All Forum Posts by: John Fedro

Hello BP mobile home investors,

Through my website I have received a number of leads I would love to pass along if anyone is interested and LOCAL to these areas. Please see the 4 cities below and let me know.

The leads I have are raw and have not been contacted yet.

Private message me about one of the leads below.

1.) Litchfield, NH 03051

2.) Mead, WA 99021

3.) Las Vegas, NV

4.) Ypsilanti, MI 48197

Private message me with any interest and I'll shoot the lead right over to you. All these leads claim to be motivated to sell.

Best,

John Fedro

Hi Kelly P.,

Great advice form everyone!

It has been a few days. Are you planning to purchase the home in this age restricted park or pass?

Concerns to address before confidently moving forward:
1. Confirm there are buyers and know what they will spend
2. Are you selling for cash or payments?
3. Senior buyers will want to make less repairs typically then an all-age buyer. So be aware of repairs needed.
4. Will the park give you any free/discount months of lot rent? Due to time it may take to resell.

Also, how many other homes are for sale in this sale park? Is it in the city or out int he middle of nowhere? How many bedrooms and bathrooms?

Talk soon,
John Fedro

Hi Aaron,

Local credit unions and military credit unions are good sources that will likely give you some positive feedback or at least point you in a good direction.

In my area I stay busy by purchasing using private cash or seller held payments.

Congratulations on the first 12 homes! That is no little feat. Also, I love to hear that you are investing with your dad. I would love if my dad also invested.

Good feedback from Ken too.

Best of luck,
John Fedro

Hi Val,

First off. Congratulations for pulling the trigger and having the guts to invest in your first MH property? Is this your first RE investment?

It pains me to hear these painful red flags in your description.

1. Home is not local.
2. No one experienced in REI on the ground locally.
3. Shady handyman with lack of common sense.
4. Purchased all cash based on an appraisal.

I mention the above as a warning to others only. Now let's solve your issues and make a profit.

Questions for you to answer: Is this a mobile home in a park or on private land? What is your exit strategy? How much did you pay for the home? Can you send me current pictures? Send pictures to my personal email if you wish me to give you more detailed responses.

Please see my answers to your questions below.

Q: The AC unit and install. I realize you would want someone experienced to do it, but is there a certification required?

A: Yes, there are guidelines for this type of work. You may likely have to pull permits too. Have someone that owns a/c business OR installs a/c's daily work on the a/c. Do not outsource this to your handyman that will spend too much and take too much time for likely poor results.

Q: and if he's already ordered the AC unit with funds I provided, do I legally have the option to reverse that and have him return it?

A: Depends on company's return policy. Check asap just in case.

Q: If you enter a contract with a contractor and then realize you made a mistake, what are your options?

A: He is a person. Are you trying to fire him OR do you wish to sue him for negligence etc? If you wish to be done with him I am sure you can tell him you are not please and both amicably walk away. If you wish to sue him this is a separate matter to be addressed by a civil attorney.

Breath. Try to realize that although this is a bit of a headache that it will be a great learning experience and likely a money maker.

Talk soon,
John Fedro

Hi Chad,

Get use to mobile homes parks not allowing you (or anyone) to rent or sublease within their park. This means that the physical Title and/or Ownership must convey day one to the new tenant-buyer(s).

When you stated earlier that you may "become the bank" remember that you are not lending physical money to anyone, the payment plan you create with your tenant-buyer is simply a condition of the sale.

With that said I use a combination of Personal Property Trusts and Unsecured notes to achieve a complete sale, legal transfer, and still protect my asset.

Bill I also really enjoyed listening to your method. That is a clever idea indeed. Also, you advice of, "there is not a deal behind every door" is spoken from experience. Thanks for your advice.

Hope this helps you see that there are many ways to still invest. The first step is finding a seller that will allow you to purchase their unwanted home and create a significant profit.

With regards to your question about partnering with a park manager or owner there is little chance of this until you prove yourself in the park, if ever.

Hope this helps.

Best,
John Fedro

Hi Brady Dawkins,

Cash will almost always get you a lower purchase price versus seller financing. When a seller does not want payments, and there are plenty of sellers that don't want payments, then I pay cash. I personally rarely sell notes however this can be a great way to raise capital for this or future deals.

In short there are no "cookie cutter" type deals. They all vary slightly and I typically let the home and purchase method determine my exit strategy.

Best,
John Fedro

Hi everyone,

Brady Dawkins Sorry for the delay. I don't get alerted to a post unless you place an "@" before my name to get my attention. Now to answer your question I use seller financing to purchase to save my money and give the seller more profit for their home. The Safe Act allows for home owners selling their primary residence with a note.

Lori Hunter In most cases that is correct, using my method. You can choose to invest anyway you'd like to or that works best for you.

Hope this helps,
John Fedro

Steven Johnson

I'm not sure how much I talked about park managers but I'm happy to help. Concerning your area, I am helping investors in CO and most parks are just fine with us purchasing and selling inside of park walls, few parks don't allow this currently.

It is important to not say or do anything that would disqualify you from the park while introducing yourself and your business to the PM. Here are some helpful tips when introducing yourself to a PM.

1. Practice this intro-speech before you visit a park
2. Never say you rent homes. You always resell them to "park approved" buyers
3. Don't call yourself an investor. You're just a single person looking to buy a mobile home inexpensively and perhaps fix up the exterior to make it pretty.
4. Smile and remember that you are there to help improve this park and help the park manager.
5. Be respectful and confident - like you do this all the time.
6. Ask for an application
7. Call back to say thank you for time spent.

Hope this helps you get more normal results after talking to PMs.

Best,
John Fedro

Hi Kirk,

We sell to park approved buyers who live in our mobile homes starting day 1. Most parks understand we investors have no intention of living there and most parks allow for the quick purchase and turn to new owner occupants. Win-win-win.

If a park does not allow this it is typically because the park manager does not want the competition OR that this park/park manager has been burned by investors in the past.

I hope this helps and clears up the issue.

Best,
John Fedro

Hello,

I have 2 mobile home leads inside of mobile home parks from motivated sellers in both Greenville, N.C. and New Caney, T.X.

These are 2 separate mobile homes in 2 separate states.

The leads were found through my blog and are raw leads.

Private message me on BP if you are interested in either.

Talk soon,
John Fedro