$13,000 sale price goes to $1,500 in 45 days - Posted by Ruben (KCKS)
Posted by Ruben (KCKS) on April 21, 2006 at 24:02:45:
This for all of you lurking on this site. This is a GOTC story for you all. Stories like this one got me off the couch and I hope my story will help you.
45 days ago on March 3rd I talked to an unmotivated seller who told me on the phone that she would never sell her home for less that $13,000. She had put new tile in the kitchen, new carpet in the rest of her 2/1, 82, 14X70 Skyline. In addition to that she had new plumbing put in, resealed the roof and had a driveway put in (the only driveway in the park for a Singlewide lot). I told her to that if she sold it on payments she should get her price and wished her luck.
Fast forward to yesterday. For about a week I had been playing phone tag with the seller of the 2/1. She had called and left messages saying she wanted to see if I was still “interested” in her home. I agreed to look at her home since I had an appointment to look at another one anyway. She told me that she was now “willing” to take $6,000.
When I got to the home I was suprised at how nice this home was. I have to say that it was the best looking home I have ever seen. No smell of money (cat urine) in this one. We talked for a bit and when she would only drop her price to 3,000 I started to walk out. Then I stopped and turned around with the money question. If I could pay all cash and buy this today what is the best price you can give me. She said $2,000. I told her if she could take $1,500 I would buy it. She did not hesitate. This home will sell for 9-11K on payments with no problem.
Almost forgot purchased the 89, 14X80, 3/2 I was orignally going out to look at for $2,000. It needs $1,500 to $2,500 in rehab (depends on what I want to sell it for 14-16K). My handyman turned up the lead so I have to give him his $100 referal fee in the morning while we go over this project.
He did wonders with his first rehab I gave him. That 81, 3/1.5 is selling 11K on payments. Should finalize the sale next week after the park application is turned in and I get that insurance binder (along with the down payment).
With over 600 units in the park I think I can keep busy here for awhile. With these 2 purchases I am working on deal 4-5. Less than a year ago I was sitting reading stories like this one wondering if I could do what they were. YES I COULD AND YOU CAN TOO. GOTC TODAY. If you have read DOW at least 2 times it is time to get in. Make mistakes. I know I have. Learn and repeat the process. Deals like the ones above are out there everyday. Hope this helps out someone out. Just as reading these types of stories helped me.