The Mobile Home Queen

 So why take the risks !Well let me tell you that’s it not only very rewarding but you get to live financially free and be able to relax while your investments are making money for you without any involvement !99% of millionaires become so by doing real estate, there's different ways to invest in land, some invest to flip homes to make a profit, others to have rental homes and create the passive income! That's what our blog subject today will be mostly about! 

At a very young age I started being involved in rental homes. My son's father and I started buying mobile homes. They weren’t in the best condition, but we gave them a little TLC. The first mobile home we got we lived in it and only one bedroom, restroom and part of the kitchen was done. We had gutted out the walls on the rest of the mobile home and put in new insulation, new sheetrock and plywood for the floors .Many would say” oh just buy a new one it's too much money to put into a mobile home, it's not a great investment”! Well, we bought the material, and we did all the labor work ourselves, which saved us a lot of money!   

You think about buying an actual house and you're looking at least $60,000 depending on the condition of the home vs $2,000 to $6,000 for a mobile home, I mean come on! It`s more affordable if you ask me .Once the project was finished, we bought a second mobile home and started on it, and we continued the same steps. We leased out the one that was fully remodeled and moved into the new one while we were working on it. We continued the process until later on we had 6 mobile homes on the property .All the homes were on the same property, and each was being leased out except the one we lived in.All the mobile homes were paid for in cash and land was also paid off so most of the income we were able to keep. The only things we really paid for were the light and the cable. The property had water wells installed which means no water bill. Next thing you know we were living off our rent!   

Welcome to landlord world! Let's do math! What was the monthly income? Six mobile homes, there was Three 3 bedrooms and three 2 bedrooms, keep in mind we lived in one of the 2 bedrooms. The three bedrooms were leased out at $750 a month so 3 x$750=$2,250 for the those. The two bedrooms were for 625 so 2x$625 =$1,250. Together that’s 3,500 in monthly rent! That’s $42,000 a year! The only downfall is dealing with late payers which thank God we didn’t have that problem but a couple times .I was dealing with tenants left to right showing them the mobile homes, cleaning them as people moved out, evicting people, verifying employment and all that good stuff. 

Later down the road in 2017, I bought half an acre cash for a very good price! The plan was of course to continue doing what I was used to. I always had a passion for business and once I learned about the rental income it`s something that stayed in my mind and heart! When I was closing on the land I went to the realtors home to sign some documents and it was then when  I asked “Wow ,you have a very beautiful home ,how did you get all this nice stuff ,how did you start selling land, how were you able to afford your Mercedes “.She answered “I`m what you call a realtor or real estate agent and I been doing real estate for a while, It`s been able to give me a lifestyle I never thought I`d have “.I said, “I would love to be a realtor and hope to one day become as successful as you “She then answered, “go for it, you`re not only young but by our conversations you`re very smart” !That day I left excited not only because I had just finished signing the documents for my land but because that`s when I knew what I wanted to do for the rest of my life! 

About a year later 2018 I became a realtor, I already had experience with tenants and leasing out homes, so I had a advantage .When I got in the business, I started meeting very successful people and one thing I loved to do was ask questions !I wanted to know how it is they got to where they are now .I always loved to listen to their stories because it motivated me to continue to pursue my dreams. One day I came across a very successful man, someone you call a Millionaire, and as you can imagine I asked questions !How did you get to where you are? I`d like to someday own as many homes as you do! What age did you start? "His response was” I used other people's money and I started at around my 40`s. I took a home loan out and bought a house with a mother-in-law suite in the back, leased out the house and lived in the suite and the people leasing the house were basically paying my mortgage. Later I got a second investment loan and bought a property like the first, now this one had a house with a garage apartment on the side. So not only was I able to lease out the house, I also leased out the garage apartment separately". So, what he was doing was making sure each property not just had once source of rental income but two. A light bulb turned on in my head and I thought it was a genius idea! My brain was as of a toddler like a sponge just ready to soak in all this information! 

In 2020 I came across a brand-new mobile home whose owner husband had passed away and she just wanted to go back to her hometown and get rid of it! The mobile home is a 2019 and was sitting on a parking space which was $500 a month .So I was like ok I can buy it and lease it out. The only thing I thought to myself was why leave it in the trailor parking space and pay them that money (500) when I can possibly buy land and pay the land each month, but it would be something that would be mine! Not just money thrown away! So, I bought a land gave a down payment, and the monthly payment is a little over the 500 but it's still better than having to let it sit somewhere were I`d be paying almost the same amount to just lease a small portion of parking space. So, I moved the mobile home to the new land, leased it out, and surely enough it`s paying itself! 

So, as you can see investing in mobile homes is a great idea, it's more affordable! I looked at is as ok Mobile homes are a start and my next focus is investing on actual houses with garage apartments or mother-in-law suites !I`ll let you guys know how that goes! Surround yourself with smarter people ,learn,listen ,get advice and ask questions, everyone knows something you don’t!