Here is what took place over the last several months…
8-22 Discovered CRE Online. Read all the mobile home articles and forum posts.
8-28 Ordered Deals on Wheels. Study–Study–Study
9-02 Ordered business cards
9-05 Ordered Making Money with Mobile Homes. (Should have ordered both books at one time–first mistake of many.) Study–Study–Study
Continued to read CRE Online Forum every evening
9-10 Went out to four mobile home parks and met the park managers, cruised the parks on a regular basis. Called lots of sellers. Made some offers
Asked lots and lots and lots of questions and received invaluable help via email and phone from people like: John-OH, Tony Colella, Dee-Texas, Karl-OH., Lonnie Scruggs & Mark-OH. You folks were and are GREAT! Continued to learn from the CRE Forums.
9-21 Ordered Mobile Home Fix-it Guide from Foremost Insurance
9-22 Purchased a 1983 3BR, 1 1/2 Bath mobile home for $3,200. Found motivated seller through newspaper ad. Got real nervous!
9-28 Got momentarily brave and purchased a second mobile home, a 1979 with 2BR, 1 Bath for $4,000. Referred to me by the park manager.
Ran newspaper ads, put signs in the windows, cleaned up, fixed up, responded to lots and lots of phone calls from people with little or no down payments and got more nervous.
10-24 Sold the first mobile home for $8,900 ($900 down, $220/month for 48 months) Sighed a sigh of relief.
Purchase price $3,200
1 month’s lot rent $284
Newspaper ads $60
Title transfers $25
Shed repairs $40
Utilities $20
Insurance $25
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Gain on sale $5,206 – Good enough!!
10-29 Sold second mobile home for $10,000 CASH.
Purchase Price $4,000
Expenses similar to above including a new furnace and some other repairs $1,694
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Gain on Sale $4,306 Not quite as good, but good enough for a CASH deal!
11-04 Looking for the next deal, feeling good about the experience thus far, realizing how much I have learned and having fun. Thanks again to all of you who helped educate me.