Posted by Gregory (VA) on April 16, 2004 at 08:36:10:
You’ve made me sooo jealous! lol
I am looking forward to the day when I can post my first success story, but I am still in the saving mode. Oh well, at least I’ve broken my old spending habits and will be ready to start once this summer comes. It’s been a long year waiting and dreaming.
They say patience is a virtue, I hope that is true. 
Ca-Ching! - Posted by ScottM (NC)
Posted by ScottM (NC) on April 14, 2004 at 18:38:15:
Sold my first one!!
97 Oakwood 3/2
My basis in the home was $4437
I got $2500 down and 60 payments of $299/mo
A 185% yield!
MH buyers are funny! They never asked how much total, and couldn’t believe they $299/mo was ONLY for 5 years.
The boyfriend used to live in the this park and they were estatic to find one in the same park. “it’s so close to momma’s house!” YeeeeHaaaa
Checks in the mailbox for 5 years!!
No longer a newbie!
Thanks to everyone for helping me along the way, especially Lonnie. Thank you for showing me this incredible businesss!!!
Scott
Re: Ca-Ching! - Posted by JP
Posted by JP on April 15, 2004 at 17:17:39:
Scott,
Good job!!
Did you buy the MH from Oakwood? If so, what did they ask? I see you paid $4437.
There are a few Oakwood models (repos)in my area offered by Oakwood. Their asking price starts around $12000 for a '97 3/2. Wondering what kind of a discount I might be able to expect from their asking price.
Thanks.
JP
Can I borrow some money? nt - Posted by Philip
Posted by Philip on April 15, 2004 at 14:30:19:
no text, really
Success Story - Posted by Jeanne
Posted by Jeanne on April 15, 2004 at 10:28:46:
Scott,
Congratulations. I’d love to publish this on our Success Stories page. I’m sure it would inspire other visitors. If I may publish your story, would you email me a little more detail on how you purchased the home, how you found the buyers, etc.?
Good job!
Jeanne Foyt
CRE Online, Inc.
Re: Ca-Ching! - Posted by Lonnie
Posted by Lonnie on April 15, 2004 at 08:31:49:
Congratulations, Scott. Fantastic. Now, on to the next one. And don?t stop until you?ve worked yourself out of a job.
Best wishes,
Lonnie
Re: Ca-Ching! - Posted by Gregory (VA)
Posted by Gregory (VA) on April 15, 2004 at 08:28:50:
Way to go Scott!
I remember just a month ago when you were first posting about your plans; you have definitely fulfilled your first goal.
Thanks for sharing and keep us informed of your progress
Great Scott, Scott! - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on April 14, 2004 at 22:21:13:
Great job.
You did many things especially well for your first deal. You got 56% of you investment back on the downstroke. If folks are afraid to ask for more than $500 down, or because they mechanically follow someone’s formula of only asking for $ 500, they will never get those $2,500 downpayments or any all cash deals. How can you ever get more down if you don’t ask for it? You asked and you received. The fact that it was your first deal should serve to encourage others to ask for as much as possible and not accept so little as $500 down until AFTER they have exhausted all other posibilities for larger downs.
I’ve said for quite some time now that most buyers don’t care if they make payments for 5, 10, or 15 years. They are pre-conditioned to expect home mortgages to take 15-30 years to pay off. Who are we to contradict them. The customer is always right, usually. Your experience should be the norm, not the exception. Most buyers don’t even care enough to ask how many years they will have to pay. Neither would they be unpleasantly surprised if you said 10-15 years. That is what ythey expect. Try to give your customers what they expect, so they will be happy.
I’ve also mentioned several times that the best potential buyers may come for the friends and relatives of the neighboring mobile home owners, for the same reasons as you have mentioned. They want to live close to momma, boyfriend, drug source, or whatever. Before running ‘for sale’ ads I always talk to the neighbors. Better yet, leave a full sheet of paper (ad) listing the mobile offered and its great terms. I specifically ask if they have any family or friends who would like to live close to them, whenever I talk to them personally. You have to put the idea in their minds or they won’t think about it. Sometimes a parent will pay for the mobile, just to get the kids to come live near them. Such parents often pay cash, for their children’s mobiles.
You may not realize it yet, Scott, but your note is much more valuable because of the high downpayment you got. There is not much likelyhood of them defaulting after haven sunk so much cash into the deal.
I hope others, newbies and oldltimers alike, will learn from your success.
Congratulations and many happy returns.
Regards, doc
Re: Ca-Ching! - Posted by Dan (MD)
Posted by Dan (MD) on April 14, 2004 at 20:59:03:
Congrats, I literally made 10 bucks on my first deal…great start
Dan
Congrats! - Posted by Tony-VA/NC
Posted by Tony-VA/NC on April 14, 2004 at 19:46:55:
And believe it or not, the first is the hardest. Not bad Scott!!!
Tony
Re: Ca-Ching! - Posted by ScottM (NC)
Posted by ScottM (NC) on April 15, 2004 at 18:14:30:
The two I bought were both listed at about 12k each.
I bid low at first and was rejected with no counter-offer. They weren’t responsive with email bids, but once I got them on the phone I was able to “shop my money around” I had researched a few different homes. When they wouldn’t deal on my first choices (they wanted to much) I moved down the list asking if I could get #1234 for $xx and they’d counter.
We went back and forth a few times and I bought two of them.
It was easy and in the end fun!
Good Luck
Scott
Thats a good one : ) NT - Posted by ScottM (NC)
Posted by ScottM (NC) on April 15, 2004 at 15:25:02:
.
Re: Ca-Ching! - Posted by ScottM (NC)
Posted by ScottM (NC) on April 15, 2004 at 15:34:53:
Thanks for noticing Greg.
DOW came in the mail on Jan 30th. On March 26th I bought my first 2 repos from Oakwood and sold my first one this week.
When I saw the success I could have there wasn’t anything that was going to stop me, and now I am on my way.
Thanks!
Scott
Re: Great Scott, Scott! - Posted by ScottM (NC)
Posted by ScottM (NC) on April 15, 2004 at 07:25:24:
Thanks Doc! A sure sign of success is praise from you!
And speaking of cash offers… last night I got another call from a guy looking to buy a home for his daughter who is living with him. He wants her out and is going to make me a cash offer for another one that I’ve got.
I agree with you completely about large down$$ and long terms. It really is what people are used to. And why not give them what they want? It’s great for us even if the downpayment isn’t huge. Long term cash flow and the added “benefit” that if some years down the road they want to move we just get them home back and resell it again.
Thanks for the encouragement on the deal.
Scott
Re: Great Scott, Scott! - Posted by Clint S. Miller
Posted by Clint S. Miller on April 15, 2004 at 06:04:15:
Doc,
I concur completely. I have gotten no less than 1K down from my buyers. I too beleive the more cash they put down the less likely they are to walk away.
Re: Congrats! - Posted by ScottM (NC)
Posted by ScottM (NC) on April 15, 2004 at 15:38:39:
Thanks Tony!
I’ve got to say that your posts are some of the most informative,easiest to read,well written, thought provoking here.
I wish I could have listened to you speak at the convention.
The time you give to the board has been instrumental to my beginning success.
Thanks,
Scott
Re: Congrats! - Posted by darrien
Posted by darrien on April 15, 2004 at 14:04:23:
that was great. I’ll be listing out. i see there is alot to learn from these guys!!!