Welcome back,
In today’s podcast we are talking with active Mobile Home Formula investor Rod from the Washington D.C. and Virgina area. Rod’s mobile home investing success did not come by accident. Rod has followed a strategic plan and has been persistent after his goals to learn the mobile home investing industry and build immense personal wealth.
Rod is now working in a handful of mobile home communities that mostly love and respect what he is doing. He is able to 1.) help the mobile home community infill empty mobile home lots with used mobile homes 2.) Rod is also repairing park owned homes the park does not wish to rehab themselves, and 3.) he is also buying used discounted mobile homes directly from the residents of the community.
All of this has allowed Rod to invest in mobile homes full-time to expand his area, build his mobile home reputation, increases knowledge, and stack money away in his bank account.
Like almost everyone, when Rod got started investing in mobile homes he had countless questions. Rod and John talked almost daily while building his mobile home investing business. Rod has overcome struggle after struggle in order to achieve his current level of success.
A special thank you to Rod for hopping on today’s video to help other mobile home investors he will likely never meet.
Mobile Homes Flipping VS. Mobile Home Cash Flow
Already in Rod’s short mobile home investing career he has been able to sell mobile homes for BIG cash paydays, as well as sell mobile homes for higher-than-retail-prices by selling with monthly payments.
- ⭐ From 2015 to present-day there has never been a better time to sell mobile homes to buyers for all cash.
- ⭐ Make certain to know your realistic exit strategy and conservative retail selling price before you ever purchase any investment mobile homes.
- ⭐ Around the country many all cash buyers will not need to go to a bank for financing unless the mobile home sales price is over $50,000. This is the point where many buyers will need to obtain bank financing to purchase your used mobile home.
- ⭐ When selling for monthly payments make sure to recoup all your invested capital within 12 months or less from the down payment and monthly payments you receive from your payment buyer.
- ⭐ Most mobile home parks will allow an investor to resell a mobile home for all cash or monthly payments to an end-buyer.
- ⭐ Most mobile home investors typically resell more mobile homes for all cash in the beginning of their career to increase their bank account and to continue to have more capital to invest with.
- ⭐ Mobile homes may be sold for cash or monthly payments in all 50 states.
Persistence Pays Off
In the beginning of Rod’s podcast, he talks about things going slow for him for his first 90 days while trying to learn and invest in mobile homes. During this time Rod did zero bad deals, zero skinny deals, and zero deals at all. However during this down time, he was learning a tremendous amount of knowledge by going through parks, networking with managers, understanding prices locally, asking questions, and really learning the ins-and-outs his target investing area.
Rod never gave up on his goal of becoming a successful mobile home investor. Rod kept putting in the work needed for mobile home sellers to find him and for him to find local motivated mobile home sellers in need of help.
Rod has now closed over 20 deals as of publishing this podcast video and article. Lesson: hard work invested wisely almost always pays off.
Continuing to Grow Your Business and Reputation
Things are going very good for Rod and his mobile home investing business; however he has not remained complacent after investing in almost two dozen mobile homes. Rod continues to grow his advertising and marketing machine so more and more mobile home sellers may find him when they need to sell fast.
Rod now understands his investing numbers better than ever. He is finally the local “authority” he was always aiming to become. He knows mobile home numbers and prices better than 99 per cent of the people around him. That is because he has saturated himself in his local mobile home market for over the past year.
Rod’s results are not unique; however Rod’s determination and motivation is unique. So many of us have the shiny object syndrome where we are constantly chasing new things to do or changing our business around because it does not work as fast as we would like.
Mobile home investing will not make you a success after one week of trying hard. Building a mobile home investing business absolutely does take hard work and discipline from you. You absolutely will struggle at times. You absolutely will have questions multiple times a day. You absolutely will doubt yourself and question if this is worth it.
Whatever investing you decide to do to increase your wealth and bring your family financial freedom, do not give up. Push through the hard times and keep going. Do not give up when the going gets tough. Continue to fight and build your business for your future self.
Love what you do daily,
John Fedro
Support@mobilehomeinvesting.net
Listen to John and Rod’s Podcast here…
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6 Comments
Dennis Gillean
June 26, 2024Hi John
Thanks for all the info you give away it gives a confidence to start this journey. I filled out the on line app now what do I do . I have been checking out parks in my area but need some guidance looking forward to hearing from you keep up the great work you do helping others obtain there dreams.
John Fedro
June 27, 2024Hello Dennis,
Very good to hear from you. Thank you for commenting here as well. Look forward to speaking with you tomorrow. On tomorrow’s call we will be talking a good deal about what to expect while building your mobile home investing business. Also, happy to answer any mobile home questions that you have as well.
Talk soon,
John
Jay
June 27, 2024Hi john,
I came across your YouTube videos which were very informative. I don’t know if you answer questions but if you do here is my situation and question and thank you in advance for any information or direction that you can provide.
I work for a religious school that bought a campus in Illinois, we are planning on putting together a “mobile home” park (10-15 units in the initial phase), these units would not be for any sort of rental income but rather for staff housing and such. I am wondering what would be the most cost effective way of doing this. Would becoming a dealer be an option? Would that even be a money saver. I really need to find someone who can give me some good advice.
Thank you,
Jay Bider
John Fedro
June 27, 2024Hello Jay,
Very good to hear from you. Thank you for reaching out and connecting. Additionally, thank you for the semi detailed message as this certainly does help me understand your situation a bit better. First things first, I would encourage you to check with the local code department and zoning department to make sure you are able to bring on this many manufactured homes to the property. Obviously all of these properties will need to be tied into electric and water and sewer. Once this hurdle is overcome then you can determine how a road will be created and where the placements of the manufacturer homes will go. You will need to install electric poles with the help of an electrician. Someone will also need to run the fresh water and sewer lines from where they currently are over to where the Manufactured homes will be going. Once all of this is done then purchasing new or used mobile homes can be arranged. If you do not mind purchasing these homes one at a time every few weeks then you can likely find used mobile homes under retail value that need to be moved within the state of Illinois. You will then have to coordinate with a mover to get them moved on to your property. However if you want to do things quickly then you will need to go to a dealership in order to purchase 10 or more new mobile homes. Some dealers may have used inventory as well. However remember that if you are buying from a dealer they are the middle men and we’ll be looking to make money from the mobile home that you are buying. Becoming a licensed mobile home dealer would help you get discounts if you purchased directly from the factory. However that is only for new manufactured homes. Additionally, if you simply plan on renting these mobile homes out then you will not need a dealer’s license as you are not engaging in the act of buying and selling for a profit. I hope this helps some and points you in the right direction. Moving forward any questions you have big or small never hesitate to reach out any time. Happy to help if possible. All the best.
Talk soon,
John
joe riley
July 26, 2024Hello, I have a buyer for a location that I own. It’s a cash purchase “ no lending company or bank involved”. The state can not find a record of the title as ever existing and the county says they don’t show it as affixed BUT taxes have been paid for over 20 years on this house… IT sets on a foundation so it’s a permanent house now… I applied for lost title but have gotten no response. What is my next steps or can I sell it as is and both parties be ok??? Please et me know asap.
John Fedro
July 30, 2024Howdy Joe,
Very good to hear from you. Thank you for reaching out and connecting. It looks like you may be in the state of Missouri. If that is the case then you will likely need to be reaching out to the Department of revenue as well as the Department of motor vehicles. The local county tax collector as well as the Department of motor vehicles may not speak together regularly. This means that the local taxes could have been paid as this home is on the tax roll, however for some reason it has been taken off of the state role. Perhaps the mobile home has been listed as real property in the state system, but then never was changed in the local tax collector system. I’m curious if this home is taxed both as real property and as personal property. Continue trying to speak with someone in charge at the Department of revenue and also the Department of motor vehicles. Show them all of the proof of ownership that you have and ideally the mobile home can be tracked down at the state level to provide you with a new title. If the mobile home is listed as real property, versus personal property, you may have to sign an affidavit or prove that taxes on the land are current before a new title is issued. However I hope that someone at these departments can help you track down the title. Lastly, if you are unable to find some help here then you are still able to transfer the deed to the land and also provide a notarized bill of sale to the buyer. If the buyer is okay with paying cash then technically you transferring the deed for the land over as well as a notarized bill of sale and the keys to the home, will be enough for some buyers. Keep in mind that transferring the mobile home with a physical title would be ideal, however a worst case scenario would be using a bill of sale if the buyer still wanted the deal to go through. I hope this helps and makes sense. Moving forward if you have any follow up questions please never hesitate to reach out any time.
Talk soon,
John
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