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Speaker 3: All right, guys, Welcome back EYL Hometown Heroes Edition Chicago.
Speaker 2: Town's Going On Now.
Speaker 4: Shot.
Speaker 3: Shout out to the shot, Shout out to the west side,
Speaker 3: to the south side, north side, East side, every side
Speaker 3: we was at itself right now, Yeah, in the south
Speaker 3: side right now for sure?
Speaker 2: Again for sure what area we.
Speaker 3: At specifically, So this be in Washington Park, Washington Park,
Speaker 3: shout out to Washington Park.
Speaker 2: Those y'all know.
Speaker 3: Yeah, so we got we got a very special audition today.
Speaker 3: But before we start, we got some housekeeping items we
Speaker 3: want to make you guys aware of. It's not too
Speaker 3: late to register for our workshop, our first ever workshop
Speaker 3: on ten seventeen. So as we said before, every single
Speaker 3: month we're going to be having a workshop in person
Speaker 3: but also live stream for anybody anywhere in the world.
Speaker 3: And it's going to be a different eyl guest is
Speaker 3: going to speak about the area of expertise. So the
Speaker 3: first one is with our guy MG, the mortgage guy,
Speaker 3: and it's going to be about financing your first real
Speaker 3: estate deal. Real estate financing for your first deal. So
Speaker 3: you go to our website or you lead you dot
Speaker 3: com on the events tab and you can register, as
Speaker 3: I said, you can do in person in New York City,
Speaker 3: but you can also live stream it and you can
Speaker 3: watch it. You don't have to watch it while it's
Speaker 3: going on. With the live stream, like once you have it.
Speaker 3: You can watch it whenever whenever you so if you're
Speaker 3: at work or whatever, so make sure you do that. So, yes,
Speaker 3: all right, so now we have a very special episode.
Speaker 3: I'm actually interested because this is something that I don't
Speaker 3: know anything about. Zero I'm gonna educate myself on this.
Speaker 3: So Byron and Shenise Dynamic dual Dynamic couple that also
Speaker 3: are business partners as well. So congratulations first and foremost. Yeah,
Speaker 3: So so you guys, all right, you're in the mobile
Speaker 3: home industry, right, so for anybody that's not familiar with that,
Speaker 3: that is home on wheels pretty much.
Speaker 4: Right.
Speaker 3: It's interesting because I met you at the event, our
Speaker 3: networking event. It was amazing, by the way, and I
Speaker 3: was yeah, and you was. You was telling me about it,
Speaker 3: and you know, I was thinking, like, this is just
Speaker 3: an interesting thing. Can we talk about real estate a lot?
Speaker 3: But we've never spoken or covered mobile homes, and you
Speaker 3: was actually educating me because a lot of people, especially
Speaker 3: where we're from the Northeast, we have derogatory, which I
Speaker 3: learned with a derogatory. Yeah, well we used to call
Speaker 3: it trailer, a trailer home or in trailer park, but
Speaker 3: it's not called it shouldn't be called trailer park or
Speaker 3: trailer home. It's a mobile home in a mobile park.
Speaker 3: But long story short, you can actually invest in these properties,
Speaker 3: and it's just like real estate. You can make money,
Speaker 3: you can wholesale, you can flip, you can fix up,
Speaker 3: and it's really interesting. It's a lot less as far
Speaker 3: as how much money you have to put into it,
Speaker 3: a lot of it. It's a lot kind of easier
Speaker 3: finance and all that kind of stuff. So all right,
Speaker 3: before we even get into the details, can you tell
Speaker 3: your story of how you got into the industry.
Speaker 5: Oh, yeah, for sure, Okay.
Speaker 6: So Man, So basically, I've been trying to do real
Speaker 6: estate for four or five years, right, And when I
Speaker 6: tell you, like capital credit, I was having a lot
Speaker 6: of issues with that. And so, Man, March third of
Speaker 6: twenty seventeen, that was a day I was fired from work.
Speaker 7: It's a great day, Yeah, great day.
Speaker 4: What kind of job? What kind of jobs?
Speaker 5: So I was in the transptation industry.
Speaker 6: I was a driver manager and so man, for that time,
Speaker 6: I'm like, man, I'm still getting real estate. So Man,
Speaker 6: I was actually and I was in a life coaching
Speaker 6: program at that time to become a life coach. So I
Speaker 6: will say that helped me up for to be where
Speaker 6: I'm at now, and that's summer. I hustled, hustled, like
Speaker 6: I'm just trying to get into it. At the time, man,
Speaker 6: I was driving left to pay the bills, and I
Speaker 6: was always listening to podcasts, and this particular day, I
Speaker 6: happened to find a podcast. It was on mobile homes.
Speaker 6: But mind you, I'm driving and people like, man, turn
Speaker 6: that off. Man, I ain't trying to hit it. Come on, man,
Speaker 6: So I sent it to her. I sent it to Sharnee, like, hey,
Speaker 6: take a listen to this, man, I think it's gonna
Speaker 6: be special.
Speaker 5: Send it to her.
Speaker 8: And then so I was listening to the podcast and
Speaker 8: that podcast had so happened to be on mobile home investment,
Speaker 8: like he said, And the biggest thing that I learned
Speaker 8: from that podcast was you can literally get started with
Speaker 8: very minimum capital.
Speaker 9: Credit does not have to be good.
Speaker 8: And those are the two things that I feel like
Speaker 8: at the time, because me and Byron were new investors,
Speaker 8: those were the things that were kind of holding us back.
Speaker 8: So once I heard that, I was like, Okay, we
Speaker 8: need to get into this niche of mobile homes. So
Speaker 8: I came home, I told Byron, like, look, were about
Speaker 8: to get into these mobile homes, Like I know, we
Speaker 8: trying to get these three flats right now here in Chicago.
Speaker 8: We were trying to get buildings at the time. But
Speaker 8: like I said, our capital, our credit was not so good.
Speaker 8: So I was like, look, let's try something different, Let's
Speaker 8: go outside the box, and let's conquer this. And man,
Speaker 8: it's been history ever since.
Speaker 7: That's means I mean, especially as a couple doing it,
Speaker 7: y'all supporting each other, which we don't see it like
Speaker 7: this is the first couple that we've seen on our podcast.
Speaker 7: What did it take to have a belief in each other?
Speaker 7: Did y'all always trust each other?
Speaker 10: Like?
Speaker 2: How did that develop man?
Speaker 5: Double question?
Speaker 6: So the biggest thing from myself going through that journey,
Speaker 6: I learned a lot. I took a lot of l's,
Speaker 6: went broke, mest of my credit card repoll like all
Speaker 6: the worse right, And so she had my back. She
Speaker 6: was the one person that out of everything from family, friends,
Speaker 6: that have my back. So it was like, Yo, with
Speaker 6: this knowledge, like I got I have nothing but trust
Speaker 6: and I'm gonna have so much patience in this. And
Speaker 6: she trusted me and I would just see her growth
Speaker 6: and she just dug and became a student literally with
Speaker 6: no entrepreneur experience at all. And I'm just looking like, yo,
Speaker 6: she a rock stuff.
Speaker 3: So all right, So okay, so you listen to the
Speaker 3: podcast you said it to. What made you say, Okay,
Speaker 3: this is something that we because you both I lost
Speaker 3: your jobs, right, so what made you say, Okay, this
Speaker 3: is something that we're gonna do full time? And what
Speaker 3: was your first deal, Like, what was the first thing
Speaker 3: that got you into, like buying your first mobile home?
Speaker 6: Man, So honestly, I had nothing else to lose, Like
Speaker 6: I had took so many l's.
Speaker 5: I'm like, yo, this gotta work. One of these gonna work.
Speaker 6: So so you know, we got this scavenging.
Speaker 8: Man.
Speaker 6: We just took out a high interest loan for ten K, right,
Speaker 6: I mean and listen to interest rate on that was
Speaker 6: twenty four percent credit card alone, like a yeah shark
Speaker 6: loans loan went through like a credit union.
Speaker 5: Or something like lending club.
Speaker 6: And uh so we got that and then we just
Speaker 6: dove in. We started hitting a roll. We had did
Speaker 6: little education and we didn't know like we literally learned
Speaker 6: from the school of hard knocks, so we hit the role.
Speaker 6: We went all the way down to Cincinnati looking for homes.
Speaker 5: We didn't know.
Speaker 6: We were trying to see we're gonna move homes and
Speaker 6: man our first deal. She actually found this guy and
Speaker 6: up and it's called Love's Park.
Speaker 9: Yeah, so I.
Speaker 8: Ended up againing prospecting being Facebook. I found this guy.
Speaker 8: He was a park manager. He had a lot of
Speaker 8: older homes and he was like, look, we got some
Speaker 8: homes under five thousand. You should come out and take
Speaker 8: a look. That was definitely our budget because starting out
Speaker 8: we was like, we only want to stay under five thousand.
Speaker 8: So when out there we looked at a few homes.
Speaker 8: We ended up getting two on one home we paid
Speaker 8: thirty seven hundred. It was moving ready so we didn't
Speaker 8: have to do anything to it, no rehab. It was
Speaker 8: beautiful and the second home we purchased for five hundred,
Speaker 8: put a little bit of rehab into it about thirty
Speaker 8: two hundred dollars. We ended up flipping those first because
Speaker 8: of course we want us to go ahead and make
Speaker 8: some profits so we can continue to invest.
Speaker 9: So we ended up flipping those.
Speaker 8: We made nineteen thousand, five hundred in less than thirty days,
Speaker 8: and then.
Speaker 4: You said this is this.
Speaker 9: Right, and that was it?
Speaker 1: Right?
Speaker 2: That was it At that.
Speaker 7: Time you were saying, like that was already half of
Speaker 7: the yearly salary.
Speaker 4: Right. Yeah.
Speaker 8: So at the time, at that time, prior to me
Speaker 8: getting fired, I worked at the gas company here in Chicago,
Speaker 8: and my salary gross I was making about like thirty
Speaker 8: nine So you're thinking about I made about close to
Speaker 8: twenty thousand in less than thirty days.
Speaker 9: That was like, that was eye opening for me.
Speaker 2: I guess.
Speaker 3: That's powerful because a lot of times people are afraid
Speaker 3: to leave their job. I pulled something the other day
Speaker 3: like don't let well, a fear of losing fifty thousand
Speaker 3: a year could stop you from making fifty thousand a month,
Speaker 3: and you could break that down to anything, but like
Speaker 3: your situation is like you actually was blessed to get
Speaker 3: fired or lose your job. However you lost it because
Speaker 3: it's like, let's say that you might have stayed in
Speaker 3: that job making thirty thirty nine thousand, and it's like
Speaker 3: a lot of times people are like scared to leave
Speaker 3: and you would have never even knew that you could
Speaker 3: possibly make twenty thousand a month. And then five years
Speaker 3: from now you could be making one hundred thousand a month,
Speaker 3: like you know what I mean. So it's crazy, but
Speaker 3: I like that you guys supported each other and took
Speaker 3: the leaf of faith because that's extremely important, especially in
Speaker 3: a relationship. It's like, you know, you could you tell
Speaker 3: your partner you lost your job, and it's like you
Speaker 3: better get another one. Yeah, So, like what made you
Speaker 3: have faith in him? And even like okay, like you know,
Speaker 3: I'm gonna support you on being an entrepreneur. You guys
Speaker 3: are entrepreneurs. I'm gonna support you on being an entrepreneur.
Speaker 3: Like with no business backgrounds, you guys were entrepreneurs before that.
Speaker 3: Like what made you have faith? Because you he said
Speaker 3: you were the only person that really like really had faith.
Speaker 3: So what made you have that faith?
Speaker 8: Yeah? But sure, so I mean prior to you know,
Speaker 8: Byron's entrepreneurial journey, Like you know, we were already i
Speaker 8: guess quote unquote talking and dating before we got serious.
Speaker 8: And at that time, like you said, he had a
Speaker 8: good job, you know what I'm saying. So once we
Speaker 8: got back linked up, at that point, he was going
Speaker 8: through his hardships or whatever. But by that time we
Speaker 8: had already built our friendship. We was already best friends.
Speaker 8: So it's like, as a best friend, why would I
Speaker 8: turn my back on him, you know what I'm saying,
Speaker 8: Like I was. I was there for him through all
Speaker 8: the hard situations that he went through in his life.
Speaker 8: And then I feel like he was also there for
Speaker 8: me because at the time I had just lost my job,
Speaker 8: I was very stressed out. He was there picking me
Speaker 8: off the floor, telling me every day like shar come on,
Speaker 8: like we about to do this together, Like I'm thinking
Speaker 8: about us now, our legacy, generational wealth. Like he was
Speaker 8: feeding that into me every single day. It's like I
Speaker 8: had no choice but to rock with it. Like you
Speaker 8: don't get that every day, especially from a partner, from
Speaker 8: a relate relationship.
Speaker 9: Like that's powerful, good man.
Speaker 4: It's it's like a lifetime movie.
Speaker 2: Now, that's beautiful.
Speaker 7: I mean, obviously you know I'm a married man, so
Speaker 7: like I could relate to everything that you're saying, Like
Speaker 7: having somebody that knows that whatever whatever I do is
Speaker 7: for us, right, so like we all want so like
Speaker 7: the decisions that I make or she makes, it's for
Speaker 7: the betterment of us and our family, right the legacine.
Speaker 4: So that's powerful. Shouting to y'all black love black.
Speaker 3: So all right, So I don't think people fully understand,
Speaker 3: like I said, especially like we come from New York
Speaker 3: and but you actually told me that there's a lot
Speaker 3: of mobile homes in New York. But like the New
Speaker 3: York City area metropolitan area, and you know a lot
Speaker 3: of listeners that may be from like cities, they don't
Speaker 3: fully understand how big of an industry mobile parks homes are.
Speaker 3: So I did some research. So there's twenty two million Americans
Speaker 3: live in mobile homes, and so like, how lucrative is it?
Speaker 3: Like on an ROI standpoint, how lucrative is the mobile
Speaker 3: home industry?
Speaker 5: Man?
Speaker 6: Listen, it's the highest cash on cash return of any
Speaker 6: real estate investing. Like I didn't believe it at first
Speaker 6: until I'm gonna give example, our average returns are two
Speaker 6: hundred and fifty ROI on per.
Speaker 5: Deal that we do.
Speaker 4: How long does it does?
Speaker 6: See our normal turnaround in sixty days. Now we're to
Speaker 6: the point that we flip a house, we flip in
Speaker 6: less than fifteen days.
Speaker 3: Wow, Okay, So all right, so since you said that
Speaker 3: you can, you can you break down a deal and
Speaker 3: like kind of explain like how does that work?
Speaker 5: Cool?
Speaker 6: So I'm gonna break down with a deal. So we
Speaker 6: had a deal. We purchased a home for three thousand
Speaker 6: dollars right in Indiana, and the home that it didn't
Speaker 6: need any work from older lady. In most of the situations, right,
Speaker 6: most people don't really know the value of their homes.
Speaker 6: And three grand said cool. So what we did was
Speaker 6: we say, you know what, we're gonna open up for sellarfar.
Speaker 6: We're gonna help somebody get affordable housing in that area.
Speaker 6: The average rent, we normally based it off the average rent,
Speaker 6: it was eight hundred dollars, right, So we said, okay,
Speaker 6: we're going to be comparable. Now in a park. If
Speaker 6: you're doing mobile home investing in a park, the park
Speaker 6: has lot rents just like HOA fees. Okay, so you
Speaker 6: have to pay monthly those this park was it was
Speaker 6: at three seventy two.
Speaker 4: So all right, a lot feed what's the lot of fee?
Speaker 6: So it's like an HOA fees. They're paying for the trash,
Speaker 6: they're paying for just.
Speaker 3: To stay stay on the actual so that the park
Speaker 3: owns the land, so you own that if you can't
Speaker 3: just park your mobile home anywhere. Now to be inside
Speaker 3: of a license, like a park that has a permit,
Speaker 3: and it's as like a okay, right, and.
Speaker 6: So normally the ones that you drive, like the r vs,
Speaker 6: those are different, right, you go, you can go take
Speaker 6: drive those and go into a park and pay like
Speaker 6: a fee. But normally the ones that you see are
Speaker 6: kind of just like on actual like land, like those
Speaker 6: right there.
Speaker 5: Yeah, you can move those, but it's not costly.
Speaker 6: Normally about two grand and so to move them depending
Speaker 6: on how many miles. Okay, but in this case, so
Speaker 6: we so we say, hey, you know what, We'll say
Speaker 6: four twenty eight monthly.
Speaker 5: Okay, So it was eight hundred bucks.
Speaker 6: So how it did We put them on a sixty
Speaker 6: month term because remember it's a mobile home is pretty
Speaker 6: much a motor vehic on most states. It is not
Speaker 6: actually real estate. It's real property unless you put it
Speaker 6: in on land. So this particular deal, we're getting eight
Speaker 6: hundred a month, we're getting cash flowing four twenty eight.
Speaker 5: We put them on a sixty month term.
Speaker 6: At the end of that sixty month term, that three
Speaker 6: thousand we turned to twenty five thousand, was it twenty
Speaker 6: five thousand, six twenty that's seven hundred percent return on
Speaker 6: investment we created.
Speaker 3: So the rent that you were guys were collecting was
Speaker 3: four hundred a month for twenty twenty eight years.
Speaker 4: And how much did you buy.
Speaker 5: It for three thousand?
Speaker 3: How how do you buy something for three thousand in charge?
Speaker 3: How much were they they were paying eight hundred dollars
Speaker 3: a month in rent?
Speaker 4: Yes? Because how is that? How is that possible?
Speaker 6: So with that we so instead of them renting an apartment, right,
Speaker 6: because they get if they rent apartment for eight hundred dollars,
Speaker 6: they got no equity in it. So we're providing this
Speaker 6: is just equity in that house.
Speaker 4: Right.
Speaker 6: The thing is we buy it for so low, Right,
Speaker 6: we don't necessarily have to say, Okay, we're gonna only
Speaker 6: sell it for five thousand. Right, we still operate because
Speaker 6: if you think about the number, it's still a house.
Speaker 6: It's still a home for him. So a twenty at
Speaker 6: the end of the day, a twenty five thousand dollars
Speaker 6: house where you still gonna get other moving ready, twenty
Speaker 6: five thousand dollars house.
Speaker 3: So no, that's crazy. But I was just like, but
Speaker 3: if why would somebody not just buy it on their own?
Speaker 3: If they like, why would you rant for eight hundred
Speaker 3: if it only cost three hundred three thousand to buy.
Speaker 8: Yeah.
Speaker 6: So the thing is for us being investors, it's almost
Speaker 6: like we buyd off off market property.
Speaker 2: Right.
Speaker 6: The most people don't really know that, hey, I can
Speaker 6: go get there, and if they do, they definitely take advantage.
Speaker 4: Right.
Speaker 6: For example, we have a house Chinese just sold this week.
Speaker 6: We literally we got the house of four fifteen hundred.
Speaker 6: We sold him him for six thousand. He's gonna move
Speaker 6: the home. Right, We're still doing a favor. But then
Speaker 6: at the same time we offer seller finance. We just
Speaker 6: offered I usually I usually do anywhere from like eighteen dollars.
Speaker 6: I look at it eighteen dollars to twenty five dollars
Speaker 6: per square foot.
Speaker 7: So you could actually with your finance and you can
Speaker 7: have no money and get a home. Yes, interesting, so
Speaker 7: I can, right, So like I go in, I have
Speaker 7: no money, I'm like, yo, I want to get this home.
Speaker 2: That's where you come in.
Speaker 5: Yeah, yeah, And that's what I'm offering.
Speaker 6: Because see the thing is, most banks don't lend to
Speaker 6: mobile homes like they like Warren Buffett, he has two
Speaker 6: lending companies. Because you understands Warren Buffet is in this
Speaker 6: game on Clayton Homes.
Speaker 4: Warren Buffett lends mobile homes.
Speaker 6: Yeah, he owns Clayton Homes. That was acquisition he brought
Speaker 6: in nineteen ninety seven. Clayton Homes is the largest like
Speaker 6: manufactured home company in the country.
Speaker 7: So banks don't give the loans because are they looking
Speaker 7: at it as a like an honormobile loan?
Speaker 2: Like how are they looking at it?
Speaker 6: They looking at as a depreciating asset, where for us
Speaker 6: we look at it as value.
Speaker 3: So it's an appreciating asset because it has wills and
Speaker 3: anything that wills depreciates, correct, So is that true?
Speaker 6: Not nine? At the end of the day, for us,
Speaker 6: we look at it we solve an affordable housing crisis, right,
Speaker 6: Like that's the biggest thing.
Speaker 5: Like cities, we know what.
Speaker 6: The cost of living is going though all right, wages
Speaker 6: are still staying the same, so people are getting pushed
Speaker 6: out like we see it every day, like where it's gentrification,
Speaker 6: people can't afford. So for us, it's like, hey, listen,
Speaker 6: I get it. You've been living in this apartment for
Speaker 6: the last five to six years. Why don't you get
Speaker 6: your own asset?
Speaker 4: Right?
Speaker 6: Because at the end of it is you can do
Speaker 6: the same thing. Most people that we educated buy house rooms.
Speaker 6: We even teach them like, hey, this is how you
Speaker 6: sell your home to get your money back or make
Speaker 6: more on your home.
Speaker 7: So where these mobile parks located in proximity to major cities? Right,
Speaker 7: So we live in the New York tried state. How
Speaker 7: many miles typically would a mobile park be located?
Speaker 2: Right?
Speaker 4: Good question.
Speaker 5: So for you guys, I know you guys got one
Speaker 5: in Staten Island.
Speaker 2: I've been in New York.
Speaker 7: We've been in New York our whole lives, Like I think,
Speaker 7: I don't think I've ever been in stand.
Speaker 8: And then we got a few students out in New
Speaker 8: York and they normally work with parks in Jersey, so
Speaker 8: they go over to Jersey.
Speaker 6: Yeah, and about honestly, I would say about sixty miles
Speaker 6: if you're willing to go upstate New York. I'm not
Speaker 6: sure that the exact knowledge, but I know you guys
Speaker 6: have a lot central and upstate New is there like.
Speaker 7: A mandated distance like that the federal government will say
Speaker 7: like this is the further dents you can go before
Speaker 7: you create a park.
Speaker 5: So here's the thing in modern days. So mobile home parks.
Speaker 6: The reason why you don't see a lot of them
Speaker 6: popping up right now because here's the reality. Taxes right
Speaker 6: in America that cast on the average is like twelve
Speaker 6: thousand and sent a kid to school. I'm gonna give
Speaker 6: you guys, exam, I'm about to blow your mind real quick.
Speaker 6: Our taxes on our mobile homes per year one hundred
Speaker 6: and sixty dollars. Our taxes on our mobile homes in
Speaker 6: Indiana thirty seven dollars for the year. So you got
Speaker 6: to think about it. If you have a kid living, if
Speaker 6: you got children, you got two children, and it costs
Speaker 6: at least eleven ten thousand dollars a cent them to school,
Speaker 6: that city is not eating from that. So cities really
Speaker 6: don't really like mobile home parks because of the taxes. Wise,
Speaker 6: and most mobile home parks they use in the city
Speaker 6: water they sitting, they're using the city sewer. So and
Speaker 6: you know, in that case, it's like, yeah, we're not
Speaker 6: eating off that. We don't really like this.
Speaker 4: Over here's more lunch money than always.
Speaker 3: All right, here's a question. You live in a mobile home, right,
Speaker 3: how do you what is it plumbing? How does that work?
Speaker 8: So?
Speaker 5: Like so everything is above ground. Everything is above ground.
Speaker 6: So the cool thing is like you know, if you
Speaker 6: need something fixed, they can go under the actual mobile
Speaker 6: home to repair.
Speaker 3: So but like your actual like you go to the
Speaker 3: bathroom and goes underneath the like where does that go?
Speaker 2: Is it like a septic tank down?
Speaker 6: So normally most parts So here's the thing. Most parts
Speaker 6: either have they're hooked up to city sewer, so they
Speaker 6: will have the hook up so it can go you know,
Speaker 6: along with the city, or they have septic tanks.
Speaker 3: Okay, so like if it comes from your truck or
Speaker 3: your your mobile home into like a underground thing.
Speaker 4: Hm.
Speaker 3: So all right, so if the taxes is so low, right,
Speaker 3: so what's the what's the gig?
Speaker 4: Because it has to like what's going on?
Speaker 3: So all right, the taxes a low. You can buy
Speaker 3: a home for low, you can sell it for high.
Speaker 3: So why a why would any why?
Speaker 5: Why?
Speaker 4: What's why?
Speaker 3: What's in it for the city or for the town
Speaker 3: to actually house these places? And how come more people
Speaker 3: aren't doing it?
Speaker 5: Good question?
Speaker 6: So I would say person that, well the first question
Speaker 6: I'm gonna answer. You said, like, like why do cities
Speaker 6: so most mobile home parks? Our grandfather in a lot
Speaker 6: of them really popped up in the forties, fifties, sixties,
Speaker 6: seventies begin because after the war, the government invested into
Speaker 6: mobile homes right after they were using actually old war
Speaker 6: planes and using the ten That's why most mobile homes
Speaker 6: are kind of like that that aluminum they ended up had,
Speaker 6: They had a certain plus of aluminum, so they like, yo,
Speaker 6: how can we use this boom we build a house.
Speaker 6: So that's why mobile homes actually really start going. So
Speaker 6: in the seventies. One, like I said, once Hug got
Speaker 6: involved in the seventies, that kind of depreciated, right, the
Speaker 6: value of mobile homes because they want to point mobile
Speaker 6: homes were the place to be.
Speaker 4: Like you told me that. Yeah, it's like it used
Speaker 4: to be luxury.
Speaker 5: Yeah, and it was kind of like suburbia. Most mobile
Speaker 5: homes are in rules like suburbia.
Speaker 6: Right, if you go to a lot of mobile home parks,
Speaker 6: they look like little I guess you can say suburban neighborhoods.
Speaker 6: And once when Hug got involved, unfortunately thinking about the
Speaker 6: next generation and people start moving back to the city,
Speaker 6: it just kind of took the value down. So it
Speaker 6: was a need for affordable housing. But with cities these
Speaker 6: places were definitely grandfathered in. It's a lot of cities
Speaker 6: that for example, let's say an owner actually sells a
Speaker 6: mobile home park, sometimes they're like, yo, that's inhabitable, Like
Speaker 6: they don't because they don't really want because they don't
Speaker 6: really benefit from the mobile home park.
Speaker 3: So when did when did mobile homes get the bad
Speaker 3: name of like trailer parks and trailer home Like when
Speaker 3: did that shift? Because you said at first it was
Speaker 3: luxury and then it obviously it kind of got tarnished
Speaker 3: and people have bad ideas when they think about that.
Speaker 3: So like, at what point did that even like you said,
Speaker 3: like trailer park trash stuff like that, how did that happen?
Speaker 5: So to my knowledge, it was an article.
Speaker 6: I'm not sure the exact year, but I think I
Speaker 6: know it was like in the late sixties and somebody
Speaker 6: had wrote a newspaper article about trailer trash and that
Speaker 6: just kind of stuck. The name just kind of stuck,
Speaker 6: and then of course moved play out.
Speaker 5: I think about horror movies, right, eight mile right.
Speaker 7: I tell you, when y'all said mobile homes, the first
Speaker 7: thing I thought was ozarks Yo, okay, must be similar
Speaker 7: to that.
Speaker 6: And so the ones they show on television or they
Speaker 6: depict I look at it. Honestly, it's almost like in
Speaker 6: the hood, right they depict like you know what they
Speaker 6: for example, Chicago, they're going to depict on certain shows
Speaker 6: that is just the gutter, you know what I mean.
Speaker 6: But at the same time, it's very nice mobile home.
Speaker 6: It's a luxury. People don't know. In San Francisco they
Speaker 6: have a mobile home park that literally million dollars mobile
Speaker 6: homes the same double wide that I can go purchase
Speaker 6: for fifteen thousand, it's going for eight million dollars in
Speaker 6: the area.
Speaker 5: In San Francisco.
Speaker 7: I saw Will Smith had a mobile home. It was
Speaker 7: cause like two million. It was like a two story
Speaker 7: mobile home. Travels like to movie sets with them.
Speaker 3: Okay, yeah, that's dope. All right, So now we got
Speaker 3: the backstories sitting down. In the second segment, we're going
Speaker 3: to go into some details and go over terms and
Speaker 3: key definitions.
Speaker 4: All right.
Speaker 3: So now we're gonna go over some key terms, definitions,
Speaker 3: things that nature. But before I start, we talked about pricing.
Speaker 3: But on average, since we're in Illinois, how much can
Speaker 3: does a mobile home court on average?
Speaker 6: So the average price in Illinois use mobile homes right
Speaker 6: as seventy five hundred. So if you're looking for something new,
Speaker 6: like if you get in a brand new home, they
Speaker 6: can start it right at about like thirty five forty thousand,
Speaker 6: all right.
Speaker 7: And one of one of the things that the negative
Speaker 7: connotations that go with mobile homes is that they're not safe.
Speaker 2: So one of the questions I ask was like, how
Speaker 2: safe are mobile homes? Man?
Speaker 5: I love that question.
Speaker 6: So, so mobile homes are actually since they're built in factories,
Speaker 6: they're wind tested, they're built to last outstand tornadoes and
Speaker 6: earthquakes and things like that.
Speaker 4: Right.
Speaker 6: The thing is unforcuning that you've seen maybe seeing in
Speaker 6: or so they may show they may show a mobile
Speaker 6: home park with like three three tops, you know what
Speaker 6: I'm saying, gone, But it's not.
Speaker 5: Like you know, back, I think, what's the movie and
Speaker 5: whatever it is?
Speaker 6: But anyway, with the houses flying all the way around
Speaker 6: and things like that, no, it's not like that they
Speaker 6: actually built safe.
Speaker 2: So what's the lifespan? Right?
Speaker 7: So sometimes like you know, a brownstone like be built
Speaker 7: in nineteen oh nine, what's the light span of a
Speaker 7: mobile home?
Speaker 5: Good question?
Speaker 6: So the older ones, anything that's built after nineteen ninety
Speaker 6: up to thirty years. The new ones are built to
Speaker 6: last within forty five to fifty five years.
Speaker 3: Okay, okay, So as far as you was explaining that
Speaker 3: title right, and it's different from like when you buy
Speaker 3: a home like a regular home and you have a deed,
Speaker 3: So can you explain that the.
Speaker 4: Process as far as like the title is a lot,
Speaker 4: it's just it's easy to do it, right. Yeah.
Speaker 8: Yeah. So as far as a mobile home, like, the
Speaker 8: mobile home is considered a motor vehicle, so it's kind
Speaker 8: of like a car. So when you are selling the asset,
Speaker 8: you're just going down to the DMV or whatever your
Speaker 8: motor vehicle department is in your state, and you're just
Speaker 8: transferring that title.
Speaker 4: That's it. Yeah, how long does it take?
Speaker 9: About two weeks to come back?
Speaker 3: So the closing, what's the typical closing from buying a
Speaker 3: home and having it up and running.
Speaker 8: Like yeah, so buy Honestly, it's like a day. I mean,
Speaker 8: so you buying a home, you of course we're dealing
Speaker 8: with the park, So we're gonna deal with the park manager.
Speaker 8: Our buyer has to sign some paperwork with the park.
Speaker 8: That's about thirty minutes to an hour that's signing the
Speaker 8: lease for that lot rent that we talked about earlier.
Speaker 8: After that, we normally take our buyers, we go to
Speaker 8: the D and B together, we do that paperwork, transfer
Speaker 8: the title. That's about again a fifteen minute process, and
Speaker 8: then they'll send a title back in the mail. That
Speaker 8: normally takes about two weeks, and then the new buyer
Speaker 8: will get the title, they'll own the asset now, and
Speaker 8: then we move on to the next deal.
Speaker 7: Yeah, So one of the things that were doing some research,
Speaker 7: it was like, there's a difference between modular homes and
Speaker 7: manufactured homes.
Speaker 2: What's the biggest difference.
Speaker 6: So, mogul of homes, more times you see concrete base
Speaker 6: where so they have like they are more applauded on cement, right,
Speaker 6: whereas a manufacturing home is they're literally sitting on cinder blocks.
Speaker 6: So that's why you see it's called skirting. You'll see
Speaker 6: like like some vinyl that's like right around the bottom
Speaker 6: of that, so that's what covers that. But the house
Speaker 6: is actually sitting on cinder blocks.
Speaker 3: So all right, what about insurance, like insurance for a
Speaker 3: mobile home, is it different from insurance to a regular home?
Speaker 3: Is it car insurance is it's actually transportation vehicle, Like,
Speaker 3: how does that work?
Speaker 9: Yeah, you literally can call, right, you literally can.
Speaker 8: So when it comes through, mobile home insurance is very
Speaker 8: similar to what you would get for homeowners insurance or
Speaker 8: renters insurance. So you literally can call like Geico Stay Farmed,
Speaker 8: like your normal insurance companies, and you let them know
Speaker 8: like you would like to get insurance on your mobile home.
Speaker 8: And the typical cost for that is about like fourteen
Speaker 8: fifteen dollars a month, so kind of similar to what
Speaker 8: you would pay for renters insurance.
Speaker 7: Wow, So what's the process, because you said, like the
Speaker 7: park owns the land, right, but you own the actual
Speaker 7: mobile home. What's the actual process to getting your mobile
Speaker 7: home into a park?
Speaker 6: So that process you really looking for a mobile home
Speaker 6: park owner.
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Speaker 6: Who's looking for houses and right now it's like a
Speaker 6: gold rush, right like literally now out of the forty
Speaker 6: four thousand mobile home parks, four well sorry, four thousand
Speaker 6: are institutionally owned, mean like just corporations that own it.
Speaker 6: But it's really like the wow away because they see
Speaker 6: the opportunity cap rates are crazy on these things. So
Speaker 6: for them, what's happening is you have literally call like
Speaker 6: like bird dog watches. They're going to other people's parks
Speaker 6: right from another owner. So let's say Rashad has this
Speaker 6: park right now, he hires me to come in Troy's
Speaker 6: park to scout out some Oftroy's houses to take back
Speaker 6: to his park, like recruit.
Speaker 3: Trust me bro So, like, what's some of the incentives
Speaker 3: that a park a lot owner would say live in
Speaker 3: this lot as opposed to living that lot.
Speaker 6: So the one thing, the cooler thing in the newer
Speaker 6: mobile home parks, what they're trying to really do is
Speaker 6: make it a community based because that's one thing about
Speaker 6: mobile home parks get a bad rap. It's a really
Speaker 6: good community because everybody knows each other, right, So like
Speaker 6: for example, it may be you know, amenities in the park.
Speaker 6: We got parts, they got swimming pools and basketball.
Speaker 4: Courts in the mobile home park and yeah, yeah.
Speaker 6: It's like exactly yeah, And so it's really just an
Speaker 6: amenities like what can this park provide?
Speaker 2: Right?
Speaker 6: Like like one park, I love it because they give
Speaker 6: beautification awards for whoever has the best line, right some
Speaker 6: parks are pretty much like a concrete jungle. Are on concrete,
Speaker 6: but a lot of parts are I mean you have
Speaker 6: like huge backyards, gated fences and garages and like you'll
Speaker 6: be surprised at seeing some of the way this stuff
Speaker 6: is developed.
Speaker 3: So all right, so you have a mobile home, you
Speaker 3: put it in a lot, but that a lot has
Speaker 3: a backyard and all that, So you have to pay
Speaker 3: for that backyard.
Speaker 4: Is that part of just the lot fee? Like, how
Speaker 4: does that work?
Speaker 5: Yep, that's part of your lot fee.
Speaker 6: I look I equivalent to almost like taxes, right because
Speaker 6: I know here in Chicago, depending on single family home,
Speaker 6: you may be paying anywhere from three grand and six
Speaker 6: grand on your taxes, right, I look at it, that's
Speaker 6: the same as taxes if you kind of if you
Speaker 6: add that number, if you're paying three seventy five, you
Speaker 6: know a month when you look at the yearly, it's
Speaker 6: pretty much still in line with taxes.
Speaker 5: And some people pay in their cities.
Speaker 2: So in real.
Speaker 7: Estate, you know when people have multiple units, multiple assets,
Speaker 7: they have property managers. In the mobile home game, you'll
Speaker 7: have park managers. Is it similar to what's the differences
Speaker 7: in those two roles?
Speaker 6: So the park manager's role is really to oversee the park.
Speaker 6: For example, you know, make sure they's filling houses. You know,
Speaker 6: somebody's not paying their lot rent, make sure they send
Speaker 6: them their notices. A lot of parks have staff, so
Speaker 6: they have other handymen on the park. But the cool
Speaker 6: thing about it is they're not really most parts, don't.
Speaker 6: They do rentals, but they're not let's just say, like
Speaker 6: fixing everything in the house.
Speaker 5: Should you say that?
Speaker 4: Okay, that's so all right.
Speaker 3: So there's two types of communities, right, there's age restricted
Speaker 3: in family communities, yes, can you explain that?
Speaker 8: Yeah, so all age community would be like, you know,
Speaker 8: eighteen to really all ages. The restricted ones is the
Speaker 8: more they're normally fifty five and older, so it's more
Speaker 8: so retirement communities. And you normally see those like down
Speaker 8: south Florida West Coast, like Arizona, California, Las Vegas, like
Speaker 8: you'll see the more restricted communities in those areas.
Speaker 3: Okay, so how many people, like how many homes are
Speaker 3: in a typical community.
Speaker 5: So it varies.
Speaker 6: It could be anywhere from thirty upwards to five hundred homes.
Speaker 6: It really just depends on that particular park.
Speaker 7: And you said that they don't depart, manager doesn't come
Speaker 7: around to collect rent. Right, So what's the process when
Speaker 7: somebody doesn't pay? Is it the eviction process? Are the
Speaker 7: deadlines the same as state regulator? Or is it faster
Speaker 7: for mobile homes?
Speaker 6: Honestly, from what we see, parks don't play no games. Now,
Speaker 6: Like I'm gonna say this, Like most parks that we
Speaker 6: deal with, they give you ten days. Do you get
Speaker 6: a ten day notice? And then after that, I mean
Speaker 6: you can definitely pay. But if you're past that thirty days,
Speaker 6: they got paperwork already and they starting that eviction process.
Speaker 4: Wow.
Speaker 3: So all right, what's the maintenance on mobile homes? Is
Speaker 3: it car maintenance?
Speaker 4: Is it?
Speaker 3: House maintenance? Is the combination of bob you have to
Speaker 3: change the oil? Like, what's the deal with that?
Speaker 11: Bro?
Speaker 5: So I mean literally like regular house maintenance.
Speaker 2: Right.
Speaker 6: The cool thing about a mobile home all the materials
Speaker 6: are much cheaper than a traditional house, right, break and mortar,
Speaker 6: because you're dealing with most houses come with you know,
Speaker 6: vinyl floors, it coming with they say wall board instead
Speaker 6: of dry wall. So mostly your materials are are cheaper.
Speaker 6: So like mainness, I I tell people, if you on
Speaker 6: a full rehab on a mobile let's say a full
Speaker 6: gut twelve grand.
Speaker 4: So speaking of that, so you said fix fixed out,
Speaker 4: So I took.
Speaker 3: Some notes vinyl, it's real rock, it's foam installated, uh,
Speaker 3: cinder block. So like, all right, you're you're fixing up
Speaker 3: and your your rebuilding.
Speaker 4: A mobile home. Right, how does that work?
Speaker 3: Like you get a contractor to do that, and like
Speaker 3: how like what's the how do you do that?
Speaker 4: Like is it just like a regular home or so you.
Speaker 5: Can here's the thing. You can get a contractor.
Speaker 6: But there's a lot of people, a lot of mobile
Speaker 6: homes that use special contractors. Right, they just do mobile
Speaker 6: homes because a lot of the main well, the maintenance
Speaker 6: a lot of times cheaper, and the materials are cheaper.
Speaker 6: If I take somebody who has been doing all single
Speaker 6: family houses rehab, he comes to my mobile home, he
Speaker 6: trust me, my price is gonna be a.
Speaker 5: Little bit highercause what he used to.
Speaker 2: Right.
Speaker 6: But at the same time, we call him handyman. We
Speaker 6: got like a team of literally five guys, and when
Speaker 6: we need to rehab, we call them.
Speaker 5: They go ahead and do it.
Speaker 6: And the biggest thing for us, like man, shout out
Speaker 6: to my guy, packet Hood of States. But just like
Speaker 6: we keep it clean, safe and functional. That's our biggest thing,
Speaker 6: and that's his. We actually learned that model from him.
Speaker 6: Clean safe, clean, safe and functional and longest that's our
Speaker 6: biggest thing. Like we're not coming in there trying to
Speaker 6: do a bogus job because you have people mobile homes.
Speaker 5: Don't have inspections really like that, can you talk about that?
Speaker 4: Yeah?
Speaker 6: So it's really like again, since it's a it's a
Speaker 6: motor vehicle, asset is not as strenuous as a house
Speaker 6: like a process exactly exactly. And that's why for us,
Speaker 6: it's like, yo, we add this value because we're not
Speaker 6: gonna let nobody come in and tell us like, no, wait,
Speaker 6: this is only worth four grand, like no.
Speaker 3: So as far as like getting started, right, how much
Speaker 3: money do you need to get started in the mobile
Speaker 3: home real estate industry?
Speaker 8: I mean really, we always tell our students like little
Speaker 8: to no money. It really just depends on your market
Speaker 8: and really just how you're prospecting. You can literally like
Speaker 8: for me and Buyron, we don't really touch anything over
Speaker 8: five thousand. That's the strategy that we have created and
Speaker 8: stuck with. But even in like the higher markets like
Speaker 8: we always say, like you can wholesale mobile homes, like
Speaker 8: you can still literally go in and still we call
Speaker 8: it like being that helper in the situation and helping
Speaker 8: a family to sell their home. And then again you're
Speaker 8: going in with no money down. You're just now just
Speaker 8: marketing the home and then taking the profit off that
Speaker 8: and then still making sure that they get the amount
Speaker 8: that they're looking for.
Speaker 3: So how does the whole saling because I know anybody's
Speaker 3: not familiar with whole sealing real estate, It's like you're
Speaker 3: pretty much like the middle man. You never actually own
Speaker 3: the home, but you can make a profit. It's like
Speaker 3: if Troy wants to buy a home and you want
Speaker 3: to swim with sell home. You want to buy a home,
Speaker 3: and then I can come in and be like the
Speaker 3: middle person and then make like ten thousand and fifteen thousand,
Speaker 3: and I don't wait do any work. There's no risk,
Speaker 3: there's no money that I put up anything. Is it
Speaker 3: the same process for mobile homes.
Speaker 6: Yes, exact same process. You know you can put them
Speaker 6: on the contract and the reality of it right now
Speaker 6: in this market, it's really no competition that it's wide
Speaker 6: or like we're in Illinois, we only like that. We
Speaker 6: personally we know of ten other investors, but we've only
Speaker 6: met two and out of those and the newer ones
Speaker 6: are our students.
Speaker 4: Wow.
Speaker 7: So as you're talking, I'm thinking to myself, Right, yeah,
Speaker 7: it's cool to get the mobile home, right, but you
Speaker 7: said that the person that owns the land is the
Speaker 7: one who makes the proper How do I go about
Speaker 7: getting land? Do I have to buy a lot and
Speaker 7: then get lightn sent and have mobile homes on it?
Speaker 4: Like?
Speaker 2: What's that process?
Speaker 5: So that's dope.
Speaker 6: So for example, let's say we get a lot of
Speaker 6: people like, Yo, I got like thirty acres down in Mississippi, Like,
Speaker 6: can I put homes on it?
Speaker 5: It's like, yes, yes you can.
Speaker 6: You know, like honestly, if it's your land, yeah, I
Speaker 6: mean the biggest thing is like, for example, let's say
Speaker 6: you just got raw land, right, So yeah, now you're
Speaker 6: gonna have to get septic and you're gonna have to
Speaker 6: get the whale system installed on the high end that
Speaker 6: can run you up to like twenty two thousand on
Speaker 6: the low end, you get all that installed, I hope
Speaker 6: you stay under ten that'll be perfect. But let's say
Speaker 6: twelve five right now, move in the house, depending on
Speaker 6: where you're moving it from a lot of moving companies
Speaker 6: start off right about that thousand range. Longest it's under
Speaker 6: one hundred miles, depending.
Speaker 5: On what it is. Let's say on a high end,
Speaker 5: your move is five thousand.
Speaker 4: Right.
Speaker 6: You still you look, Let's say you all in thirty thousand, right,
Speaker 6: Now you go get a house. You want to get
Speaker 6: a brand new house. Now you all in. Let's say
Speaker 6: you got another forty thousand, right, So you're still under
Speaker 6: one hundred thousand dollars, right, and think about this. Now
Speaker 6: you can become the bank. Right, you can eat a
Speaker 6: lease that land out forever, or you can just either
Speaker 6: package that up and now sell the land in the house.
Speaker 3: Okay, So for buying it, do you buy it in
Speaker 3: an LLC or you just buy it like as a
Speaker 3: regular person, Like, how do.
Speaker 4: You do that?
Speaker 6: So when we started with buying our person, but now
Speaker 6: we purchase all our homes in LLC.
Speaker 4: Why just from protection standpoint? Yes?
Speaker 6: And then from there we go a head and roll
Speaker 6: them in a trust.
Speaker 4: Why can you talk about that the trust? Yeah?
Speaker 5: And it's really just keeping your name off out.
Speaker 6: We don't want people know how many assets we have
Speaker 6: and I mean, we just learned from a mentor that, hey,
Speaker 6: this is just an extra layer of protection.
Speaker 2: For us small businessman.
Speaker 4: You had.
Speaker 3: I saw your Instagram page. You said one property you
Speaker 3: could get one propert. I guess like in the area,
Speaker 3: well somewhere I don't know where in America, but you
Speaker 3: can get one property for forty five thousand dollars and
Speaker 3: that could generate an income of eight hundred dollars a month.
Speaker 3: Let's say, well you can get nine mobile homes for
Speaker 3: forty five thousand, and that generates an income of twenty
Speaker 3: seven hundred dollars a month. That's pretty impressive.
Speaker 8: Yeah, profit margins, Yeah, yeah, So I actually made that post.
Speaker 9: First, right, first lady of mobile homes.
Speaker 8: But I definitely did that just to kind of show
Speaker 8: the margins as far as you know, when we say,
Speaker 8: like mobile homes is the highest cash on cash return
Speaker 8: on any form of real estate. So in that specific example,
Speaker 8: I kind of used the numbers that I got from
Speaker 8: one of my relative friends who end up purchasing a
Speaker 8: property for forty five thousand. In that situation, she was
Speaker 8: a landlord. They were renting it out for eight thousand.
Speaker 8: So in that case, again we all it's looking long term,
Speaker 8: the sixty month terms, because we normally put our tended
Speaker 8: buyers on seller finance for sixty months. So in that case,
Speaker 8: if she's making in five years, she made a little
Speaker 8: bit over forty five thousand, so kind of close to
Speaker 8: like forty that forty eight thousand mark, So she made
Speaker 8: her money back. But I took that same number and
Speaker 8: I was like, look, let me compare that forty five
Speaker 8: thousand to what you can do in the mobile home game.
Speaker 8: So we're forty five thousand in the mobile home game. Again,
Speaker 8: if you're sticking at that five thousand dollars range that
Speaker 8: myself and Buyrons stick to, then yeah, nine houses, nine
Speaker 8: houses for forty five thousand.
Speaker 4: Right.
Speaker 8: Remember we talked a little bit about earlier about that
Speaker 8: seller finance putting our tenant buyers on payments. Now, if
Speaker 8: you're putting them on payments for a minimum of three
Speaker 8: hundred dollars a month, mind you, we're no landlords in
Speaker 8: this situation, so we have no landlord responsibility.
Speaker 9: We're playing the bank.
Speaker 8: So in that three hundred dollars a month of nine homes,
Speaker 8: you're looking at twenty seven hundred dollars a month. Again,
Speaker 8: in cash flow, So you already tripling your cash flow profit.
Speaker 8: So now let's look at five years. How much you're
Speaker 8: looking to make in five years. Oh, it's like over
Speaker 8: one hundred and sixty thousand.
Speaker 9: I can't remember.
Speaker 8: I think it's one hundred and sixty two thousand. So
Speaker 8: you've tripled your initial investment investing in mobile homes. So
Speaker 8: then it's like when people always ask us, like why
Speaker 8: do y'all stick to mobile homes?
Speaker 9: That's why?
Speaker 5: Right, she knows a number that was impressible.
Speaker 3: Yeah, in the next segment, we're going to talk about education,
Speaker 3: and we're going to talk about scaling and a few
Speaker 3: other things. All right, So in the last segment, we're
Speaker 3: going to talk about education scaling. But before I start,
Speaker 3: I want I just got a quick question. So all right,
Speaker 3: there's three different Like there's different ways like realicitional real estate,
Speaker 3: like you like buying whole and make money off of
Speaker 3: cash flow, or you can you know, flip properties. Right,
Speaker 3: So I know, right now your main focus is flipping.
Speaker 3: But is there is there profit in buying and wholding
Speaker 3: and getting like cash flow from mobile homes as well?
Speaker 4: Oh?
Speaker 6: Man, definitely. For example, Man, I got to give a
Speaker 6: shout out to one of our students, Herald. But he's
Speaker 6: down in Georgia and he purchased a mobile home for
Speaker 6: fifteen hundred, put a thousand into it. And what he
Speaker 6: did was he's an opportunity with truckers. He understand a
Speaker 6: lot of guys say extended stays. So he running out
Speaker 6: per room five hundred dollars per room of his mobile home. Right,
Speaker 6: So think about it. He got his money back in
Speaker 6: like three months. Now he making all profit. He just
Speaker 6: created one thousand dollars cash flow. Well, I'll say this,
Speaker 6: he paid I think his lot runs like three seventy
Speaker 6: five right right in in that right around that range.
Speaker 6: But at the same time you still bring it in close,
Speaker 6: you know, over six hundred bucks a month just cash flow.
Speaker 7: So the lot feed plus whatever your choice for rent,
Speaker 7: that's what gives you the total rent price.
Speaker 4: Correct.
Speaker 3: Okay, So what's your what's what's your vision to scale? Like,
Speaker 3: what's your what's your plans on scaling for your for
Speaker 3: your personal business brand?
Speaker 6: And so we definitely want mobile home parks. So the
Speaker 6: larger goal with that is to get an acquisition where
Speaker 6: we find somebody has a portfolio ten to twenty mobile
Speaker 6: home parks, just looking kind of just to retire, right
Speaker 6: and then pretty much purchased that portfolio and just build
Speaker 6: from there and really open up the floodgates for more
Speaker 6: people to invest in mobile homes?
Speaker 7: Is that just something like just being in an industry,
Speaker 7: You'll know, is there like a database you can see
Speaker 7: like these people own this amount of mobile parks?
Speaker 4: Right?
Speaker 6: So we've been doing our homework. We got the top
Speaker 6: one hundred companies that do it. Literally to be in
Speaker 6: the top one hundred. If you own over fifteen mobile
Speaker 6: home parks, you are in the top one hundred of
Speaker 6: the companies.
Speaker 4: How much does it cost for a mobile home park?
Speaker 6: So now the prices went up? I would say on
Speaker 6: an average for fifty paths plus, you're looking at it
Speaker 6: about like one point two depending on the region one
Speaker 6: point two mil.
Speaker 5: Two million really depends on the region.
Speaker 3: Right.
Speaker 5: I've seen parks for that has one hundred pass that
Speaker 5: was going for one point two.
Speaker 7: Milat is just the area that's designated for this Exactly
Speaker 7: how much revenue can that bring it on a year?
Speaker 4: Wow?
Speaker 5: So man, that's a great question.
Speaker 6: So for example, I look at it, if you have
Speaker 6: let's say you have two hundred paths, right, and then
Speaker 6: you're getting a you're getting four hundred bucks per pad
Speaker 6: normally most for a park to be occupied, fully occupied,
Speaker 6: you're looking at a good park. Ninety five percent ninety
Speaker 6: five percent of those houses are field.
Speaker 5: So if you look at your castle, I might pull
Speaker 5: out the calculated real quick.
Speaker 6: I heard you, dope, but no, I'll run head. But yeah,
Speaker 6: I mean I'm trying to think. But the cash law.
Speaker 6: I know I had some some parks that pretty much,
Speaker 6: but they're like netting per month in the you know,
Speaker 6: in six figure range and just net after everything. So
Speaker 6: I mean literally a lot of.
Speaker 3: Like after a year, you can probably get you a
Speaker 3: million back. Oh yeah, and then one hundred thousand let's
Speaker 3: stay on the low end, one hundred thousand a month
Speaker 3: you'd be making from that, yes, but like maintenance, you
Speaker 3: gotta have like maintenance keeping.
Speaker 5: All that maintenance.
Speaker 4: Guys.
Speaker 5: You may if you have a park manager.
Speaker 6: That comes with your costs of course taxes, right, But
Speaker 6: a lot of times if you the thing what I've
Speaker 6: learned about in the mobile home park, if you give
Speaker 6: your uh, if you give the tenants more responsibility, so
Speaker 6: they're responsible for water, they're responsible that's how you cut costs, so.
Speaker 2: The utilities up to them.
Speaker 3: Yes, right, okay, so you guys are teaching people how
Speaker 3: to get into the industry as well, right, how are
Speaker 3: you doing that?
Speaker 4: So?
Speaker 6: Man, we got several products, We got an ebook, we
Speaker 6: have an e course, we do group coaching, We do
Speaker 6: our free live webinar every Wednesday, just to kind of
Speaker 6: get people acclimated, because that's the biggest thing. Like we
Speaker 6: look at it like we wish somebody would have showed
Speaker 6: us this years ago. And then we see the opportunity
Speaker 6: and it's low competition. Like literally, I don't care if
Speaker 6: it's ten thousand people that started tomorrow, it's not gonna
Speaker 6: be saturated, all.
Speaker 7: Right, So y'all are selling people the mistakes that y'all
Speaker 7: made exactly.
Speaker 2: So being at y'all in.
Speaker 7: This industry and it was new to y'all, what are
Speaker 7: some of the mistakes that you made during your first deal?
Speaker 8: Well, I would say one mistake we made being new investors.
Speaker 8: We was at a park and the park managers they
Speaker 8: were actually they had just brought the park as well,
Speaker 8: so it was new for them too, and they were
Speaker 8: showing us a house and you know, just talking, we
Speaker 8: actually made the mistay.
Speaker 9: Well it actually wasn't. We was Byron's.
Speaker 8: Right right to it, but he made the mistake of
Speaker 8: letting them know how much capital we had, right, so
Speaker 8: he ended up telling them like, oh, yeah, we got
Speaker 8: about ten thousand, right right. So of course you know
Speaker 8: they tried to well, we say fanessa us. They tried
Speaker 8: to faness us out of a deal and pretty much
Speaker 8: was showing us a home that we knew was only
Speaker 8: worth about maybe a couple of thousand, but he was
Speaker 8: trying to sell it to us for about I think
Speaker 8: four to five and then saying like we would say,
Speaker 8: I have to put another five into it for rehab,
Speaker 8: pretty much taking up all of our capital for our
Speaker 8: first deal. So we quickly learned like, yeah, you gotta
Speaker 8: hush your mouth when you're going out to invest, and
Speaker 8: you know some other mistakes.
Speaker 6: Bring us time, man, not winter rise in the house
Speaker 6: in the winter, like those pipes since they're above ground. Man,
Speaker 6: that was and it's not bad, like honestly, literally the
Speaker 6: first time I tried to go a cheap route, so
Speaker 6: I hired a guy told me he could do it
Speaker 6: for two fifty Plumbingah, let's go, and he just literally yeah,
Speaker 6: I've paid for it and then I had to pay another
Speaker 6: five but again seven hundred and fifty dollars for plumbing,
Speaker 6: right like where they do that?
Speaker 4: So what about lack of market rehouse?
Speaker 3: So that that was one of the mistakes that a
Speaker 3: person could make, right as far as like not knowing
Speaker 3: the market.
Speaker 6: We get so many dms of people that just maybe
Speaker 6: jump on a webinar or and I get it because
Speaker 6: it is exciting, right, but you still it's it's terms,
Speaker 6: and it's just it's not a lot, right. But if
Speaker 6: you try to jump in there and not really knowing,
Speaker 6: it can cost you more money because most people here,
Speaker 6: like man I can start with five thousand and then
Speaker 6: they'll take that five thousand and then and it's like, okay,
Speaker 6: well what about we always tell you the budget for
Speaker 6: a lot of rent, right, that's part of your expense.
Speaker 6: If we tell you negotiate a lot rent. Sometimes parkrounders
Speaker 6: may say, hey, you know what, like let us rehabits.
Speaker 6: We'll give you a month for two free. But if
Speaker 6: you're not, you still got to incorporate that into your costs.
Speaker 6: It can take you on a loan again six months
Speaker 6: to sell your house. Right, So you got to just
Speaker 6: incorporate the little cost that can add up.
Speaker 7: On the rental side when you're getting people to run.
Speaker 7: What's the turnover of people to tying in six monthies
Speaker 7: or like you said, some of the truckers do maybe
Speaker 7: a monthly.
Speaker 4: What's the turnover?
Speaker 6: So honestly, most people we realize that they're willing to
Speaker 6: they're willing to stay at five years max. And mobile
Speaker 6: home parks because you have to think about it, just like
Speaker 6: I look at like this. It's just like the hood, right.
Speaker 6: It's certain parts of the hood that's just the gutter
Speaker 6: that people know they want to make it out to
Speaker 6: and then they move to another part of the hood
Speaker 6: that's a little bit better, but they still want to
Speaker 6: move out.
Speaker 5: So it's levels to it.
Speaker 6: Right, Unless you were just in a in a mobile
Speaker 6: home park in Miami off the water, you probably not
Speaker 6: you know what I mean, Like you want to stay
Speaker 6: there for ten years plus?
Speaker 4: Right?
Speaker 6: But you know so honestly, for us, we provide anywhere
Speaker 6: from two upwards to ten years, but normally most of
Speaker 6: our average is like three to five years. But the turnover,
Speaker 6: we rarely get people that want to leave unless they're family.
Speaker 6: Like for example, we had a family that a couple,
Speaker 6: they respecting that third child, so you know they need
Speaker 6: more space now, so in that case, but normally they're
Speaker 6: gonna stay.
Speaker 3: So I saw on your page also you said that
Speaker 3: people mistake is buying high and selling low. Right, So
Speaker 3: all right, how do you like, Well, how has that
Speaker 3: happened in the in the in the mobile home world.
Speaker 6: Yeah, so I'm gonna say this profit is profit, but
Speaker 6: we I'm not gonna say we teach you how to
Speaker 6: be greedy, right, we teach you how.
Speaker 5: To make large returns.
Speaker 6: So yeah, for example, if I buy a house for
Speaker 6: ten thousand, and with our system, you know, you turn around,
Speaker 6: you only make two grand off or you make twelve.
Speaker 6: I'm happy for you that you made money, but it's
Speaker 6: just like you know, you left way more money on
Speaker 6: the table. So that's the way we look at it,
Speaker 6: especially if you look at the long term, right, like
Speaker 6: if when you do sell a finance again, if you
Speaker 6: take a minimum of three hundred dollars for sixty months,
Speaker 6: that's eighteen grand.
Speaker 3: So what got you into education? Like what made you
Speaker 3: want to spread awareness and teach people how to actually
Speaker 3: do this?
Speaker 4: Man?
Speaker 6: Be honest for myself like that was already my call,
Speaker 6: and I've been doing a lot of mentoring. I've already
Speaker 6: doing a lot of coaching, and honestly, God's hot. I
Speaker 6: never would have sold myself if God would have showed
Speaker 6: me the picture like yo, yeah, next year, you're about
Speaker 6: to be doing these mobile homes.
Speaker 5: I'm like, bro, you know, come on.
Speaker 6: But it's just he had a bigger a bigger picture
Speaker 6: for us, and I mean both of us and uh man,
Speaker 6: it was just like dope to even see shar Niche
Speaker 6: just like, yeah, let's let's let's go right.
Speaker 8: Yeah, Like I told him, like once we did our
Speaker 8: first couple of deals, I think.
Speaker 9: We say like right here, and I told him, like,
Speaker 9: we gotta show this.
Speaker 8: We got to teach this to our people because there's
Speaker 8: so many I know, so many other investors who have
Speaker 8: been trying to wholesale, who've been trying to get into
Speaker 8: traditional real estate, but again there's certain factors that have
Speaker 8: been stopping them, like credit capital, they can't get started.
Speaker 8: So once I found this, I was like, come on,
Speaker 8: like this is bigger than us, like this for the people.
Speaker 7: So I had you have students, so obviously they go
Speaker 7: through the webinar. Are you guys, coaching them after as
Speaker 7: well as and bringing them to their first deals.
Speaker 4: Yeah.
Speaker 6: So we always say anybody who investing in the program,
Speaker 6: like you family, hit us up, like we don't want to.
Speaker 6: We're not that type of like okay by program and
Speaker 6: then go out on your own and do it right.
Speaker 6: If you don't hit us up, that's on you, you
Speaker 6: know what I mean. But we really it's like an
Speaker 6: open book because that's the thing is just like the
Speaker 6: more the more success, the more success that they have,
Speaker 6: like that's just I mean, that's joy for us. But
Speaker 6: it's just like what we're doing is just we we
Speaker 6: help and create wealth for them.
Speaker 4: Right, That's dope. That's dope.
Speaker 3: So all right, well thank you, we appreciate it. So
Speaker 3: all right, how what's the information for your courses? How
Speaker 3: can people contact you? How can they check out all
Speaker 3: of your programs that you have going?
Speaker 6: Yeah, so for one man, Instagram is really our main page.
Speaker 6: Follow us at at I'm sorry at Mobile Home Elite Investors.
Speaker 6: There you can literally click the link in the bio
Speaker 6: that can get you can access to the course. We
Speaker 6: have a private Facebook group ebook even need a payment plan,
Speaker 6: that's what we have. Private coaching whatever you really need.
Speaker 6: That's what we you know, we get our program to
Speaker 6: help everybody. We got something for everybody.
Speaker 4: Dope dope, dope suy.
Speaker 2: Yeah.
Speaker 7: Shout out to everybody on patreon dot com. That's our
Speaker 7: prow to Proud to Pay program. Everybody that's been supporting
Speaker 7: on there. There's five tiers. You can join any tear.
Speaker 2: That you like. This bonus foot is there, this bonus content.
Speaker 7: Just want to give a good shout out quick shout
Speaker 7: out to our new members Jada and Marquise and h
Speaker 7: Christian and Derek as well. They've joined and some of
Speaker 7: them have joined the Tier five's and joined the Tier two.
Speaker 7: Anything that you provide is a blessing to us because
Speaker 7: it allows us to come here, come to Chicago, go
Speaker 7: to other cities, and should highlight some hometown heroes and
Speaker 7: so this this is great and we learned every time
Speaker 7: that we do an episode, we learned something new. So
Speaker 7: thank you to everybody on Patreon. Thank you to everybody
Speaker 7: on any leisure dot com that's purchased the merch. I
Speaker 7: think it's the first episode that everybody had the merchant. Yeah,
Speaker 7: so shout out everybody that's been purchasing the Merch. We
Speaker 7: got our tour shirts up there as well, so feel
Speaker 7: free to get that.
Speaker 3: Yeah man, yeah, and yeah, asks overliabilities. That's what we're
Speaker 3: running with. So shout out to Chicago to good city.
Speaker 3: Chicago has been very hospitable to us. And this is
Speaker 3: actually the first one of our hometown heroes. We're actually
Speaker 3: going to be releasing another episode with the Downing Brothers.
Speaker 3: They are Chicago celebrities. They got an AHGTV show and
Speaker 3: they're interesting because they're actually firefighters, but they're also real
Speaker 3: estate investors as well, and they also television stars as well,
Speaker 3: so they have an interesting story. So so make sure
Speaker 3: you check that out as well. And that choice said
Speaker 3: the merch, but don't forget our workshop series as well.
Speaker 3: Our workshop is ten seventeen that's going to be financing
Speaker 3: financing for first time real estate investors, how to finance
Speaker 3: your first real estate deal. That's going to be in
Speaker 3: person in Brooklyn, but it's also going to be live
Speaker 3: stream for anybody. You can go to the events tab
Speaker 3: on our website or your leision dot com to check
Speaker 3: that out. And also, as you guys know them, a
Speaker 3: financial advisors, So if you want to hit me up
Speaker 3: for a thirty minute consultation anything from retirement planning and
Speaker 3: state planning, life insurance investing, anything like that. Calendar is
Speaker 3: also on Earn Lesion dot com. And as I said,
Speaker 3: that is a thirty is not to pick my brain.
Speaker 3: Please please do not just call me for unrelated random questions.
Speaker 3: I'm being very generous for my time.
Speaker 4: Yeah, so it's.
Speaker 3: Specifically targeted for people that are interested in getting help
Speaker 3: in those areas. But yes, that is on early Legion
Speaker 3: dot com. And the book Tip of the Week is
Speaker 3: A Step by Step guy to Buy and Sell Mobile Home.
Speaker 3: You know who wrote that book? Yeah, our guy Byron
Speaker 3: wrote that blook. It's actually his last name is Sellers,
Speaker 3: which is actually very interesting, very fitting. When he told me,
Speaker 3: I'm like, is that like a stage name, like like
Speaker 3: selling homes? And his last name is Sellers So he's
Speaker 3: god plant. So yes, check that And that's the e
Speaker 3: book right, yes sir, yes, yes, so make sure you
Speaker 3: check them out. This is very very good episode for
Speaker 3: us and blessings to you. You know, it's it's it's
Speaker 3: extremely encouraging to see any young entrepreneurs, but especially a
Speaker 3: couple that you know had start. It's not always all
Speaker 3: good times either right, issues when you first start, but
Speaker 3: to see you guys, you know progression and I'm insprested
Speaker 3: to see next year, five years, ten years.
Speaker 4: I'll be following your journey. I'll be rooting for you guys,
Speaker 4: for sure, for sure.
Speaker 2: To your home. People look at the back and they're like, yo,
Speaker 2: I like the new setup.
Speaker 4: Yeah, yes, we will see you guys next week. Peace, pease, peace.
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