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If you can't answer these three numbers, don't buy the deal. Number one, purchase price. Have you done your research? Who cares? Little Susie said she wants $10,000 for the mobile home. Is the mobile home worth $10,000? Have you comped it with other mobile homes in the area? Have you done your research by calling mobile home parks to see what their mobile homes are selling for? Remember, apples to apples, oranges to oranges. However that saying goes, if it's a 3 bed, 2 bath 1992 she's trying to sell, you need to comp it with a mobile home that's three bed, two bath between 90 to 95. It's okay if you can't get it exact, but what are they selling for in the area? Call other parks and ask. Call the mobile home dealership and ask. Look on Facebook marketplace Craigslist to see how much a three bed, two bath around the 1990s for a 9925. I'm sorry, juvenile popped in my head. You need to comp to see if that mobile home is even worth $10,000. Right? The next thing you need to do, we're talking about the purchase price. What is the seller's pain points? Why are they selling? Are they selling this mobile home for $10,000 because they're getting evicted at the end of the month which means you have less than three weeks to get it sold. Are they selling the mobile home because they are moving out of state or are they selling the mobile home because they're just know we're, we're just shopping around. The more urgent the request is, the quicker you can get the price down. So listen to the seller's pain points. Why are they selling the mobile home? And guess what? You need to be their pps, professional problem solver. If they say they need to sell because they're moving out of state with their child, I will go the extra mile to help to say let me see if I can help find prices for a bus ticket. You know, be the pps, the professional problem solver when it comes to the purchase price. I don't want you to ever base the price that you're going to offer them off of your emotions. Right? Stick to business. Just because Suzy wants 10,000, you've done your research and you've called everybody and you saw that realistically you can get this home sold very quickly for $8,000. Bottom line is $8,000 is the price you can get it sold for. You need to get her under contract for no more than five to six thousand dollars. So you can leave room not for you to make $3,000 profit. When your buyer come in, they're going to want to negotiate too. So make sure you're leaving enough wiggle room for negotiating and profit for yourself. Number two, rehab estimate. A lot of people walk through and they look at the mobile home and they say, oh, yeah, I know we could probably get this fixed for 5 to $7,000. It ain't gonna take a lot. It's a mobile home. Have you ever rehabbed a mobile home? Have you ever rehabbed a mobile home? When's the last time you priced flooring, Sheetrock, drywall, lumber? I need you to pull back the reins of thinking that you're the handyman and actually get three quotes. Three quotes. When you're getting these three quotes from handyman, what I need you to pay attention to is how much is this person charging me? What's included with the price? Did they give me a timeline of when things will be done? How much money are they asking for up front? Number one, timelines are important because you want to know exactly when the rehab will be done. Number two, the price. Just because they're giving you a price, I don't care if it's the cheapest one, it doesn't mean it's the best one. Okay, if someone gives you a price for 2000, someone else gives you a price for 7. And if someone gives you a price for 10, I'm typically going to go mid range. Okay? Now, the rehab stuff, that you can do yourself, great. You can save money on that. But I also want you to remember that really requires time. Side note, I remember when I bought my very first mobile home. I'm like, oh, it shouldn't be that hard to get a bucket of paint and paint these walls. I felt like the color purple all my life. I had to fight. It took so many coats of paint. I would never in my life do that again. Okay? Now I have no problem paying a painter and seeing the value of not using my time because it was too time consuming for this person that was working full time back in 2020 trying to paint a house. I really had no time. Okay? So when it comes to rehab, remember three quotes. And with those three quotes, you want to pay attention to timeline, cost, what's included, and if every. You want everything written out. Okay. And how much money that they're asking for. No one should be asking you for 50% up front. Most of us, they work 9 to 5 or used to work 9 to 5. We never get paid up front. So keep that in your mind. Fast cash or long term wealth? Most people don't know that. You could choose both. A lot of people think you need capital to get started. A lot of people have the capital and they're afraid to get started to grab more quick cash. Listen, you can do both. I teach wholesaling, fix and flip, buy and hold and a group home model all in my school community for less than $47 a month. And guess what? It's just not random people. We're a community and I'm live with my coaches in the group every single week to answer your questions. If you're ready to get started, today is the day. Stop binge watching. Join me on the other side. You see the link below. Number three, let's get into the lot rent in the park. Have you even asked if that part will allow you to rent out a lot in that mobile home? Have you inquired about what the park requirements are? Just because you want to purchase the property doesn't mean that they want you in the park. So my biggest advice, because I see people do it all the time, do not be caught as a sneaky investor. Okay, and what do I mean by sneaky investor? Get permission from the park to rent out. And if they don't want you to rent in the park, I promise you there are thousands of other parks that will allow you to invest. Okay, so talk to the park. Figure out how much the lot rent is because that is what's going to be your holding cost. Find out what's included with the lot rent. Is water included? Is it not included? I found some lot rents that actually include the cable bill. I thought that was pretty unique. So find out what's included in the lot rent. When is the lot rent due? Typically, you would think between the first and the fifth. Right. I have a part where the lot rent isn't due until the 15th of the month. All right, so those are things that you want to inquire about. How often does the lot rent go up? I'm telling you, you will find some parks that go up on the lot rent every year faithfully. And then you will find parks that haven't went up on the lot rent in over 10 years. Trust me, they're out there. And as a little side note, those are the parks that I want to be in. Why? Because they're typically mom and pop parks. That's not trying to raise or inflate the price of the the lot rent every single month. Okay, so lot rent and then finally, what is your exit strategy? What is your exit strategy? Are we going to wholesale it? Are we going to rent it? Are we going to sell it on payments? We got to figure out what's best for you, what works for you and your situation. If you know that this person needs to sell this three bedroom, two bath, you're getting them under contract for 5K and it needs to be sold by the end of the month and you really want to keep it, do you have the $5,000 plus the holding cost to go inside of the mobile home? Right. If that's not the case and you don't have the money to go into that property, that's when we move on to wholesaling. Hey, little Susie. I can't do the 5k for this home, but I have families that are looking for affordable housing and I'll be glad to help you get this home sold. You don't pay me anything. My buyers pay me a fee. I'll be glad to assist you in this side note. Y', all, this is called dedication. I'm freezing. I don't know if you can see my lips quivering and my hands are almost numb. This is dedication. It's freezing out here. Let's carry on. Let's carry on. So what is your exit strategy? Wholesaling it. Are we going to rent it? Did we get permission from the park or do you want to sell it on payments? Nothing wrong with selling it on payments. Just remember the difference between being the landlord renting and the lender renting on payments is with renting it, you'll have people calling you to fix maintenance issues. You'll have people that, you know, they make you have tenants calling you. But you'll own it always and forever. Steady cash flow every month with selling it on payments, which means that you are the lender. No one will call you, right? No one will call you. However, you're selling it on terms. I don't know if you're going to do two years, which is 24 months, or three years. I've had a student do 15 years. But when you reach that term, whether you do two, three or 15 years, then you give the possession of the property to the person that has now paid off their mortgage. Mortgage because you were the lender. So the cons of selling it on payments is eventually one day you're going to lose it and you're going to have to bring in another property to supplement. So what extra strategy works for you? Wholesaling to get your quick cash, you want to rent it where you have the money to put into it and have that long term cash flow dealing with tenants or do you want to sell it on payments where you get that long term cash flow or but it will stop at a point in time. Whatever the terms is you came to, those are the things you need to know in order if this deal is going to be profitable and right for you. Remember, great deals are made on the buy, not the sale. Now if you're like Nicole, that's great. I need it in one central location. I can give you my Mobile Home Deal Analyzer absolutely free by you joining my free Facebook group. Clicking the link and you can have the Mobile Home Deal Analyzer. That'll help you guide of how to analyze your deals. See you in the next video.