Alright guys, so a lot of people access how do they make a podcast? I'm let you in on a secret on the easiest most productive way to start a podcast and get it up and running and that is the app called anchor is free. They have all kind of cool creation tools that allow you to record and edit your podcast right from your phone or computer. They will distribute your podcast for you to all of the major Outlets including spot.Why Apple Google many more and you can make money from your podcast with no minimum listenership is everything you need to make a podcast in one simple easy place. So if you're interested in starting a podcast Go download the free anchor app or go to Anchor dot f m-- to get started. Let's do it. Before we go any further. We got to give a big shout-out to our boys at the pygmy photobooth company. That's how family at this point. They started with us in Atlanta. They drove 11 hours to Houston and then they showed up in Chicago and they showed out to man. They a good energy and fun to all our events and they can help your events out to they came with all the customizations for specialized props layout designs and even down to the custom message that was sent out with your pictures. They are great addition to any function corporate events weddings networking events. You name it? They can make it happen. Pick me is Photo booth company, those are our people. You also follow them at pick me PBC and check out their website at pick me PB c.com. And right now if you use the code eyl 2019, you can get a hundred and fifty dollars off your next booking valid until the end of the year. So check them out. All right, guys, welcome back ey o Hometown Heroes addition Chicago that towns going on now shot to the shot to the west side to the South Side North Side East Side every side. We was at itself right now. Yeah, we are so sorry. So where are we at specifically just wait and watch it in park boxing Parks out the Washington Park Building to know y'all know. So we got we got very special edition today before we start we got some housekeeping items. We want to make you guys aware of it's not too late to register for our Workshop our first-ever workshop on 10:17. So as we said before every single month, we're going to be having a workshop in person, but also live stream for anybody anywhere in the world and that's going to be a different eyl guess is going to speak about the area of expertise. So the first one is what our guy mg2 mortgage guy and it's going to be about Finance. Seeing your first real estate deal real estate financing for your first deal. So you go to our website or you need to.com on the events Tab and you can register as I said you can do in person in New York City, but you can also live stream it and you can watch it you'll have to actually watch it while it's going on with the livestream like once you have it you can watch it whenever whenever you so if you're at work or whatever, so make sure you do that. So, yes, alright. So now we have very special episode. I'm actually interested. Just something that I don't know anything about it. Yes, but zero educate myself on is so Byron and Shanise Dynamic dual Dynamic couple that also our business partners as well. So congratulations first and foremost. Yeah. So so you guys all right. You're in a mobile home industry, right So for anybody that's not familiar with that. That is home or Wheels pretty much right? It's interesting because um, I met you at the event our networking event was amazing by the way and when I would actually come yeah. Yeah, he was he was telling me about it. And you know, I was thinking like this is just an interesting thing. Can we talk about real estate a lot? We've never spoken or covered mobile homes, and you was actually educating me because a lot of people especially when we're from the Northeast we have derogatory, which I Learned was a derogatory way shall not say yeah, what's your well used to call it trailer a trailer home or in trailer park, but it's not called. It shouldn't be called cello. I try to home is a mobile home in a mobile part, but long story short, you can actually invest in these properties and you can't just like real estate. You can make money. You can wholesale you can flip you can fix up and it's really interesting. It's a lot less as far as how much money you have to put into it. A lot of it's like kind of easier finance and all that kind of stuff. So all right before we even get to the details, can you tell your story of how you got into the industry for sure? So man. So basically I've been trying to do real estate for four or five years right and not tell you like Capital Credit. I was having a lot of issues with that and so Man March 3rd of 2017. I was a day I was fired from work. It's a great day. Yeah, great day. What kind of job? Okay and so many for that time I'm like man how I'm still The estate so when I was actually in I was in a life coaching program at that time to become a life coach. So I will say that helped me up for it to be where I'm at now and that's uh my hustle hustle. Like I'm just trying to get into it out at the time and I was driving live to pay the bills and I was always listen to podcast and this particular day. I happened to find a podcast was on mobile homes, but mind you I'm driving and people like man turn that off man. I ain't trying to hit home a so I sent it to her. Take a listen to this man. I think this going to be special send it to her. So I was listening to the podcast and that podcast had so happened to be on mobile home investing like he said and the biggest thing that I learned from that podcast was you can literally get started with very minimal Capital Credit does not have to be good. And those are the two things that I feel like at the time because me and Byron renew investors those were the things that were kind of holding us back. So once I heard that I was like, okay we need to get into this niche of Mo. Holmes so I came home. I told Byron like look we bout to get into these mobile homes. Like I know we trying to get these three Flats right now here in Chicago. We were trying to get buildings at the time. But like I said, I Capital our credit was not so good. So I was like, look, let's try something different. Let's go outside the box and let's conquer this and then it's been history ever since that's that's amazing. I mean, especially as a couple of doing it. Yeah supporting each other. We don't see it. Like this is the first couple that we've seen on our podcast. What did it take to have a belief in each other. Did y'all always trust each other? Like how did that develop man? Don't question. So the biggest thing for myself going through that journey. I learned a lot. I took a lot of else went broke. It messed up my credit card repo like all the worst. Right? And so she had my back. She was the one person that I everything from family friends that have my back. So it was like yo what this knowledge like I got I have nothing but trusting I'm have so much patience in this and she trusted me and I was just see her growth and she just dug him. My student literally what no entrepreneur experience at all. And I'm just looking like Yoshi a rock star. So all right so--okay so you listen to the podcast because it's what made you say? Okay, this is something that we cuz that you both are lost your jobs, right? Yeah. So what made you say? Okay, this is something that we going to do full-time. And what was your first deal? Like, what was the first thing that got you into like buying your first mobile home, man, so So honestly, I had nothing else to lose. Like I'll had took so many arrows. I'm like yo this guy to work one of these going to work. So so, you know, we got the Scavenging man. We took out a high-interest loan for 10K. All right, I mean and listen to interest rate on that was 24% Wow, what a credit card. No loan like a shark. So we got that and then we just drove in we start hitting the road. We had their little education. We didn't know like we literally learned from the School of Hard Knocks. So we hit the road. We went all the way down to Cincinnati looking for homes. We didn't know we were trying to see we're gonna move homes. And may I first deal she actually found this guy and up in is called Loves Park. Yeah. So I end up again prospecting via Facebook. I found this guy he was a park manager. He had a lot of older homes and he was like Look, we got some homes under 5,000. You should come out and take a look. That was definitely our budget because starting out we was like, we only want to stay under 5,000. So went out there. We looked at a few hauls we end up getting to one Hall. We paid 3700. It was move-in ready. So we don't have to do anything to it. No rehab. It was beautiful and the second home. We purchased for 500 put a little bit of rehab into it about $3,200. We end up flipping those first because of course we wanted to go ahead and make some profits and we can You to invest so we end up flipping those we met 19,500 in less than 30 days. And then you said this is this something this is at that time you were saying like that was already half of the yearly salary, right? Yeah. So at the time at that time prior to me getting fired, I work at the gas company here in Chicago and my salary gross I was making about like 39. So you thinking about I made about close to 20,000 and less than thirty days that I was like that was eye opening for me, but I guess that's powerful because a lot of times people are afraid to leave their job. I post something other than like don't let well a fear of losing 50,000 a year because stop you from making fifty thousand a month and you can break that down to anything but like your situation is like lets you actually was blessed to get fired or lose your job. Have you lost it because it's like let's say that you might have stayed in that job making Thirty thirty nine thousand and it's like a lot of time people. Scared to leave and you would have never even knew that you could possibly make 20,000 a month. Yeah, I didn't five years from now. You'll be making a hundred thousand a month. Like, you know, I mean, so it's crazy but I like that you guys supported each other and took the leap of faith because that's extremely important especially in a relationship. It's like, you know, you could you tell your partner you lost job and it's like you better get another one. Yeah. So like what made you have faith in him and even like, okay like I'm I'm a support you on being an entrepreneur. You guys are entrepreneurs. I don't support you on being an entrepreneur like with no business backgrounds. Like you guys were entrepreneurs before that. Like what made you have faith because you he said you were the only person I really like really had Faith. So what made you have that fake? Yeah, but sure so I mean prior to you know by its entrepreneurial Journey like, you know, we were already I guess quote on quote talking and dating before we got series and at that time like you said he had a good job, you know saying so once we got back linked up at that point he was going through his heart. Chips or whatever, but by that time we had already built our friendship. We was already best friends. So it's like as a best friend. Why would I turn my back on him? You know I'm saying like I was I was there for him through all the hard situations that he went through in his life. And then I feel like he was also there for me because at the time I had just lost my job. I was very stressed out. He was there picking me off the floor telling me every day like Char come all like we about to do this together. Like I'm thinking about us now our Legacy generational wealth like he was feeding that into me every Every single day is like I had no choice but the rock witty like you don't get that every day, especially from a partner from a relationship. Like that's powerful good man. She got me up here. Right. So like we all won so like the decisions that I make sure she makes is for the betterment of us and our family right then Legacy. So that's powerful Seattle to young black love black. So, all right, so I don't think people fully understand. Like I said, especially like we come from New York and what you actually told me that there's a lot of mobile homes in New York, but like the New York City area metropolitan area and you know a lot of listeners that may be from like cities. They don't fully understand how big of an industry T-Mobile Parks homes are so I did some research has 22 million Americans live in mobile homes. And so like how lucrative is it? Like on an Roi standpoint? How lucrative is the mobile home industry Manuel? Listen, it's the highest cash on cash return of any real estate investing. Like I didn't believe it at first until I mean you example our average returns are 250 percent ROI on per deal. We do. How long does it take to see our normal turnaround is 60 days. We know what now, we're to the point that we flip a house. We flipping less than 15 days. Well. Okay, so, all right. So since you said that you can't kick you all can you can you break down a deal and like kind of explain like how does that work? Cool, so I'm a breakdown with a deal. So we had a deal we purchased a home for $3,000 right Indiana and the home that it didn't need any work from older lady know and most of the Situation's right. Most people don't really know the value of their homes and three grants that cool. So what we did was we say, you know what we're gonna open up for seller finance. We're going to have somebody get affordable housing in that area. Average rent we normally based off the average rent. It was $800, right? So we say okay, we're going to be comparable now in a park if you're doing mobile home investing in a park. The park has lot Rings just like HOA fees. Okay, so you have to pay monthly those this park was at was at 372. So alright lotfi what salafi so it's like an HOA fees are paying for the trash. They're paying for the state to stay on the actual. So the park owns the land the land so you own that you can't just Take your mobile home anywhere. No. No, I have to be inside of a license like a park that has a permit and it's moments like a okay, right? So Norm like the ones that you drive like the RV's those are different right you go. You can go take drive those and going to a park and pay like a feat but normally the ones that you see I kind of just like on actual like land like those right there. Yeah, you can move those but it's not costly normally about 2 Grand to sort of move them depending on how many miles okay, but This case so we so we said hey, you know, what will take 428 monthly. Okay. So 800 bucks. So how it did we put them on a 60-month turn remember it's a mobile home is pretty much a motor vehicle Most states. It is not actually real estate is Real Property unless you putting on land. So this particular deal we can 800 a month. We're getting cash flowing 428 you put them on a 60 month term at the end of that 60 month term that 3,000. We turn to 25,000 25,000 25,000 620. That's Percent return on investment we created so you the rent that you guys were collecting was 400 a month or 2028 and you how much did you buy it for? 3,000? How how do you buy something for 3,000 in charge? How much were they were paying $800 a month in rent? Yes, because how is that pot? How's that possible? So with that we are instead of them are renting an apartment. Right? I think what they get it everywhere in that part of $800 a night. They got no equity in it. So we're providing is equity in that house. Right? The thing is we buy it for solo. Right. We don't necessarily have to say okay. We're going to only sell it for 5,000 right we still operate because if you think about the number is still a house. It's still a home form. So a 20th end of the day a 25 thousand dollar house where you still going to get a move-in-ready $25,000 house. So, you know, that's crazy. But I was just like but if why would somebody not just bite on their own if they like, why would you rent for 800 if it only cost 300,000 a by so the thing is for us being investors? It's almost like we back off. Off-market property right the most people don't really know that. Hey I can go get the and if they do they definitely take advantage right? For example. We have a house Chinese. Shh. So this week we literally we got the house of for 1500 we sold its own for 6,000. He's gonna move to home, right we still doing a favor but then at the same time we offer seller financing which is offer. I usually I usually do anywhere from like $18. I look at $18 to $25 per square foot. So you could actually with your finance and you can have no money at all. Yes. Yeah. Interested so I can write so like I go in I have no money on my God. I want to get this home. That's what you come in. Yeah, and that's why I'm offering to see the thing is most banks don't lend to mobile home. Mom. Like they like Warren Buffett. He has to lending companies because we understand that Warren Buffett is in this gang on Clayton Homes Warren Buffett links mobile homes. Yeah sounds Clayton Homes acquisition you bought in 1997 Clayton Homes is the largest like manufactured home company in the country. So Banks don't give the loans because are they looking at it as a like an automobile ball? I Looking at it they look at it as a depreciating asset. Where's loss we look at it as value. So it's depreciating asset because it has wheels and anything that will depreciate correct. Yeah. So is that true nice day for us to look at it is we solve an affordable housing crisis, right? Like that's the biggest thing like CDs. We know what the cost of living is going. All right wages are still staying the same. So people are getting pushed out. Like we see it everyday, like where's justification people can't afford. So for us. It's like Hey listen, I get it you been living in this apartment for the last five to six years. Why don't you get your own asset? Right? Because it ended as you could do the same thing most people that we educate that by households. We even teach them like hey, this is how you sell your home to get their money back or make more you're on your own. So where are these mobile parks located in proximity to major cities, right? So if you live in the New York Tri-State how many miles typically would on mobile park be located right? Good question. So for you guys, I know you guys got one in Staten Island. We've been in New York a whole lives. Like I think I would have ever been static shots of water. Yeah, we got a few students out in New York and they normally work with parks in Jersey. Okay, so they go over to Jersey. Yeah in about honestly, I would say about 60 miles if you want to go upstate New York. I'm not sure that the the exact mileage but I know you guys have a lot Central and Upstate New York. Is there like a mandate distance? Like that, the federal government will say like this is the residence you can go before you create a park. So here's the thing modern day. So mobile home parks. The reason why you don't see a lot of them popping up right now because here's the reality taxes, right and in America. It costs on average like 12,000 to send a kid to school. I'ma give you guys as I'm about to blow your mind real quick our taxes on our mobile homes per year $160 our taxes on our mobile homes in Indiana 37 dollars for the year for the year. So you have think about if you have a key. It living if you got children, you got two children and it costs at least eleven ten thousand dollars to send him to school that city is not eating from that so cities really don't really like mobile home parks because of the taxes wise and most mobile home parks. They using the city water. They said they use in the city sewer. So, you know in that case it's like yeah, we're not eating off that we don't really like this over here. That's so your lunch money than that always. All right. Here's a question. You live in a mobile home, right? How do you wouldn't Plumbing that is? That work so I like so everything is above ground. Everything is above ground. So the cool thing is like, you know, if you need something fixed you they can go under the actual mobile home to repair. So but like your actual like you go to the bathroom, it goes underneath the like where did that go? Is it like a septic tank down? Yeah, so normally most parts. So here's the thing most Parts either have their hooked up to city sewer. So it will they'll have to hook up to it can go, you know along with the city or they have septic tanks Okay, so It comes from your truck or your mobile home into like a underground thing. Yeah. So, alright. So if the taxes is so low, right? So what's our what's the gig because it has to be exact. All right. All right, the taxes alone. You can buy a home for low you can sell it for hi. So why a why would any why does it what's what's in it for the city or for the town to actually house these places and how come more people are doing it question. So, I would say per state with a first course, I'm gonna answer you said like like why do you say these are most mobile home parks our grandfather here? A lot of them really popped up in the 40s 50s 60s 70s began because after the war the government invested into Mobile Homes right after they were using actually oh warplanes and using the ten. That's why most mobile homes are kind of like that that aluminum they end up had a surplus of aluminum. So they like, you know, how can we use this when we build a house so that's why mobile homes actually really start going so in the 70s went like say once hug got involved in the 70s that kind of depreciated write the value of mobile homes. They want to point mobile homes were the place to be you told me that well. Yeah. It's like look, he's be luxury. Yeah, and it was kind of like Suburbia. Most mobile homes are rules like Suburbia right here. You got a lot of mobile home parks. They look like little I guess you can say Suburban neighborhoods and once when huh got involved, unfortunately think about the Next Generation people start moving back to the city. It just kind of took the So it was a no it was a need for affordable housing. But what cities these places were definitely grandfather in. There's a lot of cities that for example, let's say owner actually sells mobile home park. Sometimes they like yo that's in the habitable. Like they don't because they don't really want because they don't really benefit from the mobile home park. So when did when did mobile homes get the bad name of like trailer parks and Trail the whole like when did that shift? Cuz you said at first it was luxury and then obviously it kind of got tarnished and people have bad. Ideas when he think about that, so like what point did that even like you said like trailer park trash stuff like that? Like how did that happen? So to my knowledge it was an article. I'm not sure the exact year, but I think and I knows like in a late 60s and somebody had wrote a newspaper article about trailer trash and that just kind of stuck the name just kind of stuck and then of course movies play. I think my horror movies right 8 Mile That I thought it was a show on television. I need to pick I look at honestly, it's almost like in the hood, right? They depict like, you know, what they for example, Chicago they're going to pick on certain shows that is just the gutter. You know what I mean? But at the same time, it's very nice mobile harm. It's a Luxe people. I know in San Francisco. They have a mobile home park that literally million-dollar mobile homes, the same double-wide that I can go purchase for 15,000 is going for a million dollars in the area in San Francisco. I Sol will smooth the head of over home. It was close like two million. It was like a two-story mobile home travels Like To Movie sets with okay. Yeah as though all right. So now we got the Back stories in a nano second segment go into some details and go with terms and key definitions. Ernest you currently paying off student loan debt interested in improving your financial literacy or looking for new ways to earn income and today's ever-changing digital landscape. Well on the talk money with the mesh lakhani podcast mesh will follow Paper Trails chat with experts break down complex ideas and bring Clarity to the mystical Financial phenomenon. Each episode will be filled with compelling stories covering a broad range of subjects from buying Bitcoin dealing with student loan debt and everything in between. So listen to talk money with mesh lakhani on Spotify or whatever you listen to your favorite podcast and learn how to spend invest in learn in today's economy. Alright, so now I'm going to go over some key terms definitions things I need to but before I start we talk about pricing but on average since went in Illinois, how much can does a mobile home cost on average? So the average price Ellen? Way use mobile home is right at 7500. So if you looking for something new, like if you're getting a brand-new home, they can start it right about like 35 40 thousand. That's one of the things in the negative connotations that go with mobile homes is that they're not safe. So one of the questions I was like how safe are mobile homes, man? I love that question. So so mobile homes are actually since they built in factories there when tested are built to last out stand tornadoes and earthquakes. Quakes and things like that, right? The thing is unfortunately a QC maybe CNN or so. They may show they may show a mobile home park like three three tops, you know saying gone but it's not like, you know back I think what's the movie about whatever it is. But anyway what it houses flying all the way around and things like that. No, it's not like that. They actually built safe. So what's the lifespan right? So sometimes like, you know attritional Brownstone like be built in 1909. What's a lifespan of a mobile home a question? So the older ones anything? Has built after 1990 up to 30 years. The new ones are built to last with in 45 to 55 years. Okay? Okay. So as far as use explaining that title, right and it's different from like when you buy a home like a regular home you have a deed, so can you explain that? The process is far as like the title is like it's just it's easy to do it, right? Yeah. Yeah. So as far as a mobile home like a mobile home is considered a motor vehicle. Oh, so it's kind of like a car. So when you are selling the asset, you're just going down to the DMV or whatever. Your motor vehicle department is in your state and you're just transferring that title. That's it. Yeah, how long does it take about two weeks to come back? So the closing what's a typical clothing from buying a home and having it up and running like yeah, so bye. Honestly, it's like a day. I mean he's are you buying the hall you of course, we're dealing with the park. So we're going to deal with Mark manager our buyer has to sign some paperwork with the park. That's about 30 minutes to an hour that's signing the lease for that lot rent that we talked about earlier. After that. We normally take our buyers we go to the DMV together. We do that paperwork transfer the title, that's about again a 15-minute process and then they'll send a title back in the mail that normally takes about two weeks. And then the new buyer will get the title their own asset now and then we move on to the next deal that was good. So one of the things when I was doing some research it was Like there's a difference between modular homes and manufactured homes. What's the biggest difference so modular homes more times. You see concrete base where so they have like there are they are more plotted on submit. Right? Whereas a manufacturer home. Is there literally sitting on cinder blocks? So that's why you see is called skirting. So you'll see like like some vinyl that's like right around the bottom of that. So that's what covers that up. But the house is actually sitting One cinder blocks. So all right. What about insurance like insurance for a mobile home? Is it different from insurance from regular home is it car insurance is actually Transportation vehicle. Like how does that work? We calling Geico. We don't ya you literally can call guy goes on here. Are you literally can so when it comes to mobile home insurance is very similar to what you would get for homeowners insurance or renters insurance. So you literally can call like guy Coast a farm like your normal insurance. Insurance companies who let them know like you would like to get insurance on your mobile home. And in typical cost for that is about like 14 15 dollars a month. So kind of similar to what you would pay for renters insurance. Wow. Yeah. So what's the process because you said like the park owns the land right, but you own the actual mobile home. What's the actual process to getting your mobile home into a park so that process you'll be really looking for a mobile home park owner who's looking for houses. And right now it's like a Gold Rush right? Like literally now out of the 44,000 mobile home parks for that. Well, sorry 4000 are institutionally owned, you know, like just corporations that own it but it's really like the wild west because they see the opportunity cap rates are crazy on these things. So for them was happening is you have literally call like they're like bird dog watches are going to other peoples Parks right from another own. So let's say Rashad has this part right now. He hires me to come and Troy's part to scout out. Some of Troy's house has to take back to his park-like recruited hurting, right? Trust me is that part of a lot owner would say living this life as opposed to living that lat. So the one thing that cool thing in the newer mobile home parks. What they're trying to really do is make it a community-based. That's one thing about mobile home parks get a bad rap. It's a really good Community because everybody knows each other, right? So like for example, it may be you know that many days in the park. We got parsley at swimming pools and basket. Courts and in a mobile home park and yeah, yeah and so it's really just a minute. He's like what can this part provide right like like one part we I love it because they give beautification awards for whoever has the best line. Right? Some parts are pretty much like a concrete jungle our own concrete, but a lot of parts are I mean have like a huge backyard gate it fences and garages and like you'll be surprised at seeing some of that the way this stuff is developed. So, all right, so you you have a mobile home you put it in a lot but not a lot has a backyard and all that. So you have to pay for that backyard. Is that part of just the lotfi? Like how does that work? Yep, that's part of yeah lotfi. I'm like I could relate to almost like taxes right? Because I know here in Chicago depending on single family home. You may be paying anywhere from 3 Grand and 6 grand on your taxes. Right? I look at it. That's the same as taxes. If you kind of if you add that number of you paying 375 I eat, you know a month. We look at the year lease. It's pretty much Dylan. I would taxes and some people pay and their cities. So in real estate, you know, when people have multiple units of multiple assets. They have property managers and the mobile home game. You have Park managers, is it similar? What's the differences in those two roles? So the park managers role is really to oversee the park. For example, you know, make sure they fill in houses, you know, somebody's not paying their La Tren make sure they send them it notices a lot of parks have staff so they have other D men on the park, but the cool thing about it is they're not really most Parts don't they do rentals but they're not let's just say like fixing everything in the house. Did you say that? Okay, so all right. So there's two types of communities right is age-restricted and family community. Yeah, do you explain that? Yeah. So all age Community will be like, you know, 18 to really all ages. The restricted ones is the more they're normally 55 and older. So it was more so retirement communities and you normally see Those like down south Florida West Coast like Arizona, California Las Vegas, like you'll see the more restricted communities in those areas. Okay. So how many people like how many homes are in a typical community? So it varies you could be anywhere from Thirty upwards to 500 homes. It really just depends on that particular part. And you said that they don't Department. It doesn't come around to collect rent, right? So what's the process when somebody doesn't pay is it the eviction? Process are the deadlines the same as state Regulators it faster for mobile homes, honestly, from what we see Parts don't play no games. Like I'm gonna say these like most parts that we deal with they give you 10 days you get a 10 day notice and then after that, I mean you can definitely pay but if you're past that 30 days, they got paperwork already and it's starting at eviction process. So all right. What's the maintenance on mobile homes? Is it car maintenance is it house maintenance is a Nation above you have to change the oil like this person was the deal with that my timing belt broke. So I mean literally like regular house maintenance right the cool thing about a mobile home. All the materials are much cheaper than a traditional house right brick and mortar because you're dealing with most houses come with, you know, vinyl floors it coming with they say wallboard instead of drywall. So most of the materials are cheaper. So like - like I tell people if you don't have full rehab I'm gonna say a full gut 12 Grand. So speaking of that he said fix fix up so I took some notes to the vinyl it's real Rock it's foam installation added cinderblock. So like all right, you're you're fixing up in your be building a mobile home, right? How does that work? Like you get a contractor to do that and like how you like? What's the how do you do that? Like, it's just like a regular home or so you can his thing you can get a contractor. It is a lot of people a lot of mobile homes that use special contractors right there to do mobile homes, because a lot of that make well the maintenance a lot of times cheaper and the materials are cheaper if I take somebody who's been doing all the single family housing rehab he comes my mobile home. He's trust me my price going to be a little bit higher because what he used to write, but at the same time we call them handy man. We got like a team of literally Five Guys and when we need to rehab we call them they go ahead and do it and then the biggest thing for us like men shots. My guy packing Hood Estates, but just like we keep it clean safe and functional that's how biggest thing and that's his wheeler actually learned that model from him clean safe, Clean safe and functional and longest. That's how big a thing like, we're not coming in and trying to do a bogus job because you have people mobile homes don't have inspections really like that. You took me to about that. Yeah, so it's really like again since it's a it's a motor vehicle asset is is not as strenuous as a house like, you know appraisal process exactly. Exactly and that's why for us. It's like, yeah. We added value because we're not gonna let nobody come in and tell us like no wait. This is only worth 4 grand like know so far as like getting started right? How much money do you need to get started in the mobile home real estate industry. I mean really, we always tell our students like little to no money. It really just depends on your market and really just how your prospecting you can literally like for me and Byron, we don't really touch anything. Over 5,000 that's the strategy that we have created and stuck with but even in like the higher markets like we always say like you can wholesale mobile homes. Like you can still literally go in and still we call it like being a helper in the situation and helping a family to sell their home. And then again you going in with no money down. You're just now just marketing the home and then taking the profit off that and still making sure that they get the amount that they're looking for. So so how did the whole selling because I know a host of anybody not familiar with wholesaling real estate. It's like you're pretty much like the middleman you never actually owned. The whole ride you can make a profit. It's like if Troy wants to buy a home and you want to explain myself home you want to buy a home and then I can come in and be like the middle person and make like 10,000 or 15,000 and I don't like doing work is no there's no risk. No money that I put anything. Is it the same process for mobile homes. Yes, exact same process, you know, you can put them on the contract and the reality of it right now in this market is really no competition. That is why the like we're in, Illinois. Oi oi, we only like that. We personally know of 10 other investors, but we've only met two and the and out of those and the newer ones are our students. Wow. So as you're as you're talking I'm thinking myself, right? Yeah, it's cool to get the mobile home. Right? But you said that the person that owns the land is the one who makes the proper. How do I go about getting laid do I have to buy a lot and then get licensing to have mobile homes on it? Like what's that process? So that's dope. So for example, let's say we get a lot of You know, I got like 30 Acres down, Mississippi. Like I'm at home zone is like yes. Yes, you can, you know, like honestly if it's your land you yeah, like I mean, the biggest thing is let for example, let's say you just got raw land, right? So yeah now you're going to have to get septic and you going to get the wheel system installed on a high-end. I can run you up to like 20. Mm On The Low End you get all that install. I hope you stay under 10. I'll be perfect but let's say 12 V right now moving a house, depending on where you're moving it from a lot of a lot of moving company start off right about that thousand. Range long as it's under a hundred miles depending on what it is. Let's say on a high-end your move is 5,000, right? You steal you look at let's say you all in 30,000 right now. You'll get a house you get a brand new house. Now you all in let's say you got another 40,000 right we so you still under $100,000 right and think about this now, you can become the bank right you get at least that land out forever or you can just eat a package that up and now sell the land in the house. Okay, so for buying it, do you buy in an LLC or you just buy it like as a regular person? Like how do you do that? So we started with binding on personal but now we purchase all our homes and LLC while just from protection standpoint. Yes. And then from there we go ahead and roll them in a trust. What can you talk about that the trust and it really just keeping your name off. I we don't want people know how many assets we have and I mean, we just learned from a mentor that hey this is just an extra layer of protection for us. Asthma, there's no you guys place on your Instagram page. You said one proper. You can get one popular. I guess like in the area well somewhere I don't know where in America but you can get one property for $45,000 and that could generate an income of $800 a month. Let's say well you can get nine mobile homes for 45,000 and that generates an income of twenty seven hundred dollars a month. That's pretty impressive. Oh, yeah profit margins. Yeah. Yeah, so I actually made that false. As far as you know, when we say like mobile homes is the highest cash on cash return on any form of real estate. So in that specific example, I kind of use the numbers that I got from one of my realtor friends who end up purchasing a property for 45,000 and that situation. She was a landlord. They were renting it out for 8,000. So in that case again, we always looking long-term the 60-month turns because We normally put our tenant buyers on seller financing for 60 months. So in that case if she's making in five years, she made a little bit over 45,000. So it kind of close to like forty two forty eight thousand Mark, but she made her money back by took that same number and I was like look, let me compare that 45,000. So what you can do in a mobile home game. So with 45,000 in a mobile home game again, if you're speaking at that five thousand dollar range that myself and Byron stick to then yeah nine houses nine houses for 5,000 right. Remember we talked a little bit about earlier about that seller financed putting our tenant buyers on payments. Now if you're putting them on payments for a minimum of $300 a month mind you we're no landlords in this situation. So we have no landlord responsibility. We're playing the bank. So in that $300 a month or nine homes, you looking at 2700 dollars a month again in cash flow. So you already tripling your cash flow profit. So now let's look at five years how much you looking to make it five? Is always like over 160,000. I can't run. I think it's a hundred sixty two thousand. So you've tripled your initial investment investing in a mobile home so that it's like when people always ask us like why do y'all think some mobile homes? That's why right? Good job, man the next segment. We're going to talk about education and we're going to the while scaling and a few other things in the last one. What's up, y'all? So if you're listening to this you obviously like podcast and you probably like music just as much on Spotify. You can listen to all your favorite artists and podcasts in one place for free. You don't need to premium account Spotify has a huge catalogue of podcast on every topic including the one you're listening to right now on Spotify. You can follow your favorite podcast. So you never miss an episode premium users can download episodes to listen to offline wherever you are and it's really easy. Share what you've been listening to with your friends on Instagram. If you haven't done so already be sure to download the Spotify app search for Ernie Leisure on Spotify or browse podcast in the your library tab. Also, make sure to follow us so you never miss an episode of Ernie Leisure again. All right. So in the last segment, we're going to talk about education scale and but before I start I want I just got a quick question. So all right, there's three different like this different ways. However, my grill has original real estate by you like buying whole Old and make money off of cash flow or you can flip properties, right? So I know right now your main focus is flipping but is there is there a profit and buying and holding and getting like cash flow from mobile homes as well? Oh man, definitely. For example, man. I Gotta Give a shout-out to I want our students Harold, but he's down in George and he purchased a mobile home 1500 put a thousand into it and what he did was he saw opportunity with truckers. He understand a lot of guys stay extended stays. So he ran out per room $500 per room of his mobile home, right? So think about it. He got his money back in like three months. Now you may can all Profit just create a thousand dollars cash flow. Well, I'll say this he paid I think his lot runs like 375 right right internet right around that range. But at the same time you still bring it in closing over 600 bucks a month just cash flow. So your don't the lotfi plus the whatever your transfer and that's what gives you the total rent price, correct? Okay, so wish wish wish your vision to scale like what What's your plans on scaling for your for your personal business brand? And so we definitely want mobile home parks? So the larger goal with that is to get an acquisition but we find somebody has a portfolio 1020 mobile home parks that's looking kind of just to retire right and there's pretty much purchase that portfolio and just build from there and really open up the floodgates for more people to invest in Mobile Homes. How much is that? Just something like just being an industry. You'll know is it like a database where you can see like these people own? This amount of mobile Parts. All right. So we've been doing our homework. We got the top 100 companies that that do a little early to be in the top 100. If you own over 15, mobile home parks you run the top 100 of the company's. How much does it cost for a mobile home park? So now the prices went up I would say on the average 450 pads plus you're looking at about like one point to depend on the region 1.2 mil two million really depends on the region, right? I've seen parks for that has a hundred pass that was going for. 1.2 million patents is the area that's designated for the exactly how much revenue can I bring it on a year. Wow, so man as a great question. So for example, I look at it. If you have let's say you have 200 pairs right? And then you get nothing a you getting 400 bucks per pad normally Moustakas fall apart to be occupied fully occupied. You're looking at a good part 95% right 95% of those houses are filled. So if you look at your cash So I might pull out the calculator real quick. Sure. I heard you go with numbers man. But yeah, I mean I'm trying to think but the cast like I know I had some some parks that pretty much what they like netting per month in the you know and six-figure range and just net after everything. So I mean literally a lot of like after yeah, you could probably get your million back. Oh, yeah, and then a hundred thousand was saying a low-end a hundred thousand a month you'd be making from Yes, it would like maintenance. You have like maintenance keeping all that maintenance guys. You may if you have a park manager that comes with your calls and of course taxes, right but a lot of times if you did the thing what I've learned about in a mobile home park, if you give your if you give the tenants more responsibility, so they're responsible for water their response was that's how you cut costs real selected utilities up to them. Yes. Yes. So you guys are teaching people how to get into the industry as well. Right? Well, how do you how you doing that? Somehow we got several products. We got an e-book. We have an e course we do group coaching. We do a lot of free live webinar every Wednesday just to kind of get people acclimated because that's the biggest thing like we look at it. Like we wish somebody would have showed us this years ago. And then we see the opportunity and is low competition. Like literally I don't care if it's 10,000 people that started tomorrow. It's not going to be saturated. Right? So y'all are selling people the mistakes that you told me exactly. So being that shot in this industry. Is new to you or what are some of the mistakes that you made during your first deal. Well, I was a woman staying we met being new investors. We was at a park and the park managers they were actually day. I just brought the park as well. So it was new for them too and they were showing us the house and you know just talking we actually made the mistake. Well, I'm a actually wasn't we it was Byron. Right. So we got about 10,000. That's all that's all of course, you know, they tried to what we say finesses. They tried to Vanessa out of a deal and pretty much was showing us a home that we knew was only worth about maybe a couple of thousand but he was trying to sell it to us for about I think 4 to 5 and then saying like we was they had to put another five into it for Rehab pretty much taken up all of our Capital for our first deal. So we quickly learned like yeah, you got a hush your mouth when you going out to invest and you know some other mistakes, I know you can bring up some oh man not winterizing the house in the winter by those pipes since they are above ground man. That was and it's not bad. I honestly literally the first time I tried to go a cheap route, so I hired a guy to tell him he could do it for 250 like 250 for coming let's go and he just literally yeah, I'll pay for it and it had to pay another five little bit again. $750 for plumbing, right? Like what they do that so that a person can make right as far as like not knowing the market we get so many DM's people that just maybe jump on a webinar or and I get it because it is exciting. Right but you still its terms and it's just it's not a lot right, but if you try to jump in there and not really knowing it can cost you more money because most people here like I have you started with Thousand and then I'll take that five thousand and then they finish they're like, okay. Well, what about we always tell you the budget for lot, right? That's part of your expense. If we tell you negotiate light rain sometimes Park managers may say hey, you know what, like let us rehab is will give you a month or two free, but if you're not used to got incorporate that into your calls it can take you on a long again six months to sell your house, right? So you got to just incorporate just a little cost that can add up on the rental side when you're getting people to read what's the turnover of people to turn in six-month these or like you said some of the truck His do maybe a monthly is what's the turnover? So I honestly most people we realize that they're willing to deal willing to stay at five years Max and mobile home parks because you have think about just like I look at like this. It's just like the hood right at certain parts of the hood that is just a gutter that people know they want to make it out to and they move to another part of her that's little bit better, but they still want to move out so it's levels to it right unless you just in a mobile home park in Miami off the water. You probably not, you know, I mean like you want to stay there for 10 years plus, right? You know, so honestly for us we provide anywhere from to upwards to 10 years, but normally most of our average is like three to five years but the turnover we rarely get people that want to leave unless they're family like for example, we had a family that a couple they were expecting that their child. So, you know, they need more space now, so in that case, but normally they're going to stay so I saw on your page. Also, you said people mistake is buying high and selling low, right? So All right. How do you like how does that happen in the in the in the mobile home world? Yeah, so I must say this profit is profit and but we I'm not gonna say we teach you how to be greedy, right? We teach you how to make large returns. So yeah, for example if I buy a house with 10,000 and what I system, we you know, you turn around you only make two grand off of you make 12. I'm happy for you that you made money, but it's just like, you know, you left way more money on the table. So that's the way we look at it, especially if you look at it long term. Right, like if when you do tell the finest again, if you take a minimum of $300 for 60 months, that's 18 Grand. So what got you in education like what what made you want to spread awareness and teach people how to actually do this man be honest for myself like that was already my call and I've been doing a lot of mentoring already do a lot of coaching and honestly Gods had I never would have saw myself. If God to show me a picture like Yo, he had next year. You bought to be doing these mobile homes. I'm like bro, you now come on but it's just he had a bigger a bigger picture for us and I mean both of us and man. It was just like don't even see Sean. He's just like yeah, let's go, right. Yeah, like I told him like once we did our first couple of deals, I think we say like right here and I told him like we gotta show this we got to teach this to our people because it's so many I know so many other investors who have been trying to wholesale who been trying to get into traditional real estate. But again, it's starting Is that have been stopping them like credit Capital? They can't get started. So once I found this I was like come on like this is bigger than us like this for the people. So I I noticed you had to have students. So obviously they go to the webinar. Are you guys coaching them after as well as and bringing them to their first deals? Yeah. So we always say anybody who invest in a program like you family might hit us up like we don't want to we're not that type of like you okay by program and then go out on your own and do it, right if you don't hit us up that's on you. You know me. Mean but we really is like an open book because that's the thing is just like the more the more sex the more success that they have like, that's just I mean that's joy for us, but it's just like what we doing is just we help me trade wealth for them. That's though. That's dope. So, alright. Well, thank you. We appreciate it. This is what's the information for your courses. How can people contact you? How can they check out all of your programs that you have gone? Yeah, so for one man, Instagram is really our main page follow us at a 10. I'm sorry at mobile home Elite investors there. You can literally click the link in the bio that can get it you can access to the course. We have a private Facebook group ebook even need a payment plan. That's what we have private coaching. Whatever you really need. That's what we you know, we get our program to help everybody. We got something for everybody. Go go go Troy. Yes out to everybody on patreon. Cam that's all probably proud to pay program everybody that's been supported on there. There's five tiers. You can join any tear that you like this bonus footage dead as bonus content. Just want to give a good shout out quick. Shout out to our new members Jada and Marquis and Christian and Derek is well. They've joined in there. Some of them are joined at a fives and join us here to anything that you provide is a blessing to us because it allows us to come here come to Chicago to other cities and show highlights and Hometown Heroes. And this is great and we learn every time that we do an episode. We learn something new. So thank you to re on patreon. Thank you. Everybody on any of these are.com that's purchased emerge. Now. This is the first episode that everybody has the merchant. Yeah for sure everybody that's been purchasing a torturous up there as well. So feel free to get that. Yeah, man. Yeah and yeah as is over liabilities, that's what we running with some shots of Chicago to go City of Chicago has been very hospitable to us. And this is actually the first one of Hometown Heroes we actually going to be releasing another episode with the Downing Brothers. They are Chicago celebrities. They got an HD TV show and are they interesting because actually firefighters but they're also Real Estate Investors as well and they also television stars as well. So they have an interesting story some so make sure you check that out as well and actually said the merch but don't forget our Workshop series as well Workshop is 1017 is going to be financing financing for first-time Real Estate Investors how to finance your Real estate deal that's going to be in person in Brooklyn, but it's also going to be live stream for anybody. You can go to the advanced tab on our website on your leisure.com to check that out. And also as you guys know I'm a financial advisor. So if you want to hit me up for a 30 minute consultation anything from retirement planning estate planning life insurance investing anything like that. My calendar is also honoring Alicia.com. And as I said as the 30, it's not the pick my brain, please please do not Just call me for unrelated random questions. I'm being very generous with my time. Yeah, so is specifically targeted for people that are interested in getting help in within those areas. But yes, that is our own Alicia.com and the book tip of the week is a step-by-step guide to buy and sell mobile home. You know, who wrote that book? Yeah. I got Byron wrote that book is actually his last name is sellers, which is actually very interesting very fitting when he told me. I'm like, is that like a stage name? Like solid hold his last name is celery so it's got playing Scott. So yeah check that as to ebook right? Yes, sir. Yeah. Sure. So make sure you check them out. This is very very good episode for us and blessings to you. You know, it's extremely encouraging to see any young entrepreneurs, but especially a couple that you know had start it's not always all good times either right issues when you first start but to see you guys, you know progression and I mean I said to see next year five years ten years. I'll be following your journey. I'll be rooting for you guys for sure. For sure. So first I'll see you at home. I like the new setup on the road. Yeah sure. We will see you guys next week. Peace, please.
 It’s a little known fact that mobile home investing provides that highest cash on cash return on average from any form of real estate. It requires extremely low amounts of capital to invest and the profit margins can be huge. Very few people think of investing in mobile homes or mobile home parks, but it’s not only an extremely lucrative business it’s also a high demand industry. 22 million Americans live in mobile homes and as real estate prices continue to go up nationwide the demand for mobile homes is rising. It’s a billion-dollar industry that shouldn’t be taken lightly. Byron Sellers and Sharnice Williams of Mobile Home Elite Investors have mastered the mobile home industry. In episode 41 they gave us insight on how anyone can get started investing for as low as $500, they went into detail about the ins and outs of mobile homes and explained the pitfalls to avoid. Guest IG: @MobileHomeEliteInvestors Book Tip: A step by step guide to buy and sell mobile homes   ---   This episode is sponsored by  · Anchor: The easiest way to make a podcast. https://anchor.fm/app  · Talk Money With Mesh Lakhani Podcast: On The Talk Money with Mesh Lakhani podcast, Mesh will follow paper trails, chat with experts, and break down complex ideas to bring clarity to the mystical financial phenomena behind your finances. 