WEBVTT - Study Hall: Mobile Home Investing 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast? Easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. 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And give us new podcast 0:01:18.800 --> 0:01:22.680 resistance posts, SAYI T John Thomas Jr. Brings us stories 0:01:22.680 --> 0:01:24.800 from the front lines of the movement for Black lives, 0:01:25.040 --> 0:01:27.720 told by the generation fighting for the change. It's a 0:01:27.720 --> 0:01:30.280 show about people refusing to accept things as they are 0:01:30.600 --> 0:01:33.480 and how we can make sure this time really is different. 0:01:33.840 --> 0:01:42.280 Resistance is out now, follow and listen for free on Spotify. 0:01:43.240 --> 0:01:47.400 My graduates from my school being forced back drop. 0:01:49.120 --> 0:01:50.760 Mike drop backdrop. 0:02:01.880 --> 0:02:03.880 So I don't think people fully understand, like I said, 0:02:03.920 --> 0:02:06.760 especially like we come from New York and but you 0:02:06.760 --> 0:02:08.360 actually told me that there's a lot of mobile homes 0:02:08.360 --> 0:02:10.800 in New York. But like the New York City area 0:02:10.880 --> 0:02:13.720 metropolitan area, and you know a lot of listeners that 0:02:13.760 --> 0:02:17.320 may be from like cities. They don't fully understand how 0:02:17.360 --> 0:02:21.040 big of an industry mobile parks homes are. So I 0:02:21.040 --> 0:02:23.400 did some research. So it's twenty two million Americans live 0:02:23.440 --> 0:02:28.120 in mobile homes, and so like, how lucrative is it? 0:02:28.120 --> 0:02:31.160 Like on the ROI standpoint, how lucrative is the mobile 0:02:31.200 --> 0:02:32.799 home industry? 0:02:33.080 --> 0:02:37.320 Man, Listen, it's the highest cash on cash return of 0:02:37.360 --> 0:02:40.400 any real estate investing. Like I didn't believe it at 0:02:40.400 --> 0:02:44.480 first until I'm gonna give example, our average returns are 0:02:44.800 --> 0:02:48.799 two hundred and fifty ROI on per deal that we do, 0:02:49.080 --> 0:02:52.680 how long does it does our normal turnaround in sixty days. 0:02:53.160 --> 0:02:54.560 Now we're to the point that we flip a house. 0:02:54.560 --> 0:02:56.000 We flip in less than fifteen days. 0:02:56.360 --> 0:02:56.680 Wow. 0:02:58.560 --> 0:03:03.200 Okay, so all right, so since you said that you can, 0:03:03.880 --> 0:03:05.440 you can you break down a deal and like kind 0:03:05.440 --> 0:03:07.119 of explain, like how does that work? 0:03:07.320 --> 0:03:09.600 Cool? So I'm gonna break down with a deal. So 0:03:09.639 --> 0:03:11.600 we had a deal. We purchased a home for three 0:03:11.600 --> 0:03:14.680 thousand dollars right in Indiana, and the home that it 0:03:14.720 --> 0:03:16.880 didn't need any work from an older lady. In most 0:03:16.880 --> 0:03:18.880 of the situations, right, most people don't really know the 0:03:19.000 --> 0:03:22.320 value of their homes. And three grand said cool. So 0:03:22.400 --> 0:03:23.720 what we did was we say, you know what, we're 0:03:23.760 --> 0:03:25.240 going to open up for sellar finance. We're going to 0:03:25.240 --> 0:03:28.400 help somebody get affordable housing in that area. The average rent, 0:03:28.520 --> 0:03:30.440 we normally based it off the average rent it was 0:03:30.480 --> 0:03:33.040 eight hundred dollars, right, So we say, okay, we're going 0:03:33.120 --> 0:03:35.440 to be comparable now in a park. If you're doing 0:03:35.440 --> 0:03:38.000 mobile home investing in a park, the park has lot 0:03:38.040 --> 0:03:40.560 rents just like HOA fees. Okay, so you have to 0:03:40.560 --> 0:03:43.000 pay monthly those This park was it was at three 0:03:43.120 --> 0:03:43.720 seventy two. 0:03:44.480 --> 0:03:47.440 So all right, a lot fee? What's the lot fee? 0:03:47.600 --> 0:03:50.040 So it's like an hoa fees they're paying for the trash. 0:03:50.160 --> 0:03:51.200 They're paying for. 0:03:51.840 --> 0:03:54.560 Just to stay on the actual so that the park 0:03:54.600 --> 0:03:57.120 owns the land. Tell you own that. If you can't 0:03:57.200 --> 0:04:00.480 just park your mobile home anywhere, no, now have to 0:04:00.520 --> 0:04:03.880 be inside of a license, like a park that has 0:04:03.920 --> 0:04:06.760 a permit. And it's it's like a okay. 0:04:06.640 --> 0:04:08.680 Right, And so normally the ones that you drive, like 0:04:08.720 --> 0:04:11.080 the RVs, those are different, right, you go, you can 0:04:11.120 --> 0:04:12.920 go take drive those and go into a park and 0:04:12.920 --> 0:04:14.520 pay like a fee. But normally the ones that you 0:04:14.560 --> 0:04:17.840 see are kind of just like on actual like land, 0:04:18.360 --> 0:04:22.080 like those right there. Yeah, you can move those, but 0:04:22.120 --> 0:04:25.320 it's not costly normally about two grand or so to 0:04:25.320 --> 0:04:28.239 move them, depending on how many miles. But in this case, 0:04:28.560 --> 0:04:30.080 so we so we say, hey, you know, we'll take 0:04:30.120 --> 0:04:33.880 four twenty eight monthly. Okay, so it was eight hundred bucks. 0:04:33.880 --> 0:04:35.279 So how it did we put them on a sixty 0:04:35.279 --> 0:04:37.839 month term because remember it's a mobile home is pretty 0:04:37.880 --> 0:04:40.320 much a motor vehicle on most states. It is not 0:04:40.440 --> 0:04:43.280 actually real estate. It's real property unless you put in 0:04:43.320 --> 0:04:45.919 on on land. So this particular deal, we're getting eight 0:04:45.960 --> 0:04:48.320 hundred a month, we're getting cash flowing four to twenty eight. 0:04:48.400 --> 0:04:50.479 We put them on a sixty month term. At the 0:04:50.520 --> 0:04:52.359 end of that sixty month term, that three thousand we 0:04:52.400 --> 0:04:56.239 turned to twenty five thousand. Was it twenty five six twenty? 0:04:56.880 --> 0:04:59.040 That's seven hundred percent return on investment we created. 0:04:59.480 --> 0:05:02.080 So the rent that you were guys were collecting was 0:05:02.120 --> 0:05:03.920 four hundred a month for twenty twenty eight. Yeah, and 0:05:04.040 --> 0:05:07.240 how much did you buy it for three thousand? How 0:05:07.600 --> 0:05:09.960 how do you buy something for three thousand in the charge? 0:05:10.360 --> 0:05:11.960 How much were they they were paying eight hundred dollars 0:05:12.000 --> 0:05:14.200 a month in rent? Yes? Because how is that? How 0:05:14.279 --> 0:05:14.880 is that possible? 0:05:15.000 --> 0:05:19.000 So with that, so instead of them renting an apartment, 0:05:19.040 --> 0:05:20.560 right because they get it. If they rent apartment for 0:05:20.560 --> 0:05:22.919 eight hundred dollars, they got no equity in it. So 0:05:22.960 --> 0:05:24.960 we're providing it's just equity in that house. 0:05:25.240 --> 0:05:25.480 Right. 0:05:25.640 --> 0:05:28.000 The thing is, we buy it for so low, Right, 0:05:28.080 --> 0:05:31.560 we don't necessarily have to say, Okay, we're gonna only 0:05:31.560 --> 0:05:34.400 sell it for five thousand. Right, we still operate because 0:05:34.440 --> 0:05:36.640 if you think about the number, is still a house, 0:05:36.680 --> 0:05:39.000 it's still a home for them. So a twenty at 0:05:39.000 --> 0:05:40.560 the end of the day, a twenty five thousand dollars 0:05:40.560 --> 0:05:43.560 house where you still gonna get other moving ready, twenty 0:05:43.560 --> 0:05:44.680 five thousand dollars. 0:05:44.480 --> 0:05:47.560 House, So no, that's crazy. But I was just like, 0:05:47.880 --> 0:05:49.520 but if why would somebody not just buy it on 0:05:49.560 --> 0:05:51.080 their own? If they like, why would you rent for 0:05:51.120 --> 0:05:53.080 eight hundred if it only cost three hundred three thousand 0:05:53.120 --> 0:05:53.760 to buy? 0:05:54.240 --> 0:05:56.680 So the thing is for us being investors, it's almost 0:05:56.680 --> 0:05:59.000 like we buying off off market property. 0:05:59.400 --> 0:05:59.560 Right. 0:05:59.600 --> 0:06:02.280 The most people don't really know that, hey, I can 0:06:02.320 --> 0:06:04.760 go get there, and if they do, they definitely take advantage. 0:06:04.880 --> 0:06:05.040 Right. 0:06:05.040 --> 0:06:07.599 For example, we have a house Chinese just sold this week. 0:06:08.400 --> 0:06:10.400 We literally we got the house of four fifteen hundred. 0:06:10.400 --> 0:06:11.920 We sold him him for six thousand. He's going to 0:06:12.000 --> 0:06:14.120 move the home. Right, We're still doing a favor. But 0:06:14.160 --> 0:06:16.600 then at the same time we offer seller finance, we 0:06:16.800 --> 0:06:18.920 is offered I usually I usually do anywhere from like 0:06:18.960 --> 0:06:21.160 eighteen dollars. I look at eighteen dollars to twenty five 0:06:21.200 --> 0:06:22.120 dollars per square foot. 0:06:22.279 --> 0:06:24.960 So you could actually with your finance and you could 0:06:25.000 --> 0:06:28.640 have no money and get a home. Yes, yeah, interesting, 0:06:28.920 --> 0:06:31.479 so I can, right, So like I go in, I 0:06:31.520 --> 0:06:32.159 have no money. 0:06:32.400 --> 0:06:34.240 I'm like, yo, I want to get this home. That's 0:06:34.240 --> 0:06:34.880 where you come in. 0:06:35.080 --> 0:06:36.880 Yeah, yeah, And that's what I'm offering. Because see the 0:06:36.920 --> 0:06:39.960 thing is most banks don't lend to mobile homes. They 0:06:40.080 --> 0:06:42.520 like Warren Buffett, he has two lending companies because you 0:06:42.600 --> 0:06:44.760 understand that Warren Buffet is in this game on Clayton Homes. 0:06:44.920 --> 0:06:46.360 Warren Buffett Lenk's mobile Homes. 0:06:46.400 --> 0:06:48.520 Yeah, yea, he owns Clayton Homes. That was acquisition he 0:06:48.520 --> 0:06:51.160 brought in nineteen ninety seven. Clayton Homes is the largest 0:06:51.360 --> 0:06:53.640 like manufactured home company in the country. 0:06:53.720 --> 0:06:55.800 So banks don't give the loans because are they looking 0:06:55.839 --> 0:06:57.520 at it as like an ornamobile loan? 0:06:57.560 --> 0:06:58.280 Like how are they looking at it? 0:06:58.320 --> 0:07:00.680 They looking at as a depreciating asset. Words for us, 0:07:00.839 --> 0:07:01.960 we look at it as value. 0:07:02.800 --> 0:07:05.400 So it's an appreciating asset because it has wills and 0:07:05.440 --> 0:07:09.640 anything that wills appreciates correct, So is that true? 0:07:10.400 --> 0:07:10.920 Not nine? 0:07:12.000 --> 0:07:13.200 At the end of the day, for us, we look 0:07:13.200 --> 0:07:16.000 at it we solve an affordable housing crisis, right, Like 0:07:16.040 --> 0:07:18.160 that's the biggest thing. Like cities, we know what the 0:07:18.200 --> 0:07:20.760 cost of living is going up, all right, Wages are 0:07:20.760 --> 0:07:22.560 still staying the same so people are getting pushed out 0:07:22.600 --> 0:07:24.480 like we see it every day, like where it's gentrification 0:07:24.600 --> 0:07:27.440 people can't afford. So for us, it's like, hey, listen, 0:07:27.600 --> 0:07:29.160 I get it. You've been living in this apartment for 0:07:29.200 --> 0:07:31.640 the last five to six years. Why don't you get 0:07:31.680 --> 0:07:33.280 your own asset? Right, Because at the end of it 0:07:33.320 --> 0:07:34.840 is you can do the same thing. Most people that 0:07:34.880 --> 0:07:37.800 we educate that buy house rooms, we even teach them like, hey, 0:07:37.840 --> 0:07:39.760 this is how you sell your home to get your 0:07:39.800 --> 0:07:41.480 money back or make more on your home. 0:07:41.600 --> 0:07:45.239 So where these mobile parks located in proximity to major cities? 0:07:45.320 --> 0:07:47.520 Right, So we live in the New York tried state. 0:07:48.720 --> 0:07:52.000 How many miles typically would a mobile park be located? 0:07:52.080 --> 0:07:52.320 Right? 0:07:52.720 --> 0:07:54.920 Good question. So for you guys, I know you guys 0:07:54.920 --> 0:07:56.239 got one in Staten Island. 0:07:59.160 --> 0:07:59.440 I've been. 0:08:00.400 --> 0:08:02.080 We've been in New York our whole lives, Like I think, 0:08:02.160 --> 0:08:03.400 I don't think I've ever been stand now. 0:08:08.360 --> 0:08:10.480 And then we got a few students out in New 0:08:10.560 --> 0:08:13.880 York and they normally work with parks in Jersey, so 0:08:13.920 --> 0:08:14.840 they go over to Jersey. 0:08:15.200 --> 0:08:18.440 Yeah, and about honestly, I will say about sixty miles 0:08:19.000 --> 0:08:21.880 if you're willing to go upstate New York I'm not 0:08:21.920 --> 0:08:24.240 sure that the exact knowledge, but I know you guys 0:08:24.240 --> 0:08:26.440 have a lot central and upstate new Is there like. 0:08:26.440 --> 0:08:29.960 A mandated distance like that the federal government will say 0:08:30.000 --> 0:08:32.640 like this is a further dents you can go before 0:08:32.640 --> 0:08:33.560 you create a park. 0:08:34.160 --> 0:08:37.040 So here's the thing in modern days, So mobile home parks. 0:08:37.080 --> 0:08:38.520 The reason why you don't see a lot of them 0:08:38.559 --> 0:08:41.559 popping up right now because here's the reality. Taxes right 0:08:41.840 --> 0:08:44.120 in America that calls on the average is like twelve thousand. 0:08:44.120 --> 0:08:45.800 It's in a kid to school. I'm gonna give you 0:08:45.800 --> 0:08:47.480 guys exam. I'm aout to blow your mind real quick. 0:08:47.840 --> 0:08:50.439 Our taxes on our mobile homes per year one hundred 0:08:50.480 --> 0:08:53.080 and sixty dollars. Our taxes on our mobile homes in 0:08:53.080 --> 0:08:56.600 Indiana thirty seven dollars for the year. So you got 0:08:56.600 --> 0:08:58.400 to think about it. If you have a kid living, if 0:08:58.440 --> 0:09:01.160 you got children, you got two children, and it costs 0:09:01.200 --> 0:09:03.400 at least eleven ten thousand dollars a cent them to school, 0:09:04.040 --> 0:09:06.439 that city is not eating from that. So cities really 0:09:06.480 --> 0:09:09.240 don't really like mobile home parks because of the taxes. Wise, 0:09:09.240 --> 0:09:11.480 and most mobile home parks they use in the city water, 0:09:11.480 --> 0:09:15.000 they sit, they're using the city sewer. So and you 0:09:15.040 --> 0:09:17.040 know in that case, it's like, yeah, we're not eating 0:09:17.040 --> 0:09:18.440 off that. We don't really like this. 0:09:18.320 --> 0:09:21.200 Over here, Sony more on lunch money than I always. 0:09:21.960 --> 0:09:25.320 All right, here's a question. You live in a mobile home, right, 0:09:26.120 --> 0:09:28.079 how do you what do plumbing? How does that work? 0:09:28.600 --> 0:09:28.680 So? 0:09:28.720 --> 0:09:31.960 I like so everything is above ground. Everything is above ground. 0:09:32.000 --> 0:09:33.880 So the cool thing is like you know, if you 0:09:33.920 --> 0:09:36.800 need something fixed, they can go under the actual mobile 0:09:36.800 --> 0:09:37.760 home to repair. 0:09:38.360 --> 0:09:41.280 So but like your actual like you go in the 0:09:41.280 --> 0:09:43.959 bathroom and goes underneath the like where did that go? 0:09:44.320 --> 0:09:45.520 Is it like a septic tank down there? 0:09:45.679 --> 0:09:48.520 So normally most parts so here's the thing. Most parts 0:09:48.559 --> 0:09:51.599 either have they're hooked up to city sewer, so it 0:09:51.640 --> 0:09:53.199 will they will have the hook up so it can 0:09:53.240 --> 0:09:55.000 go you know, along with the city, or they have 0:09:55.040 --> 0:09:56.480 septic tanks. 0:09:56.920 --> 0:10:00.200 Okay, So like if it comes from your truck, your 0:10:00.240 --> 0:10:04.960 your mobile home into like a underground thing. Yeah, so 0:10:05.040 --> 0:10:07.839 all right, So if the taxes is so low, right, 0:10:07.960 --> 0:10:11.439 so what's the what's the gig? Because it has to right, 0:10:12.679 --> 0:10:16.160 like what's going on? So all right, the taxes a loan, 0:10:16.360 --> 0:10:18.040 you can buy a home for low you can sell 0:10:18.040 --> 0:10:21.600 it for high. So why a why would any why 0:10:21.600 --> 0:10:23.480 why did? What's why? What's in it for the city 0:10:23.559 --> 0:10:27.000 or for the town to actually house these places? And 0:10:27.600 --> 0:10:31.160 how come more people aren't doing it? 0:10:31.880 --> 0:10:36.240 Good question? So I would say, person, well, the first 0:10:36.280 --> 0:10:39.480 question I'm gonna answer. You said, like, like, why why 0:10:39.520 --> 0:10:42.160 do city? So most mobile home parks our grandfather in. 0:10:42.400 --> 0:10:45.440 A lot of them really popped up in the forties, fifties, sixties, 0:10:45.520 --> 0:10:49.400 seventies begin because after the war, the government invested into 0:10:49.400 --> 0:10:52.480 mobile homes. Right after they were using actually old war 0:10:52.520 --> 0:10:54.400 planes and using the ten That's why most mobile homes 0:10:54.440 --> 0:10:56.800 are kind of like that that aluminum they ended up had, 0:10:56.840 --> 0:10:58.640 They had a certain plus of aluminum, so they're like, yo, 0:10:58.640 --> 0:11:00.720 how can we use this boom we build a house. 0:11:01.000 --> 0:11:03.600 So that's why mobile homes actually really start going. So 0:11:03.640 --> 0:11:05.520 in the seventies one, like I said, once hug got 0:11:05.520 --> 0:11:09.599 involved in the seventies, that kind of depreciated, right, the 0:11:10.000 --> 0:11:11.920 value of mobile homes because they want to point mobile 0:11:11.960 --> 0:11:13.480 homes were the place to be, like. 0:11:13.520 --> 0:11:16.000 You told me, Yeah, it's like it used to be luxury. 0:11:16.200 --> 0:11:18.160 Yeah, and it was kind of like suburbia. Most mobile 0:11:18.160 --> 0:11:20.040 homes are in rules like suburbia, right, when you go 0:11:20.080 --> 0:11:21.800 to a lot of mobile home parks, they look like 0:11:22.160 --> 0:11:25.800 little I guess you can say suburban neighborhoods. And once 0:11:25.880 --> 0:11:29.640 when hug got involved, unfortunately I think about the next 0:11:29.640 --> 0:11:32.520 generation and people start moving back to the city, it 0:11:33.040 --> 0:11:34.760 just kind of took the value down. So it was 0:11:35.080 --> 0:11:37.400 it was a need for affordable housing. But with cities, 0:11:37.679 --> 0:11:40.400 these places were definitely grandfathered in. It's a lot of 0:11:40.400 --> 0:11:43.240 cities that for example, let's say an owner actually sells 0:11:43.240 --> 0:11:45.680 a mobile home park, sometimes they're like, yo, that's inhabitable, 0:11:46.120 --> 0:11:47.720 Like they don't because they don't really want because they 0:11:47.760 --> 0:11:50.080 don't really benefit from the mobile home park. 0:11:50.200 --> 0:11:52.840 So when did when did mobile homes get the bad 0:11:52.960 --> 0:11:55.720 name of like trailer parks and trailer home Like when 0:11:55.720 --> 0:11:58.360 did that shift? Because you said that at first it 0:11:58.480 --> 0:12:02.040 was luxury and then it kind of got tarnished and 0:12:02.320 --> 0:12:05.320 people have bad ideas when they think about that. So like, 0:12:05.520 --> 0:12:07.520 at what point did that even like you said, like 0:12:07.559 --> 0:12:10.280 trailer park trash stuff like that, How did that happen? 0:12:11.000 --> 0:12:13.360 So to my knowledge, it was an article. I'm not 0:12:13.640 --> 0:12:15.600 sure the exact year, but I think I know it 0:12:15.640 --> 0:12:18.240 was like in the late sixties and somebody had wrote 0:12:18.240 --> 0:12:22.160 a newspaper article about trailer trash, and that just kind 0:12:22.160 --> 0:12:24.240 of stuck. The name just kind of stuck. And then, 0:12:24.280 --> 0:12:26.400 of course movies play. I think about horror movies, right, 0:12:26.520 --> 0:12:28.199 eight mile right. 0:12:28.840 --> 0:12:30.520 I tell you, when y'all said mobile home, the first 0:12:30.520 --> 0:12:32.679 thing I thought was ozarks Yo. 0:12:33.200 --> 0:12:34.559 Okay, must be similar to that. 0:12:35.559 --> 0:12:37.720 And so the ones they show on television or they depict, 0:12:37.840 --> 0:12:40.400 I look at it. Honestly, it's almost like in the hood, right, 0:12:40.400 --> 0:12:43.559 they depict like you know what they for example, Chicago, 0:12:43.600 --> 0:12:46.120 they're going to depict on certain shows that is just 0:12:46.679 --> 0:12:48.200 the gutter, you know what I mean. But at the 0:12:48.240 --> 0:12:51.200 same time, it's very nice mobile home. It's a luxury 0:12:51.200 --> 0:12:53.439 people don't know. In San Francisco they have a mobile 0:12:53.480 --> 0:12:56.839 home park that literally million dollar mobile homes. The same 0:12:56.920 --> 0:12:59.360 double wide that I can go purchase for fifteen thousand, 0:12:59.360 --> 0:13:01.880 it's going for eight million dollars in the area. In 0:13:01.920 --> 0:13:02.520 San Francisco. 0:13:02.559 --> 0:13:04.160 I saw will Smith that had a mobile home. It 0:13:04.160 --> 0:13:06.120 was cost like two million. It was like a two 0:13:06.200 --> 0:13:09.960 story mobile home. It travels like to movie sets with them. 0:13:10.120 --> 0:13:12.280 Okay, yeah, that's dope, all right, So now we got 0:13:12.280 --> 0:13:14.160 the backstory sitting down the second segment we're going to 0:13:14.240 --> 0:13:17.800 go into some details and go over terms and key definitions. 0:13:18.040 --> 0:13:19.840 All right, So now we're going to go with some 0:13:19.920 --> 0:13:22.240 key terms, definitions, things that nature. But before I start, 0:13:23.000 --> 0:13:26.520 we talked about pricing. But on average, since we're in Illinois, 0:13:27.080 --> 0:13:30.199 how much can does a mobile home cost? On average? 0:13:31.080 --> 0:13:33.880 So the average price in Illinois use mobile homes right 0:13:33.920 --> 0:13:37.679 at seventy five hundred. So if you're looking for something new, 0:13:37.760 --> 0:13:39.400 like if you get in a brand new home, they 0:13:39.440 --> 0:13:43.359 can start it rite about like thirty five forty thousand, 0:13:43.520 --> 0:13:44.080 all right. 0:13:44.200 --> 0:13:46.600 And one of the things in the negative connotations that 0:13:46.640 --> 0:13:48.520 go with mobile homes is that they're not safe. So 0:13:49.040 --> 0:13:50.839 one of the questions I ad was like how safe 0:13:50.880 --> 0:13:51.760 are mobile homes? 0:13:51.960 --> 0:13:52.120 Man? 0:13:52.160 --> 0:13:55.160 I love that question. So so mobile homes are actually 0:13:55.200 --> 0:13:57.960 since they're built in factories, they're wind tested, they're built 0:13:58.000 --> 0:14:03.400 to last outstand tornadoes and earthquakes and things like that. 0:14:03.480 --> 0:14:03.720 Right. 0:14:03.840 --> 0:14:06.080 The thing is unforcing that you've seen maybe seeing in 0:14:06.160 --> 0:14:07.920 or so they may show they may show a mobile 0:14:07.920 --> 0:14:10.280 home park with like three three tops. You know what 0:14:10.320 --> 0:14:12.600 I'm saying, gone, But it's not like you know, back, 0:14:12.800 --> 0:14:16.800 I think, what's the movie and whatever it is? But anyway, 0:14:16.800 --> 0:14:19.040 with the houses flying all the way around and things 0:14:19.080 --> 0:14:21.200 like that. No, it's not like that they actually built safe. 0:14:21.280 --> 0:14:22.440 So what's the lifespan? Right? 0:14:22.480 --> 0:14:26.080 So sometimes, like you know, a tritional brownstone might be 0:14:26.160 --> 0:14:27.240 built in nineteen oh nine. 0:14:27.280 --> 0:14:28.920 What's the lifespan of a mobile home? 0:14:29.120 --> 0:14:33.240 Good question. So the older ones, anything that's built after 0:14:33.640 --> 0:14:36.480 nineteen ninety up to thirty years. The new ones are 0:14:36.480 --> 0:14:39.280 built to last within forty five to fifty five years. 0:14:39.440 --> 0:14:43.680 Okay, okay, So as far as you was explaining that title, right, 0:14:44.640 --> 0:14:49.640 and it's different from like when you buy a home, 0:14:49.760 --> 0:14:52.800 like a regular home and you have a deed, So 0:14:52.920 --> 0:14:54.640 can you explain that the process as far as like 0:14:54.760 --> 0:14:57.200 the title, it's like it's just it's easy to do it, right. Yeah. 0:14:57.760 --> 0:15:00.040 Yeah, So as far as a mobile home, like, the 0:15:00.080 --> 0:15:02.680 mobile home is considered a motor vehicle, so it's kind 0:15:02.720 --> 0:15:05.800 of like a car. So when you are selling the asset, 0:15:06.080 --> 0:15:08.520 you're just going down to the DMV or whatever your 0:15:08.560 --> 0:15:11.880 motor vehicle department is in your state and you're just 0:15:12.000 --> 0:15:13.160 transferring that title. 0:15:13.760 --> 0:15:14.120 That's it. 0:15:14.320 --> 0:15:17.160 Yeah, how long does it take about two weeks to 0:15:17.200 --> 0:15:17.640 come back? 0:15:17.920 --> 0:15:21.160 So the closing, what's the typical closing from buying a 0:15:21.240 --> 0:15:23.760 home and having it up and running late. 0:15:24.440 --> 0:15:27.720 Yeah, so buy Honestly, it's like a day. I mean, 0:15:27.880 --> 0:15:30.640 so you buying a home. You of course we're dealing 0:15:30.680 --> 0:15:32.920 with the park, so we're gonna deal with the park manager. 0:15:33.240 --> 0:15:35.760 Our buyer has to sign some paperwork with the park. 0:15:35.840 --> 0:15:38.000 That's about thirty minutes to an hour. That's signing a 0:15:38.080 --> 0:15:40.320 lease for that lot rent that we talked about earlier. 0:15:40.680 --> 0:15:42.760 After that, we normally take our buyers, we go to 0:15:42.800 --> 0:15:46.120 the DMV together, we do that paperwork, transfer the title 0:15:46.200 --> 0:15:49.800 that's about again a fifteen minute process, and then they'll 0:15:49.800 --> 0:15:52.200 send a title back in the mail. That normally takes 0:15:52.200 --> 0:15:54.160 about two weeks, and then the new buyer will get 0:15:54.200 --> 0:15:56.360 the title, they'll own the asset now, and then we 0:15:56.400 --> 0:15:57.480 move on to the next deal. 0:15:58.160 --> 0:15:59.560 What yah. 0:16:00.120 --> 0:16:01.920 One of the things we were doing some research, it 0:16:02.000 --> 0:16:06.520 was like, there's a difference between modular homes and manufactured homes. 0:16:06.520 --> 0:16:07.480 What's the biggest difference. 0:16:07.760 --> 0:16:12.080 So, modular homes more times you see concrete base where 0:16:12.160 --> 0:16:15.080 so they have like there are they are more applotted 0:16:15.160 --> 0:16:19.840 on cement right, whereas a manufacturing home is they're they're 0:16:19.920 --> 0:16:23.440 literally sitting on cinder blocks. So that's why you see 0:16:23.440 --> 0:16:26.880 it's called skirting. So you'll see like like uh, some 0:16:26.960 --> 0:16:29.560 vinyl that's like right around the bottom of that, So 0:16:29.720 --> 0:16:32.120 that's what covers that. But the house is actually sitting 0:16:32.160 --> 0:16:33.280 on cinder blocks. 0:16:33.920 --> 0:16:37.160 So all right, what about insurance, like insurance for a 0:16:37.200 --> 0:16:41.040 mobile home? Is it different from insurance to a regular home? 0:16:41.160 --> 0:16:45.080 Is it car insurance? Is it's actually transportation vehicle? Like 0:16:45.120 --> 0:16:45.680 how does that work? 0:16:48.360 --> 0:16:52.080 Yeah? You literally can call, you literally can. 0:16:52.280 --> 0:16:55.280 So when it comes to mobile home insurance is very 0:16:55.320 --> 0:16:57.720 similar to what you would get for homeowners insurance or 0:16:57.760 --> 0:17:00.720 renters insurance. So you literally can call like IO Stay 0:17:00.760 --> 0:17:03.320 Farmed like your normal insurance companies, and you let them 0:17:03.320 --> 0:17:04.959 know like you would like to get insurance on your 0:17:05.000 --> 0:17:05.520 mobile home. 0:17:05.720 --> 0:17:06.760 And the typical cost. 0:17:06.600 --> 0:17:09.000 For that is about like fourteen fifteen dollars a month, 0:17:09.040 --> 0:17:10.760 so kind of similar to what you would pay for 0:17:10.800 --> 0:17:11.680 renters insurance. 0:17:11.840 --> 0:17:14.240 Wow, erners, what's up? 0:17:14.320 --> 0:17:17.840 You ever walk into a small business and everything just works, Like, 0:17:17.880 --> 0:17:21.040 the checkout is fast, the re seats are digital, tipping 0:17:21.280 --> 0:17:23.720 is a breeze, and you're out the door before the 0:17:23.760 --> 0:17:28.120 line even builds. Odds are they're using Square? 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