mobile home investing

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

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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

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John Fedro

Travel. Build Wealth. Help Others. Have Fun.

mobile home investing

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