We got on a call with our Trailer Cash Academy student Ms. Bessie who had done her very first deal which was amazing. She got it for $750, turned it around and sold it for $14500 and is collecting cash flow on it.
Bessie is a full-time HR professional for a global bank in Tampa, Florida. Before getting into mobile homes she got herself a duplex because her initial focus was to try and build a portfolio with multi-family properties. And in this duplex she was ‘house hacking’ which is basically where you live on one side and rent one side.
But then obviously building her portfolio was going to take a lot of time so she wanted to explore other options that didn’t involve a bank, and could turn around quickly. That’s when she stumbled upon our YouTube channel and she started doing research from there.
So, in this blog you’ll learn more about the market over there in Florida and what Bessie did to secure her first deal.
Bessie found a 1968 model mobile home in great condition
“So, I purchased my first mobile home I would say mid July for $750. It’s in Lakeland, Florida, which is where I reside as well. It is an older property in a retirement community, a 55 and older gated community. Very nice.
But a lot of parks here don’t want to tear down. It costs quite a bit. So they do periodically look for investors to purchase and rehab the existing mobile homes.
So the one that I have is a 1968 model in very good condition. What happened was the person that was living there got behind on their Lot Rent. It went back to the actual community and the park manager was interested in getting an investor eager to do the work quickly and get it done.”
We were impressed that Bessie got a 1968 model in good condition because we would never have touched something that old usually. And then the park manager was gracious enough to give Bessie 3 months free Lot Rent too.
She was smart about her time, and she didn’t want to wait because she felt that it might take some time to sell it. So she started the rehab work about a week or two after purchasing it.
We found a good contractor and that took some time as well. We interviewed about 10 people.
Got the same price, but obviously you get a feel for people, you see their work or their demeanor, and you have to make a decision based on the work that they’ve done that they can verify. The pricing around it and the timeline.
They got the work done in about two weeks. We were expecting it to be done in a week, but it took a little longer, but it got done. It looks great. And I’m happy with the results.”
The buyer was so happy with the finish
After the rehab was done Bessie did a lot of online advertising for the home. She put it up online across various places by about August 20th and they had quite a few people reach out.
”Obviously they have to be approved by the park. They have to have minimum income requirements etc. So you have to jump through those hoops first. And then also talk through whether or not they have the cash, how much they can put down and all of those details outside of that.”
The buyers were open to her advertised down payment of $3000. And when the buyers came through to check out the place, they were really happy.
“I actually did the deal and signed the paperwork today.
After the first walkthrough they were so appreciative of us taking the time and were very thankful. They kept complimenting us on the work that we had done, and they were so happy.
Donna, one of the owners, was just so happy. She texted me afterwards and was like, I really like this home. I want it. Thank you so much for showing it to us.
It was just a good feeling to be able to help a couple out who was ready to make the move and own something of their own.”
Bessie had set up the remainder of the payment to be $300 a month for the next 4 years. She pointed out that a lot of different coaches and counselling teams say different things about owner financing. But she prefers to stay under 5 years.
Bessie’s advice for anyone on the fence about this
Bessie wasn’t sure about mobile home investing until about July of that year. And then in 90 days she got her first deal done.
She felt really happy with how the deal went, there weren’t any hiccups and she was grateful everything went as planned. The only thing that could have made it better was if she found a cash buyer.
Before we got off the call with Bessie we asked her to drop us a gem for anybody on the fence about mobile home investing
“I would say do as much research as you can. And if you’re not comfortable with what you find on your own, definitely look for someone to provide a little bit more insight. Like the two of you guys and purchasing your course.
And don’t hesitate. Just do it. That’s what my partner always says. Because I’m usually the voice of reason who wants to do all the due diligence. But you definitely don’t want to wait too long because you will let opportunities pass you.”
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