In today’s 68-minute Mobile Home Investing Podcast episode #32 I’m very proud to introduce you to active California mobile home investor, Stacey. In a very short period of time Stacey has already gained an incredible amount of market knowledge, thicker skin, mobile home park contacts, and a growing network of buyers and sellers.
Stacey invests in Southern California. Over the last few months Stacey has been getting a crash course in real-world mobile home investing in the southern California market. In today’s podcast we talk all about this crash course experience.
Special Thanks to Stacey for coming on today’s podcast in order to give value to other mobile home investors she’ll likely never meet.
Ambition & Motivation Required
Listening to Stacey it is easy to hear her high level of ambition and motivation to succeed in business and help others. I so respect that Stacey does not seem to ever make excuses for her mistakes.
When Stacey and I met she had already purchased her 1st individual mobile home inside of a family style pre-existing park. When meeting Stacey she was into her first mobile home investing deal over $40,000, working 60+ hours each week in her career, and unsure of the next correct move.
Stacey was learning with the familiar “Trial and Error” method.
This Trial and Error Method is how so many of us mobile home investors slowly learn and begin building our investing businesses. It is a normal, costly, stressful, confusing, and lengthy way to learn most new hobbies, skills, or businesses.
We each do the best we can with the limited knowledge and experience we have at the time. We all don’t know, what we don’t know.
In today’s podcast episode Stacey teaches us how she lost time and over $20,000 on her first unassisted mobile home investment. Stacey candidly discusses many of these initial mistakes made on her first deal so we all can learn and grow. Hear how Stacey overcame many of these obstacles and what she will/won’t ever do again in her mobile home investing business.
A Few BIG Steps Moving Forward Each Day
Mobile home investing is not magic. Whether you want to wholesale, fix & flip, sell on payments, or rent mobile homes for profit, there are only a certain number of steps to complete. Along your journey there are many distractions to watch out for.
Everyday each of us has a limited amount of time we may grow our businesses, network with others, outsource activities, and take specific actions towards our mobile home goals. Depending on your free time and goals you may want to absolutely be committing to 20 hours, 30 hours or more per week dedicated to your mobile home investing business.
In every podcast episode and case study video on this website there is a theme. Hard work and daily action. Specific hard work and specific daily action taken again and again to grow your mobile home investing business.
Deals 2, 3, 4…
Stacey has busted-her-butt to make a reputation and name for herself within local communities in the Southern California market already. Stacey is pushing past her first mobile home deal full-of-mistakes, to succeed in her second, third, and fourth mobile homes moving forward.
Keep up the great work Stacey! There are so many more homes to see and people to help.
California Investing VS. Other States
Yes! There are motivated sellers and profitable mobile homes to invest within in the great state of California. There are very PROFITABLE mobile homes to purchase, resell, broker, or wholesale.
Yes! When you don’t know what you are doing it is very possible to LOSE money with mobile homes in ANY state. Today’s podcast is mainly about Stacey’s first mobile home deal that she admittedly should never have purchased as an investor. Learn from Stacey and don’t repeat these same mistakes.
- True: Many areas of California (and other metro areas across the country) there are cash buyers waiting for a mobile home to purchase all cash. Prices for many mobile homes are rising when you buy and resell.
- True: In many areas of California (and other areas across the country) there are reasons and mobile homes you should NOT purchase as an investment even at a $100 price.
- True: Mobile home parks across the country will vary in the park’s wants, owners, greed, rules, restrictions, application process, fees, future potential, cleanliness, demand, supply, etc.
- True: Many attractive mobile home opportunities will sell to the first or second mobile home buyers that come along. You’ll likely never know about these opportunities when you’re only looking online and/or have little reputation.
- True: As an active mobile home investor, you’ll likely need to move fast (contract to close within days of meeting) when you see/create a win-win opportunity with a seller.
- False: There are no good deals in California.
- False: All mobile home park managers won’t work with investors.
As Stacey points out in today’s Podcast, every investor should know his/her market prior to making any purchase offers to any mobile home seller. Always use your capital wisely. Always make sure to know what you are purchasing, repairs, holding costs, labor, adverting, exit strategy, etc.
In this mobile home investing podcast episode below, we cover:
- 1:25 Did you have any real estate experience before getting started with mobile homes?
- 4:31 Stacey took a quick day seminar about mobile home investing then took action to build her business.
- 11:31 Making her first purchase offer directly to a mobile home park.
- 21:10 Working together with a local handyman to repair mobile home deal #1.
- 35:12 When did you have your first “oh crap” moment?
- 38:55 What did mobile home deal #2 look like?
- 41:00 How many purchase offers did you make to other mobile homes prior to purchasing your first deal?
- 43:12 How long did it take you to resell mobile home deal #2?
- 52:40 Stacey discusses waiting 4 weeks for a mobile home park applicant to be denied.
- 55:35 What do your 3rd and 4th mobile home deals look like?
- 1:01:15 What is your exit strategy on deals #3 and #4?
- 1:02:59 Stacey’s advice for southern California mobile home investors.
