I started real estate investing while living in California. Just the standard single-family homes. I was never contacted about buying a mobile home. I expanded to Missouri where I had family, and while Missouri does have mobile homes (California does too, just not as many in my observation), I never ventured into purchasing them.
However, when I moved to North Carolina, I started seeing a lot more mobile homes and I got a few inquiries to purchase them. I held off basically because I knew nothing about them. I saw them as depreciating assets and therefore, in my narrow view, a no-brainer that they shouldn’t be touched by “serious investors”.
A catalyst – Changing Primary Residences
Due to personal circumstances, I found myself moving to Freeport, Florida and setting my eyes on investing in the Florida Panhandle and Lower Alabama. Well lo and behold, it seemed like there was a 50/50 mix of single-family homes (interestingly enough I’m not seeing any multi-family homes) and mobile homes. However, despite being surrounded by mobile homes, I continued to ignore them.
Mobile Homes – May Have Prematurely Dismissed Them
One day I was reading about investing in mobile homes on a social forum and I decided I may have too quickly dismissed the idea of investing in mobile homes. I ignorantly raised the concern about investing in depreciating assets, especially $70K plus for a depreciating asset on top of that. A long-time, well-respected member of the online community pointed out that I was completely wrong in my thinking. This prompted me to revisit my assumptions and start analyzing mobile home investing.
As with most topics, there are quite a few people posting on youtube about mobile home investing. I particularly found some videos on mobile home investing quite encompassing. After a bit of hesitation, I decided to sign up for a program on mobile home investing. What convinced me to join this program was the fact that the sponsor was engaging, it wasn’t simply “sign up for my program and please don’t bother me again” which is the typical program, but he wanted to be involved in your first three deals as well.
Mobile Home Investing Program
Well, first, let me tell you this blog is not meant to promote any program, even though I can understand how that can be assumed given its content. Instead, I see this blog as 1) having a conversation about how I did a 180-degree change in my thinking about mobile home investing and 2) passing along information you may find valuable.
What particularly sold me on the program was his continual involvement. Separately, why I’m willing to put in writing, on my own website, about this program, without compensation or referral fee, is that after he received money from me….get ready for this….are you ready?….ready?…he actually stayed actively involved with my mobile home investing. I asked a bunch of newb questions, and he still wouldn’t hesitate to pick up the phone or return my calls. That is what sold me, and that’s why I’m including his program in my blog. There are a bunch of gurus out there selling stuff, so I was hesitant, but his clear knowledge and experience shined through, and again, the fact he stays in contact after you’ve given him the money.
One more thing, the program has an amazing tutorial website. I was thinking it was something I could get through in a day or two. No, after 4 days I was still not halfway through it. Now, I’m gonna make a confession, I stopped there, and I didn’t finish all the tutorial material. Why? Because I’m the type of person that book learning only goes so far with me. You can explain something to me, but if it’s long and complicated, I simply won’t get it unless I’m experiencing it, and only then will the material stick in my head.
Mobile Home Investing
With the support I’ve received, I now see the value in mobile home investing and I’m comfortable pursuing these deals. There are a few strategies to it, but I’ve discovered the best one for me is the cash-flow strategy, where I sell the mobile home to a homeowner and I become their bank. This is a win/win as there are few banks that will finance a mobile home, and it allows people to get a home that they would otherwise not have.