First mobile home deal done - Posted by Kenneth Elliott

Posted by Kenneth Elliott on June 21, 2001 at 08:04:47:

Thanks Lyal… Looking to do my second deal today…

First mobile home deal done - Posted by Kenneth Elliott

Posted by Kenneth Elliott on June 13, 2001 at 07:53:37:

Thanks everyone for all the help that all of you gave me. This is how it played out:
Brought the home for $2200
Sold the home for $5200
Found a buyer that put $2000 down.
Created a note for:
$3200 at 6% for 24 months

This one deal taught me a lot. First of all, I need to research the parks and the surrounding area. I had a hard time finding a buyer that was willing to buy in the area were the home was. Otherwise, I thank everyone.

Kenneth Elliott

Re: First mobile home deal done - Posted by terryr

Posted by terryr on June 14, 2001 at 23:46:16:

your interest rate is WAY TOO LOW - our minmum is 18%

Re: First mobile home deal done - Posted by lyal

Posted by lyal on June 14, 2001 at 13:04:15:

Ken, Great goin’!! A year from now you won’t believe what you’ve learned.
Now as they say "GO DO ANOTHER ONE!!!
All the best, Lyal

Yield is the important, not interest rate - Posted by lyal

Posted by lyal on June 16, 2001 at 08:35:09:

As Dirk had pointed out to us a while ago. You’re going for yield on these deals. The annual interest rate is much less important. At 6% I peg the yield at about 850% as opposed to 958% for and 18% rate. Even at 0% its still 800%.
If 6% does the deal or 0%, its still "Good Enough!!"
all the best,
Lyal