Running a long-term successful mobile home investing business is almost only possible by 1.) helping countless others, 2.) having a great reputation, and 3.) regularly investing in multiple properties at one time. That last one is debatable however investing in multiple properties at once is definitely something that will happen and should happen sooner rather than later.
In today’s Mobile Home Investing Podcast episode #36 we talk with active Mobile Home Formula investor Jarod from Illinois. Jarod had a rocky start after getting injured at work and only beginning to invest in mobile homes with a few thousand dollars… but with persistence Jarod is making it work.
Jarod’s strategy from the beginning was a combination of wholesaling and flipping mobile homes, as well as reinvesting profits back into long-term Rent-To-Own cash flowing mobile homes. Up until now Jarod has only been investing in individual mobile homes located inside pre-existing mobile home parks locally.
Jarod has now amassed enough Rent-To-Own mobile homes in his portfolio to pay for his own house’s monthly mortgage payment.
Special thanks to Jarod for hopping on the microphone today and opening up his business and being vulnerable.
You must not be afraid to talk to strangers, be slightly uncomfortable daily, and be willing to stay persistent daily.
- Mobile home investing can be tough.
- Mobile home investing can be uncomfortable.
- Mobile home investing can be scary.
- Mobile home investing lets you help others, while helping yourself.
- Mobile home investing forces you to grow and develop new skills.
- Mobile home investing forces you to talk to strangers regularly.
Jarod has had the opportunity to give up thousands of times. Who knows what would happen if Jarod would have given up? He likely would’ve been disappointed with himself. He would certainly not have as many cash-flowing mobile homes.
Instead of being comfortable and relaxed, Jarod decided to push himself to help others, help himself, and grow his mobile home investing business asap.
Pro Tip: Make multiple purchase offers for each mobile home you visit. These different purchase offers may each help the mobile home seller in different ways.
Now that Jarod has built up a reputation with local mobile home park managers it is easier for him to find/attract mobile home deals inside parks and around his local area. This is common and expected.
Pro Tip: After a 24-month period most investors are only investing within 10 to 15 mobile home communities. However, this many parks can absolutely keep you very busy and successful as an individual mobile home flipper.
Towards the end of this video above, and podcast below, Jarod mentions it is important to remember that we are in this business to help others.
Jarod wrestled with the thought he was giving sellers too little money for their good-looking mobile homes. While it is certainly true that investors should purchase mobile homes at below-market-prices, each one of us should aim to work with sellers to understand their situation and best tailor multiple offers to each mobile home seller to purchase the home or help sell a seller’s unwanted mobile home.
What Jarod discovered is that seller’s will typically do what’s in their best interest. This is why it is so important to ask many questions to sellers, park managers, tax offices, and buyers in order to understand the seller/home’s complete situations. Only with full knowledge and clarity are we able to make the most logical, not emotional, business decisions.
Pro Tip: Aim to have 1-2 valid mobile home appointments each week with mobile homes and sellers that fit your criteria. 1-2 valid mobile home appointments will help lead to 1+ mobile home wholesale or fix/flip per month.
Do not invest in skinny deals! Do not invest in mobile homes, parks, or locations that will make it difficult for you to resell each mobile home. Make sure you have a clear exit strategy: Plan A, Plan B, and Plan C for each mobile home in which you plan to wholesale or buy/sell.
