Nichole Briscoe walks through building passive income with mobile homes: start with cheap units you can rehab for $8,000 or less, vet tenants carefully, understand financing before borrowing, diversify income streams, and stack properties over time. Rent a unit for $800 a month and you recoup your investment in about ten months.
Questions this video answers
About $8,000.
$800 per month.
About 10 months.
At least three or four deals.
Buy package for $20,000 and possibly sell two homes for $10,000 each to recoup costs.
Chapters
Mobile home, mommy. Passive income with mobile homes, Is it really possible? Well, listen, y', all, I want y' all to come with me. I'm going to take you into this mobile home that we got for free. Rehab. We in about $8,000, okay? So I want you all to understand that the passive income comes from cash flow. Just getting money every single month. I know I sound like a broken record when I say, make sure that your rehab is good, but as long as that mobile home is structurally sound, meaning that the floors are good, the roof is solid, then we're good to go. Don't get caught up on the appliances. Everything don't have to be whirlpooled and Samsung, baby, okay? You can get that from the used appliance store, all right? Now, if I start running, it's because these dogs over here about to try me. Okay? Stay tuned. I gotta watch my back. Gotta hit your ground. Set, 1, 2, 3, height. Oh, yeah. I'm alive. I'm alive. Welcome to my crib. So here's the mobile home, y'. All. I know you're excited. I didn't get attacked by the dog. Amen. So right here, y', all, we are about $8,000 into this mobile home. Now, I know I tell y' all not to worry about backsplash. Don't get caught up. And I want that to remain true. With that being said, this kitchen backsplash was already like that. I just got a little fancy. And did you know we got some gold up here? And I suggested some gold knobs just to make it look nice, right? But we're about $8,000 in with this mobile home. And think about that. A free mobile home for $8,000. That's a house for $8,000 on the low end. If I wanted to charge $800 a month for this mobile home, which I'm not, I'm being honest, is going to be higher because this is a really good area. But $800 a month, if you can do math, I will have all of my money back in 10 months. So what does that mean after that? Every month, after the 10th month, more money. Mo money. That is considered profit, guys, okay? And mobile home housing is qualified as housing for section eight, regular rent, anything. It is qualified. Okay? What I want you all to remember is the key to this is starting small. I want you to buy one mobile home, right? See how much the rehab is going to cost you. Make sure you get multiple quotes. Don't just go with the first person that was referred to you, right? Go with multiple quotes, See how much the first mobile home is going to go for. As far as the rehab, how much can you rent it out for? Did you contact apartments around? Did you ask the park manager how much they're renting for? The next thing I want you to do is make sure you're good at vetting out your tenant. My goal for you is to start small so you can scale. Therefore, when you ran through this whole process with one, you will learn what worked well, what didn't work well, and how you can build your system to scale bigger and bigger. Okay, so I want you all to do that for the very first one. Then you need to from there figure out how do you want to leverage your financing. Okay, let's say the first one that you flipped was from wholesaling. So you got all of your capital from wholesaling. Well, have you decided now? Okay, now I want to build up my business funding so I can use other people's money to invest. Step two is you should be thinking about creative ways to build funding. Be careful from taking money from private lenders after you've done your first deal. My personal experience is you want to make sure you've done this strategy at least a couple of times before you start borrowing your friend's money, your cousin's money. That's going to say, where my money at? Where my money at? You close the deal, you close the deal, where my money? Yet you got my percentage. I would say hold off until you've at least mastered this three or four times so you know what to look for, what's a good deal, etc. Okay, what's up, y'? All? I want you to picture yourself a year from now. Do you want to be closing deals, executing, and walking around in confidence? I get it. You feel stuck. You don't have a blueprint, you don't know which way to go. I don't want you to carry your old goal into the new year. Trust me, because I have done that before. If you're looking for a community that can hold you accountable, go live twice a week, answer your questions live and have a replay available for you. Give you contracts, and I invite guest speakers. Baby, you found a place. For less than $50 a month, you can join my school community. Now, I'm gonna keep it real. I'm gonna be on your butt inside the community. So I need you to come in and do what needs to be done. We're very supportive community. I hope to see you all there next thing. Once you feel comfortable after You've done three or four deals. Now this is when you're networking with parks so you can buy a package deal. So let's say you get the opportunity to buy four mobile homes in a package. I don't want you to immediately say yes, but what I do want you to do is to say, okay, if I buy this package deal for $20,000 for these four mobile homes, how can I make it work in your favor? How can I make it work in my favor? Maybe you should keep the best two and sell the other two for 10,000 a piece so you get your $20,000 back. Now you done made your money back and got two free homes. What works best in this situation? Don't ever put yourself in a situation to say, oh, I got a package deal 4, and now you've agreed to pay for the lot rent for all four. Build the strategy for think it through. Okay, step four, right? Diversify your income. I really want you all to be investors. Where you're well rounded, you wholesale, some you rent, some out, you sell a finance, some you build in relationships. At this part, they don't allow you to invest. However, you help them with subcontracting work out. My personal opinion is that it's better to diversify your income in the nutshell of what you're doing. Meaning if you're investing in mobile homes, what branch can you extend out of investing in mobile homes to make it a full branch? I don't think it's wise. Again, this is my personal opinion. Feel free to attack me in the comments, but I don't think it's smart to invest in mobile homes. You just started, you've done three, and now you took that money and jumped over here to traditional houses and doing Airbnb's and now you. I personally think it's better to invest in mobile homes and figure out how you can be a plumber, a mover, subcontractor, workout infield specialist. Once you get good at something something, just extend the branches out to get better, right? Just extend the branches out to get better. And like I stated, last but not least, your goal is to stack your properties. If you were to have three mobile homes, just three on the low end of what I said at the beginning, at 800amonth, that's $2,400 a month. That's $2,400 a month. That is my goal when I started was to replace my monthly income at my job. And maybe you all make a lot of money, but at my job I was making $3,000 a month. And at the school system we got paid once a month. Orange county schools. Okay. So my goal was to replace my monthly income so that I could leave. I didn't have this goal that I got to make $10,000 a month. Why I'm making it right, making $3,000 a month. So why would I put the stress on myself to try to obtain $10,000 a month while working a full time job? Make your goals realistic off of how you're living now. That's just my, that's just my personal opinion. Okay, so once you stack by starting small, leveraging, financing, number three, building relationships with partners, park managers and network, number four, diversifying your income, how you're investing in these mobile homes. And then number five, stacking the properties by the end of the year. It'll be easy for you to say, wow, I got these seven mobile homes at $800 a month. I'm making $5,600 a month. That'll be amazing. So take your time, do it right, and build slowly. Hey Siri, what's eight times seven? I pray it's 56, okay?
