In today’s 34-minute Mobile Home Investing Podcast episode #40 I’m honored and so proud to introduce you to Illinois based active Mobile Home Formula investors, Desiree and Harold to the co-hosting microphone. These guys have so much love for each other and growing a highly ethical mobile home investing business.
Harold and Desiree are mobile home investors that stay persistent, work together, and overcome any obstacles in their way. Everyday there are more questions, and all these questions means action is happening. Your questions need answers quickly.
Any mobile home related questions please comment below or email me directly at the email provided below.
The Struggle
Anyone that tells you mobile home investing is easy, either hasn’t been investing for very long or has a very well-oiled mobile home investing machine or is lying.
- Creating any business from scratch is challenging, and on a budget of only few thousand dollars leaves little room for mistakes.
Desiree and Harold have successfully flipped over 15 mobile home deals while keeping a high profit margin and genuinely helping others. These investors have ethics and the parks they work within love how they do business. These investors stay busy and only a small handful of mobile home parks.
In the beginning Harold and Desiree spent over 40 hours educating themselves, looking through mobile homes, driving mobile home parks, inspecting mobile homes that had to be moved, and more before they closed on their first mobile home investment property inside a local park.
Before Desiree and Harold knew about mobile home investing, they knew they were ready to put in the hard work and effort that was needed to grow a successful business. When they learned about mobile home investing, they took the right steps to invest safely and quickly to grow profitable business.
- Almost everything is teachable, except ambition. Ambition and dedication required!
In the mobile home podcast episode below, we all cover:
- 0:00 Getting started together.
- 2:00 why mobile homes?
- 3:45 Confidence to get started.
- 4:45 Negativity
- 6:25 Cash or Cash-flow
- 8:20 5-year goals
- 9:40 Beautiful home quick flip
- 12:00 Hours per week
- 14:00 Building relationships
- 16:15 Outshining the competition.
- 19:00 Switching business roles
- 20:30 The struggle
- 21:40 What made you successful?
- 22:50 All free homes are not good deals.
- 24:45 Working as a couple.
- 27:15 Morning routines for success
- 29:00 Using a calendar
- 29:30 Has investing changed you
- 30:40 Working with John
Fixing & Flipping Mobile Homes… Sometimes just flipping them.
In today’s podcast episode Desiree and Harold admit that they almost exclusively are 1.) purchasing the mobile homes, 2.) fixing them up slightly or extensively, and 3.) reselling the mobile homes to all cash buyers for handsome profits.
Buying Right + Cost Effective mobile home repairs (Based on your Exit-Strategy) = Profit when you resell.
There are at least a dozen different methods or strategies to purchase and resell mobile homes. However, some mobile home investors only use one or two buy/sell methods to build their initial mobile home investing businesses and profit. Harold and Desiree are no different.
Win-Win Deals Only: As mobile home investors we have to make money to stay in business and keep helping others. However, we should always aim to leave our sellers happy, and leave our buyers happy as well. We want good reviews and good word-of-mouth reputations.
The three other most popular methods to create profit with mobile homes are:
- Some version of wholesaling: Depending on your paperwork the exact process will definitely change. However, this basic strategy revolves around the investor tying the property up under contract for a certain price, and then only making a profit once a buyer is found to pay a higher purchase price. The investor may get paid at closing or before closing depending on the deal.
- Purchasing and reselling for long-term monthly payments: This method allows you to sell for the most amount of profit possible. Collect a down payment and monthly payments for 5-30 years of monthly payments. The buyer owns the home once the mobile home is paid in full.
- Buying and adding to land for a profit: This strategy can happen multiple different ways. Things will vary if you mobile home is added to land, where the mobile home and land are purchased together in one package. Things also very depending on who owns the land, and if you are renting the land out, or selling everything, or only selling the mobile home. Mobile homes with land can have very big paydays if the property is sold to a bank financed buyer or all-cash type of buyer.
Desiree and Harold’s career is only just beginning. They’re wonderful investors that are so supportive and loving of one another. It would be great to see more investor couples like this.
Six Figures
Growing your business to six figures starts with your very first deal. In the beginning most investors are focused on building a small base of cash. Once $40,000 or $50,000 is reached, many investors feel more confident in holding mobile homes for long-term profits.
- Healthy mobile home investing business should ideally have a mixture of deals that create quick cash, as well as deals that will keep producing cash flow for years to come.
- None of this is possible without hard work and regular effort.
In today’s podcast episode Harold and Desiree really open up to share how much they’ve changed and grown as investors and as a couple since working with mobile homes and joining the Mobile Home Formula training and partnering program. The credit goes to these two young investors!
