Welcome back,
In today’s mobile home investing Q&A video series I’m so proud to be joined by active mobile home investor, Andres. Andres has been investing for over a year and has already amassed enough cash-flow to begin invest in mobile homes full time. Note: Any investor that works hard enough to build a portfolio of properties to quit his/her full-time job should be supremely proud of themselves. However remember there is more growth and people to help moving forward.
Andres is an inspiration (at least to me) for living your life as you really want to. In the video below Andres tells about his coming plans to travel the US with his wife, dog and new baby boy. All this is possible from the relationships, help, and value he has brought to other people’s lives with regards to local mobile home investing.
In today’s video and article we discuss:
✔ The motivation behind our sacrifices.
✔ vMaking repairs yourself or outsourcing?
✔ Specific cash-flow deal numbers.
✔ Tips when selling.
✔ Working with local parks & much more.
The reason(s) why you’ll sacrifice?
This business takes time, some capital, some credit, some people skills, a vehicle, and a tremendous amount of determination.
In the video below Andres mentions him and his wife are actively selling most of their current possessions, placing others in storage, have purchased a travel trailer and will be traveling the US (for roughly 6 months) living on their monthly mobile home income. Knowing that this is possible Andres is fired up to perform all the daily investing activities he must to achieve his goal.
The title of this section may sound like this author is going to tell you something profoundly wise that will make you drop everything and start making mobile home investing a top priority in your daily life. Only you truly know what reasons that will (or do) make you sacrifice the time, energy, resources and more to grow a successful mobile home portfolio.
✔ Financial freedom for yourself?
✔ Financial freedom for your family?
✔ Spend more time with family?
✔ Travel?
✔ Give back/Donate?
✔ Shiny objects?
✔ Set example for kids or family?
✔ Self-fulfillment/Pride?
✔ Something else very important and meaningful to you?
Disclaimer: Investing is not all roses. The reason we investors may often gain help from focusing on our specific motivational-why is because real estate investing and mobile home investing is not easy, it is difficult and requires near daily action to be successful. The outside word, and our own thoughts, can at times be negative/sabotaging. Focusing on your tangible short and far goals can help push you through to continue taking proper daily action.
Pro Tip: For further motivation and accountability try joining one or multiple local real estate investing clubs, local/online accountability groups, and/or working with an experienced mentor.
A very special thank you to Andres for opening up his business to help other investors he’ll likely never meet.
In today’s mobile home investing episode we cover: (Times are provided to fast-forward video if needed.)
✔ 00:48 What’s your why?
✔ 3:32 Are you originally from the US?
✔ 4:10 Did you have any real estate experience prior to mobile home investing?
✔ 8:04 Have you ever been fooled or taken advantage of by a handyperson or contractor?
✔ 9:16 How are you vetting your handypeople?
✔ 11:12 How many different parks are you investing within?
✔ 11:38 Did you ever have any family push-back when it came to starting to invest in individual mobile homes?
✔ 14:12 How long did it take to close your first few deals?
✔ 14:48 Did you pay cash or payments for the first 2 deals?
✔ 16:40 When it rains it pours.
✔ 17:50 A bedbug story.
✔ 20:01 What is the profit from your worst deal?
✔ 20:40 What will you do differently to avoid these issues next time?
✔ 23:47 Will you continue to investing in mobile homes while traveling the country?
✔ 24:30 What is the scariest part of your upcoming cross-country trip?
✔ 26:14 Do you have advice on getting good/low-risk buyers into your vacant mobile homes?
✔ 28:00 Do you show your vacant mobile homes yourselves?
✔ 28:56 How many potential buyers typically walk through your homes before you find a low-risk tenant-buyer?
✔ 29:50 What were your last 2 deals?
✔ 32:30 Why do parks want to work with you?
✔ 34:00 Fast turn for cash-flow on a 1971 single-wide.
✔ 35:10 How do you balance work and life? What do you sacrifice for success?
✔ 39:10 What is your long-term plan with real estate?
✔ 42:00 What is one of your proudest moments in this business?
✔ 44:26 What do you need to improve within your specific mobile home investing business?
✔ 46:45 Any great books you would recommend for investors?
Perform your own repairs OR Hire a professional handyman/contractor?
In the video above Andres admits to mostly fixing his mobile home properties himself. However lately he has been hiring skilled workers to work alongside him to speed up his rehab-time considerably.
What’s best? Outsource repairs? Yes or No.
There is not right or wrong answer to this question, however there are more and less productive answers.
While making needed repairs yourself you will…
✔ Learn repair/handy skills by trail and error.
✔ Uncover hidden issues alone.
✔ Make mistakes alone.
✔ Likely save labor costs.
✔ Buy new tools you will need for future jobs.
✔ Meet new people walking around the park or neighborhood while you are there making repairs.
✔ Have monthly lot rent or loan payments fees accruing daily.
✔ Take time and focus away from other areas of your business and/or family.
While outsourcing the needed repairs to a reliable mobile home experienced repair-person you will…
✔ Have to pay for labor costs.
✔ Learn by watching and asking questions to your handyperson or contractor.
✔ Build a relationship (and maybe friendship) with one or multiple high-quality handymen or handywomen.
✔ Save time by not picking up materials yourself. (Optional)
✔ Avoid some headaches as repairs will ideally get done correctly the first time. An experienced mobile home repair-person should save you time and money by re-purposing and reusing parts to save you money.
✔ Learn how to properly (or not properly) screen any potential handyperson that wishes to work on your mobile homes.
✔ Learn by watching and asking questions to your handyperson or contractor.
✔ Use this extra time not making repairs to grow your business performing the dozens of other tasks required for successful real estate investing.
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 monthly. You will never learn everything you need to know about real estate investing from reading books or watching videos. While there are many ways to make money in real estate, there are countless ways to lose profits as well. Have fun and take daily action to reach your financial goals.
Have mobile home comments or questions? We’d love to hear them below.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
Related mobile home investing videos:
8 Comments
Marvin Greene
January 23, 2019Congratulations guys! I’m loving this mobile home niche of building cash flow. I’m a mobile newby but have a small collection of sfrs. I wish I would’ve found this website years ago. I got my butt handed to me while trying to do repairs myself. I learned that they’re going to get done quicker and much better by someone that knows what they are doing. Like you said on your video price does not equal value. I definitely will be having questions and hope you don’t mind me asking you for the occasional help every now and then. Thanks for everything already and the inspiration to know it is possible. I’ll start going through thing so I don’t ask you anything that may already be covered on your website. Sincerely Marvin Greene
John Fedro
January 23, 2019Hi Marvin,
Thank you for reaching out and connecting. Additionally, thanks for the kind words. Andres deserves all the credit. He is the one building a name and reputation for himself and his local area.
Thank you for being so candid with regards to your previous challenges and realizations when it comes to somethings you’re better that than others. You could of course learn repairs and spend time mastering that skill set, or spend that time investing in other properties, making more offers, or the hundreds of other things to do as an investor. I learned very similar lessons a handful of times years ago while trying to make my own repairs. I now know the costs, procedures, and how long these repairs should take however outsourcing them to much more experienced folks is often times the path of least resistance in my business. Congratulations with regards to your current single-family homes. I have no doubt that these deals do not come without a good deal of hard work and daily effort on your part. Keep up the great work.
Moving forward if you have any mobile home related questions or concerns never hesitate to reach out anytime. Always happy to help if possible.
Talk soon,
John
Maggie Johnston
January 29, 2019Great work john! In the event a tenant-buyer quits paying do you have to evict or foreclosure becuase it is sold? I have so many other questions but I am trying to not blow up your comment section. Thank you for all you have put togetehr to help others learn. I am getting very excited, maybe too excited, about persuing mobile homes in my area of ohio. Thanks again.
Sincerly, Mags
John Fedro
January 30, 2019Hi Maggie,
Thank you for reaching out and connecting. Thank you for your kind words and kudos. With that said this video in the credit goes 100% to Andres. He is the one building up a local reputation and portfolio in his area. I’m definitely proud with everything he is already accomplished. With all that said glad to hear about your interest with regards to mobile home investing. Ohio is certainly a good state to begin investing in depending on your area.
With regards to your question about if a tenant-buyer defaults and what we do moving forward, the answer like most things in real estate is “it depends”. The paperwork we use allows us to take control of the property and evict the tenant-buyer inside. With that said this is the last case scenario as we try to get our tenant-buyers out with some kind words, a little bit of time, and potentially a tiny bit of cash to help them move as long as the home is clean when they leave. Bad thing certainly do happen to good people and we try to work with our folks as much as possible. With that said it is so easy to put the wrong or high-risk person inside of your property if you do not do the proper background checks and a thorough screening. This answer is a bit vague however I hope it does help and make sense. As always, if you ever have any follow-up questions or concerns never hesitate to reach out to me here or email me directly. All the best.
Talk soon,
John
Kilven
February 17, 2019How many payments method there are when you sell a home?
John Fedro
February 20, 2019Hi Kilven,
Thank you very much for reaching out and connecting. Your question about “payment methods” is a bit vague in my opinion. The reason I mention this is because if you are going to be taking payments for your mobile home than that is simply between you and your buyer or seller. If you are the seller of a mobile home and wish to sell for $10,000 in payments then you can do so as long as you are legally allowed and have the right paperwork and procedures. However if you are the one selling the mobile home than you can certainly determine how you would like to get paid. You could get paid in other types of currency, Hershey kisses, hugs, cats, Bitcoin, or anything legally and ethical that you and your buyer determine is win-win. Again, the should of course be legal and you should have the correct paperwork however the “terms” can certainly very depending on what you are looking to sell for.
Obviously the above paragraph emphasizes the point that there are many different answers to this question. In fact, the question that you posed was a bit vague so if you would wish to reword the question I’d be happy to help answer further if possible. However like most answers in real estate, the answer is definitely “it depends”. I’m not sure if this helps at all however I do hope it does point you in the right direction. Free to comment back if I do not answer your original question. All the best.
Talk soon,
John
Kip
March 15, 2019Do you have a course? How do l sign up?
John Fedro
March 28, 2019Hi Kip,
Thank you for reaching out and connecting. The only course I provide comes with mentoring and direct access to me regularly. I found that working with folks one-on-one is the best way to ensure success and accountability. You can learn more about this by clicking the “work with me” tab located at the top of this blog page. With that said, please know that I’m always here to answer any questions for you whether you or anyone else is a member of this mentoring/training or not. Either way happy to help give you my thoughts and answers when possible. Feel free to keep in touch. All the best.
Talk soon,
John
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