It’s unfortunate for someone to have been held back from the things that they truly enjoy growing up. But instead of sulking, one must use the situation as their inspiration to persevere and achieve their goals and dreams in life. You just have to take one step at a time and you’ll get there.
Listen to our guest for today, Byron Sellers, as he fulfills his life purpose by sharing with us how he came to stumble upon real estate, specifically mobile home investing, and how he was able to reach the goals that he once was held back from.
Byron owns the Mobile Home Elite Investors together with his life partner, Sharnice Williams. They have already built a mobile home portfolio and also developed the top educational platform online to educate investors in the real estate industry.
Here’s What You Missed
Sacrifices as a recurring theme for entrepreneurs
- “My first step was I went to get Audible from Amazon. I went to get Audible because audiobooks. I had some books, but my attention span was just bad when I read books.” (10:28)
- “I knew I had to build from the ground up.” (11:05)
- “I just became engulfed in books and then real estate. Before real estate, I tried stocks. So now I’m on CNBC every day, just trying to learn. Trying to learn. That was just really my first introduction into trying to create some income for myself.” (11:16)
Fake it until you make it
- “I was making it until the point I lost my job and that’s one time it got real.” (12:09)
- “I’m still in survival mode, but now I’m trying to figure it out.” (14:04)
- “But the reality was, how can I coach someone when I really don’t have any successful experience? I can coach around mindset, but most people who wanted to be coached wanted a change, and I necessarily didn’t have that.” (14:15)
Finding mobile home park deals
- “You can go on Google Maps and if you type in mobile home parks, it will show you all of the mobile home parks near you. Everything near you.” (21:24)
- “The park owns the land. Mobile home communities are basically a big parking lot.” (22:25)
- “But for us starting out brand new, we went and did just the traditional way. We built a relationship with the park manager.” (23:50)
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Reasons to buy mobile homes
- “Most people realize the mobile home sector is the affordable housing sector. It’s the only non-subsidized affordable housing left in America.” (28:55)
- “So what we were doing, either we were offering seller financing or we were flipping.” (30:14)
Wholesaling mobile homes
- “So in wholesaling a mobile home, you’re looking for a buyer who’s in need. They can’t really sell their home.” (33:16)
- “In my past, I never did a purchase agreement or I’ve never done an assignment contract. I’ve always had verbal wholesale deals, but we always say, you want to get them on at least on an assignment contract.” (34:09)
- “If you build good rapport with a seller, you can have them showing the home. Because you have them on the contract, and then the buyer will, if they’re interested, they’re going to go fill out the mobile home parks application to get on the lease.” (34:35)
Where mobile home sellers move
- “We had a lot of sellers that moved to another mobile home community, or they may move with family or they’ve actually got their first house.” (37:20)
- “Most people live in mobile home parks aren’t educated on what they can do with their mobile homes.” (37:53)
- “As a mobile home park owner, I want homes. So if someone says, hey, I want to move my nice home to your community, I will pay for their move because I know in the long run it’s going to make me more money.” (38:07)
The appreciation in mobile home communities
- “Tenant owned communities run much smoother because you have people taking more pride in their community.” (42:02)
- “Banks are more inclined to invest or refinance parts that have the tenants who are responsible.” (42:11)
Quotes and Advice from our host and guest:
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- “…I just want people to continue to be present and actually realize that we are here to be special in our own way.” – Byron (03:04)
- “A lot of my time, again, the journey, this is my six-year journey, but you can cut that journey down a lot if you have someone that you can add value and then they’re pouring value and you’re executing what they say.” – Byron (43:55)
- “But you really want to be able to just provide someone to make someone’s life easier or make someone’s life to say, you know what? This person has done things for me that has been useful and helped me on my journey.” – Byron (45:18)
- “Just figure out, ask questions, build relationships.” – Casanova (45:34)
- “Rome wasn’t built in a day, one step at a time. One task at a time, you’ll get much further versus trying to eat the whole elephant in one sitting.” – Byron (49:05)
Why You Must Learn Mobile Home Investing
Byron Sellers
- Earl Nightingale
- Redfin
- Rich Dad, Poor Dad
- Millionaire Fastlane by M. J. DeMarco
- DesignCrowd
- BiggerPockets
- Brandon Turner
- Robert F. Smith
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