Stromberg Property Management
Stromberg Property Management – There are different ways to invest in real estate Have you tried them? If not, consider mobile/manufactured homes Today, Clint Coons of Andersen Business Advisors talks with Glenn Stromberg of Stromberg Investment Group. Explains the profit potential in alternative types of real estate investment He began his real estate career in 1982 and has 37 years of experience in the mobile home industry. Glenn is offering 50% off to our listeners to learn how to invest in mobile/manufactured homes: Mobile Homes Investing Education (coupon code: ANDERSON).
Clint: Welcome everyone Hi, this is Clint Coons with Anderson Business Consultants and this is another edition of our Anderson Weekly podcast. At this stage, what I want to do is talk about another way of investing in real estate Something I never thought of myself
Stromberg Property Management
I know there are a lot of real estate investors out there who have never heard of this and this is what piqued my interest, the traditional way is to go out and find a house and then go in and rehab it. . You turn it into a rental or maybe you can look for new construction because the cap rate between existing vs. new doesn’t really make a difference when you factor in your capex over the next 5-10 years to maintain that property.
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I’ve seen investors go that route when they’re looking for that single-family home because they want to build a rental portfolio. But what really got me off the blue wheel was when I met our next guest and he was talking to me about investing in real estate single family homes and he took it a whole different step.
It is necessary to buy manufactured homes and do the same strategy I had never heard of it before, or thought of it My idea of a mobile home and how we discussed it like that was that trailer, that single trailer with the flat roof, the metal siding, they were sitting in a mobile home park and I thought, “Who wants to buy that? That’s a trailer That is not real estate. “
I didn’t know so I thought this episode, we’re going to dedicate it to talking about manufactured homes and so it’s my pleasure to introduce Glenn Stromberg of Stromberg Investment Group. He has over 30 years of experience investing in manufactured and mobile homes Today, he is going to share with you the ultimate profit potential that can be found when looking at this alternative type of real estate investment. Glenn, I got to tell you, thanks for coming
Glenn: Thanks for having me, Clint I really, really appreciate it and look forward to being interviewed
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Clint: Awesome I know people are listening now and they’ve probably shown their interest because when people think about it, I would assume they take the same approach as I do. You say mobile home You’re thinking of a metal sided trail in a park How often do you get that?
Glenn: Always, yeah When you say mobile home, manufactured home, actually when I do presentations, I’ll show a picture of a metal sided house that you talked about with tires on the roof and 80% of the audience that I ask them, they think that’s it. What does a mobile home look like?
Clint: Yeah, it’s because it’s ingrained in our culture That’s what many people tend to think You just said something you would never invest in Why not?
Glenn: Because it’s a whole noter asset class A mobile home park can be a good investment if you get the property management right, but homes are a lot of work, requiring a lot of maintenance. That’s why it’s a complete notary strategy, a complete notary asset class
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I will just give you a review for your audience We are in five states. We are located in Texas, North Carolina, South Carolina, Georgia, and Virginia and we purchase 10-15 times a month. Homes are double-wide, typically 1,200–2,400 square feet, and they typically sit on half-acre to one-acre lots, and they’re real estate, depending on the state. They have a trust or a lien on them
We usually buy in the 1990’s and later because that’s when they raised the construction standards for them I always tell stories because my father was a contractor and builder in Chicago He came and looked at about 15 of my properties in Texas, and he goes, “These are better built than the tract houses in Chicago,” and I said, “Yeah, that’s what people don’t understand.”
I’d say it’s the best-kept secret in real estate investing because you’re buying the property for maybe a third to half of what it’s worth, and in many cases the cash flow doubles every time […] the house, so they can. Cash cows and gold mines
Clint: I think the first thing people should understand is that when you talk about the old style mobile home, where you’ve got said tires on the roof, that’s actually a trailer.
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Clint: It’s not What we’re talking about here are the houses, as we said before we started on the show, you’ll see the back of a trailer going out on the freeway where it’s half a house, and they have […] somewhere, and they’re bringing half houses and putting them together.
Glenn: That’s right They usually go on concrete runners They anchor them to the concrete and, for the homeowner, they qualify for the same FHA financing as a single-family home.
Glenn: A lot of them are wood frame construction Many of them are vinyl construction Many times people put brick skirting around the bottom and there are different types of siding
Clint: It’s basically a house and I think where a lot of people when they consider this asset class, if they hear the word manufactured home, they think it’s a low quality because it was made in a factory and that’s what it was then. Carted and dropped on a pad or a cinder block foundation, so, it won’t have the same quality if we build it from the ground-up.
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Glenn: Right I’ve been to the factory many times and if any of your listeners get a chance to go see it, it’s a fascinating thing to have built. They basically use the same materials as a site-built home It always has your plywood flooring, 2×4, 2×6 upgraded insulation package, thermal pane windows, round counters.
You can find any fireplace, fireplace, and the beauty of it is that they come out at a good price because they are made in a factory and they cost a lot less money. You’ll get more square footage whether you’re buying dollars In our case, we lease them to tenants and they get a lot more square footage for the tenants.
Clint: The whole thing about homes and for a lot of people that if they’ve never experienced it, I guess you call it a mobile home, you call it a mobile home, or some people call them a manufactured home. Mobile, because you can move it
The reality is that every house is a mobile home because when I was growing up, we would pick up a house for a dollar and then my brother and I would help him. We’ll go there, we’ll disconnect all the utilities, jack up the house, bring in a trailer, and then load it on the trailer to pick up the house and move it and put it on a new lot. The property we purchased was on a cinder block foundation
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That’s a mobile home right there if anyone looks at it because the house itself was built from the ground up, but now we’ve made it mobile because you can cart it. Any house can meet that definition if you say the house is movable
Clint: I’m curious about this, talking about these houses is an expense Let’s say I’m looking in my area You mentioned five states that you are in and for example, I live in Oregon and I see ML ads for these properties. How are they usually listed on the MLS? Will they be listed as a manufactured home? Or will they be listed as a mobile home?
Glenn: Every MLS district is different, but no they don’t love the mobile/manufactured classification, and because they’re in the MLS, real estate […]. The land is with it therefore […] surrendered They are in the MLS In the Carolinas and Georgia, that’s beauty We can still buy most of them in the MLS because we don’t have all the competition from single family homes
I belong to two real estate mastermind groups, some of the best real estate guys in the country and out there.
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