my experience you have a few main options 1.) Push through this feeling and become extra dedicated and knowledgeable, 2.) split your profits with an older front-person partner, or 3.) wait until you get older to begin helping others and building a reputation. Obviously this author encourages you to continue choosing option #1.
Whether you are younger in life or a bit more experienced, the excuses, lies, rationalizations, and beliefs we tell ourselves affect our daily actions and achievements. The daily actions we take add up to more contacts, reputation, experiences, knowledge, deals, and confidence moving forward. No matter what your age, stay focused on your weekly goals and get things done daily.
Related article: https://www.mobilehomeinvesting.net/guess-the-mobile-home-game/
In conclusion mobile home investing takes hard work and relatively daily effort to make a consistent name for yourself and help multiple buyers and sellers yearly. You will never learn everything you need to know about mobile home investing from reading books or watching videos. While there are many ways to make money in real estate, there are countless ways to lose potential profits as well. Have fun and take daily action to reach your financial goals.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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Related mobile home investing videos:
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- Year built: 1975———–Beds/Baths: 2/2
- Year built: 1975———–Beds/Baths: 1975, but remodeled in 2009
- Year built: 1970———–Beds/Baths: 2/1
- Year built: 2005———–Beds/Baths: 3/2
- Year built: 1972———–Beds/Baths: 3/1.5
- Year built: 1988———–Beds/Baths: 2/2
8 Comments
Barbara
May 13, 2019Hi John love your helpful information and facts. Have a few questions for you. (1) someone who is buying and selling mobile homes in the state of Texas still only allowed to buy and sell only 1 mobile home per year or has it changed to a different number? (2) If it still only 1 per year or if it did change the to more higher allowed number of sell per year,are we allowed to make that many of sells per year without requiring a license? Thanks for teaching us followers.
from Barbara.
John Fedro
May 13, 2019Hi Barbara,
Thanks for reaching out and connecting. Please see my thoughts below in bold.
Love your helpful information and facts. Thank you for the kind words. Happy to help. Have a few questions for you. (1) someone who is buying and selling mobile homes in the state of Texas still only allowed to buy and sell only 1 mobile home per year or has it changed to a different number? If the person plans to purchase it and resell it for a profit than you are correct. The state would like to see this license. (2) If it still only 1 per year or if it did change the to more higher allowed number of sell per year,are we allowed to make that many of sells per year without requiring a license? In Texas it is still one per year. With that said there are some folks that become licensed right away and there are other folks that take a little time getting this license. With that said Texas does make it easier than other states to obtain this license. Thanks for teaching us followers. I hope this helps and starts to point you in the right direction. Moving forward if you have any follow-up questions never hesitate to reach out any time.
Talk soon,
John
Martha
May 21, 2019Congratulations to you both! You have given a lot of motivation to someone very experienced with life and brand-new to real estate investmests. After watching this story I know I need to invest more time to mobile homes. Thank you very much for making all of this. The game was very fun. I got 2 rite which I am happy about. I will be in touch. Thank you.
Sincerely, Martha
John Fedro
May 22, 2019Hi Martha,
Thank you for reaching out and connecting. Hope this article and video helped in some way thus far. Moving forward if you have any follow-up questions or concerns never hesitate to reach out any time. All the best.
Talk soon,
John
Christine Tuthill
June 11, 2019I have a double wide mobile home on permanent foundation in Arkansas. The home/property has a mortgage. I am trying to sell and was told I needed title. I have owned it for over 10 years but was not given a title at purchase. I have contacted Arkansas Dept of Finance and they have given me approval to get a surety bond (for both pieces) in the amount of $8341.00 or a CD. When I have obtained the bond, I can apply for a title at the Arkansas Revenue Office. How do I go about getting a surety bond. How do I make sure I am protected and I can sell this home? Appreciate any advice you can offer.
John Fedro
June 22, 2019Hi Christine,
Thank you for reaching out and connecting. Thank you for the detailed message as a certainly does point you in the right direction moving forward. Great job contacting the Department of finance and understanding the process to have a new title created for the mobile home. It sounds like you will be obtaining a bonded title, however this is absolutely perfectly fine to resell to a new buyer. Keep in mind that some buyers may be a little uneasy about purchasing a bonded title. In these cases they are worried a previous/true owner may come back to legally claim ownership on the mobile home. This is what the bond is there to protect against. However it is your job to make the buyer feel at ease with the home they are purchasing in the clear ownership that you have. I hope this helps and makes sense. If you have any follow-up questions never hesitate to comment back anytime.
With regards to your question about obtaining a bond please see the following link. https://www.suretybonds.com/states/arkansas/certificate-of-title-bond.html This is just one of a number of companies locally and nationwide that offer people bonds for different reasons. With regards to staying protected it is important have more communication with the state than less. Also reach out to the MVO to double check about the process for a bonded title for your specific mobile home. Make sure to provide the serial number or VIN to the clerk to confirm a new title will be able to be generated for this property. Also find out if there will be any inspection needed now are moving forward on the home itself. I hope this helps and starts to point you in the right direction moving forward. If you have any follow-up questions or concerns now moving forward never hesitate to reach out anytime.
Talk soon,
John
Ravi Desai
August 27, 2019John- I am a MH park investor out of NJ and currently investing in PA/OH. Can you please intro me to George? I’d like to connect with him given our shared geography.
Ravi Desai
John Fedro
August 30, 2019Hi Ravi,
Thanks for reaching out and connecting. Congratulations with regards to your parks, or number of parks, throughout New Jersey, Pennsylvania, and Ohio. Have no doubt that these deals did not come without a lot of hard work and daily effort on your part. Keep up the great work moving forward. I do not feel comfortable providing George’s contact number without his permission, however he does have a YouTube channel for the public so I suppose sharing that would be just fine. Here’s one of George’s great videos. https://youtu.be/DgcM2LMHumk You should be able to find them here. I hope this helps and starts to point you in the right direction moving forward. If you have any follow-up questions or concerns never hesitate to reach out any time. All the best.
Talk soon,
John
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