METAMORPHOSIS OF A NEWBIE ( LONG BUT INTERESTING) - Posted by Fred-Ohio
Posted by Fred-Ohio on November 04, 2000 at 13:12:25:
HERE IS WHAT TOOK PLACE OVER THE PAST SEVERAL MONTHS
8-22-2000 Discovered CRE online
Read all the MH articles and posts.
8-28 Ordered Deals on Wheels
9-2 Ordered business cards
9-5 Ordered Making Money with Mobile Homes
(Should have ordered both books at one time-first mistake of many)
Continue to read CRE posts every evening
9-10 Went out to four 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 e-mail and phone from people like: John-OH, Tony-Va., Dee-Texas, Karl-OH.,Lonnie & Mark-OH, . You folks were and are GREAT!! Continued to learn from the CRE posts.
9-21 Ordered Mobile Home Fix-it Guide from Foremost Insurance
9-22 Purchased a 1983 3BR/1/12 Bath MH for $3200
Found motivated seller through newspaper ad
Got real nervous!
9-28 Got momentarily brave and purchased a second MH, a 1979 with 2BR/1 Bath for $4000. Refered 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 MH for $8900 ($900 down, $220/month for 48 months) Sighed a sigh of relief.
Purchase price $3200
1 months lot rent $284
Newspaper ads 60
Title trancfers 25
Shed repairs 40
Gain on sale $5206 Good enough!!
10-29 Sold second MH for $10,000 CASH
Purchase Price $4000
Expenses similar to above including a new furnace and some other repairs $1694
Gain on Sale $4306 Not quite as good, but good enough for a CASH deal!
11-4 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.
Fred from Ohio