All Forum Posts by: John Fedro

Hi @Jeremy Williams

Great advice has been given already. If you can keep them in their current location you have many more options and potential buyers to sell to. Depending on the park an all cash sale, payment sale, or rental situation could be used as an exit strategy. If you are curious about selling in payments I have a 2 part tutorial video on my website to help you understand resale value when selling inside a park.

With all that said if the mobile home does need to be moved try contacting local parks and asking if they will pay for the entire move and set up of the home if you agree to keep it in the park for 5+ years. The age of the home may or may not be too old for some parks to take but it could be worth the time to call parks and ask. Plus this is a good way to introduce yourself to local park managers.

If instead you are trying to simply wholesale these deals to people that may want them I do not think this is too likely. What part of Ca are these in? I have some MH investors I work with an they might be interested in moving on these depending on price and condition. Private message me if you can about the location.

Talk soon,

John Fedro

Thanks for posting this @Rachel H.

That's sad and frustrating that some people go to these lengths to "make" a couple hundred bucks.

In most of my homes I will remove the appliances while they are vacant. When I have an interested party I let them know appliances will be included for a full price offer.

Thanks again for posting.

All the best,

John Fedro

Hi @Adam B. ,

Welcome to the site and congrats on your first and soon to be coming next few deals. The advice given on this thread by Jerry, Mike, and Kevin is spot on. Make sure you have a good attorney, CPA, and watch yourself concerning mobile homes.

Concerning the deed transfer and your bank/lender, and most other banks/lenders, will almost certainly not be kosher with the deed transferring to a new entity even though it is yours. You could ask to do a rate and term refi of the home to get the deed into your LLC or trust's name. Perhaps in the Saving & Loan days it was more common to have a 1 on 1 relationship with your local bank and this transfer would be common place, however today it is not.

With that said many of us investors do exactly this transfer from time to time. The loan is still paid monthly, the bank is advised of the transfer, and the existing loan stays in place while the deed changes. While there are some risks to this depending on who you ask (and I'm sure there will be some future discussion on this thread) a Warrantee deed or Grantors deed from you to your LLC or Trust will allow you to transfer ownership. Concerning the due on sale clause of your mortgage, in the real world I have not known anyone who has had their bank call the entire "current" loan due. Unless profitable for the bank they would not wish to foreclose rather than continue accepting your monthly payments. I hope this makes sense.

I am curious to hear if anyone else has personally (not through a friend of a friend of a friend) had a bank call a current loan due for this reason of transfer of sale? If so why and when? Thanks for commenting and helping.

Either way I hope this has provided you with some insight.

All the best,

John Fedro

Hi @Brad Johnson and all,

Thanks for the link Brad. Well written article. Great shout out for Frank and Dave too.

You are right @Leslie A. about all the dumb comments.

All the best,

John Fedro

Hi Ana and all,

Thanks for the shout out @David Bruton and @Curt Smith.

Personally I know very little about owning my own park as my next park will be my first. I am very eagerly and excited to be learning a ton each day and making offers on my first park. For purchasing, holding, and reselling complete mobile home parks I highly recommend Stu Silver. He has a website called themobilehomeman.com. What the site lacks in good-looks the information and training more than makes up for it. Hope this info helps.

All the best,

John fedro

Hi CoCo.

Thanks for sharing your past experience. Glad to have you here on the forums. This is a great place to learn, network, share your wisdom, and help others that need assistance.

All the best,

John Fedro

Hi all,

Some great advice given so far. Having a fun time following this thread

@Daniel Warren I would agree with everyone that has already said that Lonnie Deals are over. At least the way we are all familiar with them. Consult your local DMV, manufactured housing division in your state, and talk to them about licenses in your state regarding financing and the purchase/sale of mobile homes in your state. You will get passed around to many different branches and you will learn a ton.

@David Kauzlaric thank you for the shout out.

@Bill Gulley (With humble respect I say the following) Once again I laugh at your posts placing your foot in your mouth speaking about things you preach to understand and do not. I have no doubt you are knowledgeable about Dodd Frank and other acts, however do not pretend that we have talked and you understand what I teach. Do not pretend that you have an idea of how I help people or how my deals are structured. Do not pretend to know that I am in communications with every states' manufactured housing division and run my procedures past them to confirm they are legal in each state. I say in all humble respect that you preach about others you do not know wrongly. You condescend others and I pity your seemingly low self esteem.

Bill, when it comes to giving advice you may wish to begin by thinking what is best for the person asking the question. Give actionable feedback that will help them gain clarity and don't worry about making yourself feel like the man. Stop simply promoting Ken's program and information, which are great from what I have seen by the way, and cursing everyone else who is knowledgeable and aiming to help. I do agree that @Ken Rishel is a great source of information and guidance for anyone interested.

I feel sad for you Bill and your constant attempts to scare investors and belittle them with the limited about of info you know. Again the info about certain subjects is great but you seem to group everyone beside Ken and yourself as untouchable experts in the field. Bill I truly hope you stop your bitter ways and start helping more people than you are condescending. This is starting to feel like high school, stop with all the drama and just talk/type like an adult. We are all here to learn and grow together.

Anyone reading this should be forewarned to not heed anyone's advice except from your own state. Don't take my word, don't take Bill's word, and don't take Ken's word. Do the research for yourself and take the steps needed to invest safely and actually pull the trigger in your own investing business.

All the best,

John Fedro

Hi @Omar Naguib

Welcome to BP. Like everyone here I am glad to see that you are jumping into real estate investments so young. You likely have a long and exciting road ahead of you. With that said there are pitfalls to watch out for.

Concerning some of your questions it is vital to know what homes will resell for in your area, not just think you know but really be sure of what prices and/or terms they will sell for. Concerning renting or selling this will come down to your style and end goals, real estate investing a smorgasbord of options that you can pick and choose from. Talk with as many investors and you can pick and choose what you like about their businesses.

Will and Chris make good points that $2,000 is not a lot of money to get started with. Is it possible to move forward with this amount of money and a boat-load of determination, yes. However you will have much quicker success with just triple that amount of money, with regards to Mh investing anyway.

Keep up the education and use this forum for more questions and help.

Thanks for the love @Sam Parkins

All the best and talk soon,

John Fedro

Congratulations Eric!! The hard work has paid off. More so than the money you will and have earned is the hard work and determination you proved to yourself and the world that you can make this business work. Well done and great attitude. Go out and continue to do this and continue to help sellers and buyers.

All the best,

John Fedro

Welcome to the site @Paul Chicone We're happy to have you here. Any questions you have feel free to ask them here. There is a lot of knowledge and experience in this forum.

Best,

John Fedro