We recently interviewed one of our Accelerator Program students, Ken, who recently came to the US from Hawaii. He’s done some amazing things so far with 3 deals in 81 days. But on his most recent deal he made $17,600 in profits and closed it in 5 days.
What’s really cool about this deal is that it’s a 1 bedroom 1 bathroom Park Model home. You don’t see deals on these types of homes happen everyday because there’s generally not much demand for homes in that size.
So we’re proud and excited for his success. We wanted to support Ken more on his journey so we decided to bring him into our actual one-on-one coaching sessions and throw in access to our Mastermind community where he can network with other Accelerator Program students.
Ken operates out of Phoenix, Arizona, and we know there’s a ton of opportunities in the state. We get more leads through our marketing than we’re able to close. So there’s plenty to go around and Ken is in a perfect position to seize those opportunities.
So in this blog we’re going to talk with Ken about how he managed to sell a Park Model home with the help of one of our top coaches in Trailer Cash Academy, coach Mark Anthony.
Selling a Park Model Home with the help of our coaches
At the time we spoke with Ken he had literally just cashed his check for $17,500 the day before. We asked Ken what it’s been like getting into the mobile home investing business after having moved here from Hawaii.
”A little bit of everything happened this year. Obviously we moved up here because we had some great job opportunities. Unfortunately they fell through because of COVID.
So we were praying and sticking to our beliefs of working hard. Then we came across your program and it opened our eyes to something that we’d never seen or heard of. Long story short, the rest is history.”
“To be honest we moved here from Hawaii a couple of years ago. And there’s no mobile homes in Hawaii. Like zero. So to be a part of this, to learn and just execute…I’m still a newbie but it’s been surreal.”
We teach our students to focus on single-wide or double-wide homes. So for Ken to go out and try to flip a Park Model home was something different.
We know that Ken reached out to our coach Mark Anthony for tips and guidance on this deal. But we asked him how he even knew there was some potential in selling this type of home.
”I drive through this park quite often. I just really like it. It’s one of those parks that I would love to live in if I was in that situation, that age group.
And I always drive through it maybe twice a month. And that day I drove through and I saw a new sign up.
The house looked almost flawless. There’s a lot of older models, 1970 plus models. This one looked really new and I saw the sign and it said $4000. And I was like, ‘Wow, that sounds pretty good for that model looking that good.’ And when I called the owners, sure enough, it was a 2017 model.
It looked brand new and there were a few other brand new models around it. And I just couldn’t believe the price that they were asking for it.”
Next we wanted to know more about the situation with the seller. How come they didn’t just sell the home on their own? What was their biggest challenge?
”Yeah they were in an unfortunate situation. They had been dealing with COVID and some medical problems.
The house was paid off on their end. So they were essentially okay to let it go quickly. They were still paying the Lot Rent 3 months after it was vacated. Because the house was empty when I called them. So they had their situation and they were willing to let it go for an awesome price.”
“So this park again is a 55 plus. I’m definitely not 55 years old, neither is my wife. So I just told her we gotta make a move somehow. This is too good to be true of a deal. So we worked with her parents and they were willing to help us through the process with the park.
And through that process the homeowners were actually willing to work with us. We ended up really just making it work for both us and the park. We got the title in hand. We put down our earnest deposit and I basically had buyers ready.
We actually closed the deal without even being put out to the park through a whole leasing agreement.”
Ken and his wife had done their due diligence and research before giving an offer just to see what the comps were in the park.
”Yeah, I was somewhat familiar with the comps.
Again, just being familiar with that park in general and how they’re bringing in new park models. And those things they’d go up to $50,000 brand new, fully loaded.
For a minute we were thinking about holding onto it and actually renovating it, putting some money in.
But we just had the buyers and the deal was too sweet already.“
We agree that wholesaling it instead of fixing it up was the right strategy. Because Ken and his wife are still new in this business and they need to generate as much revenue for their business as possible. But we do think they could have sold it for a little bit more.
It’s okay though because we say this all the time, get in and get out. You don’t have to necessarily hit a home run. You don’t have to be so greedy that you’re just sitting with this home paying a Lot Rent month after month.
For this particular stage in their mobile home investing journey it is better to be able to get in and get out.
Ken and his wife had done two smaller deals prior to this one. Having that little bit of experience was also a factor in them closing this deal.
”Every deal I’ve done, even deals that haven’t panned out, they leveled me up a little bit more.
So I don’t know if I could have handled this one. ‘Cause this one felt heavy. It was a big deal overall and probably wouldn’t have gone as smooth. Probably wouldn’t have seen it to the end. I don’t know.
But from the first deal to the second to this one, it really helped.”
What got Ken over that uncertainty on this particular deal was getting advice from our Trailer Cash Academy coach Mark Anthony throughout the whole process from start to finish.
”Yeah, he’s always phenomenal. He’s always willing to answer questions, always willing to ring me on a phone call.
And this deal I said, ‘You gotta call me quick.’ And sure enough he’s in the middle of his business and life but he drops it and gives me a call.
It was a little tricky at first trying to put everything together in a 55 plus park. We even had someone that wanting to move the house out originally. And we decided to stick with it in the park just because it’d be a simpler process. Less hoops.
Coach Mark was just always calling me back answering questions. Almost holding my hand through the process really.”
That’s what we love about Mark. It’s so funny. Like even when we have our coaches meetings and things, he’s underneath a mobile home, still on the call like doing stuff, splitting homes and things. Like he never stops. If somebody needs help, he’s got such a heart to serve.
And right now he’s working on moving 13 mobile homes. So he never stops but he’s always willing to take a moment and help anybody in need.
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