037 Partnering with Mobile Home Parks to Scale Quickly with John and Matt

In today’s 60-minute Mobile Home Investing Podcast episode #37 I’m honored and so proud to introduce you to active Mobile Home Formula investor, Matt to the co-hosting microphone. In a short period of time Matt has already been able to added 20+ cash-flowing mobile homes to his long-term portfolio.Matt has been busting his butt, but also working smarter too. In today’s hour-long podcast we talk about what is working for Matt to scale his mobile home investing business so fast.Learn from Matt’s mistakes and successes on today’s video podcast below.Special Thanks to Matt for giving value to other mobile home investors he’ll likely never meet.Over Improving based on exit-strategyLike most times in life, it is good to have a plan A and Plan B. This is why we plan our “exit strategies” before we ever make any of our purchase offers to sellers. Your desired exit strategy will (or should) determine the repairs you make to your mobile home investment.* Over improving the property? In these situations, the buyer is happy. This will likely take you longer to repair. You will need to make all this invested money back before you start seeing any profit. It is easy to over improve as your end-buyers may not care about the specific repairs/improvements you make. This over-improving is a direct hit to your profit margin.* Under improving the property? Buyers negotiate you down on price due to repairs needed. Potential buyers turn away or may not even want to walk inside of the home. Fewer buyers will show up to view the property. Positive: You will be able to gain valuable feedback of what repairs people would like to see.* Improving the property adequately for the target sales price, neighborhood & condition of home: In these situations, the buyer is happy. This strategy comes with experience and knowing what most end-buyers are looking for when purchasing a used mobile home for sale either cash or payments.Pro Tip: When reselling an investment mobile home, always disclose any repairs and issues needed on the very first advertisements when you are selling a mobile home. You do not need to waste anyone’s time, including your own, by making the home sound prettier than it really is on the online advertisement.Moral of the story: If you are selling for top dollar then there should be comparable sales to support your resale price estimation. When selling for top dollar cash then certainly do fix up the home accordingly to neighborhood standards. If reselling in an average neighborhood for cash or for rent-to-own only fix what is broken; aim not upgrade unless it is needed. Pass this savings on to your rent-to-own buyer with a lower Move-In fee required for the right buyer. While wholesaling no repairs are typically made.In the podcast episode below, John and Matt cover:* 0:00 Intro* 3:00 Sales to Bootcamp at 31.* 4:00 Real estate experience* 5:30 Who is mobile home investing for?* 6:10 Working for yourself.* 8:00 Networking with investor-friends* 12:20 Investing full-time now.* 14:00 Selling multiple deals at once.* 16:30 Partnering with park owners.* 18:40 Partnering with your brother.* 20:00 Why join the military at 31?* 22:30 Giving back.* 25:40 Talk about your deals* 26:30 Juggling 25+ mobile home deals* 31:00 Do this in other states?* 35:30 Handyman mistakes & lessons* 43:00 Wholesaling for cash in 5 days.* 54:00 Staying positive to keep grinding* 55:00 Wrapping it upWholesaling, Retailing, & Cash-flowQuick reminder of wholesaling, retailing, and cash flowing.