Mobile Homes "What is Wholesaling?"

Mobile home. Mommy. What's up everybody? It's Nicole Briscoe coming to you with another video. So oftentimes I get asked questions about mobile home wholesaling that I want to address specifically being explain the process to me. So I'm explaining the mobile home wholesaling process from start to finish. Typically, how it's starting is you have a seller that is reaching out to you that wants to sell their mobile home. You talk to them, you're going to negotiate a price and listen to whatever problems they have or situations they have going on so you can address those situations in your agreement. Once you all come to terms and agree on a price and what it is that you're going to help them with, I. E. If the mobile home has to be moved or if the lot has to be cleared and you need to order a dumpster, then you're going to go on the contract and you're going to write out said terms. From there, you're going to market their mobile home. Typically, I have a lot of of buyers already lined up looking for specific mobile homes so I'm able to match them with someone that about a mobile home. But if you're brand new to this, the way you find buyers is by marketing on Facebook, Marketplace, Craigslist, offer up. And you're posting the mobile home out there, Hey, I have this three bedroom, two bath for $12,000. Must be moved, has to be moved within 30 days. You write that, you post some really good pictures and you market it. Remember, the price that you got under contract is not going to be 12. Hopefully you get them under contract for the 8,000, you sell it for the 12 and the four goes to you. Okay, so once you get this mobile home on the market, people are going to start inboxing you, they're going to message you and say, hey, I see you got a mobile home for sale. I'm interested in purchasing this mobile home. When can I come and see it? My rule of thumb is I'm not a realtor, so I'm not doing a showing for every single person that's interested. The way I like to work is to have an open house for everybody at one time. Two reasons to that. The two reasons are, number one, I like to have multiple people at one showing so they can be like, oh my gosh, there's a lot of people here, I gotta buy it asap. All these people here, I need to make an offer. Number two is because gas is expensive and we don't want to be driving around driving people back and forth to this house, okay? That is the way that I like to conduct my open houses. Another question I get is, well, what do you do if you get multiple offers? Well, typically I like to let the people walk through the house and if someone has an offer, I'll pull them to the side and allow them to talk to me. And the way I explain, explain it to them is, listen, this mobile home is for sale. As you can see, there's a lot of people out of here. There's a lot of people out here. What we can do is if you want to move forward, you can meet me at the DMV tomorrow, but you must give a deposit today. Typically, the deposit I'm trying to get is either going to pay myself out or my seller out. In this scenario, remember we went under contract for eight, we're selling it for 12. I'm going to try to get as close to $4,000 as possible so that I can already be pay paid. And when they meet me, that money is going straight into my seller's account. Okay? So for me, what I am doing is I am going to reach out, have my open house, get the buyers to buy into looking at the mobile home. They want the mobile home, and once they want the mobile home, I need money to go. I need money right then and there. And the paperwork that I'm filling out is the bill of sale. The bill of sale is just stating, hey, Bobby gave me $4,000 with the remainder of $8,000 due tomorrow when we meet at the DMV or wherever it is you all transfer titles from there. Once I get that bill of sale written up with the remaining amount, I'm going to let the homeowner know, hey, I got the mobile home sold. I would love for you to meet me tomorrow at the dmv. What time works for you? I can be there at noon. Give me two times. I can meet at noon or I'm free anytime after noon. I'm going to reach out to my buyer and say, hey, what time works for you? Afternoon. We can be there at 2:15, no problem. Remember, I either I have all of my money up front or as much of the $4,000 as possible in my possession. From that point, when I get my seller, my buyer to meet me at the DMV, typically I like to do those meetings about 20 to 30 minutes apart. I have the seller come in, they'll prep all the documents. I'll tell them we're going to wait for the buyer. The buyer then comes in, I'M like, hey, there they go. Give me one second. Once I get them to the counter, they sign as they sign. I like to get a cashier's check or cash, whatever it is my seller prefers. And the transaction is done. We standing outside to take pictures and moving on to the next deal. Now, if I agree. Because this is another question. If I agree to make sure that the mobile home was moved, Remember, you're the coordinator between the seller and the buyer. So what you're doing is making sure the agreement that you agreed to are met. It has to be moved within 30 days. If your buyer has their own mover, you need to make sure you have the mover's contact information that they understand that the home has to be moved within the 30, 30 days. You want to know a date that they're coming so you can stay in contact with the seller. Hey, just want to let you know, between Thursday and Friday, the mobile home mover is going to be on your lot, and they're going to be prepping the mobile home for move. Over communicate, y'. All. I can't stress that enough. You want to over communicate so the seller knows what's going on, the buyer knows what's going on. Again, you're the middle person in between the two. I had a situation where I was getting a mobile home move, and the seller didn't want to let the title go until he knew for sure that I was going to get the brick underpinning removed off of his property. And I'm like, okay, no problem. I'll give you the money. I'm going to get it moved. And he was an older gentleman. He's like, no, how do I know you know, I trust you, but how do I know that you're not going to run off with and not leave me here with all this brick? I'm too old to get the brick done. I said, how about I get you a brick removal agreement? He said, I like that. I said, and in the agreement is going to say, once the mobile home is moved, you give me at least two weeks to get the bricks removed. Now, keep in mind, I had already spoke with the buyer and told him when the mobile home is gone, you have to take the bricks with you. But he wanted something in writing just to satisfy the agreement that we had. So I put it in writing, right, to appease him and to let him know, hey, you can trust me. I'm definitely going to get this done. So whatever the terms are, y' all agree to make sure you stick with them. Just because you got your $4,000 does not mean you cashed out and you done. If the park, if the buyer needed to get approved by the park, you make sure hold that money, don't spend it until the buyer is approved. You want to make sure all moving pieces are going to form together and work perfectly. You let you stay in contact with the. Before you sell a mobile home, you want to make sure what the lot rent has been paid, what the background requirements are. People, not people, often ask me, do you coordinate with the park or let them know what's going on? Yes, I do. But after I have them under contract. And the reason being is unfortunately, once I told the park one time before, oh yeah, I'm trying to buy this mobile home. Oh yeah, what's the lot number? I didn't know. I just gave it to them. Lot 26. They went right over there, talked to Ms. Mabel and did what? Bought the mobile home from under me. So now I will talk to the park once I'm under contract and let's say that the seller lied and they're not one month behind, they're two months behind. Our price would just change in our contract because you told me it was one price and actually it's another due to what's owed. Okay. When wholesaling mobile homes, you have to go to the tax office. It's very important. You want to make sure that the balance is paid off. Typically, you cannot get the mobile home move permit if the taxes are not paid. So make sure you visit the tax office to make sure that the taxes have been paid on the mobile home. The tax permit. The mobile home move permit comes from the tax office. As long as the taxes are paid, there's no charge to that. But once you're applying for the permit, you need to make sure you have the mover's name, the mover's address, the license number, the serial number, the size of the mobile home, where it's going to, where it's coming from. Typically in the state of North Carolina, they will write the permit from the seller to the buyer. Okay. So you need to know the name of the person that originally sold it and where it's going to. So have the old address and the current address. Do I need an attorney? Do I need an attorney? No, you do not need an attorney to close on mobile homes because they are personal property. So remember, these mobile homes are tax tagged and titled how personal vehicles are. I have a student in Michigan, she told me that they transfer titles for vehicles at the secretary of state. That's where they tied a vehicle. So that's where she had to transfer her title for her mobile home. So just contact your state to see where you have to transfer these mobile homes. Keep in mind, going back to the attorney question, you will need an attorney if you're selling a mobile home and land. If you're selling a mobile home and land, if you're dealing with just the mobile home, then you typically will not need an attorney. I do know individuals that will use a title office sometimes to hold the fee, but it's not really necessary. And last but not least, how much money do you need to get started, y'? All? Money to get started. I always tell my students, you need the money for advertising your marketing material, your bandit signs, your flyers. Are you buying yourself some T shirts? You need money for marketing materials and gas in your car. So maybe $200 to get started. Once you get your marketing up, the deals will definitely come. The deals will definitely come. And last one, what do I do if it's no title? I asked mobile home movers this, the dealership owners this, and the DMV this, and they all told me the same thing. In the state of North Carolina, you can purchase on the bill of sale. There are a couple other states out there you could purchase on a bill of sale. Typically they say, hey, no, don't you want the title to show ownership? But again, y', all, it's personal property. So you can transfer mobile homes with the bill of sale. It is really going to be personal preference. So until next time. I will see you all in the next video. Remember, follow me for more information on mobile home investing. Sam.