In today’s 58-minute Mobile Home Investing Podcast episode #34 I’m honored and so proud to introduce you to active Mobile Home Formula investor, Beau to the co-hosting microphone. In a short period of time Beau has already massed quite a profit from his 15+ quick mobile home flips. Additionally, Beau is helping local sellers in need of immediate help and buyers that are eager to pay cash for his mobile homes.
Over the last 12 months Beau, his wife, and his son have been working to build their names, portfolio, and reputations in their local mobile home investing market. In today’s podcast we talk about what is working and not working today. Learn from our mistakes on today’s video and Podcast below.
Special Thanks to Beau for giving value to other mobile home investors he’ll likely never meet.
Ask Yourself, “How Can You Make This Situation, Deal, Or Opportunity Work?”
While looking at every mobile home that fits your criteria it is important to think about the best-case scenario, the worst-case scenario, and your top three realistic exit-strategies based on each particular mobile home opportunity. Keep in mind the repairs you make may vary depending on each exit strategy.
- Before passing on any mobile home investing opportunity consider asking the question, how can I make this deal realistic, win-win, and very profitable?
- Before passing on implementing something new in your business consider asking the question, how can I make this situation work with the smallest risk possible?
- Before passing on an overpriced or ugly mobile home consider asking the question, how can I make this opportunity very profitable for my budget and time?
If you are now beginning to invest in mobile homes learn multiple methods of helping sellers solve title problems. Even if you currently lack much starting capital, aim to learn multiple purchasing techniques to help each mobile home seller, park manager, and park owner. Investing in senior mobile homes, mobile homes with private land, mobile homes that must-be-moved, deals where you may partner with a seller, wholesaling opportunities, rental, co-op style parks, RVs, homes at auctions and more can all be profitable when purchased correctly.
At first aim to take a wide approach and speak with as many mobile home sellers that fit your criteria as possible. Ask questions and listen. Craft 2-3 purchase offers that solve your seller’s problems and allows you to invest safely.
What will end up happening? While it is very important to learn various investing and problem-solving strategies within mobile home investing, eventually two or three may stand out as the easiest and most predictable at the present time in your local market.
Author’s note: The newer mobile home investors I work with that have the quickest success are the most curious about mobiles, do not mind asking many questions, and do not mind being proactive daily. Asking questions allows us to learn more, allows others to see our intentions, and ideally builds rapport so you may keep reminding folks who you are and that you purchase/sell used mobile homes.
Pro Tip: The more mobile home issues, seller problems, and/or title challenges you are willing to solve the less competition you will find while investing.
“It’s Good Luck to Keep Trying”
This saying has become Beau’s investing mantra. In today’s podcast we talk about how this mantra came to be. Beau makes a great comment during the podcast that failing is a natural part of the process. It is only when someone gives-up for the last time do they truly fail. This is something we all likely know deep-down in our hearts; however it deserves to be said again. Keep going.
Author’s note: The mobile home investors I am fortunate enough to work with are, for the most part, not enormously special individuals. However, what we lack in “specialness” we each make up for in daily persistence, nervous-courage, and consistent determination to succeed.
In the podcast episode below John and Beau cover:
- 0:00 Welcome
- 1:40 Getting started with mobile homes.
- 3:20 When is your free time to invest?
- 5:20 Mobile home deals completed?
- 5:50 RV investing
- 7:20 How has military affected you MH business?
- 10:50 Important relationships
- 11:20 1st time moving a mobile home.
- 12:50 Selling everything for cash.
- 17:10 Working with other local investors.
- 19:20 Profiting $2,000 in 15 minutes
- 24:40 Moving mobile homes problems
- 27:40 Selling to investors VS. end-users
- 31:40 Buying/Selling 12 mobiles at once
- 38:50 Almost quitting investing
- 40:10 Mobile Home Formula training
- 44:00 Overview of Beau’s MHI biz
- 44:50 Are you expanding?
- 46:00 Finally investing Full-time!
- 47:15 Not dealing with park managers
- 47:45 Imposter syndrome
- 50:00 Your suffering is not real.
- 1:25 You have to fail.
- 54:50 How can I make this work?
In conclusion 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. If you have questions, ask them. There are plenty of active investors around to give you help and guidance if you simply ask for it.
