Posted by John B on September 04, 2006 at 18:52:32:
It could be worse, you could have to comply with some kind of lending standards which I am sure the big dogs are developing as we speak.
honeymoon over… - Posted by Brenda (OH)
Posted by Brenda (OH) on September 03, 2006 at 07:30:39:
Hi all!
well, in the interest of fairness to other newbies, I am sharing this.
the mobile home I bought that was supposed to “not need much work” turned out to have 2 rooms worth of bad floors. The worse spot was the washing machine hook-up is leaking at shut off valve, dripped down the tubing, and damaged the floor at the wall. the other floor is past water damage, floor repair only.
it would have been less embarasssing if I had found the washing machine problem instead of the potential buyer and her sister. (but you have to admire an educated consumers lol)
on the flip side, the damage was found, discussed, and the deal is not dead. the lady just wants me to call her after I have things repaired. I am giving myself an “atta girl” that I was able to stay calm, and tell them that ok, glad we found this, I am not trying to sell you a bad product, I’ll take up the flooring and get back to you in a few days.
I had an older lady look at the MH just before this buyer, and I will always be glad that it did not end up that she bought the home with these problems unfound and getting worse.
I just am starting mh rehab education much sooner than I planned!
and I still will make money. so, yes, I missed the damage, and overpaid somewhat for the MH. But I am at least “Off the coach” and learning the business.
I am viewing this as I am now better educated about looking at used MHs because of this experience. and the scale of the repair is not freaking me out. after all, even replacing the floor in two rooms is still small scale compared to a stick house. and the shut off valve replacement will not be awful,
there are some screw on connections there already.
so I am regrouping, I bought a new circular saw, (I buy tools when I am stressed out about REI!) I got repair advice, and will do the repairs. and next time, I can choose to fix it myself, or hire it out, because I will know the jobs.
at least it wasn’t the roof! I really dislike heights… lol
BB
Re: honeymoon over… - Posted by Johnp
Posted by Johnp on September 03, 2006 at 11:06:31:
Brenda, I re-start my mobile home rehab education everytime I buy one. Yes, I have learned from my mistakes, but there seems to always another one to learn.
JohnP
Oh, Brenda, Brenda - Posted by Steve-WA
Posted by Steve-WA on September 03, 2006 at 10:14:32:
Dont be so hard on yourself - that is how it is supposed to work. Lonnie published it, and we often talk about things to inspect, things to look for, mistakes we’ve made . . . but you found one, and rolled with it. You learn from our mistakes, you learn from your own, you post, and WE learn from your mistakes.
Now you know what ELSE to look for - good going. Keep it up.
Re: honeymoon over… - Posted by JohnB
Posted by JohnB on September 03, 2006 at 07:56:39:
Glad to hear about your first deal and good luck with it.
My first deal was a DW paid $8500 put anouther 1k in it and sold it for 20k with 2K down and $500 month for 48 months.
You said you were sur happy it wasnt the ceiling, Hmmm
I picked up a double wide ( free + 4 months) PM said they were sending it to the dump, the ceiling needed new trusses amoungst many other repairs, but the price was right.
Good luck