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053 Engineer Flips Mobile Homes to Retire Early with John and David
Episode 53
Welcome back,
In today’s Mobile Home Investing Lessened podcast #53 we are talking to active Mobile Home Formula investor David. David has been mobile home investing in the state of Virginia since beginning working with John in 2022. In this short time working together David has become more confident investing in mobile homes, knowing how to help mobile home buyers and sellers, and has even transitioned into a full-time mobile home investor.
David was able to retire from his electrical engineering career and invest full time living off of his mobile home flipping profits. David has overcome normal fears and mental roadblocks, compulsions to be a perfectionist, fear when talking to strangers, and learning a completely new skill set/career safely and quickly.
Pro Tip: Mobile home investing and real estate investing is not for the weak.
Use the time markers below to fast forward the podcast.
- 0:00 Restart mobile home investing?
- 1:32What would you do differently?
- 2:52 Working with John.
- 4:50 The cat mobile home deal.
- 8:50 Deposits refundable?
- 13:40 Getting approved with no W-2.
- 14:59 Quitting
- 19:37 Common mobile home repairs.
- 22:25 Being a perfectionist.
- 26:10 Selling safely
- 29:41 Cheap buyer story.
- 32:30 Average repair budget?
- 37:20 Advice for others.
We are all scared in the beginning.
How could starting a new business and putting yourself out into a new world not be scary? We are all human, and most of us do not like to feel insecure, unsure and new at something.
Mobile home investing is not just one thing. Mobile home investing is a combination of dozens of skills and new knowledge to learn and possess.
As a successful mobile home investor, you should be able to…
- Stay within an advertising and marketing budget.
- Successfully negotiate with sellers.
- Talk to strangers.
- Help people in need.
- Start investing on a budget.
- Analyze repairs.
- Perform due diligence on parks, homes, and mobile home titles.
- Screen and negotiate with handyman.
- Structure win-win deals with sellers.
- Learn your state’s mobile home laws entitled procedures.
- Juggle multiple properties at once.
- Successfully talk to and work with mobile home park managers.
- Purchase and add mobile homes to private land you also own.
- Profitably move mobile homes to new locations and completely set them up.
- Establish purchase price and resale price for every mobile home you find.
- Overcome title challenges on a regular basis.
- Learn to screen cash buyers and payment buyers.
- Increase your marketing in cost effective ways.
- Scaling and automating your mobile home investing business in the future.
Most of us start mobile home investing with little money and very little knowledge of this industry. How are we expected to stumble our way to success without failing multiple times? If you plan on learning this business on your own through trial and error, please remember that you can always reach out to ask questions at the email address below.
Pro Tip: We all pay for our education eventually.
Making enough money to retire.
Replacing your current income with the profits from mobile home investing does not happen overnight. This only happens with consistent effort and correct daily action towards your financial goals. David had zero money coming in from mobile homes when we first met.
Through all his fear David continued to push forward, ask questions, take action, and check in regularly for updates and feedback. Nobody saw this
Published on 10 months ago