All Forum Posts by: John Fedro

Welcome to BP @Alex Parra

Great advice from Marc and Sam. Soak up the education and advice from local investors, blog posts here on BP, and anyone else actively investing in deals "you think" you want to be involved with.

Then, after some education and consideration you will have the clarity to decide how you wish to move forward. When you do "move forward" it is my advice for you to go-big and sprint full-speed ahead!

Best,

John Fedro

Well said Jon K. Mobile homes on land are a completely different animal than mobile homes in parks. Good exit strategy.

@Nicholas Davidson nope. In my understanding Lonnie deals work by buying mobile homes and selling them with notes and interest rates. The paperwork used is simple and not complaint any longer as far as I know. In the early 2000's I used similar methods to buy and sell mobile homes. For the past 3.5 years this has changed dramatically. Any homes bought and sold now must be compliant with state and federal laws. Hope this helps.

Best,

John Fedro

Hi @Louise Whidby and all,

Welcome to the MH group.

I love this group! As you can see we are all here to provide help and great feedback for anyone who asks. In less than 48 hours there has already been instant feedback plus some good conversations to help you consider the mobile home niche.

Bill and Matt gave really great advice and new-ish law restriction input that I would heed for certain. In addition like Bill stated, ask questions and get the answers to everything that confuses you, like you did with this post.

The only thing I would like to add is about your original question that made reference to profiting with mobile homes as easier than traditional real estate investments.

Investing in mobile homes is not easier than other forms of real estate investments. This niche takes just as much, if not more know-how and preparation than every form of investing. Wholesaling is common for newer investors, in my opinion because you have to wear less "hats". When wholesaling it is not necessary for you to manage tenants, close, handle repairs, etc. When investing in MHs you will likely have to be well rounded in all the marketing, negotiations, contract law, you will have to know when wholesaling, plus the ability to properly close, manage tenants, market to rent/sell, repairs, etc. I hope this makes sense. If not let me know.

It is possible to create profits with mobile homes, and I do not mean to discourage anyone, quite the opposite. However if you want to jump into mobile home investing without fully knowing the ins-and-outs you will very likely get burned, or at least leave much profit on the table.

I hope this helps and add value to you and everyone reading. Please feel free to write back any follow up questions or anything else you think may provide you value.

Thanks @Brandon Turner for the love.

All the best,

John Fedro

@Paul Timmins Lonnie stuff is great. His material is a must read.

@Charles Morgan so many of us have done great things in this mobile home business, or simply purchased a few homes here and there without any help or need from mentors. This is called trial and error and it works as you are living proof of.

The Mobile Home Formula is no magic bullet or gift from the heavens. It is a step by step video course of 100+ lessons that I have comprised over the past 3 years showing everything I believe a person needs to get started safely and continue to invest safely with regards to MHI.

No system, bootcamp, formula, or course is complete without guidance in real time from the person that has created it. This is because we all have unique gifts, skills, fears, and locations that effect us differently. For this reason I make myself very reachable for my members. @Ellis San Jose the facebook group is private only to members of my formula. I have done this so that the FB group is all on the same page with investing techniques and style.

With that said I am available on BP or via email for free if anyone has any specific or general questions, or needs deal help review. As are most of us on this thread as we all really want to help others I believe.

So many investors that "help" others and that have courses are fly-by-night mentors only thinking about the cash they can profit by selling their courses. In fact I wouldn't call 10% of these "gurus" real mentors that give a damn about the folks they promise to help. I have had great mentors in my day and others that stole my money.

Whether you hate all investing products or have been burned in the past I hope everyone here is doing amazing in their own businesses respectively.

All the best and talk soon,

John Fedro

Hi @Account Closed

Saw your post earlier. We have a mobile home formula facebook group that I have added this page link to for those that wish to comment here. The reviews will be from folks that I have helped or am starting to help as these folks are actually using the training and would be the best candidates to ask for feedback. Since this is on the BP forum anyone can answer however why not add a few members to BP in the process.

@Aaron Mazzrillo and @Terry Hershberger I can not speak why this happens "any time" someone adds a product review for other products but my answer above will mention why folks that are brand new to this site are commenting today on this post when never before. I do not sell on BP or to BP members solely. Let me know if this makes sense to you?

You know as well as I do that anyone claiming to make $1,000,000 without getting out of bed is ignorant at best. The folks I work with are real people that understand investing is a process of one foot in front of the other. I go to great lengths to be available for everyone who needs help and I thankfully my reviews should show this.

I am always here on BP and available via email if you have any more things to add.

Talk soon,

John Fedro

Hi John,

Happy to help.

A local or nation wide screening company will check for all local and nationwide evictions on every potential buyer interested. Get everyone over 18 screened. Biggerpockets has a good screening company they are associated with on this site.

Congratulations again on the tentative deal!

No other red flags are raised by the empty lots. I would ask why there are empty lots and if these empty lots are a recent change. Perhaps many folks have moved their homes out of the park for some reason or the park has changed ownership and the rift-raft was kicked out. It's free to ask.

Talk soon,

John Fedro

Great pictures John!

And great advice from Sam.

Due to the age you will be selling for about the same prices as renting. I say that because typically we can charge more for selling the home monthly versus renting however most buyers will not be interested in the older style unless they get an attractive monthly price and move-in price. The "older style" I am referring to is the 10 foot width of the home and dated look. Not a deal breaker in the slightest however I just wanted to make that point and let you know.

How many other homes in the park are for sale? The fewer the better.

The home and park look good from what I can see. Green grass and kids playing are good signs of a clean family park, however looks can be deceiving.

Keep us in the loop and good find!

John Fedro

Hi @John Barbieri

Welcome to BP! We're glad to have you here.

Thank you @Joel Owens for the great shout out! I hope I do provide value for everyone who needs the help.

Concerning your question John this deal can really only truly be known by doing it an looking back to say where it was right or a wrong idea. With that said let me fill you in on some points I have learned over the years.

To many of us that have never lived in a mobile home park we have different degrees of "sketchy". If the park looks or is filled with gangs and drugs it is likely a good idea to avoid this park. You can tell a gang park by crimes in the area, gangs standing outside at night, and even mobile homes spray painted with gang tags. Have you met any of the neighbors? It is a good idea to talk with them and get their opinions on safety.

If the parks is merely run-down with bad roads, poor lighting, old homes - however the people are clean, honest, and hardworking then it is not our jobs to judge where people choose to live and we can still make a profit here. Does this make sense?

I would advise you to stay away from renting a mobile home in a park, if the park will even allow renting. You will want to sell and collect monthly payments from your tenant-buyer. There are new laws restricting this so be careful with your paperwork and process. Selling to a honest, hard-working family, with no past evictions will make your life much much easier in the coming months and years with regards to this home.

If you are purchasing the home from the park negotiate a few months discounted or free lot rent due to repairs needed to the home. If buying from a seller aim even lower than the $1,500 you suggested.

There are many other things to consider such as the area, beds and baths, resale numbers, other homes for sale, etc however without seeing pictures the price sounds right. As long as the park is fair and not just about the money, and of course safe then you can likely sell quickly for an attractive price and make a profit.

Let me know if you have any other follow up questions. I am sure others will chime in with great advice here too.

All the best,

John Fedro

Hi @Tom Goans

Something is not working correctly when I attempt to "colleague request" you through BP. Perhaps you can add me instead and it will work for you?

All the best,

John Fedro

Hi @Tom Goans

Please see my thoughts below to your response. I have italicized your words to help differentiate the two and make it easier to read.

I have a long history of owing manufactured homes for the purpose of rental investment. That is excellent to hear. I will friend you now so that we can become colleagues. I always love to expand my network of active investors. Thanks for reaching out to me.

I see 3 major problems with your presentation. Sure shoot.

1. Age of the home. Most parks will not accept homes that do not have HUD labels. The simple act of the sale may trigger problems. This mobile home does not need to be moved. Perhaps I should have listed that it is inside a family park, where it may remain. I typically do post this and in a rush did not this time. When did I mention that the home did not have a HUD label?
2. Price. What about the price? I assume you are saying it is too high. The price is negotiable based on my few emails with the seller. The lead is raw and if you do not wish to pursue it you may simply choose to not follow up with this seller. Are you local to the area?
3. "no repairs" Again, I am not sure the question here. I am only being a conduit to pass this lead along to others that may be able to help the seller and capitalize on the lead. If you restate the question I would be happy to help further. However with that said I have seen no pictures of the home and can not verify the seller is telling the truth or in fact some repairs do need to be addressed.

John, are you familiar with the laws governing manufactured homes and the building standards? Yes, however please elaborate so that others reading this post may know them as well. Some laws are US, state, and/or even county specific. Even some counties will not allow homes that are older than a certain age to be moved into the county. Yes, many counties have this rule. I however did not mention the age of the home in this post?

Best of luck with your endeavors. Thank you Tom. I am friend requesting you now.

All the best,

John Fedro