John's TOP 10 Mobile Home Investing SECRETS

#mobilehomeinvesting #mobilehomecashflow

In this video John sits down with another John to discuss his top 10 mobile home investing tips for mobile home investors. We talk mobile park managers, leads, sellers, buying mobile homes, mobile home due diligence, follow up with mobile home sellers, managing, and much more.
The John on the big screen is located in Kentucky, and the John on the little screen is located in Texas. Both are active mobile home investors and both are continually making errors and improvements regularly. Learn from these investors’ mistakes.

In this video there are a lot of gold nuggets for you.

For more mobile home investing information mosey over to https://www.mobilehomeinvesting.net/

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List of the 10 Must-Dos are below: (John, from KY words below)

1. Work on relationship building for acquisition and sale

(I am investing in blue collar lower income segment of mobile home parks. I work hard to create a relationship with sellers and buyers. You want to build trust and when you do this you create better deals for yourself and buyer/seller. I send gift cards around Thanksgiving and Christmas and stop in to talk to past customers when. In the park. I can’t stress how much this has helped my business)

2. Park Managers

(Very important to have great relationship with park manager/owner. You must represent that you are not fly by night. Make sure they know you have no intention of moving homes out and that you plan to screen possible buyers to get the best fit for the park. I run background checks and credit for some parks and they use my check instead of theirs in some instances. Remember it's much easier on park if you buy a home and get clean title rather than them evicting. Most parks want lot rent not empty homes

3. Transaction time: LIFE SAVER

(I ONLY DO TRANSACTIONS DURING WEEKDAY.) It is important for any liens, bad titles, duplicates etc. that you go to clerk with owner to verify validity of title at which point I transfer to or from seller/buyer. I will never transfer title to seller until they have signed lease and transferred utilities.

4. Negotiating: Ties in with tip 1

(I recommend one of my favorite books Never Split the Difference. I believe as in many investments profit can be made or lost on the purchase. You must be strong and stick to your number. I have bought a home. Listed at 10k for $1500. Asking price an actual value to. You as investor can be vastly different. I can go on and on about negotiating.)

5. Maintain your Mobile during Rehab

(Take pride in keeping your mobile home site clean during Rehab or clean out. This goes along way with some parks although it may not matter to others)

6. Be ready to act when seller drops price during negotiating

(When a seller mentally decides they are heavily motivated and drops price be ready to pull the trigger or you will miss the deal. I have found that you have about 24 hrs. or less to make the deal. Remember once they drop price it could be an amazing deal for owner occupant and they could sneak in and grab your deal.)

7. Obstacles abound

(Be ready to overcome obstacles to get to the finish line. There will always be something and they may be beyond interesting. For instance, I had seller that wanted to sell but also payoff back lot rent out of my pocket. I negotiated back lot rent down and used that to negotiate with seller. I paid seller and park directly. Seller received money and was able to leave park without credit hit. I've noticed that a lot of people stop at the first obstacle

8. Repair estimates

(Use round numbers to estimate repairs as you walk through home. I used to use worksheet until I was comfortable. Worksheet also helps in negotiating it lets seller see it on paper. Don't be afraid to bring handyman along. If numbers don't work walk away or negotiate until they do.

9. Obtain business cards, yard signs, marketing material

(This will literally set you apart from owner occupants or other investors. People take you seriously when they see you have invested in your business.

10. Be efficient

I use lock boxes, neighbors/ park staff to show houses without me having to be there. This also allows you to weed through actual buyer’s vs tire kickers without actually being on site. I may have 10-15 people go through a home that's 10-15 trips if you’re not efficient. Don't expect something for nothing you may need to compensate for this help.

For more mobile home investing information mosey over to https://www.mobilehomeinvesting.net/