Posted by Tony-VA on February 15, 2000 at 19:57:12:
Congrats Gary! Great work on those deals. I am glad to hear that all went so well with them. The sky is the limit now!
Tony-VA
MOBILE HOMES - Posted by Gary Kurz
Posted by Gary Kurz on February 15, 2000 at 12:02:29:
Just a thank you note to Lonnie Scruggs for his mobile home expertise and to Claude Diamond, my mentor for his L/O expertise, and to the others who helped me when I was whining.
We did our first lease option deal last month - did it on the wrong side of town, so we were sweating bullets near the end of the 60 days - but the Lord came through for us and we had a great young lady take over the house as a tenant/buyer. We will only net between $2500 and $6000 depending on when she closes, but it was the ice breaker - we now are eager to really jump in and get wet.
On the mobile home side of the business, I spent 4 months rehabbing 4 and sold them as soon as they were finished for big profits (over time - I financed them with a large down) - the park manager and owner was so impressed they started “giving” me used mobile homes - I finally figured out as I sold them, they were making monthly lot rent money - so I just dug in and kept fixing - okay - I put about $2500 into each one, but I sold them all for $6000 and up, financed at 12% for 30 months. I got a large down - around $1000, so I had the buyer committed - and moved on to the next. Now I have taken 2 that they gave me, done nothing but advertised and sold both for $2500 in less than a week - again I am financing, so for a $50 investment, I have $1000 in pocket and around $225 a month coming in for 20 months. Lonnie you are a genius - thanks.
To make it a short story (if that is possible at this point now) - I have invested about $7500, already made most of that back and have over $25,000 due to come in over the next 2-3 years - all in about 5 months. Now I am going to go out and duplicate that over and over again, until I can afford to hire a crew to do it for me. My wife will concentrate on the L/Os - and pretty soon I will be holding seminars as a guru - NOT!!!
Thanks to everyone - what a great way to live.
I am impressed - Posted by Gator
Posted by Gator on February 16, 2000 at 11:10:37:
You seem to have a plan and are making it happen. Congrats and Best Wishes, Gator.
Re: MOBILE HOMES - Posted by Josh
Posted by Josh on February 15, 2000 at 20:34:49:
Great job Gary-where are you located?