Mobile Home How-To Course

[Bill Neves]

Howdy. I've been a real estate investor since 1999 and trainer/mentor/coach since 2004, associated with Russ Whitney (now Robert Kiyosaki Real Estate Education), Keller Williams and others. After 160 stick built investor deals and 30 mobile home deals in several states...

I'm putting the finishing touches on a Mobile Home How-To Training Program. Last 2 mobile home student coaching deals netted $9,500 and $11,500 last week, 5-13-15. I want to include all I can, and it will cover multiple topics.

If this is of interest---
What questions would YOU like answered? What is mystifying, mysterious, questionable, curious, head scratching, etc about mobile homes? And how to make money with them?

Anyone who asks a question will be entered into a drawing for a copy of the complete program.

Enjoy and Have Fun!

[Bill Neves]

@Jim Mack

I'm sure @John Fedro can chime in too. 

Q: "Private money or funding for the repairs and buying the mobile homes?"

A: I have, and know many people have, connected with other investors at Real Estate Investing Associations (REIA). There are lots of folks who have the money but not the know how. Or the money but not the time.

Investors who are short on funds or want to do some sweat equity, can have someone else fund the deal. Or have the money but want the deal to support itself, can let someone else fund it so you have no money of your own involved. Kinda fun!

This can go any number of ways. We like to say EVERYTHING is negotiable.

You can do a 50/50 split with the money person. A couple deals and you won't need them any longer.

You can do a hard money high percentage deal. However, most hard money lenders deal with stick built properties. Actual real estate. Mobiles are a different animal. Personal property and all.

OR

You can use a 1/3, 1/3, 1/3 scenario.

1/3 - I find the deal, manage the project (my business card says "Project Manager") and sell it for a share.

1/3 - money or funding person gets this for sitting back and letting their money work for them. A recent deal netted $11,500. The money person got almost $4000 for putting up $13,500 for 28 days. That's over 1000% annual return.

1/3 - repairs. If a contractor wants to be involved, they would repair what is necessary and get a share of the profit. 

Caveat: Contractors can be great and not so much. John had a recent post about that.

Now, I usually use one but not both of the splits. This is, I will have a money person OR a contractor involved in the funding. Never wanted to get too many hands involved. ie The money person on the last deal walked thru after the work was done and requested some things changed. I reminded them that they aren't going to live there and no matter what we do the new buyers will change something. He agreed and we kept going.

So.... If I have a money person, I will use that money to pay for the repairs. 

OR if I have a contractor, I will let them buy it and do the repairs for a share. 

My contractor agreements cover all that.

Just make sure the contractor is giving you a fair shake on repairs. If they charge $5k for a $2k job and then want a split, I would not work with them on another deal. That's fair, right?

Bottom line - there are lots of folks who will fund these deals. Takes a bit of legwork to find them, cultivate them and take care of them.

Have fun!