Can I Gloat a Little? - Posted by Linda

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Can I Gloat a Little? - Posted by Linda

Posted by Linda on June 05, 2004 at 20:26:15:

We are newbies in the MH note arena so we are veery excited about our first two deals. These were both closed in our first month in business. First deal - we purchased a 1970 Schult 2/1 14 x 70 for $3,500 and sold for $7,000, $500 dn with a note for 53 months. The park manager really liked this individual and so did we, so we worked a little creative financing for her. Loaned her the security deposit at the same interest rate as the note (12.75) and since we felt we were making enough money out of the deal, gave her the lot rent we had paid for the month. She was ecstatic and we feel we got a good buyer for us and a great tenant for the park manager. Another great thing was that because we offered a $100 referral reward that resulted in a closed deal for us, we now have at least three more referrals from this lady and the person who referred her to us. They are all looking for mobile homes with financing available. Second deal - we bought a 1978 BonneVilla 2/1 14 x 70, large living room and large kitchen, that had to be moved. We paid $1500 one morning, and sold it for $4000 cash the next morning. New owner had to find axles and tongue and make arrangements to move it. We just accepted cash in hand and since he was a friend of ours, helped him remove the skirting to get it ready to go.

Felt really good about both of these deals. But, the best part of the entire thing was how happy these people were to get these homes. Both of them were walking on air. We felt truly blessed to be able to help them have a place to live and in the process to make a little money for ourselves. Needless to say, we are out looking for more mobile homes. Have located a few but since this is summer, people seem to be out of town on vacation. Will write a letter to each of them so it will be waiting when they get back. That should make that ol’ phone ring! I have five people in my file, plus the possibility of those referrals, just waiting for me to find something for them! I’ll be happy to oblige them!

Re: Can I Gloat a Little? - Posted by Reginal McEvoy

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Re: Can I Gloat a Little? - Posted by Lyal

Posted by Lyal on June 07, 2004 at 10:26:02:

Gloat all you want. We’re glad to hear it. You did what most others won’t do. You got out there and made it happen!
It’s great that you already understand that sometimes you need to be flexible with the financing terms to make a deal work (subject to your gut instincts of course). I also like the fact that you paid the lot rent. I’m a big fan of going the extra mile even if it leaves some money in the deal. The good will you develop will pay dividends down the road (and no I’m not totally mercenary about it, I like helping people out too).
Sounds like your business is off and running. Looking forward to hearing more success stories from you!
All the best, Lyal

Re: Can I Gloat a Little? - Posted by Jimmie Hilliard

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