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How to make passive income with single-family homes and mobile homes, just like Warren Buffett.
Your Host: Ross Hamilton, CEO Connected Investors
Guest: Brant Phillips
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Figuring out how to make passive income is critical for everyone. It’s really the only way to have a real-life today. It’s the only way to stay ahead financially and enjoy some measure of financial security and peace.
This has become even truer and more urgent in the wake of the COVID-19 pandemic which shattered the economy and has sent at least tens of millions of workers to the unemployment office. A catastrophic tragedy, which has also put a massive dent in many individuals’ retirement portfolios.
Listen into this podcast episode to find out how this pro got started in real estate investing, how he flipped his way to the Inc. 5000 list of fastest-growing companies. Then, how he found a highly profitable niche for cash flow and how to make passive income which has generally been reserved for the wealthiest billionaires and biggest funds.
This is for you whether you are just looking to get started in real estate investing, need to get your money out of the stock market before it dives even further, or your current real estate strategies just aren’t delivering the truly passive income you expected.
Gifts & Recommendations:
On this episode Brant Phillips recommended reading Shoe Dog: A Memoir by the Creator of Nike, Phil Knight.
Be sure to check out Brant’s own books too. Including Conversations with a Millionaire Real Estate Investor.
We also gave away access to the PiN Pre-MLS Software, and digital copies of The Insider’s Guide To Funding Real Estate Investments.
SHOULD I INVEST IN SINGLE FAMILY HOMES?
Single family home investing can be highly profitable. It is easy for most people to understand. You can flip them, rent them, or wholesale them. There are far more end buyers and they can seem simpler to finance than apartment buildings and other commercial properties. Many investors start out with single family homes.
WHAT ARE THE ADVANTAGES OF INVESTING IN MOBILE HOMES?
Having done countless single family home deals Brant found there really wasn’t any passive income in it. Whether you are wholesaling, fixing and flipping, or acting as a landlord it is quite active investing. Mobile homes can be far cheaper per unit, have less competition, may be more common in your area and are in high demand as a form of affordable housing.
WHAT IS HAPPENING IN THE MARKET RIGHT NOW?
2020 started off with an incredibly strong real estate market. A bullish space where new records were still being set, billion dollar deals were being done, and though property prices were high, investors and home buyers just couldn’t grab enough deals. Then, the coronavirus arrived… And the game changed.
WHY DO BILLIONAIRES INVEST IN MOBILE HOME PARKS?
Multi-billionaire investors like Warren Buffett and Sam Zell are also some of the biggest mobile home and mobile home park investors and lenders. As are more ex-Wall Street traders and big hedge funds.
They can produce strong cap rates and lots of cash flow. Park owners also often only own and manage the dirt. It doesn’t get much easier than managing dirt. The tenants frequently own their own mobile homes and take care of their own maintenance and utilities.
HOW TO MAKE PASSIVE INCOME IN REAL ESTATE
Step 1 – Find easy to manage assets
Passive income relies on easy to manage assets and those you can hold long term, without relying on finding deals every day to make money. Mobile home parks are a great example of this.
Step 2 – Optimize for cash flow
With mobile home parks you can charge ground rent, finance homes to residents, add laundry services and other features for more income.
Step 3 – Find great managers
Some will still need to manage your properties. Find great local boots on the ground to take care of your out of area assets. Take yourself out of the equation, and use professional third party management, so you can act as a business owner, and work on the business, not in the business.
Summary
Passive income is incredibly important. While there are many types of real estate and real estate investing strategies, not all really deliver on this. This can be quite common in the single family home sector. Make sure you check out how Brant made the switch to mobile homes to make passive income really happen.
Action Steps for Finding Mobile Home Park Deals
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Use PiN Pre-MLS real estate software
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Build your network of commercial real estate brokers
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Optimize your SEO to get found online
About Brant Phillips
Before getting into real estate Brant Phillips was in law enforcement and worked as a corporate soap salesman. He had seen his father work hard but get laid off several times. He saw his family go through bankruptcy and foreclosure. Recognizing he was on the same path, he found it depressing and grew to dislike that world. He decided to burn his boats, and went all in one investing. Through his fix and flip strategy he made it onto the Inc. 5000 list. Now he has discovered how to make passive income through mobile home park investing.
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Connected Investors
Real estate investing professionals from around the world turn to Connected Investors for innovative resources and timely local information about the business. Known for its cutting-edge technology, social network and in-depth educational opportunities Connected Investors is the industry’s leading source of real estate investing information.
The post Warren Buffett Real Estate Investing (Make Passive Income w/ Mobile Homes) appeared first on Connected Investors Blog.
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