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Study Hall: Mobile Home Investing · Earn Your Leisure

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Speaker 6: So I don't think people fully understand, like I said,
2:03
Speaker 6: especially like we come from New York and but you
2:06
Speaker 6: actually told me that there's a lot of mobile homes
2:08
Speaker 6: in New York. But like the New York City area
2:10
Speaker 6: metropolitan area, and you know a lot of listeners that
2:13
Speaker 6: may be from like cities. They don't fully understand how
2:17
Speaker 6: big of an industry mobile parks homes are. So I
2:21
Speaker 6: did some research. So it's twenty two million Americans live
2:23
Speaker 6: in mobile homes, and so like, how lucrative is it?
2:28
Speaker 6: Like on the ROI standpoint, how lucrative is the mobile
2:31
Speaker 6: home industry?
2:33
Speaker 5: Man, Listen, it's the highest cash on cash return of
2:37
Speaker 5: any real estate investing. Like I didn't believe it at
2:40
Speaker 5: first until I'm gonna give example, our average returns are
2:44
Speaker 5: two hundred and fifty ROI on per deal that we do,
2:49
Speaker 5: how long does it does our normal turnaround in sixty days.
2:53
Speaker 5: Now we're to the point that we flip a house.
2:54
Speaker 5: We flip in less than fifteen days.
2:56
Speaker 2: Wow.
2:58
Speaker 6: Okay, so all right, so since you said that you can,
3:03
Speaker 6: you can you break down a deal and like kind
3:05
Speaker 6: of explain, like how does that work?
3:07
Speaker 5: Cool? So I'm gonna break down with a deal. So
3:09
Speaker 5: we had a deal. We purchased a home for three
3:11
Speaker 5: thousand dollars right in Indiana, and the home that it
3:14
Speaker 5: didn't need any work from an older lady. In most
3:16
Speaker 5: of the situations, right, most people don't really know the
3:19
Speaker 5: value of their homes. And three grand said cool. So
3:22
Speaker 5: what we did was we say, you know what, we're
3:23
Speaker 5: going to open up for sellar finance. We're going to
3:25
Speaker 5: help somebody get affordable housing in that area. The average rent,
3:28
Speaker 5: we normally based it off the average rent it was
3:30
Speaker 5: eight hundred dollars, right, So we say, okay, we're going
3:33
Speaker 5: to be comparable now in a park. If you're doing
3:35
Speaker 5: mobile home investing in a park, the park has lot
3:38
Speaker 5: rents just like HOA fees. Okay, so you have to
3:40
Speaker 5: pay monthly those This park was it was at three
3:43
Speaker 5: seventy two.
3:44
Speaker 6: So all right, a lot fee? What's the lot fee?
3:47
Speaker 5: So it's like an hoa fees they're paying for the trash.
3:50
Speaker 5: They're paying for.
3:51
Speaker 6: Just to stay on the actual so that the park
3:54
Speaker 6: owns the land. Tell you own that. If you can't
3:57
Speaker 6: just park your mobile home anywhere, no, now have to
4:00
Speaker 6: be inside of a license, like a park that has
4:03
Speaker 6: a permit. And it's it's like a okay.
4:06
Speaker 5: Right, And so normally the ones that you drive, like
4:08
Speaker 5: the RVs, those are different, right, you go, you can
4:11
Speaker 5: go take drive those and go into a park and
4:12
Speaker 5: pay like a fee. But normally the ones that you
4:14
Speaker 5: see are kind of just like on actual like land,
4:18
Speaker 5: like those right there. Yeah, you can move those, but
4:22
Speaker 5: it's not costly normally about two grand or so to
4:25
Speaker 5: move them, depending on how many miles. But in this case,
4:28
Speaker 5: so we so we say, hey, you know, we'll take
4:30
Speaker 5: four twenty eight monthly. Okay, so it was eight hundred bucks.
4:33
Speaker 5: So how it did we put them on a sixty
4:35
Speaker 5: month term because remember it's a mobile home is pretty
4:37
Speaker 5: much a motor vehicle on most states. It is not
4:40
Speaker 5: actually real estate. It's real property unless you put in
4:43
Speaker 5: on on land. So this particular deal, we're getting eight
4:45
Speaker 5: hundred a month, we're getting cash flowing four to twenty eight.
4:48
Speaker 5: We put them on a sixty month term. At the
4:50
Speaker 5: end of that sixty month term, that three thousand we
4:52
Speaker 5: turned to twenty five thousand. Was it twenty five six twenty?
4:56
Speaker 5: That's seven hundred percent return on investment we created.
4:59
Speaker 6: So the rent that you were guys were collecting was
5:02
Speaker 6: four hundred a month for twenty twenty eight. Yeah, and
5:04
Speaker 6: how much did you buy it for three thousand? How
5:07
Speaker 6: how do you buy something for three thousand in the charge?
5:10
Speaker 6: How much were they they were paying eight hundred dollars
5:12
Speaker 6: a month in rent? Yes? Because how is that? How
5:14
Speaker 6: is that possible?
5:15
Speaker 5: So with that, so instead of them renting an apartment,
5:19
Speaker 5: right because they get it. If they rent apartment for
5:20
Speaker 5: eight hundred dollars, they got no equity in it. So
5:22
Speaker 5: we're providing it's just equity in that house.
5:25
Speaker 6: Right.
5:25
Speaker 5: The thing is, we buy it for so low, Right,
5:28
Speaker 5: we don't necessarily have to say, Okay, we're gonna only
5:31
Speaker 5: sell it for five thousand. Right, we still operate because
5:34
Speaker 5: if you think about the number, is still a house,
5:36
Speaker 5: it's still a home for them. So a twenty at
5:39
Speaker 5: the end of the day, a twenty five thousand dollars
5:40
Speaker 5: house where you still gonna get other moving ready, twenty
5:43
Speaker 5: five thousand dollars.
5:44
Speaker 6: House, So no, that's crazy. But I was just like,
5:47
Speaker 6: but if why would somebody not just buy it on
5:49
Speaker 6: their own? If they like, why would you rent for
5:51
Speaker 6: eight hundred if it only cost three hundred three thousand
5:53
Speaker 6: to buy?
5:54
Speaker 5: So the thing is for us being investors, it's almost
5:56
Speaker 5: like we buying off off market property.
5:59
Speaker 2: Right.
5:59
Speaker 5: The most people don't really know that, hey, I can
6:02
Speaker 5: go get there, and if they do, they definitely take advantage.
6:04
Speaker 6: Right.
6:05
Speaker 5: For example, we have a house Chinese just sold this week.
6:08
Speaker 5: We literally we got the house of four fifteen hundred.
6:10
Speaker 5: We sold him him for six thousand. He's going to
6:12
Speaker 5: move the home. Right, We're still doing a favor. But
6:14
Speaker 5: then at the same time we offer seller finance, we
6:16
Speaker 5: is offered I usually I usually do anywhere from like
6:18
Speaker 5: eighteen dollars. I look at eighteen dollars to twenty five
6:21
Speaker 5: dollars per square foot.
6:22
Speaker 3: So you could actually with your finance and you could
6:25
Speaker 3: have no money and get a home. Yes, yeah, interesting,
6:28
Speaker 3: so I can, right, So like I go in, I
6:31
Speaker 3: have no money.
6:32
Speaker 2: I'm like, yo, I want to get this home. That's
6:34
Speaker 2: where you come in.
6:35
Speaker 5: Yeah, yeah, And that's what I'm offering. Because see the
6:36
Speaker 5: thing is most banks don't lend to mobile homes. They
6:40
Speaker 5: like Warren Buffett, he has two lending companies because you
6:42
Speaker 5: understand that Warren Buffet is in this game on Clayton Homes.
6:44
Speaker 6: Warren Buffett Lenk's mobile Homes.
6:46
Speaker 5: Yeah, yea, he owns Clayton Homes. That was acquisition he
6:48
Speaker 5: brought in nineteen ninety seven. Clayton Homes is the largest
6:51
Speaker 5: like manufactured home company in the country.
6:53
Speaker 3: So banks don't give the loans because are they looking
6:55
Speaker 3: at it as like an ornamobile loan?
6:57
Speaker 2: Like how are they looking at it?
6:58
Speaker 5: They looking at as a depreciating asset. Words for us,
7:00
Speaker 5: we look at it as value.
7:02
Speaker 6: So it's an appreciating asset because it has wills and
7:05
Speaker 6: anything that wills appreciates correct, So is that true?
7:10
Speaker 1: Not nine?
7:12
Speaker 5: At the end of the day, for us, we look
7:13
Speaker 5: at it we solve an affordable housing crisis, right, Like
7:16
Speaker 5: that's the biggest thing. Like cities, we know what the
7:18
Speaker 5: cost of living is going up, all right, Wages are
7:20
Speaker 5: still staying the same so people are getting pushed out
7:22
Speaker 5: like we see it every day, like where it's gentrification
7:24
Speaker 5: people can't afford. So for us, it's like, hey, listen,
7:27
Speaker 5: I get it. You've been living in this apartment for
7:29
Speaker 5: the last five to six years. Why don't you get
7:31
Speaker 5: your own asset? Right, Because at the end of it
7:33
Speaker 5: is you can do the same thing. Most people that
7:34
Speaker 5: we educate that buy house rooms, we even teach them like, hey,
7:37
Speaker 5: this is how you sell your home to get your
7:39
Speaker 5: money back or make more on your home.
7:41
Speaker 3: So where these mobile parks located in proximity to major cities?
7:45
Speaker 2: Right, So we live in the New York tried state.
7:48
Speaker 3: How many miles typically would a mobile park be located?
7:52
Speaker 2: Right?
7:52
Speaker 5: Good question. So for you guys, I know you guys
7:54
Speaker 5: got one in Staten Island.
7:59
Speaker 2: I've been.
8:00
Speaker 3: We've been in New York our whole lives, Like I think,
8:02
Speaker 3: I don't think I've ever been stand now.
8:08
Speaker 7: And then we got a few students out in New
8:10
Speaker 7: York and they normally work with parks in Jersey, so
8:13
Speaker 7: they go over to Jersey.
8:15
Speaker 5: Yeah, and about honestly, I will say about sixty miles
8:19
Speaker 5: if you're willing to go upstate New York I'm not
8:21
Speaker 5: sure that the exact knowledge, but I know you guys
8:24
Speaker 5: have a lot central and upstate new Is there like.
8:26
Speaker 3: A mandated distance like that the federal government will say
8:30
Speaker 3: like this is a further dents you can go before
8:32
Speaker 3: you create a park.
8:34
Speaker 5: So here's the thing in modern days, So mobile home parks.
8:37
Speaker 5: The reason why you don't see a lot of them
8:38
Speaker 5: popping up right now because here's the reality. Taxes right
8:41
Speaker 5: in America that calls on the average is like twelve thousand.
8:44
Speaker 5: It's in a kid to school. I'm gonna give you
8:45
Speaker 5: guys exam. I'm aout to blow your mind real quick.
8:47
Speaker 5: Our taxes on our mobile homes per year one hundred
8:50
Speaker 5: and sixty dollars. Our taxes on our mobile homes in
8:53
Speaker 5: Indiana thirty seven dollars for the year. So you got
8:56
Speaker 5: to think about it. If you have a kid living, if
8:58
Speaker 5: you got children, you got two children, and it costs
9:01
Speaker 5: at least eleven ten thousand dollars a cent them to school,
9:04
Speaker 5: that city is not eating from that. So cities really
9:06
Speaker 5: don't really like mobile home parks because of the taxes. Wise,
9:09
Speaker 5: and most mobile home parks they use in the city water,
9:11
Speaker 5: they sit, they're using the city sewer. So and you
9:15
Speaker 5: know in that case, it's like, yeah, we're not eating
9:17
Speaker 5: off that. We don't really like this.
9:18
Speaker 6: Over here, Sony more on lunch money than I always.
9:21
Speaker 6: All right, here's a question. You live in a mobile home, right,
9:26
Speaker 6: how do you what do plumbing? How does that work?
9:28
Speaker 2: So?
9:28
Speaker 5: I like so everything is above ground. Everything is above ground.
9:32
Speaker 5: So the cool thing is like you know, if you
9:33
Speaker 5: need something fixed, they can go under the actual mobile
9:36
Speaker 5: home to repair.
9:38
Speaker 6: So but like your actual like you go in the
9:41
Speaker 6: bathroom and goes underneath the like where did that go?
9:44
Speaker 2: Is it like a septic tank down there?
9:45
Speaker 5: So normally most parts so here's the thing. Most parts
9:48
Speaker 5: either have they're hooked up to city sewer, so it
9:51
Speaker 5: will they will have the hook up so it can
9:53
Speaker 5: go you know, along with the city, or they have
9:55
Speaker 5: septic tanks.
9:56
Speaker 6: Okay, So like if it comes from your truck, your
10:00
Speaker 6: your mobile home into like a underground thing. Yeah, so
10:05
Speaker 6: all right, So if the taxes is so low, right,
10:07
Speaker 6: so what's the what's the gig? Because it has to right,
10:12
Speaker 6: like what's going on? So all right, the taxes a loan,
10:16
Speaker 6: you can buy a home for low you can sell
10:18
Speaker 6: it for high. So why a why would any why
10:21
Speaker 6: why did? What's why? What's in it for the city
10:23
Speaker 6: or for the town to actually house these places? And
10:27
Speaker 6: how come more people aren't doing it?
10:31
Speaker 5: Good question? So I would say, person, well, the first
10:36
Speaker 5: question I'm gonna answer. You said, like, like, why why
10:39
Speaker 5: do city? So most mobile home parks our grandfather in.
10:42
Speaker 5: A lot of them really popped up in the forties, fifties, sixties,
10:45
Speaker 5: seventies begin because after the war, the government invested into
10:49
Speaker 5: mobile homes. Right after they were using actually old war
10:52
Speaker 5: planes and using the ten That's why most mobile homes
10:54
Speaker 5: are kind of like that that aluminum they ended up had,
10:56
Speaker 5: They had a certain plus of aluminum, so they're like, yo,
10:58
Speaker 5: how can we use this boom we build a house.
11:01
Speaker 5: So that's why mobile homes actually really start going. So
11:03
Speaker 5: in the seventies one, like I said, once hug got
11:05
Speaker 5: involved in the seventies, that kind of depreciated, right, the
11:10
Speaker 5: value of mobile homes because they want to point mobile
11:11
Speaker 5: homes were the place to be, like.
11:13
Speaker 6: You told me, Yeah, it's like it used to be luxury.
11:16
Speaker 5: Yeah, and it was kind of like suburbia. Most mobile
11:18
Speaker 5: homes are in rules like suburbia, right, when you go
11:20
Speaker 5: to a lot of mobile home parks, they look like
11:22
Speaker 5: little I guess you can say suburban neighborhoods. And once
11:25
Speaker 5: when hug got involved, unfortunately I think about the next
11:29
Speaker 5: generation and people start moving back to the city, it
11:33
Speaker 5: just kind of took the value down. So it was
11:35
Speaker 5: it was a need for affordable housing. But with cities,
11:37
Speaker 5: these places were definitely grandfathered in. It's a lot of
11:40
Speaker 5: cities that for example, let's say an owner actually sells
11:43
Speaker 5: a mobile home park, sometimes they're like, yo, that's inhabitable,
11:46
Speaker 5: Like they don't because they don't really want because they
11:47
Speaker 5: don't really benefit from the mobile home park.
11:50
Speaker 6: So when did when did mobile homes get the bad
11:52
Speaker 6: name of like trailer parks and trailer home Like when
11:55
Speaker 6: did that shift? Because you said that at first it
11:58
Speaker 6: was luxury and then it kind of got tarnished and
12:02
Speaker 6: people have bad ideas when they think about that. So like,
12:05
Speaker 6: at what point did that even like you said, like
12:07
Speaker 6: trailer park trash stuff like that, How did that happen?
12:11
Speaker 5: So to my knowledge, it was an article. I'm not
12:13
Speaker 5: sure the exact year, but I think I know it
12:15
Speaker 5: was like in the late sixties and somebody had wrote
12:18
Speaker 5: a newspaper article about trailer trash, and that just kind
12:22
Speaker 5: of stuck. The name just kind of stuck. And then,
12:24
Speaker 5: of course movies play. I think about horror movies, right,
12:26
Speaker 5: eight mile right.
12:28
Speaker 3: I tell you, when y'all said mobile home, the first
12:30
Speaker 3: thing I thought was ozarks Yo.
12:33
Speaker 2: Okay, must be similar to that.
12:35
Speaker 5: And so the ones they show on television or they depict,
12:37
Speaker 5: I look at it. Honestly, it's almost like in the hood, right,
12:40
Speaker 5: they depict like you know what they for example, Chicago,
12:43
Speaker 5: they're going to depict on certain shows that is just
12:46
Speaker 5: the gutter, you know what I mean. But at the
12:48
Speaker 5: same time, it's very nice mobile home. It's a luxury
12:51
Speaker 5: people don't know. In San Francisco they have a mobile
12:53
Speaker 5: home park that literally million dollar mobile homes. The same
12:56
Speaker 5: double wide that I can go purchase for fifteen thousand,
12:59
Speaker 5: it's going for eight million dollars in the area. In
13:01
Speaker 5: San Francisco.
13:02
Speaker 3: I saw will Smith that had a mobile home. It
13:04
Speaker 3: was cost like two million. It was like a two
13:06
Speaker 3: story mobile home. It travels like to movie sets with them.
13:10
Speaker 6: Okay, yeah, that's dope, all right, So now we got
13:12
Speaker 6: the backstory sitting down the second segment we're going to
13:14
Speaker 6: go into some details and go over terms and key definitions.
13:18
Speaker 6: All right, So now we're going to go with some
13:19
Speaker 6: key terms, definitions, things that nature. But before I start,
13:23
Speaker 6: we talked about pricing. But on average, since we're in Illinois,
13:27
Speaker 6: how much can does a mobile home cost? On average?
13:31
Speaker 5: So the average price in Illinois use mobile homes right
13:33
Speaker 5: at seventy five hundred. So if you're looking for something new,
13:37
Speaker 5: like if you get in a brand new home, they
13:39
Speaker 5: can start it rite about like thirty five forty thousand,
13:43
Speaker 5: all right.
13:44
Speaker 3: And one of the things in the negative connotations that
13:46
Speaker 3: go with mobile homes is that they're not safe. So
13:49
Speaker 3: one of the questions I ad was like how safe
13:50
Speaker 3: are mobile homes?
13:51
Speaker 2: Man?
13:52
Speaker 5: I love that question. So so mobile homes are actually
13:55
Speaker 5: since they're built in factories, they're wind tested, they're built
13:58
Speaker 5: to last outstand tornadoes and earthquakes and things like that.
14:03
Speaker 2: Right.
14:03
Speaker 5: The thing is unforcing that you've seen maybe seeing in
14:06
Speaker 5: or so they may show they may show a mobile
14:07
Speaker 5: home park with like three three tops. You know what
14:10
Speaker 5: I'm saying, gone, But it's not like you know, back,
14:12
Speaker 5: I think, what's the movie and whatever it is? But anyway,
14:16
Speaker 5: with the houses flying all the way around and things
14:19
Speaker 5: like that. No, it's not like that they actually built safe.
14:21
Speaker 2: So what's the lifespan? Right?
14:22
Speaker 3: So sometimes, like you know, a tritional brownstone might be
14:26
Speaker 3: built in nineteen oh nine.
14:27
Speaker 2: What's the lifespan of a mobile home?
14:29
Speaker 5: Good question. So the older ones, anything that's built after
14:33
Speaker 5: nineteen ninety up to thirty years. The new ones are
14:36
Speaker 5: built to last within forty five to fifty five years.
14:39
Speaker 6: Okay, okay, So as far as you was explaining that title, right,
14:44
Speaker 6: and it's different from like when you buy a home,
14:49
Speaker 6: like a regular home and you have a deed, So
14:52
Speaker 6: can you explain that the process as far as like
14:54
Speaker 6: the title, it's like it's just it's easy to do it, right. Yeah.
14:57
Speaker 7: Yeah, So as far as a mobile home, like, the
15:00
Speaker 7: mobile home is considered a motor vehicle, so it's kind
15:02
Speaker 7: of like a car. So when you are selling the asset,
15:06
Speaker 7: you're just going down to the DMV or whatever your
15:08
Speaker 7: motor vehicle department is in your state and you're just
15:12
Speaker 7: transferring that title.
15:13
Speaker 6: That's it.
15:14
Speaker 5: Yeah, how long does it take about two weeks to
15:17
Speaker 5: come back?
15:17
Speaker 6: So the closing, what's the typical closing from buying a
15:21
Speaker 6: home and having it up and running late.
15:24
Speaker 7: Yeah, so buy Honestly, it's like a day. I mean,
15:27
Speaker 7: so you buying a home. You of course we're dealing
15:30
Speaker 7: with the park, so we're gonna deal with the park manager.
15:33
Speaker 7: Our buyer has to sign some paperwork with the park.
15:35
Speaker 7: That's about thirty minutes to an hour. That's signing a
15:38
Speaker 7: lease for that lot rent that we talked about earlier.
15:40
Speaker 7: After that, we normally take our buyers, we go to
15:42
Speaker 7: the DMV together, we do that paperwork, transfer the title
15:46
Speaker 7: that's about again a fifteen minute process, and then they'll
15:49
Speaker 7: send a title back in the mail. That normally takes
15:52
Speaker 7: about two weeks, and then the new buyer will get
15:54
Speaker 7: the title, they'll own the asset now, and then we
15:56
Speaker 7: move on to the next deal.
15:58
Speaker 6: What yah.
16:00
Speaker 3: One of the things we were doing some research, it
16:02
Speaker 3: was like, there's a difference between modular homes and manufactured homes.
16:06
Speaker 2: What's the biggest difference.
16:07
Speaker 5: So, modular homes more times you see concrete base where
16:12
Speaker 5: so they have like there are they are more applotted
16:15
Speaker 5: on cement right, whereas a manufacturing home is they're they're
16:19
Speaker 5: literally sitting on cinder blocks. So that's why you see
16:23
Speaker 5: it's called skirting. So you'll see like like uh, some
16:26
Speaker 5: vinyl that's like right around the bottom of that, So
16:29
Speaker 5: that's what covers that. But the house is actually sitting
16:32
Speaker 5: on cinder blocks.
16:33
Speaker 6: So all right, what about insurance, like insurance for a
16:37
Speaker 6: mobile home? Is it different from insurance to a regular home?
16:41
Speaker 6: Is it car insurance? Is it's actually transportation vehicle? Like
16:45
Speaker 6: how does that work?
16:48
Speaker 5: Yeah? You literally can call, you literally can.
16:52
Speaker 7: So when it comes to mobile home insurance is very
16:55
Speaker 7: similar to what you would get for homeowners insurance or
16:57
Speaker 7: renters insurance. So you literally can call like IO Stay
17:00
Speaker 7: Farmed like your normal insurance companies, and you let them
17:03
Speaker 7: know like you would like to get insurance on your
17:05
Speaker 7: mobile home.
17:05
Speaker 5: And the typical cost.
17:06
Speaker 7: For that is about like fourteen fifteen dollars a month,
17:09
Speaker 7: so kind of similar to what you would pay for
17:10
Speaker 7: renters insurance.
17:11
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19:34
Speaker 3: So what's the process, Because you said, like the park
19:36
Speaker 3: owns the land, right, but you own the actual mobile home.
19:39
Speaker 3: What's the actual process to getting your mobile home into
19:43
Speaker 3: a park.
19:44
Speaker 5: So that process you'll be really looking for a mobile
19:47
Speaker 5: home park owner who's looking for houses, and right now
19:50
Speaker 5: it's like a gold rush, right, like literally now, out
19:53
Speaker 5: of the forty four thousand mobile home parks, four well sorry,
19:57
Speaker 5: four thousand are institutionally owned, meaning like just corporation to
20:00
Speaker 5: own it. But it's really like the wild always because
20:02
Speaker 5: they see the opportunity. Cap rates are crazy on these things.
20:04
Speaker 5: So for them, what's happening is you have literally called
20:08
Speaker 5: like like bird dog watches. They're going to other people's
20:10
Speaker 5: parks right from another owner. So let's say Rashad has
20:13
Speaker 5: this park right now, he hires me to come in
20:16
Speaker 5: Troy's park to scout out some Atroy's houses to take
20:19
Speaker 5: back to his park.
20:25
Speaker 6: Trust me, bro. So like, what's some of the incentives
20:28
Speaker 6: that a park a lot owner would say, live in
20:33
Speaker 6: this lot as opposed to living that lot.
20:36
Speaker 5: So the one thing, the cooler thing in the newer
20:38
Speaker 5: mobile home parks, what they're trying to really do is
20:40
Speaker 5: make it a community base because that's one thing about
20:42
Speaker 5: mobile home parks get a bad rap. It's a really
20:45
Speaker 5: good community because everybody knows each other, right, So like
20:49
Speaker 5: for example, it may be you know that minitis in
20:51
Speaker 5: the park where you got parts. They got swimming pools
20:53
Speaker 5: and basketball.
20:54
Speaker 6: Courts in the mobile home park, and yeah, yeah.
20:58
Speaker 5: It's like a whole exactly exactly, yeah, and so it's
21:02
Speaker 5: really just the amenities, like what can this park provide?
21:05
Speaker 2: Right?
21:05
Speaker 5: Like like one park, I love it because they give
21:07
Speaker 5: beautification awards for whoever has the best line.
21:10
Speaker 6: Right.
21:10
Speaker 5: Some parks are pretty much like a concrete jungle, are
21:13
Speaker 5: on concrete. But a lot of parks are I mean,
21:15
Speaker 5: have like huge backyards, gated fences and garages and like
21:19
Speaker 5: you'll be surprised at seeing some of the way this
21:21
Speaker 5: stuff is developed.
21:22
Speaker 6: So all right, so you have a mobile home, you
21:25
Speaker 6: put it in a lot, but that a lot has
21:27
Speaker 6: a backyard and all that, so you have to pay
21:30
Speaker 6: for that backyard. Is that part of just the lot fee?
21:33
Speaker 6: Like how does that work?
21:34
Speaker 5: Yep, that's part of your lot fee. I look I
21:36
Speaker 5: equivalent to almost like taxes, right because I know here
21:39
Speaker 5: in Chicago, depending on single family home, you may be
21:41
Speaker 5: paying anywhere from three grand and six grand on your taxes. Right,
21:46
Speaker 5: I look at it, that's the same as taxes if
21:47
Speaker 5: you kind of if you add that number, if you're
21:49
Speaker 5: paying three seventy five, you know a month, when you
21:52
Speaker 5: look at the yearly, it's pretty much still in line
21:54
Speaker 5: with taxes. And some people pay in their cities.
21:56
Speaker 3: So in real estate, you know, when people have multiple
22:00
Speaker 3: and it's multiple assets, they have property managers. In the
22:04
Speaker 3: mobile home game, you'll have park managers. Is it similar
22:07
Speaker 3: to what's the differences in those two roles?
22:10
Speaker 5: So the park manager's role is really to oversee the
22:12
Speaker 5: park for example, you know, make sure they's filling houses,
22:16
Speaker 5: you know somebody's not paying their lock rent, making sure
22:19
Speaker 5: they send them their notices. A lot of parks have staff,
22:22
Speaker 5: so they have other handymen on the park. But the
22:25
Speaker 5: cool thing about it is they're not really most parks don't.
22:28
Speaker 5: They do rentals, but they're not let's just say, like
22:32
Speaker 5: fixing everything in the house.
22:33
Speaker 2: Should you say that? Okay?
22:35
Speaker 6: So all right, So there's two types of communities, right,
22:37
Speaker 6: there's age restricted in family communities. Yes, can you explain that?
22:42
Speaker 1: Yeah?
22:42
Speaker 7: So all age community would be like you know, eighteen
22:46
Speaker 7: to really all ages. The restricted ones is the more
22:49
Speaker 7: they're normally fifty five and older. So it's more so
22:51
Speaker 7: retirement communities. And you normally see those like down south
22:55
Speaker 7: Florida West Coast, like Arizona, California, Las Vegas, like you'll
23:01
Speaker 7: see the more restricted communities in those areas Okay.
23:05
Speaker 6: So how many people, like how many homes are in
23:08
Speaker 6: a typical community.
23:10
Speaker 5: So it varies. It could be anywhere from thirty upwards
23:12
Speaker 5: to five hundred homes. It really just depends on that
23:15
Speaker 5: particular part.
23:16
Speaker 3: And you said that they don't depart, manager doesn't come
23:18
Speaker 3: around to collect rent, right, So what's the process when
23:22
Speaker 3: somebody doesn't pay?
23:22
Speaker 2: Is it the eviction process?
23:24
Speaker 3: Are the deadlines the same as state regulator or is
23:27
Speaker 3: it faster for mobile homes?
23:28
Speaker 5: Honestly, from what we see, parks don't play no games.
23:32
Speaker 5: Like I'm gonna say this, Like most parks that we
23:34
Speaker 5: deal with, they give you ten days if you get
23:36
Speaker 5: a ten day notice, and then after that, I mean,
23:38
Speaker 5: you can definitely pay. But if you're past that thirty days,
23:42
Speaker 5: they got paperwork already and they're starting that eviction process.
23:45
Speaker 2: Wow.
23:46
Speaker 6: So all right, what's the maintenance on mobile homes? Is
23:50
Speaker 6: it car maintenance?
23:52
Speaker 2: Is it?
23:52
Speaker 6: House maintenance? Is the combination of bob? You have to
23:54
Speaker 6: change the oil? Like, what's the deal with that?
23:58
Speaker 2: My time in bow Bro?
24:01
Speaker 5: So, I mean literally like regular house maintenance.
24:03
Speaker 6: Right.
24:03
Speaker 5: The cool thing about a mobile home all the materials
24:06
Speaker 5: are much cheaper than a traditional house, right, breaking mortar
24:10
Speaker 5: because you're dealing with most houses come with you know,
24:14
Speaker 5: vinyl floors. They're coming with they say wall board instead
24:17
Speaker 5: of dry wall. So most of your materials are cheaper.
24:21
Speaker 5: So like mainess, like I tell people, if you're doing
24:23
Speaker 5: a full rehab and a mobile, let's say a full
24:25
Speaker 5: gut twelve grand.
24:29
Speaker 6: So speaking of that, so yeah, you said fix fix out,
24:33
Speaker 6: So I took some notes. Vinyl, it's real rock, it's
24:38
Speaker 6: foam installated cinder block. So like, all right, you're you're
24:42
Speaker 6: fixing up and your your rebuilding a mobile home? Right,
24:47
Speaker 6: how does that work? Like you get a contractor to
24:49
Speaker 6: do that, and like how like what's the how do
24:52
Speaker 6: you do that? Like is it just like a regular.
24:54
Speaker 5: Home or so you can here's the thing. You can
24:56
Speaker 5: get a contractor. But it's a lot of people, a
25:00
Speaker 5: lot of mobile homes that use special contractors. Right, they
25:03
Speaker 5: just do mobile homes because a lot of the main well,
25:05
Speaker 5: the maintenance a lot of times cheaper, and the materials
25:08
Speaker 5: are cheaper. If I take somebody who has been doing
25:11
Speaker 5: all single family houses rehab, he comes to my mobile home,
25:13
Speaker 5: he trust me, my price is gonna be a little
25:15
Speaker 5: bit highercause what he used to right. But at the
25:18
Speaker 5: same time we call him handyman. We got like a
25:20
Speaker 5: team of literally five guys, and when we need a
25:23
Speaker 5: rehab we call them. They go ahead and do it
25:25
Speaker 5: in the court. And the biggest thing for it's like, man,
25:28
Speaker 5: shout out to my guy packet Hood of States. But
25:30
Speaker 5: just like we keep it clean, safe and functional. That's
25:32
Speaker 5: our biggest thing, and that's his. We actually learned that
25:34
Speaker 5: model from him. Clean safe, clean, safe and functional and
25:38
Speaker 5: longest that's our biggest thing. Like we're not coming in
25:40
Speaker 5: there trying to do a bogus job because you have
25:42
Speaker 5: people mobile homes don't have inspections really like that.
25:45
Speaker 6: Can you talk about that?
25:46
Speaker 5: Yeah, So it's really like again, since it's a it's
25:50
Speaker 5: a motor vehicle, asset is not as strenuous as a
25:54
Speaker 5: house like appraisal process exactly exactly. And that's why for us,
25:58
Speaker 5: it's like, yo, we add in his value because you're
26:00
Speaker 5: not gonna let nobody come in and tell us like, nah, wait,
26:01
Speaker 5: this is only worth four grant Like no.
26:09
Speaker 6: So as far as like getting started, how much money
26:11
Speaker 6: do you need to get started in the mobile home
26:16
Speaker 6: real estate industry?
26:18
Speaker 7: I mean really, we always tell our students like little
26:20
Speaker 7: to no money. It really just depends on your market
26:23
Speaker 7: and really just how you're prospecting. You can literally like
26:26
Speaker 7: for me and Buyron. We don't really touch anything over
26:28
Speaker 7: five thousand. That's the strategy that we have created and
26:31
Speaker 7: stuck with. But even in like the higher markets, like
26:34
Speaker 7: we always say, like you can wholesale mobile homes, like
26:37
Speaker 7: you can still literally go in and still we call
26:40
Speaker 7: it like being that helper in the situation and helping
26:42
Speaker 7: a family to sell their home. And then again you're
26:45
Speaker 7: going in with no money down. You're just now just
26:47
Speaker 7: marketing the home and then taking the profit off that
26:50
Speaker 7: and then still making sure that they get the amount
26:51
Speaker 7: that they're looking for.
26:52
Speaker 6: So how does the whole sealing Because I know anybody's
26:55
Speaker 6: not familiar with whole selling real estate. It's like you're
26:56
Speaker 6: pretty much like the middle man. You never actually own
26:58
Speaker 6: the home, right, but you can make a profit. It's
27:00
Speaker 6: like if Troy wants to buy a home and you
27:03
Speaker 6: want to swim aself home, you want to buy a home,
27:05
Speaker 6: and then I can come in and be like the
27:07
Speaker 6: middle person and then make like ten thousand and fifteen thousand,
27:10
Speaker 6: and I don't wait any work there's no risk, it's
27:12
Speaker 6: no money that I put up anything. Is it the
27:14
Speaker 6: same process for mobile homes?
27:16
Speaker 5: Yes, the exact same process. You know, you can put
27:19
Speaker 5: them on the contract. And the reality of it right
27:22
Speaker 5: now in this market is really no competition that it's wide.
27:28
Speaker 5: Like we're in Illinois. We only like that. We personally
27:30
Speaker 5: we know of ten other investors, but we've only met
27:34
Speaker 5: two and out of those and the newer ones are
27:38
Speaker 5: our students.
27:39
Speaker 6: Wow.
27:40
Speaker 3: So as you're talking, I'm thinking to myself, right, yeah,
27:43
Speaker 3: it's cool to get the mobile home, right, but you
27:46
Speaker 3: said that the person that owns the land is the
27:48
Speaker 3: one who makes the profit. How do I go about
27:51
Speaker 3: getting the land? Do I have to buy a lot
27:53
Speaker 3: and then get licensed to have mobile homes on it?
27:55
Speaker 8: Like?
27:55
Speaker 2: What's that process?
27:56
Speaker 5: So that's dope. So for example, let's say we get
27:58
Speaker 5: a lot of people like Yo, I got like thirty
27:59
Speaker 5: acres down in Mississippi, Like, can I put homes on it?
28:01
Speaker 5: It's like, yes, yes you can. You know, like honestly,
28:04
Speaker 5: if it's your land. Yeah, I mean the biggest thing
28:07
Speaker 5: is like, for example, let's say you just got raw land, right,
28:10
Speaker 5: so yeah, now you're gonna have to get septic, and
28:12
Speaker 5: you're gonna have to get the whale system installed. On
28:14
Speaker 5: the high end, that can run you up to like
28:15
Speaker 5: twenty two thousand. On the low end, you get all
28:17
Speaker 5: that installed. I hope you stay under ten. That'll be perfect.
28:20
Speaker 5: But let's say twelve five right now, moving the house.
28:23
Speaker 5: Depending on where you're moving it from, a lot of
28:26
Speaker 5: moving companies start off right about that thousand range. Longest
28:29
Speaker 5: it's under one hundred miles, depending on what it is.
28:31
Speaker 5: Let's say on a high end, your move is five thousand. Right,
28:35
Speaker 5: you still look, let's say you all in thirty thousand, right,
28:38
Speaker 5: Now you go get a house. You wanna get a
28:39
Speaker 5: brand new house. Now you all in. Let's say you
28:42
Speaker 5: got another forty thousand, right, you're still under one hundred
28:45
Speaker 5: thousand dollars. So you still under one hundred thousand dollars, right,
28:48
Speaker 5: and think about this. Now you can become the bank.
28:50
Speaker 6: Right.
28:50
Speaker 5: You can either lease that land out forever or you
28:53
Speaker 5: can just either package that up and now sell the
28:55
Speaker 5: land in the house.
28:57
Speaker 6: Okay, So for by do you buy it in an
29:02
Speaker 6: LLC or you just buy it like as a regular person, Like,
29:05
Speaker 6: how do you do that?
29:06
Speaker 5: So when we started with buying our person. But now
29:08
Speaker 5: we purchase all our homes in LLC.
29:11
Speaker 6: Well just from protection standpoint.
29:12
Speaker 5: Yes, and then from there we go ahead roll them
29:14
Speaker 5: in a trusty. Can you talk about that the trust Yeah,
29:18
Speaker 5: it's really just keeping your name off. We don't want
29:20
Speaker 5: people know how many assets we have. I mean, we
29:22
Speaker 5: just learned from a mentor that hey, this is just
29:24
Speaker 5: an extra layer of.
29:25
Speaker 2: Protection for us small businessman.
29:28
Speaker 6: You I saw on your Instagram page you said one proper.
29:32
Speaker 6: You can get one proper I guess like in the area,
29:34
Speaker 6: well somewhere I don't know where in America, but you
29:36
Speaker 6: can get one property for forty five thousand dollars and
29:38
Speaker 6: that could generate an income of eight hundred dollars a month.
29:41
Speaker 6: Let's say, well, you can get nine mobile homes for
29:43
Speaker 6: forty five thousand and that generates an income of twenty
29:46
Speaker 6: seven hundred dollars a month. That's pretty impressive. Yeah, profit margins.
29:53
Speaker 7: Yeah, yeah, so I actually made that post right first,
30:00
Speaker 7: lady at mobile homes, But I definitely did that just
30:04
Speaker 7: to kind of show the margins as far as you know.
30:06
Speaker 7: When we say like mobile homes is the highest cash
30:08
Speaker 7: on cash return on any form of real estate. So
30:10
Speaker 7: in that specific example, I kind of used the numbers
30:13
Speaker 7: that I got from one of my relative friends who
30:15
Speaker 7: end up purchasing a property for forty five thousand. In
30:18
Speaker 7: that situation, she was a landlord. They were renting it
30:20
Speaker 7: out for eight thousand. So in that case, again we
30:24
Speaker 7: always look at long term, the sixty month terms, because
30:26
Speaker 7: we normally put our tenant buyers on seller finance for
30:31
Speaker 7: sixty months. So in that case, if she's making in
30:33
Speaker 7: five years, she made a little bit over forty five thousand,
30:36
Speaker 7: so kind of close to like forty forty eight thousand mark,
30:39
Speaker 7: So she made her money back. But I took that
30:41
Speaker 7: same number and I was like, look, let me compare
30:42
Speaker 7: that forty five thousand to what you can do in
30:44
Speaker 7: a mobile home game. So with forty five thousand in
30:47
Speaker 7: the mobile home game, again, if you're sticking at that
30:49
Speaker 7: five thousand dollars range that myself and Byron stick to,
30:53
Speaker 7: then yeah, nine houses, nine houses for forty five thousand.
30:57
Speaker 2: Right.
30:58
Speaker 7: Remember we talked a little bit about earlier about that
31:00
Speaker 7: seller finance putting our attendant buyers on payments. Now, if
31:04
Speaker 7: you're putting them on payments for a minimum of three
31:06
Speaker 7: hundred dollars a month. Mind you, we're no landlords in
31:09
Speaker 7: this situation, so we have no landlord responsibility.
31:12
Speaker 5: We're playing the bank.
31:14
Speaker 7: So in that three hundred dollars a month or nine homes,
31:17
Speaker 7: you're looking at twenty seven hundred dollars a month again
31:19
Speaker 7: in cash flow, so you already tripling your cash flow profit.
31:24
Speaker 7: So now let's look at five years. How much you're
31:26
Speaker 7: looking at make in five years over it's like over
31:27
Speaker 7: one hundred and sixty thousand.
31:29
Speaker 5: I can't remember.
31:29
Speaker 7: I think it's one hundred and sixty two thousand. So
31:31
Speaker 7: you've tripled your initial investment investing in mobile homes. So
31:35
Speaker 7: then it's like when people always ask us, like why
31:37
Speaker 7: do y'all stick to mobile homes?
31:38
Speaker 5: That's why?
31:40
Speaker 2: Right shemer That was impressible.
31:47
Speaker 6: Yeah, in the next segment, we're going to talk about education,
31:49
Speaker 6: and we're going to talk about scaling and a few
31:51
Speaker 6: other things in the last one. All right, So in
31:53
Speaker 6: the last segment, we're going to talk about education scaling.
31:55
Speaker 6: But before I start, I want I had a quick question.
31:58
Speaker 6: So all right, there's three different like there's different ways
32:01
Speaker 6: like real suspicional real estate, you like buying whole and
32:04
Speaker 6: make money off of cash flow, or you can you know,
32:07
Speaker 6: flip properties, right. So I know right now your main
32:10
Speaker 6: focus is flipping. But is there is there profit in
32:14
Speaker 6: buying and holding and getting like cash flow from mobile
32:19
Speaker 6: homes as well? Oh?
32:20
Speaker 5: Man, definitely. For example, Man, I got to give a
32:22
Speaker 5: shout out to one of our students, Herald, but he's
32:24
Speaker 5: down in Georgia and he purchased a mobile home for
32:26
Speaker 5: fifteen hundred, put a thousand into it. And what he
32:29
Speaker 5: did was he's an opportunity with truckers. He understand a
32:32
Speaker 5: lot of guys say extended stays. So he running out
32:34
Speaker 5: per room five hundred dollars per room of his mobile home. Right,
32:37
Speaker 5: So think about it. He got his money back in
32:39
Speaker 5: like three months. Now he's making all profit. He just
32:41
Speaker 5: created one thousand dollars cash flow. Well I would say
32:44
Speaker 5: this he paid I think his lot runs like three
32:45
Speaker 5: seventy five right right in that right around that range.
32:49
Speaker 5: But at the same time you still bring it in clo.
32:51
Speaker 5: You know, over six hundred bucks a month just cash flow.
32:54
Speaker 3: So the lot feed plus whatever your charge for rent,
32:57
Speaker 3: that's what gives you the total rent price.
32:59
Speaker 6: Right, Okay, So what's your what's what's your vision to scale,
33:02
Speaker 6: like what's your what's your plans on scaling for your
33:06
Speaker 6: for your personal business brand?
33:08
Speaker 5: And so we definitely want mobile home parks. So the
33:11
Speaker 5: larger goal with that is to get an acquisition where
33:15
Speaker 5: we find somebody who has a portfolio ten twenty mobile
33:18
Speaker 5: home parks just looking kind of just to retire, right,
33:21
Speaker 5: and just pretty much purchase that portfolio and just build
33:23
Speaker 5: from there and really open up the floodgates for more
33:25
Speaker 5: people to invest in mobile homes.
33:27
Speaker 3: Is that just something like just being in an industry,
33:30
Speaker 3: you'll know, is there like a database where you can see,
33:32
Speaker 3: like these people own this amount of mobile parks?
33:35
Speaker 5: Right, So we've been doing our homework. We got the
33:37
Speaker 5: top one hundred companies that do it. Literally to be
33:40
Speaker 5: in the top one hundred, if you own over fifteen
33:43
Speaker 5: mobile home parks, you are in the top one hundred
33:45
Speaker 5: of the companies.
33:47
Speaker 6: How much does it cost for mobile home park?
33:49
Speaker 5: So now the prices went up. I would say on
33:52
Speaker 5: an average for fifty paths plus, you're looking at it
33:55
Speaker 5: about like one point two depending on the region, one
33:57
Speaker 5: point two mill two million, really depends on the region.
34:00
Speaker 8: Right.
34:00
Speaker 5: I've seen parks for that has one hundred pass that
34:02
Speaker 5: was going for one point two mil.
34:04
Speaker 6: The area that's designated for this exactly how much revenue
34:08
Speaker 6: can that bring it on a year?
34:09
Speaker 2: Wow?
34:10
Speaker 5: So man, that's a great question. So for example, I
34:14
Speaker 5: look at it. If you have let's say you have
34:16
Speaker 5: two hundred pass right, and then you're getting a you're
34:20
Speaker 5: getting four hundred bucks per path. Normally most for a
34:24
Speaker 5: park to be occupied, fully occupied, you're looking at a
34:28
Speaker 5: good park. Ninety five percent, right, ninety five percent of
34:30
Speaker 5: those houses are field. So if you look at your castle,
34:33
Speaker 5: I might pull out the calculated real quick.
34:35
Speaker 6: I heard you do, but.
34:37
Speaker 2: I'll run in my head.
34:41
Speaker 5: But yeah, I mean I'm trying to think. But the
34:44
Speaker 5: cast law.
34:45
Speaker 2: I know.
34:45
Speaker 5: I had some some parks that pretty much, but they're
34:47
Speaker 5: like netting per month in the you know, in six
34:49
Speaker 5: figure range and just net after everything.
34:53
Speaker 6: So I mean literally a lot of like after a year,
34:56
Speaker 6: you can probably get you a million back. Oh yeah,
34:58
Speaker 6: and then one hundred thousand and let's say on the
35:00
Speaker 6: low end, one hundred thousand a month you'd be making
35:03
Speaker 6: from that. Yes, but like maintenance, you gotta have like
35:06
Speaker 6: maintenance up keeping all that maintenance.
35:08
Speaker 5: Guys, you may if you have a park manager that
35:10
Speaker 5: comes with your costs. Of course taxes, right, But a
35:13
Speaker 5: lot of times if you the thing what I've learned
35:15
Speaker 5: about in the mobile home park, if you give your uh,
35:18
Speaker 5: if you give the tenants more responsibility, so they're responsible
35:21
Speaker 5: for water, they're responsible, that's how you cut costs.
35:23
Speaker 2: Also, like the utilities up to them.
35:25
Speaker 5: Yes, right, okay, yes, dope.
35:28
Speaker 4: My graduates from my school being forced back drop drop, Mike,
35:35
Speaker 4: drop back drop drop.
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