In today’s 23-minute Mobile Home Investing Podcast episode #38 I’m honored and so proud to introduce you to Virginia-based active Mobile Home Formula investors, Verline and Samuel to the co-hosting microphone. Samuel and Verline are mobile home investors that stay persistent, work together, and overcome any obstacles in their way. After some hard work this couple profited over $30,000 on deal #1 together with John.
Sam and Verline (a married couple) have been busting their butts, working smart and diligently together to build their mobile home investing business. In today’s 23-minute-long podcast we talk about what is working for Sam and Verline to overcome doubt, fear, and become a success helping local mobile home buyers and sellers.
Learn from Sam and Verline’s successes and roadblocks on today’s video podcast.
Disclaimer: In this article the purchase price and profit numbers are rounded. The terms mobile home and manufactured home are used interchangeably.
Special thanks to Samuel and Verline for taking out time to provide us with helpful stories, lessons, and struggles and valuable tips.
In this mobile home podcast episode below, John, Sam, and Verline cover:
- 0:00 Why mobile homes?
- 1:30 First deal without any help.
- 5:00 3/2 hoarder house
- 9:45 Roadblocks with the park.
- 11:30 Helping your buyer get park approved.
- 13:00 What repairs did you decide to do?
- 13:50 Any surprise repair issues?
- 16:00 Did anyone ask for an inspector?
- 18:00 $30,000 profit!
- 18:30 Married and investing together.
- 20:00 Words of wisdom
Doublewide mobile home 3/2
A three-bedroom to bathroom double wide manufactured home inside of a park. These 3/2 types of mobile homes are very desirable in most areas around the country. In Sam and Verline’s area of Virginia this is no exception.
Work required: Much of Sam and Verline’s work went into the deal before they ever closed. Learning this business, finding and attracting the seller, offers and negotiations, due diligence and more.
From the pictures below you can see the mobile home already looked pretty good when it was purchased. However, the mobile home did need some repairs; junk removal, cleaning, soft spots fixed, and a bit more. The total all in cost was roughly $20,000.
Various handymen removed junk and fixed the floors.
After thoroughly advertising the mobile home for sale, Sam and Verline were able to attract a happy buyer able to pay $50,000 in cash for the manufactured home. That’s just over a $30,000 profit.
Cash buyers around the country: Around the country many mobile home buyers have more cash now than they did 5 years ago. Buyers with $20,000 to $60,000 cash are more common than you may think, and these buyers are looking for a very good deal for their money.
Working together with difficult park managers
On this website you’ll watch videos and read articles discussing situations working/dealing with difficult mobile home park managers. Difficult mobile home park managers exist because human beings are emotional, sometimes greedy, sometimes selfish, and other negative traits at certain points in our lives.
Mobile home park managers can be “difficult” for various reasons:
- Park manager doesn’t communicate with you.
- Park manager is much too strict.
- Prejudiced in some way.
- Playing favorites in some way.
- Moving the goalpost and changing the rules.
- Charging ridiculous fines for made-up violations.
- Become argumentative or childish for no reason.
- Sabotaging you in various ways.
- Lie to potential buyers about your mobile home.
- Steal your potential buyers that come into the mobile home park office.
- Deny your potential mobile home buyers for various made-up reasons.
Most mobile home park managers are normal and thoughtful individuals that just want their mobile home community to succeed.
The mobile home in the pictures above and below is located inside of a spacious mobile home community located in a country setting. The residents are very friendly and there are kids playing in at playground. Everything is wonderful except the mobile home park manager is a jerk.
Sam and Verline faced this difficult mobile home park manager and won.
Sam, Verline, and John all worked together to get this cash-buyer approved.
Hear exactly what happened and how this problem was solved on today’s podcast.
Getting your mobile home investing questions solved in real-time.
Mobile home investing happens 7 days per week.
Although we may plan for time-off and vacations, various real estate needs may pop up unexpectedly.
If you have not already done so, join a local real estate investors association, group, or club.
Some real estate investing clubs are definitely more educational and have a more advanced network of investors than others. Some groups are strictly through Facebook and online, while other real estate investor groups meet in person weekly or monthly.
In a shell? Come on out and network with other real estate investors like you. It’s not weird. Real estate investing is not a lone-wolf activity. At these group meetings find another investor or group of investors that you like. You may likely be the only active mobile home investor there.
Pro Tip: Aim to be the newest, poorest, and/or dumbest investor in the group of investors you choose to network and/or hang around with.
