We spoke with a very special student, Rosalie, out of New Jersey. She’s been doing some big things out there on the East Coast. For those of you who don’t know, a lot of people have this false belief that mobile home investing just doesn’t work out there on the East Coast.
But Rosalie and her husband are proof that that’s just some head trash that’s been picked up along the way. She’s closed over $37,000 worth of deals in 8 months since joining us. On one of her recent deals she closed $25,000 in pure profit. And she’s got 5 more properties under contract just ready to be sold.
We’re so impressed with Rosalie and her husband’s performance out there that we made room for them in our brand new Scale Your Sales workshop. They’ve been such a blessing in our community and are inspiring so many others.
We think that they’re going to benefit a lot by just adding some delegation, some systems and some automation to their business. And so we wanted to give them access to the workshop event as early as possible. That way they can turn that $37,000 to $375,000 by bringing massive value to the market.
So in this blog post you’re going to find out what Rosalie discovered about doing deals out in the East Coast during the pandemic, and all the other challenges that go with trying to make mobile home investing a full time thing.
Closing a $25,000 mobile home deal in New Jersey
We jumped right into it with Rosalie and asked her about the deal where she made $25,000 in profit. We asked her about the seller’s situation and how she acquired the home.
”So the seller was in Virginia and the property was in New Jersey. She just wanted to get it off her hands. She was tired of paying the Lot Rent. That must’ve been frustrating for her.
So we did our inspection. We walked the home. And she asked us how much she can get for it.
At that point in our journey we didn’t have a whole lot of money to put down. We had about $10,000. So we offered her a lower amount in the hopes that she won’t feel offended too badly, and hopefully we get a yes. She said yes to $6500.
We were ecstatic. We purchased the home from her for $6,500. We did an electronic signature. She wasn’t even in New Jersey. It was amazing. So we did everything virtual. We wired the money. It was amazing because we were knee deep in COVID and I was like ‘I hope we can do this whole deal remotely’.
So we did do a power of attorney. She did show up to give us the keys and signed off on the power of attorney so we can act on her behalf.
We were able to use that power of attorney at the park. And once they saw that we had something saying we could act on her behalf they were okay with that. We were able to do work on the home and we just had to submit our Lot Rent on behalf of the seller and all was good.”
So this is an interesting case study for you all about closing deals virtually. A lot of our newer students find this concept a bit difficult to wrap their heads around. And that’s in addition to the fact that they might already be nervous about talking to people.
When doing deals over the phone or online the client might be skeptical from the start. So we asked Rosalie if she ran into any hurdles like that.
”Honestly, no. Because fortunately her mother lives in New Jersey and saw one of our bandit signs.
So the mother called us first. She screened us. And after she had a good feeling about us she said, ‘Okay, give them a call. I think they’re a company. I think they can get you what you need.’ We got the mother’s A-OK.
So then we were able to do business with the owner of the home. It worked out well.
We were a little nervous because we didn’t know exactly what they wanted or how much they wanted us to pay. But when they asked us ‘Tell us what we can get for it’ we were like ‘Okay, so we’re all newbies here.’”
Rosalie and her husband ended up putting in an additional $10,000 into the home for repairs. They hired a handyman based on the methods we recommend in our Trialer Cash Academy course materials. Once they emptied the home out they discovered that they really only needed some flooring work done, painting, deep cleaning and repairs on the A/C.
Mobile home investing success during COVID
Rosalie and her husband run their mobile home business while working full-time. We asked them what it’s been like managing that. For many people who are starting out in mobile home investing they are usually doing everything themselves and they haven’t yet begun to delegate work or add people onto their team.
”I hope my bosses aren’t listening. Because we both work remotely it gives us a little wiggle room. We can make a phone call to a buyer or seller and answer emails from work pretty much at the same time.
But for now we just try to split our day where, you know, if my husband goes out in the morning I’m available on the phone at home. Or he could see a property or check out a construction project and I could stay home with the kids.
So we split our day based on what we’re able to handle that day.
That’s one of my concerns, time management. It’s a challenge with a full time job and doing this full time, because it is picking up. People are calling us. They want us to buy their homes.
So we have 5 homes under contract and we need to make it happen. It’s kinda like we’re splitting ourselves. We just don’t want to burn our candles on both ends. So that’s a bit of a challenge.”
We’re really big on time management and saving time. It becomes more and more important the better you do in this business.
So in our new Scale Your Sales workshop we go over all the ways that mobile home investors can start to increase their sales without feeling overwhelmed and out of time.
Another concern a lot of newer investors have is whether COVID is going to limit their ability to get out there and be effective in this business. But it turns out it really didn’t slow Rosalie down much at all.
”Honestly, not much at all. People still want to buy homes and they still need to sell them. I would say we’re just taking precautions like anyone else would given the situation.
We actually do have someone we partner with who is a realtor. He was interested in mobile home investing and he said, ‘Hey, if you guys need me to put you on the MLS let me know.’ And we’re able to work with him. So we actually have a few properties that are going to hit the MLS soon.
We were able to take some tips from him. He said to just have people sitting in their cars. If you have multiple people that want to see a property, sit them in the cars and wait. Say ‘Sorry somebody’s ahead of you.’ So that way we’re keeping them 4 to 6 feet apart and they’re wearing their masks.
We have hand sanitizer at the property. We try to just keep it COVID safe.
We have people that don’t want to wear a mask too. We just try to encourage them to wear a mask and we say ‘Hey, the person living here is elderly. We want to be respectful of that.’ And we just try to take those precautions because we do have children to go home to as well. So we keep that in mind and try to be courteous to others.”
Some students believe that the location they’re in is a limiting factor as well. Particularly the students we’ve had who live on the East Coast.
But Rosalie and her husband live in New Jersey and they’ve been doing just fine. So we asked her what her opinion is on doing deals from the East Coast.
”Yes, we did have those same thoughts. Mostly because that’s what we were hearing.
But honestly by putting our bandit signs out and doing our fake ads online we can read how much people are willing to pay for a home or how much they’re willing to sell a home for. We find that out just by doing it.
And 9 times out of 10 people either don’t know how much they can get for their home, or they’re hoping to get as much as their neighbor got.
That’s another thing. So we go to the parks and we’ll speak to the neighbors. They’ll say ‘Oh you know Mr. Jones sold his home for this much’. And we just let them chat. That’s how you’ll learn how much you can get out of doing this.
So between our bandit signs, our ads, and the comments section on our page we’re figuring out how much people are willing to pay. And if that is something that is feasible for us when compared to how much people are selling these homes for.
We’re learning that sellers don’t want as much. You just have to be patient with them and say, ‘Hey, this is what I can give you’ and say ‘Okay, keep my number all right?’ And then give them a few weeks to be like ‘Hey, is that deal still on the table?’
So one thing we’ve learned is you just have to do it to learn how much people are willing to pay or sell their home for.”
The belief that operating out of the East Coast prevents you from having success in this business turns out to be false. It’s things like that which create head trash in our student’s minds and stop them from investing themselves or committing to the process of finding that first deal.
Rosalie’s feedback about her Trailer Cash Academy
We find that false beliefs and head trash make it difficult for people to get off the fence and get started in mobile home investing. So we wanted to know what made Rosalie and her husband take a chance on our program.
”Honestly, we did a lot of shopping around. There are other programs out there that are good as well, but Trailer Cash Academy spoke to us in a way where you’re like ‘You know what? I think this is where we need to put our money.’ And we got a return back in a very short period of time.
That initial investment is for the education, for the expertise, so you don’t necessarily have to get experience from the school of hard knocks. Because you could pay a whole lot more for the school of hard knocks. And I’m not one of those people. For me I’d rather analyze the data, learn the material, and then go out there.
So if you’re a person that gets analysis paralysis, like I had, you will study this material and realize this is something that you can take action on. And once you actually take those steps, you’ll start to see the real numbers that you’re looking for. So the initial investment is well worth it, I would say.”
Rosalie’s just like us. We want to know who’s got the blueprint. We just want to follow the steps. We never wanted to recreate the blueprint and figure out what comes next. We just followed the steps our mentors gave us. And that way you’ll save more time, headaches and money than if you were to try to do this on your own.
Before we left Rosalie we asked her what’s next for her and her husband. What is the plan and what do they see happening in the next 90 days?
”We also just purchased some land this month as well. So we’re excited about that. We’re hoping to find a home that we can put on that land in the next 90 days.
And outside of that we’re just trying to clear the inventory. We have to get some nice families in these homes and just keep rinsing and repeating this. So that’s our plan.”
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