Just like my job as a business-to-business sales executive, I also have to do the same when working mobile home leads — there must always be a steady steam in the pipeline. Not every lead is going to turn into a sale. Though, there will be many leads that will turn into opportunities — the key is in the follow-up.
This lead (pictured above) came in through a park manager. Since I have a good relationship with the park managers I work with, they already know my criteria of what I look for when buying. In the long run, this saves me both time and money!
How I Found This Mobile Home Deal
Like many of my deals nowadays, this lead came from a park manager. And the funny thing about it? The park manager had initially given it to a family member who bought the home from another family behind on lot rent.
Unfortunately, this family member changed their mind and decided not to take on the home. So I got the call.
When I talked to the park manager, I found out the home had been sitting vacant for 6 months. Now this is a park I regularly do business in. I had no idea!
Explaining the story, the manager told me the family member no longer wanted the home. And would sell the home to me at a fair price. It was a home that fit my criteria: 16×76, 3 bedrooms, 2 baths in good condition. So, I decided to take a look. Glad I did!
Mobile Home Deal On Site Inspection
I met up with the family member and we took a look around the house. To my surprise, there were a lot of items still left in the home. I even noticed a pan on the stove that looked like they were in the middle of cooking before they left. As it turns out, the family living there before could not pay lot rent. They picked up and left. Took as much as they could.
In any case, the electricity was on. So, I was able to inspect the home. The air conditioning and heating (HVAC) worked. The only thing that may have been in question was the roof since the home had not been lived in. But other than that, it was just a matter of getting all the items out of the home (which is another story in itself) and cleaning the house up.
I told the family member I’d probably have to get my roof guy to look at the roof just to make sure things were OK. We agreed.
To make a long story short, the roofer looked at the roof. Turned out there was a small area that needed to be repaired, nothing major just a few shingles needing replacement and new flashing boots. We factored this repair into the price along with the cost it would take to remove all of the items out and do the cleaning. And I got the deal done!
So you see the importance of networking? Had I not had a good relationship with the park manager I would have never heard about the deal. In fact, I didn’t even know the home was vacant. It looked great from the outside!
Mobile Home Case Study Deal Breakdown
All in all, I spent $14K on this mobile home investment property – including the stove and refrigerator. I found a nice family for it receiving a $2000 move-in fee and it cash flows in the $500 per month range for the next 15 years. It made for a nice and relaxing cash flow payday for many years to come.