Overcoming Your Mobile Home Investing Fears (Video)

Posted on by John Fedro

Welcome back,

If you suffer from the rare genetic disorder known as Urbach–Wiethe you may likely experience no fear in your life. For the rest of us, we may feel fear and anxiety on a regular basis. As a full-time mobile home investor for over a decade, I would like to share my initial fears and story of overcoming with you.

Please enjoy the story below transforming me from a scared mobile home investor to a semi-scared mobile home investor.

real estate fears 1

Step 1. Make the Decision: After finding and reading through three binders worth of real estate investing information (2002) featuring a popular infomercial real estate investor, I was hooked. I learned the very general concepts of wholesaling real estate, fast-turning properties, and lease options. My head was swimming with the possibilities of what the future would hold.

The real estate investing binders I was reading made very clear the hard work and daily effort real estate investing was to take. I promised my future self then and there I would make no excuses and do what it takes to get through my first few deals successfully.

Pro Tip: Make the committed decision to get through your first few deals. When you have made this decision one time you will never have to make it again. Moving forward you will do what it takes to become a successful investor without complaining.

real estate fears 2

Step 2. Get Educated/Ask Questions: My education grew rapidly. Within weeks I was a part of three local real estate investor clubs. One of the local real estate clubs was hosted by a 20 year real estate investor veteran that offered his services to coach newer investors. I gathered what little money I had in my possession and paid for his investing course and daily phone access.

Pro Tip: Although I made the right decision with this old-timey investor coach, a prudent real estate investor like yourself will not rush into any investment or training programs until you understand which real estate niche(s) you would most like to pursue.

Step 3. Set a Date: You cannot learn forever. I remember asking myself, “When do I stop learning about different investing strategies and start advertising and making offers?” The solution was to pick a date-in-the-future and begin taking immediate and massive action starting then. I decided on a date 30 days into the future.

In the meantime I soaked up as much real estate knowledge and free information as I could. Please keep in mind I was still living at my mother’s home and did not know the definition of a Deed. How was real estate owned? What is an appraisal? I knew nothing… I chuckle to this day that my mentor must have gotten annoyed occasionally at my daily questions which always led to more and more questions.

mobile home fears

Step 4. Take Action/Stay Persistent: My start date came and I was eager to begin. While my finances were limited, I took massive action immediately. Over my first 90 days I knocked on 100’s of doors, mailed hundreds of letters, made offers with Realtors, and had no deals to show for it.

My first property, a mobile home in a park, came from a motivated seller who saw my bandit-sign in her neighbor’s trash can. The seller began to tell me about her four bedroom, two bathroom home on the side of a small lake. The home was in good condition with one small pipe leak somewhere in the home. She was asking $8,000 and was negotiable! Before long I quickly tell her I will be right over and hang up the phone.

Without the knowledge to ask if this property was a mobile home I was in the car and minutes from the property (Google Earth was not a thing yet). It was not until I drove past the mobile home park gates that I figured the home must be a mobile home. As I rounded the last turn my stomach butterflies turned into a punch to the gut. I pulled over and vomited on the side of the street. After wiping my mouth and looking at myself in the mirror I had a crucial decision to make, run home or push through to try and help someone 3 times my age… I made the appointment.

After a few hours of talking and soft negotiations we were at a price of $3000, payable as $300 today and nine additional monthly payments of $300. The reason for the payment-terms were due to my lack of any capital at the time. With only a call to the local plumber and a general cleaning this home resold with payments for over 10 times the purchase price paid.

Pro Tip: Have an experienced investor or group of seasoned investors to ask your real estate questions to and get real-time answers. Without my mentors and friends along the way I would have failed many more times.

real estate fears 3

Step 5. Improve: It took me far too long to begin outsourcing the daily activities that did not have to be performed by me personally. These activities included certain marketing, advertising, making repairs, selling homes, collecting payments, and managing properties.

The education and friendship-making should never stop as well. None of us knows everything about real estate and we are all in need of more active and experienced investors. Along the way my attitude was/is to “test” different strategies and methods to see what works best and what fails. A real estate mentor of mine once said, “real estate investing is a smorgasbord, take what you like and leave what you don’t.”

Pro Tip: Aim to review your daily activities at the end of every week. Aim to recognize what produces results and what sucks-up your time and energy. Make appropriate changes.

In conclusion everyone’s journey is a bit different. However one similarity is consistent with all of the long-term and successful real estate investors you interact with, we were all scared and we all continually push through our fears. Focus on providing value to others and letting local sellers and buyers know who you are and how you can help.

I hope this article can relate in some way to your fears and apprehensions when it comes to pushing forward. If you feel something was missed from this article or you have any additional questions please never hesitate to comment below or reach out to me personally.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

Related Videos:

Our 1st Mobile Home Investing Mastermind Weekend Success, Sedona’s Energy Vortexes, and a Giant Crater

Posted on by John Fedro

Welcome back,

This has been one of the most memorable, rewarding, and busiest weeks I’ve experienced a long time, and I’ve loved every minute of it. Disclaimer: Most of my articles are of the teaching variety. I figure that if you are going to take the time out of your day to read my words – then you should learn something from them. However in this post I would simply love to reflect on the week and hopefully teach through my experiences and emotions.

Mastermind update:

This was the first ever “seminar type” event I have ever held. However, I’m very happy to say that it was much-less of me teaching, and more of the whole group interacting to help one-another uncover group problems and resolve individual needs. As a mobile home investor that is been actively investing for 14 years I can often times forget the benefits of being around so many like-minded, dedicated, and hard-working investors. The excitement in the room as we all talked about experiences, shared successes, made personal breakthroughs, and set goals for 2016 was heart pounding. This event turned into much more than expected.

mobile home mastermind

mobile home masterminded her to

Highlights for me for the weekend were:

Lessons and deal presentations from the audience
Jeff Watson speaking about creative investing inside IRAs
Chris H. getting verbal confirmation from a mobile home seller, they accepted his offer and terms.
Realizing that most folks in the group are doing more deals than me. (This is great motivation for us all.)
Note selling with Mike Whitehead
Meeting folks I’ve been talking to online or over the phone in person… Priceless 🙂

mobile home mastermind dinner one

Note: This group Mastermind was only offered and intended for active mobile home investors. I only mention this if you are wondering why you did not hear about this Mastermind weekend or any subsequent marketing. The cost was very low and there were only a few dozen of us present.

Sedona:

Road trip time! I was able to travel to our mastermind event in Phoenix with an active mobile home investor, Dan. In addition to this mastermind weekend Dan I wanted to stop and see some interesting sights along the way. While in Arizona we wanted to check out Meteor Crater and the Sedona vortexes.

mobile home road trip Sedona 1

Arriving at our hike just before dawn was perfect. By the time we made the 30-minute hike which elevated us 600 feet into the air we had an amazing view of downtown Sedona and beyond. Soon after taking the picture below I had to remove my winter hat as the sun was heating things up. If you are wondering about the energy-vortexes, here is some more information about them. While I cannot say I found any energy vortexes, the morning hike and the cool air was amazing. 🙂

mobile home road trip Sedona

On a side note, Flagstaff is an amazing little city. Nestled up against a large hill/small mountain it has the architecture of an old West town with a semi-trendy and friendly population. This is definitely a little town I’m going to visit again.

mobile home road trip a

Meteor Crater:

If you’ve ever seen the famous picture below and/or you’re huge science nerd like me then you’ll know why I was excited to see this 50,000 year old hole in the Earth. This $18 per person attraction surprisingly did not disappoint. The day we were there was extremely windy as well. Dan and I couldn’t stop laughing as we had to struggle and walk at an angle just to keep moving forward into the wind.

mobile home road trip meteor crater

mobile home road trip meteor crater with Dan

Park update:

Spring is back! With slightly warmer weather there are more sellers and buyers in the market than during pervious months. Over the past three weeks our mobile home park hs sold 6 properties… I wish that I could take the credit however all credit goes to our “unofficial realtor” in the park.

Disclaimer: I say “unofficial realtor” above knowing that those are very dangerous words. It is very illegal to act as a real estate professional when helping to sell or buy homes for others without a license. It is for this reason that our “unofficial realtor” receives an assignment fee from the transaction. We have structured this as a legal win-win for Patricia, our “unofficial realtor”, and the park. In the past three weeks Patricia alone has sold 6 properties for the community. We hope to keep her happy and around for many more homes to come. These leads have come from a combination of Facebook, bandit signs, and Craigslist.

mobile home collage a

“Free Move-In Incentive” is now the new promotion of our community. This means that the park will pay for the entire move and set-up of an owners single-wide mobile home when moved in our park and kept for 5 years. The reason for no doublewides is that this would decrease the number of homes we could have inside the park. After a few weeks of advertising we have already received 2 requests to move homes into our park. 🙂 Unfortunately these folks did not qualify as they did not have the titles to the homes they intended to move.

home collage b

Thank you for reading along. While I know this article was not very informative or educational I do hope it was helpful in some way. As always, never hesitate to ask any questions below or reach out to me personally.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

Related Videos:

South Florida & Interviewing A Mobile Home Buyer

Posted on by John Fedro

Welcome back,

I am reminded of a quote from many years ago that has stuck with me… Be grateful for where you are, however be uncomfortable enough to keep pushing forward and growing. I consider myself one of the most fortunate people on earth. For many years I have always heard from others, “Good for you for getting started investing so young.” I am now finally thanking my younger-self regularly for getting started building my passive cash-flow portfolio back in 2002.

If you are just getting started in a side business or real estate investment niche be excited and passionate about building a local name for yourself and helping countless families buying and selling homes over the next few years.

As a full-time mobile home investor the freedom away from corporate America is completely liberating with almost endless possibilities. However it takes hard-work and endless determination. With that said you must be the best boss you’ve ever had AND the most motivating boss you’ve ever had. You get back what you put in. If you believe you can do it, YOU CAN.

Investing takes daily effort and dedication

Recently, I returned home from a two-week trip to Florida. This short trip was a combination of business and pleasure. While I did visit 2 new properties recently acquired (new video to come), I was also able to spend quality time with family, students, and friends. Three days into the vacation a few friends and I took a road trip south to Miami Beach to enjoy the sun, sand, and surf.

After a few beers and many laughs we found ourselves mainly relaxing on the beach and listening to the waves come in during high tide. For all the high-tech fun and games in today’s world, there is something so peaceful about connecting with nature.

Miami South Beach

South Beach from water

Trapeze anyone? This was more than a lot of fun. If and when you get the chance to safely swing on some trapeze, I highly encourage you to pull the trigger. With only a few swings back and forth the trapeze instructor easily taught us to hang upside down and performing in-air somersaults landing on the net below. While I don’t have a fear of heights – I will admit I was a bit apprehensive to take the first step off the high platform. 🙂

trapeze at Club Med

be check Club Med

A last-minute unexpected phone call brought me to a surprise concert. I received a friend’s phone call inviting me to join her at a country concert in town. Lady antebellum was headlining with Sam Smith and a few other country artists I had never heard of before. While I didn’t know many of the songs, the vibe was great and my feet eventually ached from dancing as we headed home for the night after the concert.

9-18-2015 11-04-24 PM

Perhaps one of the most humbling and memorable events of the entire trip was an interview I had with a tenant-buyer that had just recently paid off her mobile home free-and-clear. I made an appointment to see this buyer/owner and present her with her mobile home’s free and clear title. Please see the video interview and lesson below.

Bullets From Video:

Work with your tenant-buyer logically.
Give small breaks to tenant-buyers that have been paying on-time for more than 12 months.
Know the difference between rational excuses and irrational excuses.
Meeting with tenant-buyers when they have paid off their home is a great way to say thank you, congratulations, and goodbye.
Helping others feels great.
Bad things happen to good people.

When possible I always like to meet with every tenant-buyer that has just recently paid off their mobile home. I do this because I want to make sure the buyers understand the procedures moving forward to safely and quickly transfer ownership into their names. (Steps vary by state however normally the mobile homes remain in personal property trusts until paid in full.) During this meeting I also like to congratulate and thank the buyer for their years of payments, communication, and dedication to owning this quality mobile home.

In conclusion, while this article did not have a specific topic of focus, I hope that it did help to encourage you to pull the trigger and begin/continue helping local mobile home sellers and buyers that need your assistance. If someone else has successfully proven a specific business model, then there is little reason you can not achieve these same or better results. With a clear plan, daily focused effort, and ample desire, almost any goals are possible. If you have any comments or questions about mobile home investing never hesitate to comment below or reach out to us directly for help and clarity at the email address below.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

Overcoming Your Real Estate Investing Mistakes To Be A More Savvy Investor

Posted on by John Fedro

Welcome back,

If you’ve never made a mistake real estate investing it is likely you have not put forth much effort yet, or that you are lying to yourself. The mistakes you have made and will make are your badges of honor. None of us are natural born real estate investors, so mistakes and challenges are expected and should be welcomed. In this article we will identify many common mistakes and address how to overcome them to become a better and stronger real estate investor.

The author Oscar Wilde said, “Experience is simply the name we give our mistakes.” Experience often times is developed through making our own successes and failures while risking our own time, energy, and capital. However, there are other ways to gain valuable experiences.

Below is a short list of ways to learn and gain value through other people’s mistakes and experiences.

1. Trial & Error: This is the default for most of us. We aim to learn as much as we can through online resources and then head out on our own to build our real estate investing empires.

2. Listening to the advice and stories of others: When listening to the advice and stories of others make sure to internalize this investor’s pain and/or joy. When another real estate investor tells you how they were scammed or how they did not perform proper due diligence, put yourself into this real estate investors shoes. Try to feel the pain this real estate investor had so that you do not make the same mistakes that you just learned about.

3. Working with a mentor: A mentor with a vested interest in your success should be similar to working with a partner, without splitting any of the profits.

4. Partnering with a local expert: With the help of your local real estate investment club, aim to identify the active local investors in your area who specialize in other types of real estate specialties you do not. Aim to partner with these investors if you discover a lead in your area that fits their niche.

“If you don’t learn from your mistakes, then they become regrets.“ – John Cena

When we make mistakes it hurts. The idea in psychology called loss aversion can help explain this hurt and regret we feel when we miss an opportunity or make a mistake. Loss aversion refers to people’s tendency to strongly prefer avoiding losses to acquiring gains. Most studies suggest that losses are twice as powerful, psychologically, as gains. Use your mistakes as signposts and directional markers along your journey to your financial goals. When you make a mistake or do not perform as well as you feel you should have, aim to learn what went wrong and how to avoid these same mistakes in the future.

Pro Tip: Review each deal, each week’s actions, and/or each mistake as objectively as possible. If you did make a mistake it was likely due to only a couple of factors. Do not let a single mistake create a false limiting belief in your mind that may do much more harm than good.

1. Mistakes with yourself: There is no question that you will eventually miss out or lose a deal because you are too lazy, analyze too slowly, or are temporarily too greedy. Each mistake you make refines your investment skills and makes you a more powerful and experienced as a real estate investor. Allow these mistakes to motivate you to correct the problem inside yourself and help local sellers even faster. False limiting belief: “I’m a lazy person that can’t do this.” “I’m not a people-person.” “I like to sleep in late and watch too much TV.” “I’m too young/old to start now.”

2. Mistakes with your property: Perform proper due diligence always. Sellers sometimes lie or simply forget to disclose pertinent information about their property for sale. No one is to blame but yourself if you do not take the time to know precisely what you are buying while stepping into the seller shoes. False limiting belief: “I made a mistake and did a bad deal last time, so I’m going to do a bad deal again.”

3. Mistakes with sellers: While working with real estate sellers we can often times make mistakes in our negotiations or due diligence that costs us hundreds or thousands of dollars. Working with sellers and buyers has partly to do with your current level of people skills and sales skills. If you feel you are lacking in people skills or negotiation techniques aim to read up and educate yourself on the subjects. False limiting belief: “Sellers don’t like me.” “I can’t get the types of deals these other investors can.” “There is no way I can help sellers.”

4. Mistakes with buyers: Often times it can be easy to develop close relationships with your renters and tenant-buyers. Additionally, it is sometimes easy to be fooled into renting or selling your investment property to a high-risk, unqualified buyer. Make sure to thoroughly screen every adult that aims to live in any of your investment properties. False limiting belief: “I always choose the wrong people to rent to.” “I’m such a sucker.”

5. Mistakes with education: Over the years real estate investing I have tried to be an information and real estate training junkie. While learning as much as I can about real estate investments, I have wasted my fair share of money on hokey and fluff-filled real estate investment training courses. Many times I’ve made these purchase decisions based purely on emotion and not based out of logic. False limiting belief: “All real estate investor training material is outdated and a waste of money.”

6. Mistakes with family: How many times have you received happiness from an outside source? Closing deals, helping sellers, and making money makes us thrilled as real estate investors. Often times we can make the mistake of taking-out our frustrations and personal depressions on our family members and loved ones. False limiting belief: “My family thinks I’m a failure as a real estate investor.”

Maxwell Maltz is quoted saying, “You make mistakes, mistakes don’t make you.” Starting today move forward with new lenses. You are not the same person that made these mistakes in the past. You have changed and are improved and will not make the same mistakes again.

In conclusion use your past mistakes to empower your future self; do not make these mistakes in vain. Move forward from every day of your life with the clear understanding of what has been productive and what has been counterproductive. Aim to duplicate and improve what has been productive, and eliminate or outsource the unproductive and time wasting activities of the day. If anyone has been a success as a real estate investor than there is no reason you cannot be either. Embrace your mistakes and grow from them.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

8 Must Read (Non-Real Estate) Books For Real Estate Investors

Posted on by John Fedro

Welcome back,

Below is a list of eight of the most impactful books that have positively affected my real estate investing business. The catch is these books have little to nothing to do with real estate investing or mobile home investing. That’s what makes these books so valuable!

Life does not come in sections – It’s all connected.

Many times I too have made the mistake of sectioning off my life; family time, work time, school time, personal time, business building time, etc. Something that typically affects you in one area of your life almost always bleeds over to positively or negatively affect every other part of your world.

Cure the problem at the roots instead of the branches.

Most of these books work on human psychology and get to the roots of many problems/issues we face as a society and as human beings. When you take these books to heart below and really hear/implement the lessons being taught in the stories, your life may change just as mine did. I say with complete sincerity that I would not be the investor or person I am today without each one of these books below.

Enjoy!

It’s #1 on the list for a reason. I read How To Win Friends & Influence People yearly. Mr. Carnegie goes out of his way to distill the “likable qualities ” of dozens and dozens of past successful entrepreneurs and business leaders into bite-size and easy to read nuggets. This book alone has made me into a better and more compassionate human being. This in turn has led to much of my success in the mobile home investing arena.

Pitch Anything is divided into two parts. The second part of the book walks you through building a “perfect pitch” to present your business, thoughts, or ideas to an audience. While this second section is good, the first part of the book is the section that has changed my life since reading it. If you have ever suffered from being passive aggressive, afraid of confrontation, or a weak debater then this book is for you. Start looking at confrontation a completely new and fun way.

Do the more choices you have make you less happy? How many choices of cereal do we really need? Have you ever made a decision that you regretted? After reading The Paradox Off Choice I felt as if my head was pulled out of the sand and I could start seeing clearly. Now I knew where certain negative emotions were mysteriously coming from, and more importantly I knew how to fix it. Stop letting the media and advertising control the happiness you have and the choices you make. This book is a must read.

the seven habits of highly effective people book The 7 Habits Of Highly Effective People is a classic! You know you have heard of it. Have you read it? Are you still using the habits? Can you remember any of the 7 daily habits? Emulate what the most successful and effective people do daily. Easy daily habits lead to lifelong positive changes.

If the previous book teaches you the habits of effective and successful people, then The Slight Edge is the mindset these successful people have day-to-day. We all have the same amount of hours per day, the most successful people in the world know how to use every edge to their advantage. This book is packed with some of the most useful and sometimes counterintuitive tactics to increase your happiness and increase your passion naturally.

At less than 100 pages, The Way To Love has done more for my happiness, relationships, and business than any other tiny book of its kind. This is another book that has completely changed my thinking. I look at who I was before reading this book, and thank God this book found its way into my life. Without a doubt this is a book I recommend to almost every friend, partner, and colleague. Do what you can to read this book soon!

Very few of us are born leaders. For the rest of us there is Bringing Out The Best In People. If you lead people or interact with people on a day-to-day basis you owe it to yourself, your business, your team, your employees, your friends, your family, and everyone you meet in the future to read this book. Learn from the successes and failures of the inspirational and super-effective leaders of our time and recent history.

While I’m not the biggest fan of fiction books, this one is a quick must read. The Richest Man In Babylon walks the reader through time-proven moneymaking strategies passed down from century to century. If you think you are dealing with new financial problems never before seen by man, think again. Make sure to learn these disciplines now and change your life forever. Do not end up like so many others who never learn the rules and lessons of money.

Bonus:

If there is one book that completely altered my mindset about how effective and honest sales should work it is How I Raised Myself From Failure To Success In Selling. This book has everything to do with time-tested, high-quality, and putting people-first in sales. As mobile home investors we sell every day. We sell our ideas, we sell how we can help, we listen to sellers and buyers, and we contour specific purchase and selling offers uniquely based on who were talking to. This one book is a must read for every real estate investor.

Am I using these principles at least one year later?

This is how I truly judge if I will recommend a book. If I am using the principles and techniques taught in a book at least one year after I read it, then the book has been a success. All of the books below have taught me many things I still think about, implement in my business and use today.

Thank you so much for giving these books the consideration they deserve. I know your time is valuable and I do not wish to waste any of it. These books have truly changed my life for the better and have helped to allow me to flourish in ways I’ve never dreamed possible. So many times people think they may know everything, every time I read a great book I am reminded of all the growing I still have left to do.

What book has changed your life? Please comment them below so we can all learn and grow together.

Love what you do daily,
John Fedro

Related Videos

New York City & Mobile Home Park Video Preview

Posted on by John Fedro

Welcome back,

Whenever I am traveling and moving around I seem to work harder and achieve more in my combined businesses. I have come to learn that I set better goals and rewards for myself when I travel and have trips to look forward to, even if their mini-vacations or work-vacations. 🙂

These past 2 weeks have seemed to fly by when I was actually IN the moments, however looking back over these days they were so very productive. My time was limited so I packed 100% effort into a little normal amount of time, and got so much done. Do you ever feel like that?… When you are so exhausted and feel so accomplished and happy with your work?

In this article I’m going to focus on my recent trip to New York and Kansas. NYC was for pleasure and Kansas was for work, however is ending up being very pleasurable. There are so many stories I want to share with you. Okay, here goes…

New York City: The snow was falling and the sun was shining, for a total of one day. The rest of our time there was freezing cold (Winter storm Thor), windy, wet, and grey. With that said, my freezing feet and numb face were no match for my excitement over being in this giant city again, and my lust for finding so many hidden things to do in NYC.

This trip to NYC has allowed me to check off more things from my NYC done list:

Road a subway car from the start to the stop of the line.
Worked from my laptop at the famous NYC library.
Freestyle rapped with the help of a street drummer.
Visited Grand Central Station.
Danced to Quest Love music.
Pickled Beet Juice
Walked through a secret phone booth passage to get to a private speakeasy bar.
Snowball fight in Central Park

While in Brooklyn late one evening my friend and I ended up at a small concert venue listening to a band we had both never heard of. After a short while the music stopped, the band closed down and it looked like it was closing. When all of a sudden Quest Love from the Roots popped out of nowhere as guest DJ and stayed playing music all night.

Celebrity Sighting: Quest Love

quest love surprise dj set in nyc

It’s so great to watch the snow falling while you’re inside a nice toasty warm shopping mall. While there I picked up some new warm snow boot and mittens. If you live in this city it is hard not to walk or bike most places. I love this city.

snow falling nyc

Secret pleasure when in NYC: Ride the subway, get off at a random stop, and find an adventure or something new to do.

Kansas: First Community Acquired! 🙂 Now it’s time to improve this park and triple the revenue and community pride.

There is no magic pill for this. Trust takes time! The town is growing and the area is beautiful. Over the next 12 months many changes and additions will be added to the community. I am really hoping the park residents are ready for this change and growth, it has been a long time coming.

welcome to kansas

This community if filled with hard-working folks that want a nice and safe place to live. This community has been denied some basic improvements, rules, penalties, and structure. It’s a bit like the wild west out here. Not for long!

Over the next few months while this community is being improved, expanded and rehabbed I want to document what I am doing. I hope you can join me for this fun journey? I am hoping that this information will be helpful and entertaining to you. In future videos and articles we’ll be discussing the current state of affairs, future plans, entrance strategies, and exit strategies.

Here is a video preview of the coming Mobile Home Park series in the works now.

Thanks for stopping by this page. As you know, if you have any mobile home investing questions or real estate investing questions don’t hesitate to reach out to me.

Love what you do daily,
John Fedro

7 Ways Mobile Home Investing Has Prepared Me For Traveling Abroad

Posted on by John Fedro

Welcome back,

While growing up, the notion of traveling and seeing the world was never talked about or even considered as an option in my family. Not until taking the time to build my real estate portfolio and making the time to take trips was it possible to comfortably and extensively travel.

Over the past few years traveling, I have been pleasantly surprised that my chosen career of real estate investing seems to be aiding me while seeing new cultures and meeting strangers on a daily basis. Below are some of these reciprocal skills between real estate investing and traveling.

7 Ways Real Estate Investing Has Prepared Me for Traveling the World

1. Being Open-Minded

When I started my career as a mobile home investor, I was not a “people person” and to put it mildly, I wasn’t very friendly. Over the next decade, I noticed my shortcomings and started really caring for sellers, buyers, and all people in general. This fondness for people and my current career of helping people (mobile home buyers and sellers) has fueled my passion for seeing other countries and lifestyles all over the globe.

How we see others is how we may view the world. Do you like meeting new people? Do you get annoyed easily? If you are the type of person who enjoys meeting new people, trying new foods, and experiencing new cultures that are different than your own, traveling may already be a good fit for you.

2. Ability to Change Plans at a Moment’s Notice

While in the country of Laos in the Winter of 2013, the electricity went out in a very small village I was trekking through at the time. The translator I was with relayed the message that the power would be out until new supplies could be delivered from town, a one day boat ride away and back.

The next day’s plans were supposed to be caring for elephants and visiting a nearby waterfall; however, instead of hanging around the town with the pre-programmed tour I took the opportunity to travel with three tribes-people to find and buy the broken generator parts. That boat trip ended up being a once in a lifetime adventure through a jungle river that I would have missed if I was busy being upset, short-tempered, or mad that the power was out and plans were changing.

3. Creative Problem Solving Skills

While in Pai, a city in northern Thailand, I was invited over a local’s house to celebrate his son’s 9th birthday with a few dozen family friends, a full-sized roasted pig, and too much food and liquor.

At the party everyone more or less got to know each other, and I was one of the only new faces in the group. While making conversation and having drinks, I began listening to a real estate investment negotiation between two of the local guests. Uri, the host of the party, told some of the locals that I invest in real estate back in the States, so they wanted to see if I had any suggestions on the situation.

In short: Ben Buyer wanted to buy Roy Seller’s land and take over his farm. Ben Buyer and Roy Seller had already decided that Ben would make Roy monthly payments for the property and agreed to the amount per month. The only stopping block seemed to be the down payment amount Roy was demanding from Ben. Ben of course wanted to pay as little as possible, as there was more work, and expenses would need to go into the farm after closing. On the other side, Roy wanted as much as possible down, but would not take any lower than 150,000 baht (roughly $4,500) down as security.

After considering the situation, I proposed something that had worked for me many times in my own real estate history. My suggestion was for Ben Buyer to pay the 150,000 baht at closing, and for Roy Seller to consider this money as prepaid monthly payments for the next few months. This way, Ben would not have to make a scheduled monthly payment to Roy for almost 7 months. This would allow Ben to generate income and make repairs instead of paying the note monthly for the first 7 months.

To my surprise, the compromise was agreed to. The rest of the night we danced, laughed, ate and drank. Win-win-win.

Related article: John Fedro In Bangkok-Day 2

4. Budgeting Savvy

As real estate investors, we budget for repairs, holding cost, time, financing costs, transfer fees, Realtor fees, and much more. A large expense (10%-20%) many investors budget for are miscellaneous fees in case of incidentals and unforeseen expenses that appear without notice. You need money in the budget or you’ll run out of capital to complete your rehab and/or resale.

Depending on the countries you decide to venture to, the art of budgeting will be a smaller or larger item to consider. It is all too common to underestimate the amount of money you’ll need to when traveling abroad. Much like traveling, when rehabbing and reselling an investment property, there are unforeseen expenses and costs of doing business.

Disclaimer: Especially while starting out as a newbie investor or traveler, it is impulsive to believe you can account for every expense along the way. A travel tour guide (when traveling) or a seasoned mentor/investor on your side can oftentimes help greatly.

5. Ability to Embrace Delayed Gratification

In my personal real estate investing business, the art of the follow-up with previous sellers is a healthy portion of my business. This group consists of sellers who have previously said “no” to my purchase offer(s) and over time have changed their minds to a “yes” answer for me purchasing their properties. This natural follow-up waiting game can take weeks or months with proper effort.

In late 2014 while trekking in northern Vietnam, the jungle often gets so thick and dense that you can’t see more than 5 feet in front of you. After hiking for several hours, every tree, rock, and small river starts to look the same. After hiking in what seemed liked circles all day, my trekking party made it to our campsite on the edge of an incredibly large rice-terrace cliff. The trip and struggle was well worth the wait and effort.

Some of the best people, places, deals, and sights take the most patience and time to develop.

6. The Practice of Patience

While real estate investing, your patience will naturally be tested and stretched. This stretching is a very good thing for other aspects of your life. Whether it is a seller who hasn’t called you back after two days or a tenant who is late on their monthly payment again, this patience practicing will help grow your patience not only in your business life but also your personal life, too.

While traveling in Costa Rica, Key West, or Puerto Rico, I can almost always expect to run into “island time” when dealing with locals. On many islands and in coastal towns, a slower-paced lifestyle is typical. Whether I’m ordering food, waiting for locals, waiting in line, waiting for whatever else, or just being helped at some sort of business, I know that the quick-service I am used to in America may not be what I get while traveling. Growing your patience may help your ability to accept and adapt to changes in your perceived delays and expectations.

7. Knowing How to Set Expectations

One of my favorite things about real estate investing is that each day typically brings something new and different. Whether I receive a new property for sale or speak with an eager buyer with cash, I am almost always eager to get my day started. My happiness level was not always this high and consistent. Over the years real estate investing, I began understanding that our expectations can oftentimes lead us to unhappiness rather than success.

It wasn’t until I understood which expectations I should consider realistic as a real estate investor that my stress level went way down and my happiness soared.

In conclusion: Whether you realize it or not, life is happening all around you. The daily habits, traits and qualities you are using, practicing, and conditioning throughout your day will grow and develop within you naturally. Start being aware of which particular traits you are conditioning within yourself throughout your daily routine.

As always, love what you do daily,
John Fedro

Epic Fails Of Real Estate Investor History

Posted on by John Fedro

Welcome back,

Do you ever feel like a failure? I know I have.

The reason I ask is because like you I have felt like a big failure in all sorts of aspects of my life from time to time. Ideally we should raise ourselves to a very high standard, way above the standards that others hold us to. Each of us has so much potential power and energy that can be used for good and to build something great:

To improve your community.
To improve your life.
To improve your family’s well being.
To improve our customers’ (buyers and seller) lives.

Yet, why is it that we feel like failures occasionally when everything we do and go through help shape us to be the person we are right now?!

While I don’t have the schooling or answers to these questions I do have a little secret that helps me get through the tough times I’ve made mistakes in my real estate investing past (watch video). Some of the past real estate mistakes that sting and come to mind are:

Paying too much for a property.
Not acting quickly when a seller is ready to sell.
Placing a higher priority on my real estate investing business than on my loved ones.
Being too greedy when buying.
Over improving a property and losing money on the resale.
Following my heart when reselling.
Selling or renting to someone who is not qualified and therefore a much high-risk.

While these mistakes may have cost me time, money, energy, headaches, and potential profits – each one has been valuable in teaching me to never make the same mistakes twice. These mistakes and how to avoid them is something I love instilling into everyone I help investing in manufactured housing through this free real estate investing blog and private training.

Pro Tip: Never make the same mistake twice. Seems obvious right…

When you know an error has been made, here are some simple steps to follow to help insure it is not duplicated.

Spot a mistake.
Acknowledge the error and take blame for it. (Feel the pain for a brief while of making the mistake, however do not become depressed about any single mistake for more than a few minutes.)
Identify where you went wrong and how to correct the mistake, if correctable.
Consider the different paths you could have taken to prevent this mistake from happening.
Phone or email a trusted mentor to confirm your findings and ask for additional feedback.
Never make the same mistake again.

Conclusion: Even when working with a seasoned trainer mistakes may happen. One idea is to always set yourself up for large successes and to mitigate the smallest risk as possible. If mistakes happen there should be steps in place to mitigate these mistakes.

Example to mitigate risk when fist starting (for those wondering): Knowing which “win/win purchase offers” to make to each seller to acquire their mobile home for sale at a price/terms that the seller likes, plus makes the resale both quick and profitable for you. The importance of building a sizable cash-flow business safely and quickly requires crafting and offering “win/win purchase offers” to as many (50 or more following our formula) sellers in your first 30 days of investing in mobile homes. In short: We mitigate our chances for short term failure by making correct offers to every local seller possible in a very short period of time.

While to err is human, these errors never need to happen again if we stay diligent. Strive daily to be a better investor, better spouse, better friend every day.

Every seasoned (long-term successful) real estate investor has failed over and over again. It is not how you fail but how you get back up and fight with even more determination to become the success you know you can be.

If you have unanswered real estate investing questions feel free to reach out to me at the email address below.

And as always… love what you do daily,
John Fedro
support@mobilehomeinvesting.net

Mobile Home Park Investor Due Diligence (Part 1)

Posted on by John Fedro

Welcome back,

Many of you know I’m on the quest for mobile home parks for sale. A unique opportunity came across my desk that I wouldn’t pass up. Like my mindset when it comes to investing in the individual mobile homes – every seller deserves to hear an offer.

With only 8 units (all park owned homes), this smaller-than-I’d-like park was no different. The sellers are looking to sell, and our company is in the market to purchase. After successfully making a Win-Win offer and some negotiations a Purchase Contract was reached and signed. The park was to be profitable in a few months and break even in 7.5 years.

Happy park seller… check!
Happy investor (me)… check!
Win-Win terms offer accepted… check!

Now it’s time for the due diligence phase.

Due diligence is the roughly 30 to 90 days of pre-screening you and hired professionals perform once a Purchase and Sale Agreement is signed. This fact checking can be performed right until closing. During this process you are making 100% sure you know what you are buying and there are no surprises.

In the video below we go though the first few major steps with regards to proper mobile home park purchase due diligence.

In this video we learned:

Who are some of the folks to chat with in your local town?
Where to verify criminal activity nearby?
How to check for local “for rent” properties for sale?

Related article: Mobile Home For Sale? Tell Me About It.

If you have any real estate investing questions or know of a park for sale do not hesitate to reach out to me at the email address below.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

48% Of People Make This Huge Real Estate Investing Error

Posted on by John Fedro

Welcome back,

Most real estate investors do not know the answers to the question, “What price and terms did every past seller you’ve spent time with finally sell their properties for?” While this question may seem daunting at first, a simple tweak in your business practice can provide you more real-world sales data for your niche and additional face-time with possible soon to be motivated sellers.

According to followupsuccess.com, 80% of sales are made between the fifth and twelfth contact with a seller. Additionally, 48% of sales people will never follow up with a client. This article will discuss just a few of the ideas to consider when calling sellers back. Additionally, this article will be discussing following-up with sellers you have already made purchase offers to; these sellers have previously said “No” to your purchase attempts and no Win-Win purchase offer has been reached.

follow up negotiations mobile home

Below is dialog from a recent call made to a seller.

Me: “Hello, Mrs. Tomkins. This is John Fedro giving you a call back about your 3 bedroom mobile home for sale in Sunny Dale MHP. I was curious to hear if you have had any more showings or interest from potential buyers since we last spoke.”

Seller: “Hi John. Yes, the home was sold last week to a nice young couple.”

Me: “Oh, good! I am really glad to hear that for you. I am curious, what price did you end up selling the home for?”

Seller: “We sold the home for $8,500.”

Me: “Congratulations Mrs. Tomkins. I am very happy for you and your family. The home was worth every bit of that. The buyers got themselves a beautiful home. In the future if you have any other real estate concerns or another mobile home for sale please don’t hesitate to ever call me anytime. Congratulations again.”

Following up with sellers should already be a mandatory part of your real estate investing business. To assume a seller’s current “No” to your purchase offer is permanent is unwise and simply untrue. Seller’s become more flexible overtime. As the market shows the seller’s original price was too high, your purchase offer becomes more and more realistic.

Continue following up with sellers as long as their homes are for sale and they are happy to hear from you. The number and proximity between each phone call or letter can depend on the motivation level of the seller and how close to a Win-Win deal you are both becoming.

Here are just a few benefits to following up with sellers:

1. Word of mouth referrals:Simply calling sellers back allows them to hear your voice and name again. Additionally, being proactive and genuinely interested in helping each seller is a great way to expand your circle of influence. Sellers often know other owners/sellers that may or will need to sell eventually.

2. Hear valuable first-hand information: “Have there been any showings to potential buyers?” “Any new buyer potential buyers?” Any purchase contracts accepted?” “Is the asking price still the same?” Ask these questions to better understand your negotiations and the seller’s current situation.

Always aim to provide clarity and help to every seller you interact with. More than simply offering a fair price for most properties, investors aim to listen to sellers and give experienced filled advice and options to improve a seller’s situation.

3. Top of the Mind Awareness Through Others (TOMATO):Sellers understand that we are real estate investors. As real estate investors we purchase and are knowledgeable in real estate matters. The more time a seller spends with you and remembers your name, face, message, and phone number the further in the front of their minds you may remain. When the time is right and a sellermust sell, your name may be the first one they call. The squeaky wheel get the grease.

top of mind awareness

4. Congratulating the seller:Sometimes sellers find alternative solutions for their selling needs. That is very OK. Share in a seller’s happiness. Too often you may hear from sellers whom you cannot help, and you know a foreclosureor further heartache is imminent. If you have been investing for any period of time you may have experience dealing with sellers in tight-financial situations with nothing you can offer to help besides advice.

At the beginning of this article I mentioned a quick bit of dialogue discusses during a recent conversation between a mobile home seller and myself. Mrs. Tompkins had been trying to sell her home for over 4 months with no success. We had previously met once and spoken via phone multiple times about her property. Three hours or less time spent in total with the seller. She is a mother, widow, painter, and hard-working woman. When I heard she sold her home for almost what she wanted I was very happy for here. As we should aim to be with every seller we deal with.

What can we learn from a home that is already sold? First things first, if the home is not technically closed on then there is a chance the potential buyer will bail or be unable to close, thus giving you the continued opportunity to create value with the seller. However if the seller’s property did sell then this would be a good time to ask permission to find out from them…

When the home sold? Will give you additional information about the number of days on the market for this street in your market.
To another investor or end-user? Who is working in your general area? Did another investor pay a higher price or give more favorable terms? If yes, is there anything else you could have done or learned to do differently?
The final sales price?* How low the seller was really willing to drop down in price. In the future it would be wise to remember this negotiation and the seller’s final price and terms. *In some states the sold price may be free public information, while in other states this sale data is kept confidential.

Seller situations change from month to month, week to week, and day to day. A once wishy-washy seller can develop into a motivated seller over months or days. It is important to be remembered at this tipping point when a seller realizes that a fast sale may not be possible without you.

Try this: Start following up with your past sellers. Aim to say Hi, reintroduce yourself, and get an update from each seller as to what has changed since you both last spoke. Begin with the past 2-4 weeks and call the past sellers you have made unsuccessful purchase offers to. Do not call with the expectation of making any deals, simply call for a quick 1-4 minute chit-chat or quick voice-mail message.

Conclusion: If a seller does not remember you or that you buy homes, it is not their fault. Make sure to be following up with sellers regularly. Some sellers will have sold. Some sellers will have decided not to sell. Some sellers will have not changed anything. While other sellers will realize their asking price/terms are too high and that your original purchase offers are fair and reasonable.

Love what you do daily,
John Fedro

Related videos:

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