Buying and Selling Mobile Homes for HUGE Profits with Jay Harvey
In today’s episode, I’m happy to be interviewing Jay Harvey. Jay and his wife Samera are investors, consultants, and educators and they are passionate about helping others gain financial freedom through mobile home investing. After completing over 400 mobile home transitions, they have perfected the process and now train beginner investors on how to close their first mobile home real estate deal in under 30 days with little or no money. They are also the founders of Trailer Cash Academy, which they started in 2019 and is the fastest-growing mobile home investing education and training program in the country.
First, Jay shares his background story and how his home investing journey started in 2017 with a loss of over $90,000 in unsuccessful real estate deals. We then moved on to discuss how Jay and his wife had to learn their way out of that loss. Jay explains how they had to embrace the ”accept the challenge” mindset, and how going back to their old jobs was not an option. They knew that going back was detrimental to their vision and, possibly, their marriage. Luckily, they were able to move on from that with help of family and friends.
Jay also shares how going to a seminar about mobile homes intrigued him to start his own mobile home investing journey. After some research, they found that not only was this niche their way out but that there were a lot of people who needed this type of housing. They took action and became more and more enticed by the idea.
We then move on to talking about their first deal. Even though they were looking for passive income, their first deal turned out to be a fix-and-flip property. The next few deals helped them create a consistent cash flow, and today they own 15 mobile homes that cash-flow from $300 to $700 per month. Additionally, they are also wholesaling deals.
Jay helps me dispel a few myths. He explains how to find deals for mobile homes, shares his strategies, and explains how networking works in mobile home investing. He goes in-depth explaining the no-money strategies that he teaches to his students and how to find buyers.
We also touch on the topic of choosing the right mobile homes to invest in. Jay shares his rule of thumb when it comes to picking mobile home parks and good areas where the demand is. He also talks about important characteristics of good communities.
After that Jay walks us through the sale process for a mobile home. Selling a mobile home is a lot different than selling a house and is much more like selling a car. There is no deed, there is only title and bill of sale. Additionally, Jay takes us through a sample conversation with a seller when he is wholesaling. He also explains the process of estimating the value of a mobile home.
You don’t want to miss this episode of the Just Start Real Estate Podcast! Jay Harvey shares some amazing and incredibly actionable advice when it comes to the overlooked market of mobile home investing!
Notable Quotes:
“We hated our jobs; we hated our lives. You are supposed to go to your job and look at your managers as models for what you are striving to become and we didn’t want that.”
- Jay Harvey
“We learned our way up to this point; we have to learn our way out.”
- Jay Harvey
“Knowledge and information are so readily available, but I think what stops people is that they never quit their job, and if something goes wrong, they bail out and they go back to their 9-to-5.”
- Mike Simmons
“Rule of thumb: just ask yourself would you want your mother or grandmother or living there. If the answer is no, just get out of there.”
- Jay Harvey
“Don’t overpromise and underdeliver. If you say you are going to buy it, buy it.”
- Jay Harvey
“Because there are not a lot of mobile home parks being built and there are so many people going through this pandemic, they need affordable housing.”
- Jay Harvey
Links:
Trailer Cash Academy on Facebook
Trailer Cash Academy on YouTube
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