All Forum Posts by: John Fedro

Hey Daren,

As long as your motivated you can accomplish your goals. Being in Hawaii sounds Amazing... At least to all of us in the upper states.

If you haven't read Lonnie Scruggs books yet they are a great place to start. Everyone that reads this section of BP is happy to comment on any deals you may be considering if you supply pics and a story! In addition to that Rachel Hernandez on this site has a mobile home ebook coming out soon. And if you are looking for individual help/partnering I might be able to help you there. I only teach mobile home investing inside and outside of parks, but not investing in the 'whole' park itself.

Best of Luck,
- John F

This IS and has been a great thread. Congratulations on your determination to succeed Lindsey!

Jon, You know I do. Enjoy. Not sure how to make it short so here's the full URL http://www.statemaster.com/graph/hou_per_of_hou_uni_tha_are_mob_hom-housing-percent-units-mobile-homes

Neil, message me here on bigger pockets and well exchange numbers. That's best for me.

- John F

Hey Neil,

Glad to see more and more folks are dipping their toes into mobile home investing to make more cash-flow with R/E or to just get started investing all together. Florida is not surprisingly a gold mine for manufactured homes however (surprisingly) FL is still only #17 out of all the states for numbers of mobiles.

You are taking the right first steps reading this forum and finding yourself a knowledgeable mentor to help you succeed and skip past most hurdles that have held up most investors here one time or another.

Are you looking for MHs in parks ONLY or homes attached to land as well?

Feel free to check out our site to see what we're doing at www.RealEstateCashFlowFormula.com. 1 on 1 coaching and jv opportunities are available.

Stick with it and have fun!

John Fedro

Like Rachel said above, "make sure you are comfortable in whichever area you invest." This is great advice!

Remember that the condition of any park is only 1 factor of many that should be accounted for when evaluating a deal.

Lindsey T,

You are out in the trenches looking at homes and making offers. As long as you keep that up you'll be closing deals in no time. Like Rob said, "You're already winning"... you just haven't realized the profit.

When making offers to mobile home sellers it's all about building relationships. Always every time you make offers (as an investor) to mh sellers they SHOULD say NO. (my advice) This should be expected or you probably paid too high. If the sellers are asking to much thats OK; 1. you make new friends, 2. show them how you can solve their problems, 3. show them their alternatives, 4. keep in touch with them when they initially say no, 5. follow up and renegotiate (may take 2 or 3 negotiations), 6. then once the seller(s) have seen they have little other options they will call you back. This is definitely a numbers game.

If the prices are too high try offering an owner financed offer so you can come closer to the sales price in their heads. As long as it's still a WINNING deal for you too!

In my opinion don't worry so much about the age of a home as long as it's in good/decent condition. When Lonnie talks about homes 20 years or newer I believe he's referring to homes built prior to 1974 when Hud made stricter building codes for mobile homes (changing the name to manufactured homes).

BTW You made me bust out laughing (in a good why) with that last comment, "I've learned that just because a seller says that is their final price, it doesn't always mean that." Sellers Lie! I won't believe it. Lol ;)

Keep up the great work, John

P.s. Concerning repairs: Remember to look at your subject mh through the eyes of your typical mh buyer. My advice: you should not be upgrading the home, but simply correcting most of the blemishes that most Tenant-buyers will not like.

Pay the 3 years money in full!!!

Remember investors: Renting to friends and family is often times a recipe for bad business!

- John

Francis,

Welcome to the group! mobile home investing definitely has its advantages and rewards.

Everything Alex said was spot on. Might I also recommend looking for and mailing to mobile homes with back property taxes concerning homes attached to land and not located within a mobile park. this has always been a winner for me.

- John

"They're breaking new(er) laws, causing new(er) laws to be written and are the very reason why a lot of negative media coverage happens. "

- Great point probably overlooked by many. - John

Hey Chip.

Read Mark warda's book on lease options. Its very complete and Lease options are a great way to leverage cost versus risk.

There is too much to cover with an email.

Happy Investing :D
-John