Posted by swwa on March 26, 2005 at 11:08:52:
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my first deal - Posted by chase
Posted by chase on March 23, 2005 at 10:16:57:
hey I first want to say I love this site and its been a big help.
Second I’m tring to put together my first deal. I’ve found a 1982 14X62 for $1500. I called the seller and asked about its condition. He said it needed new floors and some interior paint. Its already in a park and he is not living in it, so he’s paying $150 a month lot rent. Would This be a good deal? How Long will it take to sell? Should i Fix it up or sell it “as is”. If i Do decide to fix it up how much would it be to clean it up, repaint the walls and replace the entire floor (the seller didn’t say weather it was the entire floor or just a few holes).
I’ve read Lonnie’s “deals on wheels” and I really want to get started, but I’m a little scared. I feel since i AM 18 years old people like the seller will not take me seriously. My parents are also looking to start doing these deals but they also are a little scared about it. Does Any one have any words of advice?
Thanx for your help
Chase
Re: my first deal - Posted by Cole, FL
Posted by Cole, FL on March 24, 2005 at 02:18:51:
Chase,
I am at the same stage as you (trying to find the FIRST deal.) Also I just turned 19 so I REALLY understand where your coming from about being nervous and thinking you won’t be taken seriously. I have been going through this to, but more concerned about park managers. But for the last four days I have been driving through parks and talking, talking, and talking to park managers. I am on a mission to figure out how to come off as a beneficial investor to them and not some highschool kid who rode his bike over after school to talk to her. So this is my advice to you from what I have learned so far…
I have had face-to-face conversations with about 10 PM’s and its paying off.
Day one: first day out I dressed up in nice clothes(but not collared shirt) and walked straight into the PM’s office, empty handed, before giving the park a look around. That day I talked to three managers(all females) and they were all VERY brief conversations. All three times the moment I walked in I was given a, “what do you want look” from them. The looks were enough to make me even more nervous. Also, the first day my opening lines to them after introducing myself were HORRIBLE to say the least! Like, “The reason I am here today is to…,” or “I invest in mobile homes do you have any…”
So the end of my first day was pretty upsetting. I went over it in my head and thought about where it went wrong. I thought it could have been my opening lines so I did some archive searching on what to say to them. I found some good advice, to circle the lot and check out the park for open lots and homes for sale. (I dont remember the name of the person who posted that, but thank you.)
Day two: Big improvement from 1, I actually had stuff to talk about! But they weren’t very open to cooperate with me.
I decided my problems were from the moment I walked in the door, my APPEARANCE. So I came back to CRE and found some good info on what to wear.
DAY 3: I actually have this entire days PM experience posted a few posts below yours. Titled, “great day…” so you can read it if your interested. I wore a collared shirt and I honestly think I was taken so seriously because of the clip board I was holding. Im sure holding anything while going in will have the same effect. Its no prop though…so bring a pen!
I hope this is helpful to you and good luck. I think you and I are in the exact same position, very excited and nervous. feel free to email me or call(below) I am sure being the same age and level of experience we can help each other a lot.
PS - I would definately stay away from 55+ parks while your starting out. Actually, just take your parent, should work. Just a summary of my experience: Drove in and started looking…got some evil looks, found one for sale and parked to get lot #… a neighbor ran right over, “you know you cant…”, then disaster broke out with the PM. I dont even want to get into it…
Good luck, sorry for the enormous post, just excited.
Cole Haynes
Tampa, Fl
813-766-6756
coleandlynette@msn.com
good job Chase… - Posted by Greg Meade
Posted by Greg Meade on March 23, 2005 at 17:37:55:
you have done the most important thing here, you GOTC! The two most precious commdities you own are time and C-A-S-H and you need to use both carefully. for a first deal this sounds great but lets think about this…1500 for home 200 advertising…700 floor repair…280 paint in and out… 650 carpet/vinyl. Net basis of say 3.5K and lot rent of 150 per month ticking softly in the background. Scary if you don’t know your market (yet) and are unsure of what this will resell for on liberal terms.
Why not take the fear factor out of it and …just do it!!! Option it that is LOL. offer a 90 day option for unit at 1000, and you pay 150 per month lot rent til option is excercised or expires. If you can say sell the home “handyman special” for 1.5K down and 225 per month for 30 months no interest do it…just the downstroke pays your costs and turn around and do another, etc. Save your dough for other deals. don’t let your age stop you from your dreams, I know several self-made millionaires 21 and younger. i am e-mailing you option forms, bill of sale, etc. go do good due diligemce…can the home stay etc. tie it up today…you don’t steal in slo-mo.
regards,
Greg
Re: my first deal - Posted by Marty (MO)
Posted by Marty (MO) on March 23, 2005 at 11:56:13:
stick to the book- do you have a buyer’s list? have you talked to
the pm? it’s good your parents are interested- maybe you could
take your mom or dad with you when you go meet the pm, it’ll be
a great education for all of you. when you go meet the buyer,
remember to ask, “If I could pay you cash today…”
is this a deal? around here… maybe. how much back lot rent is
owed? do I have a buyer? how bad are the floors? I just passed on
a house just like this, because I’m getting lazy, not because it was
a bad deal. If they’ll take $850, I’ll get a little more motivated!
again, stick to the book.
geez, I wished someone taught me this when I was 18!
Marty
Re: my first deal - Posted by jeff in oh
Posted by jeff in oh on March 23, 2005 at 11:16:44:
Go look at it. He will have 2 out of 3 people that have appointmets not even show up. He will probaly be even glad that someone even is looking at it. Go look at it and then you will have a better idea of weather or not the price is right.
Re: my first deal - Posted by Clo
Posted by Clo on March 24, 2005 at 23:46:28:
Cole you sound like your off to a great start keep it up. And please finish the story about the neighbor and P.M. disaster don’t leave us hanging.Cole wrote: “a neighbor ran right over, “you know you cant…”, then disaster broke out with the PM. I dont even want to get into it…”
Re: my first deal - Posted by Cheri Reed
Posted by Cheri Reed on March 24, 2005 at 10:27:02:
I am the manager of a 224 55+ Mobile Home Estate Park in California, I agree alot of managers have for lack of a better way to put it “I am the God Here” attitude, this is just to bad, I found no mater what the age (I always try to show respect) If some one walks in with like you mentioned a clip board , breif case, pen and always a Business card (looks like they are serious about them selves) they get my attition right away. You should always target a Mobile home with at least 3 or more vacant spaces, they are usually more likely to deal with you and probally ready to give you a break while you are setting one up because of the negitave cash flow (don’t hesitate to mention in a profesional way of corse like would you be willing to offer free space rent until I get it set up and offer to pay the rents that aquire after it is set up when it is sells pay the rents owed) Tell them you will land scape it ect… sound positive never let on this is your first deal even make it sound like maybe you have helped or done some before, sound confident son, I know we offer that just to get the spaces filled. I don’t care how old they are if they deliver, we have a guy that is in his 30’s that sets up mobiles in our park. You can do this, Just take a deep breath before you walk in, get that clip board and pen ready get some cards printed if you don’t already have some (they may need to call there park owner and call you back) walk up to the window/desk stick out your arm shake that hand with a firm shake and get with it. Oh and pre-type an agreement they can sign just in case they go for it have it ready in your car be prepared 
(you can always cross out things or add and retype they will be inpressed! Oh and don’t let the 55+ scare you just be very respectful with a big smile, they like that, :-).
Re: good job Chase… - Posted by Brian (OH)
Posted by Brian (OH) on March 24, 2005 at 16:27:07:
Greg,
Could you send me a copy of the your forms too.
This is why I love this place… - Posted by Eric(MI)
Posted by Eric(MI) on March 24, 2005 at 01:28:27:
Ideas such as the option are wonderful tools to have at your disposal when first starting (I am). I would have never thought about that as being an option in that particular way but I am still coming around to thinking outside of that box I was stuck in for the first 27 years of my life.
I have a bunch of ideas I would like opinions on but I will put that in a new thread
Re: my first deal - Posted by Michael(KCMO)
Posted by Michael(KCMO) on March 23, 2005 at 12:23:02:
“I wished someone taught me this when I was 18!”
No freakin’ doubt!! I wish I knew a lot of things at 18 that I know now. Of course, I’m sure in 10 more years I’ll be saying the same thing about being 28. That’s why I try to use my ears and mouth in the proportion God gave them to me - so I’ll learn from those who DO have 10+ years on me.
Michael(KCMO)
Re: my first deal - Posted by Marty (MO)
Posted by Marty (MO) on March 23, 2005 at 13:08:07:
the things our dads didn’t teach us about money and women! I’ve
yelled at dad many times, but he was just a kid himself when I was
growing up… But, in his defense, I had a little too much skull
density to listen to too much when I was 18…
This kid has an exciting opportunity- I hope he’s able to grasp
how huge this is.
btw- I can’t make it the 5th, that’s election day. can we shoot for
the 4th? I remember you thought you were working or
something…
let me know!
Re: my first deal - Posted by Michael(KCMO)
Posted by Michael(KCMO) on March 23, 2005 at 15:29:23:
money & women/family . . . I don’t think my dad knew much about either. My best course of action has been to do the opposite of whatever he would’ve done.
4th should work. I was getting so overwhelmed w/ my current project I talked the boss into a couple extra days off anyway. Monday, the 4th was one of them. Come up then, I’ll give you the nickel tour - maybe even buy you a PBR! LoL
Michael Stilfield
816-665-5408
P.S.
All you KC guys, Marty & I are planning on getting together in KC on Monday, April 4th. I’m sure he wouldn’t mind meeting w/ others as well and shooting the bull about what we’re each doing. I know I’d like to meet some more of you. Any interest?
Re: my first deal - Posted by Marty (MO)
Posted by Marty (MO) on March 23, 2005 at 19:24:44:
it’ll be the pre-cre conference! I’ll ride up from st. charles county
first thing monday morning…
close . . . - Posted by Steve-WA
Posted by Steve-WA on March 23, 2005 at 17:54:01:
I am flying into StL early on the 4th, then driving to see my folks for a couple days in Sedalia. We’re so close . . .
Re: close . . . - Posted by Michael(KCMO)
Posted by Michael(KCMO) on March 23, 2005 at 19:36:43:
So fly into KC instead on that morning. Hang out w/ Marty and I for the day and head out to Sedalia from there. We’d love to have ya!
Michael
BTW, about those Pay or Vacate Notices . . . - Posted by Steve-WA
Posted by Steve-WA on March 24, 2005 at 17:32:52:
Delivered three yesterday while we were speaking, and today, three payments made … .
I work WAY too hard!
Re: BTW, about those Pay or Vacate Notices . . . - Posted by Michael(KCMO)
Posted by Michael(KCMO) on March 25, 2005 at 19:14:52:
Wow, Steve! You better slow down and take a break from all that hard work. When we meet in STL I better buy you a drink so maybe you can relax!
BTW, I’m a hard-working guy too. Why don’t you email me a copy of the notices you use. I have a couple folks who need to see one. 
Thanks,
Michael Stilfield