Making money in mobile homes was virtually unheard of just a few years ago. Now, it’s one of real estate’s hottest trends.
Levi Parham spoke with Nolan on a recent podcast episode about how he transitioned from being a broker into this booming specialty. He is the founding partner of Mobile Home Wholesalers, selling manufactured homes wholesale to mobile home park owners and individuals.
Levi is a Western North Carolina native. After earning an entrepreneurship degree from Western Carolina University, he began selling mobile home parks. Yes, he was immediately making money in mobile homes, but as a traditional agent. In college, Levi learned the importance of a unique niche, and that’s how he got involved. Others in real estate circles looked at him a little strangely, but he eschewed their suggestions to sell medical offices and went to mobile homes instead.
He didn’t have to wear a suit to impress anyone, and Levi felt at home in that niche.
A career move
When he moved with his wife to Georgia, Levi had to decide whether to continue on the same path. He got a sales job at a mobile home dealership, and leveraged contacts there to make his first property flip on a mobile home. He flipped it almost instantly with the assistance of an investor friend. After making a little money (although definitely not as much as the buyer), Levi left the dealership to pursue this new venture full time.
To keep making money in mobile homes long term, Levi looked into mobile home wholesaling. He earned online from experts like John Fedro, who outlines a method of investing and paying off in installments. Levi continued to flip homes, learning his lesson about hiring cheap contractors and other industry details. He found a business partner, Max Baker, and together they worked with larger brokers and mobile home park owners to provide inventory.
Building a business
Levi buys mobile homes individually to move. He and Max find people who want to sell fast, using a variety of methods. One wholesale event provided lots of leads, and online marketing helps as well. Since they’re in a more unique niche, they get lots of referrals from brokers with homes to unload or who need his services.
The team has been doing this about a year, and have settled into a good groove. They understand how the title and tax offices function, so the sales process is smooth.
Levi says paving his own path is amazing, but it’s a struggle. He’s always gleaning information and tips from others. The biggest challenge is trying to be in enough places at once to close deals and take care of paperwork. It’s been a journey of hitting walls, pivoting, and redefining his business model and goals frequently.
The future of mobile home wholesaling
When he started in 2018, brokers laughed at him. Now, making money in mobile homes has become popular, as brokers conquer one of the “final frontiers” of real estate.
Levi plans to keep up what he’s doing, because it’s working. He and Max are deciding how to best expand their business through the Southeast. They’re making definitive plans to scale the business model, facilitating the process in various markets to grow and remain successful.