- Chris & John
Ep 75: A Blue Ocean: Flipping Mobile Homes with Jay and Samera Harvey
The high demand for mobile homes is increasing alongside the need for affordable housing. After an unlucky start in real estate, Jay and Samera Harvey saw that flipping mobile homes were a ‘blue ocean’ of opportunity. In today’s episode, Jay and Samera talk about their stunning success in flipping mobile homes and how that ocean of opportunity is as blue as ever. We talk about how Jay and Samera make money within their unique niche and how their offerings serve an important need. They discuss the fast turnover rate of their deals and how they focus on making homes clean, safe, and affordable while leaving more advanced renovations up to the buyer. While working with mobile homes may lack glamor from the outset, they emphasize the need to understand this market. This is especially true for newcomers struggling to evaluate mobile properties, as there isn’t a lot of data available online. With such a high demand for mobile homes, Jay and Samera share how they select their buyers, the importance of networking with park owners, and how they develop these relationships by showing the value that they bring to parks. We round the conversation off by asking Jay and Samera what they avoid in mobile homes, along with their other best practices. By the end of this episode, you’ll know whether you should expand into the mobile home market.
Key Points From This Episode:
Jay and Samera share their path in becoming real estate investors.
The bad luck that they experienced in their first investments through having a shady mentor.
Learning their way out of a bad situation and their pivot to mobile homes.
Hear how Jay and Samera make money dealing with mobile homes in parks.
The ‘fast-transaction’ benefits of working within mobile home parks.
How mobile homes serve a need within America’s ballooning affordability crisis.
What Jay and Samera do to find mobile home sellers as supply is low.
The opportunity that arises from the stigma surrounding mobile home parks.
What a typical mobile home transaction looks like for Jay and Samera.
Learn the specifics of Jay and Samera’s mobile home model.
How Jay and Samera deal with park owners; lead with value.
Why mobile home park owners don’t want to own mobile houses.
How Jay and Samera streamline choosing their buyers when there’s overwhelming demand.
Why you should vet your handyman and limit their initial number of jobs.
Understanding the different mobile home values and what the market will pay.
Hear Jay and Samera’s mobile home selling best practices.
Which mobile homes to avoid, especially anything built before 1976.
Dealing with utilities and moving mobile homes into parks.
Learn about the huge opportunity in developing land for mobile homes.
“After we started doing our research, we saw that mobile homes were a huge opportunity in Phoenix, Arizona — it was like a blue ocean.” — Jay Harvey [0:04:04]
“Our model is to flip quickly. We’re not contractors. We just want to make the home safe and affordable. We sell at a slight discount so that buyers can do some of the work themselves.” — Samera Harvey [0:14:08]
“Many sellers don’t understand how to find the value in mobile homes. There’s not a lot of data online. You have to get into the parks and understand the value in a different way.” — Samera Harvey [0:25:14]
Links Mentioned in Today’s Episode:
Jay and Samera Harvey Facebook
The Real Estate Investing Experience Facebook Group
Get in Touch
Interested in Investing With Us? Click Here
Connect with Chris - https://linktr.ee/chrisgrenzig
Toro Real Estate Partners - http://tororep.com/
The Real Estate Investing Experience - https://www.thereiexp.com/
The REI Experience YouTube - https://www.youtube.com/channel/UCjt6pmkA8ogACZ26oqhBM0g
The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260