Sound the alarm – we have a twofer today!
Not only do we have another new, awesome Faculty Advisor… but we also have a new topic to discuss and this new guy just happens to be an expert in that field.
We are going to delve into a subset of REI that’s not often covered, but should be. And we’ve brought in Mr. Sean Brooks to talk about investing in – mobile homes – the quiet gold mine of REI.
A lot of people make the mistake of misunderstanding the mobile home opportunities, so we’ve asked Sean, who has had great success in the mobile home arena to come in and make the case for mobile homes and hopefully open your eyes to the incredibly rich opportunities that exist.
Based in Myrtle Beach, South Carolina, Sean jumped into investing right after college at the spry age of 22. Reading Rich Dad Poor Dad completely changed his outlook on life and thus his REI career began.
Sean’s been involved in wholesaling, creative finance, seller finance, lease options, straight options and raising private money. He’s closed more than 130 transactions with mobile homes, single-family homes and town homes by doing fix and flips, buy & holds, tons of wholesaling, and he specializes in the manufactured housing niche where he creates notes.
Oh boy, this is gonna be good!
Have at it, Sean…
From Faculty Advisor Sean Brooks
So, you’ve probably been driving down the road and seen a mobile home sitting there. Maybe the grass is 3-feet tall. Maybe there is a car broken down in the front yard…
What normally goes through your head when you see that?
Maybe something like… “Hey, look at that ugly wobbly box,” or “Man, that mobile home looks trashy!”
But have you ever really taken the time to think about the opportunity that lies inside these little metal boxes?
Let’ see… they’re cheap… there are a lot of them… most investors don’t know anything about them, or don’t want to know…
Here, try on a new set of eyes.
If you ask me what I think, I’d tell you that you are starring an incredible opportunity right square in the face, and that “CHA-CHING” sound should be echoing throughout your brain. The question is, when opportunity comes-a-knockin, are you ready to answer the door?
When I notice that run-down mobile home with an over grown yard, here’s what I see…
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An extremely high ROI opportunity, with a very low barrier of entry;
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A potential cash cow, like so many other mobile homes that I and others savvy investors “in the know” are quietly making bank on;
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And quite honestly, I also see one of the fastest ways for newer investors to break into real estate investing and get to cashing their first check.
And for the moment, I’d like to really address this particular group of folks – the newer investors, just trying to find your place in the REI world. I’m talking mostly those who are in the first couple of years or so as an “investor,” just trying to carve out you own little niche.
If you’re like most investors out there, then the rich and ripe opportunity in mobile home investing has probably not even made your radar – or if so, then barely.
My guess is, up until this point, you’ve probably trained your brain, subconsciously, to ignore mobile homes for the most part. It’s just like when you buy a new car. Until you actually buy the new car, you almost never even knew they existed. But once you drive it off the lot, you can’t help but notice that everyone is driving the exact same make and model. Heck, even the same color!
Same goes for mobile home investing. You’ve likely tuned out and been unaware of the raw money-making potential that’s been starring you in the face all along.
The truth is, you’re missing out…big time…
Once you become aware of what’s really possible in this ripe little niche, you have just opened Pandora’s Box, my friend. There isn’t just a ton of cash to be made, but I’ll submit that it very well may be the fastest way for you to finally have that big breakthrough in your business, and start cashing checks.
Think about what I said earlier…
“They are cheap…”
Which means less risk, and quite frankly, these price points are less intimidating. A big challenge many newer guys on the block are facing, especially if you are wholesaling, is to make an all cash offer for $100,000 when you know in the back of your mind that you don’t actually have that kind of money.
Come on, you know you’ve been there! ;-)
Now compare that to making a $15,000 offer on a used mobile home. That’s you stepping up to plate asserting $15K vs $100K.
See the difference? Way less intimidating, especially for the newest investors (even if you don’t have a dollar to your name).
“There are a lot of them…”
Chances are there are probably more mobile homes in your area than you think. And you don’t have to be in a “heavy mobile home area” in order for this to work extremely well for you.
Remember what I said earlier about how your brain is likely trained to not even see mobile homes when you’re driving down the road?
Do this: Start doing some digging and find out where the mobile home parks are in your town. Searching even only on Craigslist and you may be pleasantly surprised at how many are right under your nose. You just haven’t noticed them yet. But once you really smell what I’m cooking here and wrap your brain around the profit potential, it’ll be hard to get these things out of your head. Ask me how I know that! ;-)
“Most investors don’t know anything about them, or they don’t want to know.”
This is probably the most important thing I’ve said thus far in this lesson.
Why?
Because of less competition.
What others aren’t willing to learn or do, you should seriously look into doing! Do some investigation on your own, and I can almost guarantee you’re sitting on a gold mine of mobile home opportunity just waiting to erupt with cash! The only thing it needs is someone to tap into it.
So let’s see…
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Less intimidating price points (these things can be super cheap!).
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More supply and demand than you probably think (just research your market and see what’s going on).
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Less Competition (remember, most investors don’t know about mobile homes).
These features are a near perfect storm of opportunity. And I just keep shaking my head, wondering when other investors will finally “get it.” And until they do, I just keep raking in the sweetheart deals and enjoying better profits and ROIs than about any other investor I know.
Maybe now you have a small glimpse of why I’m convinced that mobile home investing may very well be the fastest way for you to make your first profit as a real estate entrepreneur.
There are a few other reasons why the speed of transaction is faster than anything you have ever seen before. I’ll give you a little hint… it has to do with the closing process. You probably wouldn’t believe it even if I told you right now, so I won’t. Instead, I’ll save this little gem of knowledge for a full lesson in the future. So stay tuned for that.
Lastly, I’ll leave you with this, because you are probably wondering, “just how much money can I make flipping mobile homes Sean?”
Bottom line, my experience and the experiences of the few others I know who’ve had the light bulb turn on, is that – even with much lower price points on the front end – you can expect to make similar profits as people make wholesaling houses.
BOOM. Did the light bulb go off in your head yet?
It may be time you take a closer look at investing in mobile homes.
What’s next?
Stay tuned, because in my next lesson I’ll be sharing the powerful 2-part equation inside mobile home investing that is going to show you just how quickly financial freedom and time freedom can be achieved in this niche.
Holla at me
Are you already in the mobile home game and loving it? Have you ever even thought about it? I wanna hear your questions or concerns in the comments sections below.
Search Craigslist for mobile homes for sale.
Call the sellers and get the address of their property and find out if it’s in a park.
Do a google search on “mobile home parks.”
Visit www.MHvillage.com and search for the mobile home parks they have listed in your area.
Create an excel spreadsheet or a customized map on google maps to track all these parks.