Q & A for Newbie mobile home investors

What's up everybody? It's your girl, Nicole Briscoe, AKA the mobile home mommy. AKA the head coach for mobile home elite investors. Let's get into it. So I wanted to do something different today and answer some questions. You know, a lot of times you all will inbox me or say, hey, how do I find parks? Or how do I find deals? Well, guess what, we have two newbie investors here also with some bumblebees in the background. Don't worry about it. And we just gonna answer some questions. So let's get this started.

Okay, so first off, how do I get started in Oklahoma?

Texas? Okay, so how do you get started? So typically what I would tell people to do is to one, do your research. Start with YouTube. YouTube University is free, right? So you can get on YouTube. You can start researching mobile home investing, see what it all comes with and see if it's something you like to do. Next thing I would tell you to do is to invest in a course or a mentorship. It is important. Some people are self starters, no problem. That's how I started. I bought mobile home elite investors course and I got started. I screwed up a lot, but I made my way. I made my way or mentorship. Some people need hands on mentorship. There are several programs out there that offer it. Of course you guys know I offer it, but there are several people that offer it as well. Do you need a lot of money to get started? So do you need a lot of money to get started started? So typically if you're going to start off fixing and flipping mobile homes, I like to tell people 8 to $10,000 to get started. Or if you're going to wholesale, I say at least $50 to allow you to buy some gasoline for your car to drive around. And the other portion of that money can go to buying some bandit signs. Bandit signs are the signs you see everywhere, every corner that say we buy houses, we buy mobile homes. You want to buy those to advertise. So that's the money you need, the capital you need to get started with wholesaling. But fixing and flipping, I would say about 8 to 10k. Yep.

So can you explain wholesaling? I kind of understand the fixing and flipping segment, but could you explain wholesaling?

Sure. All right, so explaining wholesaling mobile homes, let's say you meet Larry, he's motivated to sell because he's behind on his lot rent and he has to hurry up and get out of the park. He doesn't want to lose his mobile home. Right. To the park because he's behind on the lot rent. So he sees one of your bandit signs. Do, do do, do, do, do do. He calls you and say, hey, I need help. I need to sell my mobile home. You come out, you offer, you give him an amount. You say, hey, I can help you sell this mobile home, Help you pay your back lot rent. He says, okay. You explain to him that you're not going to personally buy it. You who you know will be interested and who will qualify to come in the park. He says, okay, long as you can get me X amount of dollars. Let's say you all agreed on $4,000. You agree to the four. You go out, you market the home, you post it for 7,000. You find a buyer. They come out. Excuse me. You get your buyers to come out. They view the property. They're interested. Once you do that showing, you get Larry his 4,000. You cash out on your 3,000. So wholesaling mobile homes is a strategy where you don't put any money down, but you do all of the market into the mobile home. Make sense? So you just promising Larry, I'll get you the 4K. Just give me access to market your home. Of course, you get him to sign a contract. Anybody, if it's in a park, like we said, you want to make sure that they're approved by the park, but you're just connecting the seller and the buyer. Boop. And collecting your assignment fee. Lot rent. What's lot rent? Lot rent. Okay, so when you're purchasing mobile homes in a park. When you're purchasing mobile homes in a park, you're on private land. The park owns that land. So essentially, you're paying them to rent that spot. The lot rent in the state of North Carolina normally runs from about, I'll say, 200 to around 350. I know Lamont has done some deals as well. Would you agree with that amount about. Yeah, about. I'm gonna say 150 to $300. And with that being said, yeah, it normally includes trash, water. Trash and water. I would say trash and water. Kind of like a HOA fee. Yep.

Okay, so I know you mentioned that the. Whoever is interested in the home has to be approved by the park. How does that. How does one go about that? Is it typically strict? Is there certain requirements as far as, like, income, credit requirements, anything like that?

So each park is different. So you need to check in with the park manager or the park owner, whoever runs the park, to find out what the park requirements are. Majority of the parks are going to ask you to run a background check. Some may even ask to run a credit check just to see what type of person that you're bringing into your park. So a lot of people ask me that question. I'm trying to apply to this park. They told me they're investor friendly. But why they need to run my background check? Because you want to come into their park. They need to make sure you are who you say you are. So there's nothing wrong with them asking to run your background and your credit check as an investor. But what I will tell you is if you do find a park that you like and they do want to run those requirements on you, make sure, make sure that that park has more than one deal that you can do. Because you don't want to be in several parks and everybody's just running your background and your credit check. So make sure you invest in a park. They want to run it, no problem. They have four or five vacant lots you can work on and a couple of handyman specials that they can offer as well. So just make sure it's multiple deals in that park. So if you're just getting started, would you say what would be the best strategy? Like wholesaling or picking and flipping or. So it really depends on you. How much money do you have to get started? Do you have a full time job? How much time do you have to commit to this? So personally, for me, when I got started, it was in the middle of the pandemic. I was still working full time, out running, but I knew, okay, I'm working full time, but this is my desire. How can I make this work around my schedule? So for me, I woke up early in the morning to get some deals done. I woke up, excuse me, I work later at night to get things done as well. When I started, I took out a personal loan to fix and flip. By the time I got to house number two, I ran out of money. So I learned how to wholesale. How about you? How did you make time? Because you still work full time, right?

So same thing. So getting started early in the morning and staying up late to get it done, did you.

Do you have any systems or people in place to help you?

Yeah, so jv. So I JVD on a couple of deals, so that's helped. So that way you can split up the work between yourself and a partner. So that also help.

Listen, y', all, this mobile home investing is simple. It's not easy. You will get hung up on. You may get cussed out. One or two Times. But even though Shirley cussed you out once or twice, maybe get Shirley a week or two and call her back. Y', all, that don't mean give up. That doesn't mean mobile home investor doesn't work. You may have to pick up the phone and say, hey, girl, how you doing? My name is. I'm joking. Seriously, y', all park managers, park owners, they're human just like us. Talk to them. We need to let them know that we're problem solvers. I drove through your park. I see it's empty as fuck. Let me help you fill. Let me help you fill these lots up. Let's keep it real, y'. All. Can I talk? Can I keep it real? Come on. These lots are empty. Let me help you. Okay? And I'm going to help me in return by bringing in qualified buyers to your park. I'm going to make some money off of it, and I'm going to get you some money. You got. Okay? You don't have vacant lots. Look at all these raggedy mobile homes that's sitting over here vacant. I understand you're not investor friendly. And of course, guys, I'm being serious, but I'm joking as well, right? You need to let them know that you're going to be a problem solver. For their part, look at these vacant mobile homes. I have a handyman team that can come in and help you fix these homes. If you allow me to come in here, get these homes for $500, I will even go as low as free and give me at least 2 months free lot rent and I will fix them up. And make sure I bring you in a qualified tenant. Well, someone may be saying, well, that's all helping you. You just got the home for free or up to $500, and they just gave you two months free lot rent. How much is that? How is that helping them? Well, let me tell you, Susan, the way it's going to help them is you can guarantee and say, and with you giving me that, I'll guarantee that this home will stay in the park for a minimum of three years. Now, you told me, Mr. Park Owner, that these mobile homes have been vacant for the past three years, and that's $300. Somebody do 300 times three years. You want to know how much 300 times three years is, which is 36 months. That is $10,800. Mr. Park Owner has lost a lot of money. You just guaranteed him that you will give him $10,800 for three years by letting you bring this home Back to life. Not only is that helping him, if he wants to eventually sell his part, he can show before and after pictures of work that you and your crew did. So again, I ask, you sure you not want to work with me? Make sense? What would you add to that? Yeah.

Relationships. As you said, relationships are key. I just started not too long ago, like Nicole, and developed a really good relationship with the park manager. So much to the point where I just recently got a deal where she was able to give me a home for 700. Right. Which that deal was good for the entire month.

Right.

So I had an entire month. So what I did is I went ahead and marketed the home. Right. The home is now sold for $5,500. No money out of my pocket. And it was a 4800 profit, all from building relationships with apart manager.

So somebody need to. You ain't gotta rewind it. I got you. Listen to this. Watch this. So you built a relationship with the park manager. That's Number one. Number two, she gave you a home for $700. That's all she wanted you to pay for one month? Yep.

And that was just a back lot rent?

That was the back lot rent? Yep. I'm assuming she evicted him, put him out. She just gave you the home? Yep. You marketed the home for. You said 5,500? Yep. You market the home for 50?

I marketed the home for 5,000.

You market the home for 5,000?

I had several inquiries.

Okay.

And I had someone that gave me a 500 deposit to hold it.

Okay.

While they were approved by the park.

So that was 5,500. So you got your 700 back and some that spend. Right. I never.

But I never put out the 700 because she said the deal was good for the entire month. So I had. Granted, she gave it to me. It was maybe midway through the month, But I still had two weeks to market the profit.

Okay. Okay. So got you. So she said 700, do what you want. So within two weeks, you found somebody who would pay $5,500 for it. You took the stuff, 700 out of that, gave it to the park manager, and took the rest of the cash and put it in your pocket. So they got their money back from the. The back lot rent. Now they have a tenant who's going to continue to pay them, and you got. Renee caught the process. Did y' all catch it? Did y' all catch it? All right. Okay, okay, okay. That's what I'm saying. Y' all build relationships. You go out there to a Park manager, a park owner office, and you see nothing but Green Bay packers in there. Do you think you should walk in and say, hey, how you doing? My name's Charles. I'm trying to invest in your part. No, make a joke. How about them Packers? I don't know, y'. All. I don't watch football, but you better know I'm gonna talk about it. I'm gonna learn something about it. Be personable, right? If you see the lady just hung up, and she's. You're walking in the office and she's upset, and she hangs up. I'm sick of this. Da, da, da, da. I would say, oh, man, you having a bad day? What's wrong? Well, these people. Blah, blah, blah, blah. They keep calling me because they're behind on their lot rent, and they don't want this or they're doing that. Listen to Susan's problems, y', all, okay? In that moment, she doesn't need for you to come in there and say, hey, can I buy a house for $500? I got cash. No, she needs for you to sympathize and reflect with her. You know what? I feel like I'm preaching. I'mma move on. But y', all, seriously, we need to be personable with people. Be personable. Listen to what's going on in the moment, even when you're on the phone. I had called a park manager. I heard her talking to her dad in the background, and I said, oh, you take care of your father? She said, absolutely. It was a senior 55 plus community, right? But she said, yes, I take care of my dad. It's been a little hard on me. He has Alzheimer's. Is onset is. Da, da, da, da. It's progressively getting worse. At that moment, y', all, she just needed me to talk to her, and that's what I did. Build relationships. All right, y', all, well, that wraps up newbie questions. Any questions that you have, drop them below. I will try my best to get to them. Until next time. Peace.