In today’s 33-minute Mobile Home Investing Lessons podcast episode #46 we sit down with active Mobile Home Formula members Ian and Daniel. The two best friends have helped dozens and dozens of mobile home sellers and buyers in their short time investing.
Over 70+ mobile homes bought and sold, or wholesaled, in just over three years. This averages out to 2 mobile homes purchased and resold each month, for 36 months straight.
These investors are not geniuses, but they are hard-working, ambitious, dedicated, and ethical friends that do not have to work a 9-to-5 job anymore. Listen to what these two investors have to say.
A special thank you and shout out to Ian and Daniel for hopping on today’s call. Hopefully their sacrifices will now go on to help you grow your mobile home flipping business.
In today’s mobile home investing podcast #46, John, Ian, and Dan gossip about…
- 0:00 Introduction
- 0:45 What are you willing to sacrifice?
- 1:30 How much cash did you have to start?
- 3:15 Cash or Cash-flow for you?
- 5:15 Tips partnering with a best friend.
- 8:40 Work life balance tips.
- 12:05 Deals out in the middle-of-nowhere.
- 15:00 What does an average deal look like?
- 16:20 Do you need a sales lot?
- 18:10 Do you think your age matters?
- 18:50 Do you have a boss?
- 21:50 Discrimination
- 24:30 Providing value over price to seller.
- 27:00 Setting correct expectations.
- 28:40 Taking 6 months to close?
- 29:00 Hours you put into your deals.
- 31:20 What’s been one of your simplest deals?
#1 Sacrificing
Helping others and growing a business requires you to make regular sacrifices. We all intuitively know this and understand that growing anything substantial will take time, effort, and some capital. However, until you have traveled the journey yourself, either by yourself or with the help of a partner, it will only be something you have heard about secondhand.
Ways to help your business:
- Vision boards: Cheesy or not, they help when you see them multiple times per day.
- Hang around other like-minded investors. Join one or multiple real estate investor clubs nearby. Perhaps start your own.
If you’re willing to sacrifice for the next five years will be able to do amazing things. Keep in mind that you should be achieving profitable deals right out of the gate.
As you watch and listen to Ian and Daniel’s podcast you will hear the sacrifices, they make to be accountable to themselves, each other, and their business.
- SACRIFICE your TIME hanging out with friends IN ORDER to meet with park managers and other mobile home sellers to build your successful business.
- SACRIFICE your EGO IN ORDER to be a beginner and begin to master something new.
- SACRIFICE your ENERGY and personal time IN ORDER to guerrilla market your business and service to build your successful business.
- SACRIFICE your FAMILY time IN ORDER to close with buyers or sellers and build your successful business.
- SACRIFICE some PROFIT IN ORDER to keep the deal moving forward and make the seller happy.
Everyone that you see who is successfully investing in multiple mobile home properties is making constant sacrifices. Keep in mind that the sacrifices are definitely a good thing… No pity is deserved here. If you are reading these words and are not yet a active mobile home investor, then you have more sacrificing to do. We all do.
#2 Multiple purchase strategies to help most mobile home sellers.
Having multiple strategies to help each mobile home seller is something we talk about on this website often. Mobile home sellers often times have various and/or complicated issues going on. Depending on the different moving pieces, your purchase offer and/or exit strategy will likely vary.
Purchase strategies when…
- the mobile home has a title problem, then…
- the mobile home needs to be removed ASAP, then…
- the mobile home’s lien must be paid off prior to closing, then…
- you are starting with limited capital, but you still want to close big deals, then…
- the mobile home park manager does not like you, then…
- the mobile home needs way more repairs than you are comfortable with, then…
- the mobile home seller is out-of-state, then…
- the entire mobile home is in another state, then…
- the mobile home also includes land and an underlying mortgage, then…
- it’s the winter months but there seems to be a very good opportunity, then…
- the mobile home is in a park location you are not familiar with, then…
- the mobile home neighbors are terrible neighbors, then…
- the mobile home seller does not need all their money up front may consider payments, then…
- you temporarily don’t have the knowledge or resources to know what to do, then…
Depending on the scenario, have a way to help each seller and never spend any more money than needed.
It can absolutely be scary out there for a newer mobile home investor. Aim to educate yourself with websites like this one, and other free blogs, vlogs, and podcasts talking about investing in real estate or flipping mobile homes. Ideally every mobile home question you have should get an answer. Make sure you have people to ask your investing questions too. Each answer you receive may spark additional investing questions too, this is natural and normal. Every answer to your questions makes you a more knowledgeable and self-sufficient mobile home investor.
#3 Working with your BFF.
Daniel and Ian have been friends since high school, and they are definitely making their business relationship work. When asked about their secret, they both say “communication is a big key”. Do not just communicate about the good things, but also 100% talk about the uncomfortable topics.
After 70+ mobile home deals and counting, this best friend partnership has no plans of slowing down or stopping. It is only now they are getting to more complicated deals, multi-deal packages, and tax sales to ramp up their mobile home investing business even more for 2024.
Daily questions are normal. Every mobile home seller and situation can be very different. Mobile home investing is very different from traditional house real estate investing. If you are actively investing daily, you should have new questions about mobile home investing, how to strategies, deal reviews, where to start, paperwork, due diligence, and much more.
