All Forum Posts by: John Fedro

Congratulations Cornelius!

Thanks for the shout-out. However the credit goes all to you! You deserve it. Keep up the great work and daily action to help others locally. Well done again.

Talk soon,
John Fedro

Hi Bobby and all,

Great thread and comments from everyone, thank you. 

If you have the time I'd love to know how everything is turning out, Booby? Were you able to find and move all 4 homes within your budget? What lessons have you learned along the way? Any noteable successes or mistakes? Hope it all worked better than expected. 

Keep in touch,
John Fedro

Absolutely great posting, Mark. 

Hopefully this is the first of many MHs for you. :) Great ambition thus far. Keep up the great work. 

I thought you brought up a lot of really good and subtle points, in addition to your unyielding determination. I figured I would list a couple below in case anyone missed them.

1. In almost all real estate investing you are not looking for a motivated home, you are looking for a motivated seller. From this point a deal may not be far away.

2. You experienced a seller really needing your help because there were few other perceived options for her to sell quickly. As an investor that also invests in MHs you will be able to help the mobile home segment of society that most other investors ignore. At this moment in time (2016) there are still not many active MH investors in most markets. 

Thanks again for posting.

Talk soon,
John Fedro

Hi Van,

Good question. `Wholesaling a mobile home inside the park may seem like a very natural and easy thing to do. You're likely thinking that "If it's anything like traditional real estate than you simply put the home under contract, and then sell that contract for more money to a buyer that wishes to live there or invest in." It is technically that simple, however the real world typically gets in the way. 

The real problem may begin when a seller or buyer does not truly understand what you are doing. Because in most states mobile homes are bought and sold through the use of Title(s) it may be tricky to keep both the seller and buyer from knowing how much you are making. For this reason all parties should be aware that you plan on making money from this transaction, otherwise it is very easy for the buyer and seller to go-around you and/or cut you out of the deal. Since there is little way to cloud a MH title there is little recourse you have if the buyer and seller did go around you.

Instead of wholesaling I would encourage you to become the owner of this home if possible. If you have limited money there may be a way to make the seller structured payments for the purchase price of the home. When reselling you will have the choice to sell to a buyer of your choosing (who is also park approved) for all cash, rent, or payments.

Lastly, keep in mind that if the seller is already marketing and advertising for an all-cash buyer, then your marketing and advertising will have to be significantly better if you plan on selling the home all-cash for a higher price than the seller is already asking. I hope this makes sense.

Keep in touch and if you have any follow-up questions or concerns never hesitate to reach back out. We're all here to help.

Talk soon,
John Fedro

Hi Jessica and Andriy,

What a great and useful source for Michigan investors. Thanks for posting this Jessica. 

Thanks for the shout out, Andriy. I will certainly add this info to the program. Thank you again.

Talk soon,
John Fedro

Hi Reggie,

What an awesomely passionate and humble post. As I was reading through the first paragraph my eyes were getting wider and wider as I was remembering what it was like to be an excited go-getter newbie in this business. You certainly are at a fork in the road with a number of wide-open possibilities in front of you.

Welcome to this website and please make sure to search around on the "mobile home investing" topic. You'll find a lot of great forum posts and articles here. Additionally you'll find a lot of great folks willing and happy to help you when possible.

Keep up your motivation and excitement for the next 120+ days. Soak up as much info as you can and ask as many questions as you can. In addition I encourage you to continue pushing forward with school and your current working situation. The fact that this job/school is making you unhappy is a very good motivation for you to continue investing so you may work yourself out of the "rat race". Again, not sure if you quit your job or school just wanted to make this point for you and other readers. I hope this helps a bit and makes sense.

Thanks for the shout out, Brian.

Keep in touch,
John Fedro

Hi Chad,

We're glad to see you're interested in mobile home investing. You are certainly in a good area of the country for this type of investing. You absolutely came to the right spot as this website certainly has a great number of folks willing to generously add value and give you advice. With that said if you have any North Carolina specific questions never hesitate to ask them here directly or email me personally.

Thank you for the shout out Bill and Adam. You both know your stuff as well.

Lastly, Howard gave a great introduction and potential opportunity within his mobile home community located within your state. Typically as mobile home investors you will have to proactively go out and introduce yourself to park managers and local mobile home park owners to find managers that are as friendly and helpful as Howard. It would be wise for any local investors to reach out to Howard and discuss how they may use some of their sweat equity to create win-win deals that will result in the mobile homes remaining in the park and being sold to low risk tenant buyers for the investor's profit.

I hope this all is starting to help and make sense. As an active mobile home investor you will undoubtedly have many questions moving forward with regards to sellers, buyers, deals, and much much much much more. Don't hesitate to write back or feel free to ask us anything else here. Always here to help.

Talk soon,
John Fedro

Great post! Brings a smile to my face to read this. Thanks Ken.

Hi Collin,

Thanks for reaching out and asking for more clarity from my initial comment. To answer your first question you always want to stay compliant with all current laws and regulations. If you are unsure about what you are doing, currently know that you're uncompliant, or this is your first deal you should use a loan originator that comes recommeneded by your local REIA when selling via payments. If you are renting the home, selling for all cash, or selling via some other payment structure that does not violate current laws a MLO may not be needed. I know and appologize for this answer being a bit vague, this is because depending on your exit strategy and selling paperwork a mortgage loan originator may or may not be needed with regard any property. I hope this helps and makes some sense. If you are working any specific deal feel free to post the details on this forum for us all to contribute and help or feel free to email me personally.

Concerning your second question a state "dealers license" will be different from a "loan originating" license. A dealer's license has to do with the number of mobile homes you are purchasing and reselling within a 12 month period. Unfortunately it doesn't give us any education or protection when owner financing. I hope this helps and makes sense. If not please don't hesitate to ever reach out and ask for more clarity. Keep in touch.

Talk soon,
John Fedro

Hi Samson,

Thank you for reaching out and connecting with all of us. Biggerpockets is an amazing website with great articles, huge forums, and an amazing bunch of people that are willing to give like nowhere else. Check out the site and be a sponge for all the real estate investing knowledge that you can digest. Along the way make sure to ask tons of questions and get clarity while moving forward. Keep in touch.

Talk soon,
John Fedro