In this blog post we’re going to introduce you to Kim who is one of our newest students. She actually turned a $500 opportunity into $8,500 on her first deal. And she had only been with us for 2 or 3 weeks at the time of this interview.
Kim’s skill set is in financial services where she helps families with their retirement plans, investments, life insurance and things of that nature. She worked as a Director at the Poverty Education Department of a company called Access of West Michigan.
Since COVID hit she hasn’t been able to run workshops and help people like she’s used to so she started looking at other options. That’s when she came across our YouTube channel.
At the back of her mind Kim always thought that one day she would get into real estate but the training and capital requirements held her back from getting around to it.
But with mobile home investing there is no barrier for entry. You can literally get started with $0, and so the idea caught her attention. Through Kim’s work she was aware of the affordable housing crisis in America, and the demand in her area in particular. And that was a big motivating factor for her to jump in and get started.
Kim says what surprised her the most after joining Trailer Cash Academy was the camaraderie and teamwork we have in our community. She also said the niche itself sounded too good to be true at first. But she realised that it isn’t, and the systems we’ve shared with everyone really work.
So in this blog you’re going to read about Kim’s first deal and how she applied that mentality of being a servant leader to her role as a mobile home investor. She definitely had some great gems to share with us.
Kim could have closed her first deal for just $1
but she refused
Kim was able to find a home for $500 and flip it for $9000 at a $8500 profit really quickly. So we asked her to walk us through how she discovered this deal and what the seller was going through that made them willing to give up the home for $500.
”So I was following one of the strategies that I learned from the accelerator program.
And as I was approaching one of the park managers, a gentleman actually happened to be in there wanting to sell his home to the park manager. And the park manager evidently wasn’t trying to buy it.
I was actually trying to inquire about another home that I believed the park was trying to sell. But as the conversation was going on, because of COVID, I stepped outside and waited for him to come out. And I was like, ‘Hey you looking to sell your home?’
And he said,‘Yeah.’ And I’m like, ‘Really?! How much are you asking for it?’ He was like, ‘I don’t know.’ So I was like, ‘Well, where is it?’ And he’s like, ‘Well I live around the corner.’ Then I said, ‘Let’s go see it!’
And so we went and his wife was there and they have a son and they were in the process of getting ready to move. Their mom was moving closer to her job. So she was gonna sell them her home. Which worked out to be a great deal for them.
And so it was just a matter of timing, a matter of acting quickly, a matter of just asking the right questions. They were going to push it off a little bit, but I know when you find a motivated seller you want to actually have that sense of urgency. So it wasn’t time for me to say ‘Well let me think about it this.’
So then I’m like ‘Let me do a walkthrough.’ And he says ‘Yeah.’ But his wife was like ‘No, I got stuff everywhere. And this, and that.’ And so I’m like ‘Girl, I got kids don’t even worry about it. I promise. I ain’t even looking at nothing. I just want to see the shape of the home.’
But I had already started doing an inspection on the outside. By the time she was ready to let me in I was like, ‘Girl, I’m good.’ Then we came up with a price and I was like, ‘Okay, let me get my paperwork.’ And we made it happen.”
So here’s the amazing part. Kim had the chance to get the home for $1. But she refused to accept that. She preferred to give them something for it. She explained why.
”Well the seller was just about ready to leave. And I think, when he was coming out of the park manager’s office he was discouraged.
When we finally got to his house and I asked him how much he wanted for it, he said, ‘Man, whatever, I’ll take a dollar for it.’
But I said ‘Well let me start off with about $1000. Because you know? It’s a home!
I’m new to this and all but I want you to be happy. I don’t want you just giving away your stuff because I want the home. And I’m quite sure if you’re moving and you’ve got a family, you can use the money.
So I’m here to brighten up your day, not just take advantage of you.’”
So what ended up happening was when she looked around the home a bit more she found out there were a few cosmetic repairs and things that would need to be done.
So Kim just told the seller ‘Well, how about 500 cash?’
And the seller agreed to that.
The seller and his family were good folks
Kim says they were a really nice family to deal with. The seller fixed a lot of the little odds and ends that needed repair. He fixed an entire broken door inside the home, painted the porches for her with fresh paint, and brought the outside of the home up to park standards.
That’s a blessing right there because a lot of sellers wouldn’t have taken the time and care to do that for you.
We remember when we had Kim on a call our honest advice after we saw pictures of the home was that the Big 5 Repair Items are good to go. The rest of the house was just a bunch of cosmetic issues.
When Kim finally put the home back on the market she got 316 people responding to her marketing strategy. It also validated the fact that there is definitely an affordable housing crisis going on and connecting people with mobile homes is a worthwhile service.
The potential buyers that showed up included families as well as other mobile home inventors. The buyers that Kim ended up selling it to were some people who had come to the property before the advertised showing time. And she just got along with them.
So she ended up selling the property wholesale for $9000. She says the buyers weren’t concerned about all the cosmetic repairs that were needed.
”And he made me an offer and we just took it from there.”
“We went to the bank and we did everything and they were so happy and we took a picture outside of the bank that you guys saw.”
The great thing about mobile investing markets is that when you put up a home for the right price, the buyers will come.
As long as you’re not being greedy. And you’re just being honest and transparent about what needs to be done to the home. Believe us when we say that these buyers, because of what’s going on with the affordable housing crisis, they’ll go in. They just want a place they can call theirs.
Why Kim wants to own a mobile home park in
”Yeah, after that first deal, like I said, it really made me a believer. Willing to take action.
So one of my long term goals is honestly to do something big for my family. I think 9 times out of 10 I see myself buying a mobile home park. That will be the ultimate goal.”
“Just because I want to help people build and make decisions long term.
In our community, I know there can be a stigma when it comes to manufactured homes. But I’m glad I’m a part of destroying that myth.
I see the amount of families needing homes and how we can make affordable homes for people, because once you buy the home you’re just paying Lot Rent. You know what I mean?
Right now people are in crisis. They’re having to rent apartments for $1,500 and they’re making $12 a night. That ain’t making no sense.
Let me help you. Even if it’s for a few years. So you can save up and be able to do bigger and better things. This is just another avenue for me to use my skill set and help families get financially secure.
I don’t ever like to see people in bondage when it comes to money because we live in a place of abundance. You just got to get around the right people with the right mindset. We ain’t supposed to lack nothing.
So if there’s any way I can help with that, then I’m down for it.”
We think that Kim really embodies the type of mobile home investor we want to work with. The type that becomes one of our most successful students. We always say, if this is just about money for you it can only take you so far.
Yes, you’ll get a few deals doing that, but you’re not going to have meaning and purpose behind what you’re doing.
Some people just need a stepping stone while waiting until they can have enough money or have the right credit score to get into a single family home.
So that’s what we like about mobile home investing. It really makes a difference.
“So they were a great family. They were a working family. But they needed me just like I needed them. You know what I mean?
And sometimes just getting that win, that’s the start. Because then they’ll be like ‘Man, we didn’t make progress. We got hit by COVID. We did all this hard stuff. But now we’re at the next level.’
They need to see that picture. It was a step up for them. So what we do is amazing. It’s just not just for the money. It’s because we bring value to people’s lives. And that’s what I love about it.
If we’re doing anything and we’re not really bringing value to people’s lives, then it’s not worth it. Because at the end of the day money…you know what? Money ain’t enough. It ain’t enough. We need to make an impact in people’s lives.
And the bigger the impact we make, the more revenue that we’re going to have coming in.”
Want To Become a Successful Mobile Home Investor?
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It’s about a student of ours who made a $10,000 profit in 48 hours selling a used mobile home.
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