Mobile Homes "Rental Properties"

Mobile home lobby. What's up, everybody? It's Nicole Briscoe, AKA the mobile home mommy, coming to you all today to talk about rental properties. Now, I know you. I've taught you all, like, you know, wholesaling, bird dogging, fixing and flipping. But when we talk about the buy and hold, for me, that is the play. Why? Because I like passive income. Sometimes I just want to stay on the couch and watch the office all day and look at my bank account and be like, oh, it's the first of the month. Wake up, wake up. There's another payment. There's another payment. So with that being said, we're gonna talk about this rental property I got, y'. All. This mobile home is a three bedroom, two bath that I got from the park owner. Now, this mobile home is not inside of the mobile home park, but we're gonna get into it. So I built this relationship with the park owner about four years ago. And what happened was I was talking to him and I was like, hey, I drove through some of your parks. I see you have some vacant lots. And he's like, o, you sound like an investor. I don't do investors in my park. If you're in my mobile home park, you gotta own your own mobile home. So instead of getting defeated, I was like, you know what? Okay, thank you for the call. But then I got a little courage a few moments later, and I called him back, and I'm like, look, I know you don't want me to come in your park, but how about I just get the homes and you buy them from me? So that very first year, he bought about seven mobile homes from me. And over the past four years, that's what he's been doing. Relationship. I found a deal that I know he needs, whether it's a three bedroom, two bath or two. Two. And I sell him the mobile home. Well, after the fourth year, I was doing it so much, I knew he had this mobile home on land, right? And I'm like, what you gonna do with that mobile home on land? And he's like, oh, I'm gonna fix it. I'm gonna keep it. Okay. I let a few months go by, followed up with him again, and he's like, no, I'm gonna keep it. I'm gonna keep it. Did you start your rehab? Nope. I'm telling y', all, you gotta follow up, do your due, Dil. So the third go round, mind you, seven months has gone by, and I'm like, did you fix that mobile home and rent it out? He said, you know what, Nicole? We've been working together long enough. I think it's time for me to allow you to rent them out. That's what I've been telling you the past four years. Anyways, y' all hear that? Boom, boom, bang, bang. Don't worry about it. My men are in there working hard, and I'm gonna take y' all in there. So, yeah, he's like, I'm gonna let you. I'll let you buy it, fix it, and rent it out. And I'm like, okay, well, let's do this. So I got this three bedroom, two bath, and I want to tell y' all about the cash flow and why I love the passive income play with this mobile home. What I plan to do is to rent it out. I paid $2,500 for this mobile home I've put in so far. Put in around 10, 10,000 and some change. But I'm gonna say all in. I know I'm not gonna go over 15,000. Really, about 13,000. But let's just in 15,000. So all in on this mobile home, I'll be in $17,500. Here's the beauty. Beautiful part of it. I told y', all this mobile home is on private land. So, yes, he's a park owner, but this lot is almost an acre of land. Now, she look a little trashy right now because I need to do some, you know, leave leaves, pickup and tree limbs. But y', all, this mobile home where it's located in North Carolina, it is around an amazing school system. I can rent this probably 1450. Let's just say I went on the low end. So keep in mind, I said all in. I'm going to be at 17,500. And that's going really high on the rehab. Let's say on the low end, I rented out for thirteen hundred dollars. Y' all know I negotiated an excellent deal, right, when it comes to lot rent. So the lot rent, maybe I got it for free for almost a year. Maybe I got it for free for six months. All right? You got to know how to negotiate, learn the problems and negotiate your time. So I negotiated the lot rent at $1300 with no lot rent for the first year. That's $15,600. Okay, 15,600. Remember, I said I'm gonna put in 17, 5. So within a little over a year, y', all, I'm gonna have all of my money back that I put in this property. All of my money back that I put in this property. Let's say within 14, anywhere between 14 to 16 months, I'm gonna have all of my money back. And then guess what happens off that? That's pure profit, baby. Mo money. Mo money. Mo money. Typically in this area, people are looking for their own land. This land is beautiful. It's gonna be a really nice setup. As you all can see, my beaut had a four step going straight into the, going straight into the mobile home. But I'm building this. I built this with the intention of a family staying here. So I'm super excited and this is why I choose this strategy because this will be a property that I have always in forever. Another thing with rental properties, although I normally say clean, safe and affordable and I do, you know, lower grade when it comes to aesthetics. It's very important to remember as a rental property when it comes to my flooring, that's where my budget is going to have to get bigger. I don't want to put the cheap rollout vinyl in a property that's going to be a long term rental. I want to make sure that I have appliances that come with a warranty or that are new. Okay. Now even when I buy them new, I'm still going to get them from the scratch and dent. So come on in while I show you all this property. So typically what I'm doing is vinyl flooring, y'. All. That is my favorite. I normally go to Ollie's and get the flooring that's roll out that you apply with the glue. But again this is going to be a rental property. So since it is going to be a rental property, I'm doing the floors. I call them the click clicks. It is the vinyl flooring where you have to click them in together. I'm pretty sure somebody gonna be in the comments and tell me exactly what it is. Amen. Thank you. I do the click flooring because it's, it really looks good, it's waterproof and they last forever when it comes to the kitchen. Now normally I would get my cleaning woman to come and clean this out but this refrigerator is like really bad. Like really bad. So what I plan to do is I am going to go to. I found a used appliance store and they give me 120 day warranty and their appliances are pretty good. So find you a used appliance store. The cabinets, I try my best to save the cabinets. I try. Typically what we do is we sand it down and we paint it. But in this case, I mean it is beyond rotten in the inside and under this under this board here. So what I'm going to do is we're going to replace this cabinet as well. But let me give y' all a hat. Don't go to Home Depot or big. Let's just say big brand stores. Home Depot, Lowe's. Start off at a lumber discount or a lumber liquidator. I got this cabinet right here for 89. Everybody say wow. Oh my God. Wow. 89 for this kit. Brand new cabinet. Do you. Do you see the. Do you. You see that? And we're gonna paint this up, make it real nice. This countertop. I got this for cheap as well. I actually found somebody on Facebook Marketplace that had leftover countertop. Now, this is not granite. It's not granite, but it is sufficient. Okay. Okay. The stove. This stove came to with the house. It is filthy. She filthy, but she worked. So we're going to keep this stove and just get it cleaned up. Definitely going to paint. But let me show y' all a peek of the floors. Here's the floors. As you can see, it's a hundred percent waterproof. These are my new things. I love it. I got this from a discount stores where it is a liquidation center. They sell these floors by bulk. And as you can see, they're in there working on these floors. Zoom in on them floors. Look at them floors. The floors look amazing. Amazing. Property again is a three bedroom, two bath. Property is a three bedroom, two bath dot So I took out some old light fixtures. We're gonna put this stuff in. Guess where I got this stuff from? Habitat for Humanity. Right. We have to hit up these restores these yard sales. Facebook Marketplace. That's where I'm going to get my material in bulk. Now right here, as you can see, they're replacing flooring in here. The water heater is hitting y' all with the. Lean back, lean back. Got a little shoulder lean going to it. We're gonna take that water heater out. It is way too big to be inside of this mobile home. And we're going to get a standard side, standard size for a three bedroom, two bath. But yeah, my guys are going to replace the floor. The installation. Step this way. Another cabinet I got or vanity I got for the bathroom. The good thing about this is this is where my rehab team and I disagree with. They want to completely pull this tub out and put in a tub shower combo. But it is a shower over here in the corner. So what I told them is we're going to go to Home Depot and get the rust oleum bathroom kit for $50, and we're going to paint the bathtub. And it's going to be sufficient. It's going to work. All right, y'. All. So this is the end of my rental project that I wanted to show you all. Definitely. If you want to do this long term, passive income is the way. My strategy that is golden, that I love to stick to, is I love to wholesale a property. Let's say I get 10, $15,000 in, and then I'm gonna take that money and buy me another rental property, because that wholesale money is funneling me to have a asset, a beautiful asset that's giving me monthly income. So until next time, mobile home. Mommy. Sam.