Here’s why some people will get into mobile home investing and not see success: they come at it with a profit-making mindset versus a problem-solving mindset.
And this interview with our student, Priest, will explain the difference. So, if you want to win in this Game, read (or listen) close.
Sellers Were Worried About Getting Lowballed
“One of the first phone calls I got from a guy, he was worried about getting low-balled. And here, that’s what people do. Because their houses are worth like 70 grand. So people are hitting them with 15-20(,000 offers,) and they’re like, ‘I’m losing like 50 grand on this deal,’ so they don’t want to do it.
“And then I had another call saying the same thing…So I said, why don’t I just go to the side of helping them sell their home? And then once I’m in the door, if you need to sell it fast, I can also offer you a cash offer and go that route… When I said I’m gonna start helping them sel,l that’s when phones started popping in.”
That’s why we say in our program, don’t just focus on finding deals under $5,000. Or free homes. It’s not like that in every market. Priest is in Denver. Or even where we used to live, Irvine, California, you’re not going to find a home under $5,000.
With that type of mindset, you are doing a disservice to yourself, your future, and a lot of people out there that need your help.
Priest mentioned two clients who already went through getting low-balled. They know how that feels. So when he came and said, “Hey, I want to partner with you. I want to help you.” They were like, “Okay. That’s your unique selling proposition? You’re not like the rest of them.”
$6,000 Profit With No Money Down
“Each deal, I’m telling them my commission is $6,000. As far as what I’m doing, like a ‘dealer’ deal for them. And it works, so I sat back and the buyer came in. I interviewed them, brought them in, worked to get them financed, and did all that stuff. So it’s just a lot of legwork. And now she knows why I charge what I charge because it has been, I mean, back and forth, back and forth.”
Here’s another example of something we teach. With mobile home investing, you don’t always need to spend money to make money. If you understand that people will pay you for solving problems and making their lives easier, you’ll always be in a position to profit
The Upside Of Doing Right By People
I’ll tell you the blessing though, is that she is like one of the main popular people in that park. She asked me for a stack of business cards… And she’s saying that she knows a lot of people who want to sell, and then she’s going to be my interface to bring those in.
And she was asking, like talking to her son about ‘Quantos’ and I said, ‘If you get me a deal, I’ll give you $500… if it’s a confirmed deal.’ Cause I’m charging six grand. So I’ll make $5,500, she’ll get $500. And she was like, “Yeah, okay, let’s do it.”
“(As well as that,) she’s trying to buy a house. And her real estate agent asks for my card. Because the real estate agent… has tons of mobile home listings that she can’t do anything with. So it’s just like you said: treat people right and keep on pushing because it’s a numbers game.”
This is a people business. You do the right thing, time after time, and they’re going to go tell family members, tell friends, and tell people they don’t even know about your services.
There are so many people out here that are just trying to make a buck. “I gotta fix and flip. I gotta get that $30,000 profit.” And these sellers are just left there, feeling like they’ve been taken advantage of.
Kudos to Priest for identifying the Soul of mobile home investing.
Scaling To Other Markets
“I’m from North Texas, So the market in my hometown is that $5,000( range.) So what we’re doing now is I’m getting all my systems set up here, but my brother at home and then my buddy, who’s a preacher at my church at home, they’re ready. So I’m… getting everything lined up and I’m going to use my same advertising and just put it there and then work on that kind of stuff.”
Now that Priest has implemented our Blueprint and knows it works, he can easily expand to other markets. Involving his brother and his friend–people he trusts–is the Boots On The Ground approach we teach our students. With it, he can take advantage of the favorable market conditions in his hometown.
All he needs to do is show his brother and his friend the ropes, so they know everything he knows and can manage the business without him. He’ll be available to provide guidance and financing if necessary.
“I’m going to fly back home. ‘Cause I go home like once a quarter and I started going a bit more and just going to go to deals together. So have him ride with me and we go look at them together and walk through them. And show him like, ‘This is how you grade the parks. This is what we’re looking at in homes.’ And teach him, like, ‘You live in a house every day. So you know what to look at in the house.’ So just translate that to mobile homes, focus on the Big Five and go from there. And learn the same way I did, which was watching you guys’ course and going. Just getting your butt up, get in your car, call the number, and go.”
Just Do It, Just Do It, JUST DO IT
“I’ll tell you guys the biggest thing that got me is, I was watching you guys’ course and you said, ‘You know what? Just do it. Just do it. Just do it.’ It was a Monday morning. Got the kids ready for school, they all left. I said, ‘I’m just finna start calling numbers. I’m gon’ finna just call them and the hell with it.’ On the very first call she says, ‘When can you be here?’ And I was like, ‘I could be there in an hour.’ She says, ‘Alright.’ And I got up and I’m gone. And then that turned into that first deal.”
Priest is trained as an engineer and trades stocks during the day. So, doing a lot of studying and analysis comes naturally to him. He could have easily spent a year just consuming information and not taking any action.
But he got over his fears and hesitations and just started taking massive action. And that led to a $6,000 profit on his first deal with no money down.
The Right Mindset Beats Sales Tactics
“My motto this year is ‘shaking hands and stacking bands.’ Just meeting people and seeing what they need. ‘Cause they’re trying to sell their house. What I realized is that I don’t need to know all these negotiation scripts, because they want to sell. As soon as I walk in, they’re in full salesman mode and trying to show you everything, and you just flow with it.”
When you’re able to come to sellers and say, ‘Hey, I want to help you. Whatever your goal is, I want to get you closer to your goal,’ that opens up trust and you being on their side, versus just a buyer and seller relationship.
You don’t have to come in with a big sales presentation. They need to sell, you don’t have to buy. But when you have the right attitude, they’re like, ‘Wow, this person can solve my problem.’
When you step into that advisor role, that’s when everything changes. And then when you do good service, now they trust you and they’ll refer you out to their friends. Because there’s not a lot of people out there focused on mobile home investing. So you’ll easily be top-of-mind and dominate your market.
Growth Is A Natural Byproduct Of Doing The Right Things
“So the first phase is mobile homes in Colorado. Doing the dealer-type sales, getting the cash deals when I can get them. Phase two is moving to Wichita, Texas, getting things taken care of there. And also buying the stick-built rental homes in my hometown, cause they’re like 15 grand. So it’s the same stuff. And then phase three is, I have a good buddy and my business partner who’s in Detroit. Taking the business model up there and going from there.”
We see a lot of people come into mobile home investing and they try to do everything all at once. Because of this they lose focus, get overwhelmed, and end up failing. Priest is taking a more methodical approach, making sure his foundations are stable and that he isn’t overextending himself. This is the right way to go about it.
“Yeah, I’m just trying to stay focused. Because like you say, if you look at the whole goal, it’s just too massive. But if you focus on each step in front of you, you can keep pushing. Overall, I’m thankful. All the questions I’ve had have been answered in the forum. So, it’s been great.”
Want To Become a Successful Mobile Home Investor?
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