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Managing Mobile Home Deals with Glenn Stromberg


In today's show, Larry talked with Glenn Stromberg from Texas. Glenn does a lot of mobile home deals and has over 30 years of experience in the real estate and housing market in Texas, North Carolina, and South Carolina.

In this episode, he shared what his business model looks like and how he builds good relationships with the people he works with. Stay tuned!


  • Glenn's background
  • Getting into mobile homes
  • His business models:
  • 1. Buy and Hold
  • 2. Turnkey over to the investors
  • Managing the deals long distance
  • What his typical deals look like
  • Areas he covers
  • Where he typically finds most of his deals
  • Having multiple channels to get deals
  • Managing rehabs long distance
  • Building a good relationship with contractors
  • Lease options
  • Finding investors
  • More money than deals
  • Structuring a deal with a private investor


  • “It's fun waking up everyday in the morning when you love what you do.”
  • “You got to have a system in place and you got to have the right people.”
  • “If you provide a good product, people line up for your deals.”



Larry: Welcome to the Brain-Pick-A-Pro Show live from Lake Wylie South Carolina and all the way halfway across the country to Texas is my good friend Glenn Stromberg. What’s going on buddy?

Glenn: Hey Larry how are you doing today?

Larry: I’m doing awesome. Now what part of Texas are you in?

Glenn: Dallas Fort Worth area I live in Fort Worth Texas.

Larry: That’s awesome, that’s a beautiful area. We do at least one event a year over in the DFW area. So I love it, it’s awesome.

Glenn: Yeah I love it here too. It’s a real fast growing area. They say there’s two to three thousand people a week moving here. So we’ve got kind of a crazy sellers’ market going on but it’s a great place to live. It really is.

Larry: That’s awesome, that’s really good. So yeah you’re in a great area, you’re in a hot market over there. I could see why you’ve started branching out into other areas, in fact you’re buying in the Carolinas now, right.

Glenn: I sure am yeah absolutely, both North and South Carolina absolutely.

Larry: Man, get out of my neighborhood.

Glenn: There’s plenty for all of us.

Larry: Absolutely, there’s plenty to go around. There’s no big deal yeah.

Glenn: Yeah sure.

Larry: So guys you may or may not be familiar with Glenn, I’ve known Glenn for a pretty long time now. We’re in some of the same groups together, some of the same masterminds. I saw him in Tampa a few weeks ago just very briefly but we saw each other in Tampa at a Mastermind event we’re both in. and Glenn is a mover, a shaker and he does a lot of mobile homes.

And you guys know I talk about mobile homes a lot, teach you guys some stuff. So I wanted to Glenn on here and kind of give you maybe another perspective as to what he’s doing. But first let’s kind of start out with the basics. Glenn tell our listeners a little bit about yourself.

Glenn: Like I said I’ve been in the real estate specifically in the manufacturing housing industry for over 30 years. Got a great family; two kids, five grandkids. And like I say just really enjoy life. And I love what I do and it’s fun getting up every day in the morning when you love what you do.

Larry: It is, I love it. It’s not like work at all, is it?

Glenn: Not one day it feels like work to me. It really doesn’t.

Larry: That’s awesome.

Glenn: I’m a blessed guy.

Larry: So tell us a little bit about the mobile home business. I mean how did you get into mobile homes versus single family or whatever?

Glenn: It’s ironic, just I look back at it, it was God. I answered an ad of the paper and the ad basically said to sell mobile homes that I could make a six figure income so I answered the ad and they were right I could. And to make a long story short, I started out selling mobile homes off like a dealership.

And at one time then I had a partner, him and I we opened up a dealership and we had 13 locations at one time. Sold out to him, I did some mobile home subdivisions. I owned a mobile home park and then I had a Clayton Homes franchise. That’s the company Warren Buffett bought I had that for 15 years.

Larry: Wow.

Glenn: Real good experience there. And then in 2006 I sold my franchise and do my current business is which I buy manufactured homes online. And that’s all we do because I tell people it’s the best kept secret in real estate investing. It’s like half the money and double the cash flow or more. And a lot of people dong know about it, or don’t do it. So that’s why I love it.

Larry: That is so true. I’ve told so many people at my events and on webinars and stuff like that, that man these mobile homes are cash cows, right?

Glenn: Absolutely they are. And it’s funny because when people think of mobile homes they first vision that comes in their mind, is like a metal sided house with tires on the rear and stuff like that. And they have no idea how nice double lights are these days. I mean most of the properties we buy are anywhere from 1400sqft to 2200sqft. And some of them you wouldn’t even know you’re in a manufactured home when you’re in the inside.

Larry: That’s so true, they’re so nice. And for the same price you can buy an old 1930s three bedroom one bath, you can get a 4:2 or a 4:3 that’s 1800sqft on an acre of land, right?

Glenn: Absolutely. The numbers work better too yes for sure.

Larry: That’s great. Tell our listeners about your model, what specifically is your model?

Glenn: What we do it this. And first of all I don’t use banks at all. I use all private lenders. I like that because you can move faster, we basically have unlimited capital to take down as many deals as we can get. And we buy the homes, just basically we buy them, we fix them up, we have a full time property management department.

And we have two exit strategies. One we buy and hold, we keep it for ourselves to build long term wealth. The other one we turnkey to our investors. Either way we tell our investors if they are100% passive we manage the property for them. We buy it, fix it, property manager collect the rents, find the tenants we do all that for them. So that’s our business model that’s what we do.

Larry: That’s awesome. So you got two models, one is buy and hold and then the other one is the turnkey over to the investors. And then you’re going to manage that, I mean you’ve got some really good people in place. I’ve talked to some of them, met some of them and they’re really good at what they do. And they even manage the deals long distance, right.

Glenn: Absolutely. I think we have 11 employees right now, we have three in our property management department. Yeah that’s the beauty of technology. We found that we can manage the properties from Texas. Of course we got boots on the ground in case you had to go knock on the door of someone that doesn’t pay or whatever.

But we sign the leases through DocuSign, via Skype call and our property management software allows us to collect the rents just like they’re in Texas. So yeah it works out real good.

Larry: That’s awesome. Give us a rundown of a typical deal. What does a typical deal look like?

Glenn: Well Texas or North or South Carolina? It’s a mix.

Larry: Let’s do one of each. How about that?

Glenn: In Texas probably our typical all-in deal when I say all-in that is acquisition cost plus rehab, right. What we do is we fix it up like it’s new. We put in new appliances, new air conditioner, carpet, paint, we make it look like new. We never want to tenants to have a reason not to move in the house, okay. So they typical all-in price is $80,000. And probably our average lease price now is $1300, it’s what we get for a typical home in Texas.

Larry: That’s great.

Glenn: Now numbers work real well. And then in North and South Carolina, it’s probably closer to like somewhere between 40 to $45,000 is probably our all-in price. The rents as you know are a little bit lower out there. I’d say the average is probably $800 to $850 out there. Those are general numbers for Texas and the Carolinas.

Larry: Right. So in Texas your all-in is 80 and you’re bringing in 1300, right. A little over 1.5% per month which is good.

Glenn: Correct.

Larry: Right.

Glenn: Yes.

Larry: And then in the Carolinas about 40 to 45 and your rent is probably going to be 800 to 900 probably, right.

Glenn: That’s correct, in that range yeah.

Larry: So it’s about 2% per month in the Carolinas.

Glenn: Right. And the good thing about the Carolinas as you know, North and South Carolina, it’s the highest per capita of families living in manufactured homes in the country. Which is like 18 19% almost one out of five families live in a manufactured home in the Carolinas.

Larry: That’s exactly right. Now are you buying just in one specific area or do you cover all of Texas and all of the Carolinas?

Glenn: Well it’s funny we just do the Dallas Fort Worth area right now in Texas.

Larry: Right.

Glenn: We’re not going to expand right now because the whole state of Texas is a crazy sellers’ market. Last year just a case in point we bought 10 properties in Texas last year. We’re trying every day. There’s people overpaying out here, it’s just not a good time to expand here. In the Carolinas we’re averaging about eight to 10 houses a month right now. So it’s a big deal for us.

So yeah we’re buying all throughout the Carolinas, it’s a little tough on the hurricane zones by the ocean because the insurance is a little bit too high there. But inland we’re buying throughout those states yes.

Larry: That’s good. So where do you typically find most of your deals in Texas and in the Carolinas?

Glenn: Well it’s a little bit of everything. Well of course I like to say the low hanging fruit is the HUD bid list and MLS right. That’s just public, we pick some off there. To me the most cost effective way to advertise to buy homes is bandit signs. We put out a ton of them. We put out a ton of bandit signs and we get good response from that. We do a lot of online marketing, Facebook, so forth.

And then the other way is just through my network. People that I know, connections, wholesalers because there’s a lot of people out there as you know that they spend a tremendous like guys in CG they spend a tremendous amount of money on advertising. And when they get a mobile home lead it’s a throw away lead for them. So instead of throwing it, I say give it to me if we convert it we’ll pay you for it.

Larry: That’s awesome. That’s really good. When you mentioned something that I’ve been preaching for years is you’ve got to have multiple channels to get deals. I teach about HUD but HUD’s not all I do, right. I teach about the MLS but MLS is not all I do either. You’ve got to have HUD, MLS, direct mail, Facebook, bandit signs, birddogs, wholesalers, the whole nine, right.

Glenn: Absolutely and I forgot auctions too. There’s online auctions, there’s auctions at the courthouse. So yeah we do those also. America right now is one of the greatest selling seller markets ever I think. Yeah you have to unturn every stone and look for deals everywhere that’s for sure.

Larry: I’m telling you man it’s a hot market right now. I took my son as I mentioned earlier to the Coca-Cola 600 over the weekend. And I was driving through Charlotte to get over to the racetrack, I counted seven cranes in the air. That’s the most I’d ever seen in Charlotte. It was crazy.

Glenn: Well like I said I’ve been out to Charlotte quite a bit over the last couple of years and it blows me away. I mean they’re doing teardowns now and rebuilding five, $600,000 houses. And yeah Charlotte’s booming that’s for sure.

Larry: That’s awesome. Now Glenn, one of the things that I’ve talked to a lot of investors over the years, and some of them want to buy properties from me because I wholesale properties a lot and they’re long distance, and they want to buy a property and rehab it long distance. How do you manage your rehab? How do you manage eight to 10 rehabs a month long distance? That’s got to be tough, you got to have a system in place.

Glenn: You got to have systems in place and you got to have the right people. It didn’t happen overnight. We had to work hard to find the right people. And you know that- I hate to say this but probably out of every 20 contractors, there’s one good one out there. So you got to find the good contractors, you got to pay them well, you got to pay them on time. And you got to have the systems in place to handle the rehab long distance for sure.

Larry: That’s so true. And it’s tough and you still have challenges I’m sure even after going through so many people, right?

Glenn: Absolutely. It’s always a work in progress, we’re very fortunate, very blessed. We’ve got two really good contractors. We’ve had the same contractor in Texas now for 10 years almost. The one thing that we don’t try to do is we don’t try to bid him down in price. We want them to make money, we want them to do well.

And we always tell them we’ll pay you ASAP, you’ll never have to wait 30 days cheque’s in the mail. So create a good working relationship make it a win-win deal for the contractor and for us.

Larry: That’s awesome man. That’s really good, that’s very important. When you find the right one you got to pay them and pay them on time to make sure that they keep coming back and coming back and coming back, right.

Glenn: Without question. And in Collective Genius, the group we’re both part of and so forth, that is the biggest problem for most guys is the contraction side. That’s what you hear time and time again and you got to work hard to find the good contractors and you got to take care of them. That’s for sure.

Larry: That’s so true. Now you probably have a person in your office that overseas all those contractors, right?

Glenn: Without question, absolutely. Yeah we’ve got like I said good systems in place and we try to get it to where the day we close, we have them out there the next day starting the project. We want to get them done as quick as possible. We want to get the house on our website, start marketing it for tenants.

And we always put the before pictures on, show them what we’re going to be doing to the house and then put the after pictures on as soon as it’s ready.

Larry: That’s really good. Now being in the Carolinas I know you’re in Texas right in Texas because you can’t do them longer than six months, do you do just rentals in the Carolinas or are you doing lease options?

Glenn: We’re going to start doing lease options because we can. That is something that yes I do believe lease options are good. As we speak right now we haven’t done it but that is something it’s funny you said that because I just got the paperwork to start doing some of that. So yes I’m a believer in lease options for sure.

Larry: That’s good. I used to do a lot of lease options especially in North Carolina. Now North Carolina now requires them to be recorded. I’m not a big fan of that but you do have to record them in North Carolina but South Carolina could really care less, which is a good thing. Right?

Glenn: Right. And yeah just another tool in our tool belt to offer that to people. Our model is to lease them out, that’s really our model but the lease option for people you can get a little bit more deposit, a little bit more upfront money and so forth and time a little bit better.

Larry: That’s great.

Glenn: Yeah.

Larry: That’s really good. Now you mentioned earlier on in our conversation that you don’t use banks at all. And I think that’s awesome because you don’t have to deal with the red tape, the application all that stuff. Tell us about the investors that you work with and how you find the investors.

Glenn: Well primarily I’m actually in four mastermind groups right now, which sounds crazy right. But I look up and I go, “Man, last year I spent almost $100,000 on education. But you know what, it’s not an expense it’s an investment.” One of my mastermind groups is called Freedom Pounders and you know David Phelps I know that.

His vision was to get dentists- he was a dentist, made his money in real estate. So he’s got a great network of dentists. They provide the money, I’m one of the trusted advisors, I provide the real estate deals. We joint venture to create win-win deals. So I get most of my money out of that room.

And then I’ve got people outside of the room obviously outside of that room too, and from speaking engagements and different people and friends and family. So yeah I always like to say this Larry and it’s so true out there right now I know you know this but there’s way more money out there than there’s deals. It’s not even close.

Larry: That’s so true I’m really glad you brought that up because I can’t remember what the statistic is but a certain percentage of all the money in retirement accounts, self-directed retirement accounts or even just regular retirement accounts for traditional investments. I mean there’s a certain percentage, it’s something like 30 or 40% are sitting in cash, right?

Glenn: It’s crazy yes. I know that firsthand. They’re sitting in cash and if you think about it, if people don’t want to take stock market risk which I don’t, but if people don’t want to take stock market risk, where do you put your money? In the bank you’re going to get 1-1.5%, you put it under your mattress and get nothing.

So I found out that when you provide a good product you have people lined up for your deals that’s for sure. There’s a lot of money out there look for homes for sure.

Larry: That’s so true. So tell us how you structure a typical deal with your private investor.

Glenn: Yeah very good question. What we do is when we’re going to hold the house, we bring private investor and he’s a lean order, right. He’s just like the bank like Wells Fargo or whatever. And we do a five-year interest only note. And then I will pay the investor 6% interest plus 25% shared appreciation. So we’re buying the home usually 75% of fair market value or less.

So we’ve got 25% appreciation going in. now this is what’s happened in the last five years. Most of my properties in Texas doubled because it’s such a crazy market. Now that’s not indicative of future returns, but we just cashed out one of our investors. And his blended rate or return was 34% on his first six deals. So it turned out to be phenomenal.

So yeah it’s kind of nice when you do the shared appreciation they get the inflation hedge and they get if the market starts going up like it has, they go along for the ride. So minimum 6% most of the time it can turn out to be double digits for sure. So that’s what we call option number one with a lean holder.

When we turnkey the house to them, everything is exactly the same. Now our company we mark it up approximately $15,000, we take our equity off the table. That’s what we get for our efforts and so forth. Then we property manage it like we said the whole time for the investor. And he’s going to make minimum12% going in plus he has equity going in also.

Larry: That’s awesome, that’s really good. So in the first way you are owning the property, you’re going to buy and hold the property. You’re going to manage that and then they get a 6% I guess the best way to put that is a preferred return.

Glenn: Correct. They get their payment of 6% on the first of every month, that’s what they’re going to get yes.

Larry: Right. And then they’re going to get 20% of the equity. Is that if you sell the property or just appreciation?

Glenn: 25% of the equity yes. Now when the deal is going in, it’s a five-year note, so we’re not selling for five years. We’re holding off for five years. At the end of five years, or four and half years I’ll pick up the phone, call the investor, “Here’s the market, here’s where we’re at what do you want to do?”

Sometimes they say they want to sell, sometimes they want to keep going. So the beauty of dealing with people is we can do what we want to do. If they want to extend it, we can extend it. If they want to sell we can sell so it’s their call.

Larry: That’s really good. So even though the private investor is a lean holder in this situation, you actually put them in the driver’s seat.

Glenn: Without question, absolutely.

Larry: That’s pretty good. Well no wonder you have a lot of private money chasing your deals.

Glenn: Well thanks yeah. We try. Like I say it’s a really good model because they win, they get to go doctors, dentists, they get to go work on teeth go do what they do. They don’t have to do nothing, they’re passive but they get great returns.

It’s great for me because if I run into a 50 home package tomorrow I’ve got the money to take it down. Which like what you said earlier about banks or the red tape it’d be that’s not fun going through a bank for deals like that.

Larry: That is so true. Well man this has really been a lot of good information. This is awesome. I love your model, I love what you’re doing and just one thing before we I think it’s important I mean, you’re not even buying just like in Dallas or in Texas. You’re buying DFW. But in the Carolinas you’re buying all over the Carolinas right?

Glenn: That is correct.

Larry: And that’s where you get the really good deals is in the smaller towns and communities, right?

Glenn: Without question yeah. there will be a day like I said when the reset happens again when we have another 2008 which we all know one’s coming nobody knows when but we know it’s coming, we’ll expand in Texas too because there’s a lot of good markets in Texas. But now is just not the time for that. And like I said just the Carolinas just by the sheer number of manufactured homes in the States it’s very fertile ground for what we do so we’re out there.

Larry: That’s really good. Well if I get some of those I’ll definitely have to send them your way.

Glenn: Please do. The good deals I bought, you know that.

Larry: Exactly. We’ve even talked about that, you’ve been to my office.

Glenn: Absolutely.

Larry: There you go. So Glenn if anybody wants to reach out to you, how would they get in touch with you?

Glenn: My phone number is 817-966-1258 and my company website is that’s S-T-R-O-M-B-E-R-G There’s a lot of information on there and yeah just like I said feel free to call or check out the website. And if I could help glad to be of service okay.

Larry: That’s awesome. Glenn, buddy I really appreciate you being on. It’s great spending some time with you today.

Glenn: Larry, my pleasure, thanks for having me I really enjoyed it.

Larry: Thanks a lot buddy I really appreciate. You take care.

Glenn: Alright man, you too.

[End of Recording] [20:45]