If you’re like many real estate investors, you’ve steered clear of mobile home parks because they seem both confusing and complicated. Well, my guest today, Adrian Smude, found a different way to do things, and he’s here today to tell us all about how he built a business on buying and renting mobile homes with his wife.
Adrian works primarily in Florida, so he recommends buying the land along with the mobile home. That way, if a hurricane or something comes and wipes away the mobile home, at least you still have the land.
Some mobile homes will require too much maintenance or repair costs to be worth it. That’s why Adrian only works in a small area around his home. That way, he can go and see the properties himself before deciding what to buy, and what to pass on.
Adrian also found a lot of success by partnering with his wife. In fact, he named his business My Wife Buys. I know I’ve had some luck in the past by having my wife write, sign, and send letters out to sellers saying “My husband and I are looking at properties in your area.”
Plus, he’s got tips on when you should sell one of your mobile homes and turn that money back around into the business. By working these strategies, Adrian has managed to get 30 properties under his name, and he’s got a lot of advice to share that he learned along the way.
Watch and Learn:
Listen and learn:
- How to find and choose mobile homes to buy.
- Use the lease option to build cash flow.
- Use the money from a mobile home sale to buy more homes, increasing that cash flow.
- Avoid “analysis paralysis.”
Mentioned in this episode:
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We’d love to hear ’em too. Talk to us in the comments below.
Enjoy this podcast? Share the love!