10 Tips for New Mobile Home Investors From Active Mobile Home Investors

10 Tips for New Mobile Home Investors From Active Mobile Home Investors

2 min read
John Fedro

John Fedro has been actively investing in individual mobile homes since 2002 and in parks since 2016. Additionally, he’s been assisting other mobile home investors since 2006.

Experience
Investing since 2002, John started in real estate accidentally with a four-bedroom mobile home inside of a pre-existing mobile home park. Over the next 11 months, John added 10 more mobile homes to his cash-flowing portfolio. Since these early years, John has gone on to help 150+ sellers and buyers sell their unwanted mobile homes and obtain a safe and affordable manufactured home of their own.

Years later, John keeps to what has been successful—buying, fixing, renting, and reselling affordable housing known as mobile homes. Like almost every long-term investor, he’s made more mistakes than he can count. John discusses many of them on his blog and YouTube channel, where he shares his stories, experiences, lessons, and some of the experiences of other successful mobile home investors that he’s helped.

John has written over 300 articles concerning mobile homes and mobile home investing for the BiggerPockets Blog. He has also been a featured podcast guest on BiggerPockets and other prominent real estate podcasts, authored a highly-rated book aimed at increasing the happiness/satisfaction of average real estate investors, and spoken to national and international audiences concerning the opportunities and practicality of successfully investing in mobile homes.

John now spends his time actively investing in individual mobile homes and acquiring parks. He focuses on enjoying his time and partnering with other investors around the country to grow their own local mobile home cash-flowing portfolios and reputations.

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Make no mistake, mobile home investing may cause you just as much grief and as many headaches as traditional real estate investments. Many unprepared investors overpay, over-improve, or undersell their investment mobile homes to high-risk renters or deadbeat buyers. Aim to make your real estate investing business as headache-proof as possible.

Below is a collection of tips from active mobile home investors to newer mobile home investors.

10 Tips for New Mobile Home Investors From Active Mobile Home Investors

1. Keep the area safe.

There is nothing more important than your integrity and the safety and well-being of your renters, buyers, and tenant-buyers.

2. Plan for the worst.

Make sure you understand the worst case scenarios before you start out, so you can avoid them.

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3. Know the law.

Make sure you understand the legalities in your state with regard to selling homes without a license, doing work on them without a contractor’s license, etc.

Related: 7 Ways to Invest in Mobile Homes With Less Than $25,000

4. Have a plan laid out.

Understand your personal finances and what your goals are with mobile home investing (extra income, leaving the rat race, just having fun and getting experience, etc.).

5. Be ready to get your hands dirty.

This is a down and dirty, intense, “real life” business. Many beginning investors dream of using an army of virtual assistants to do all the work for them, but this is the wrong approach unfortunately. You need to have an attitude that you are going to jump in with both feet, get dirty, scare yourself, and engage in massive daily action and hustle.

6. Be honest with parks about your intentions.

Park managers and owners can be your best friend or worst enemy, so it is important they accurately understand your goals and intentions. This will save you stress later.

7. Make lots of offers.

This will get you the best deals and allow you to negotiate from a position of power. If you find yourself stretching to make a deal work, it’s because you don’t have enough other homes to make offers on. If your area is too rural to allow for lots of regular offers, branch out into other forms of real estate or other areas, so you don’t end up doing bad deals just for the sake of doing a deal.

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8. Take it seriously.

Mobile home investing is a business, just as serious and potentially lucrative as any other business (or more so). You owe it to yourself, your loved ones, and your customers to treat it as such. Engage in professional accounting, understand the laws, and treat your buyers and sellers the way you would want a business to treat you—with the utmost professionalism.

Related: Just Purchase a Mobile Home Inside a Park? Here Are Your Next Steps!

9. Track your progress.

Keep tabs on the number of calls you make, offers you make, homes you buy, etc. This intentionality will lead to success, compared with just doing it willy-nilly, randomly, or reactively.

10. Take others with you toward success.

Some of your best real estate memories will be shared with friends, family, and business partners you are in real estate deals with. Success is a journey.

The Bottom Line

In conclusion, if you’ve been investing in real estate for any length of time and have talked to a number of other real estate investors, you begin to see a pattern. Real estate investors are all human beings. As human beings, we make predictable errors when it comes to making judgments about other people.

Utilize the help of this website with its articles, videos, and forums to ask questions and gain clarity in your marketplace to help others.

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What would you add to this list?

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