METAMORPHOSIS OF A NEWBIE ( LONG BUT INTERESTING) - Posted by Fred-Ohio

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Posted by Bobby on November 04, 2000 at 21:34:30:

I’m happy for ya with your sucess in the Mobile Homes business…as for me I thing I am about to give up on even finding a MH less than $8,000 in my area…let alone the park managers are nice but now willing to work with me.

My wife wants to continue but the wind is out of my sails and I am dead in the water.

I do appreicate all of your help and time you spent wtih me.

We missed a chance for a MH, 1980 for $4,800 as the woman called up and said another party wants to by it…we could not get in contact with the park owner in time…and from what the woman said, he is not very nice to deal with…

I’m going to keep trying as my wife wants to continue with this business. There are health issues for me as some of you know.

I will continue to read all the post and my ask a question on my wife’s behave if that is okay.

Again thanks to all,

Bobby

2

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
Study–Study–Study

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)
Study–Study–Study

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
Utilities 20
Insurance 25

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.

Regards,

Fred from Ohio

3

Re: Way to go - Posted by Lonnie

Posted by Lonnie on November 05, 2000 at 19:20:32:

Hi Fred,

Congratulations. Keep it up, and you’ll work yourself out of a job.

Best wishes,

Lonnie

4

Congrats & Outstanding! - Posted by JHyre in Ohio

Posted by JHyre in Ohio on November 04, 2000 at 17:37:21:

Nice to see another convert join the ranks! Welcome to a profitable business and extended family! You’re 2 & 0, let us know when its 3 & 0!

John Hyre

5

Congratulations!!! - Posted by Ed Ortiz

Posted by Ed Ortiz on November 04, 2000 at 14:02:12:

I sincerely hope that things keep going for you this way. Sounds like you got what it takes.
Good job,
Ed Ortiz

6

Congrats Fred!!! (nt) - Posted by Tony-VA

Posted by Tony-VA on November 04, 2000 at 13:30:58:

.