Beginner advice on first mobile home purchase - Posted by Mitchell

Posted by Mitchell Germain on October 02, 2003 at 23:33:28:

Forgot the Cost Breakdown…

Here is the cost break down:
MB $2000
Down Payment $500
Actual Cost $1500

Monthly Income $200 (not including lot rent)

Payments 18

Total $3600

Beginner advice on first mobile home purchase - Posted by Mitchell

Posted by Mitchell on October 01, 2003 at 05:31:32:

Hi,

I recently stumbled upon the cre online website (thank God) and I immediately started looking for potential deals in my area and I believe to have found a “motivated seller”. I already ordered Lonnie Scruggs book, “Deals on Wheels”, but the book won’t get here in time for this deal and I need some advice ASAP.

I live in the California Bay Area and I found a seller offering an old 1974 trailer, already parked and functional, for $2000. The trailer is a RV style vehicle currently being rented out for $550/month. Would this be a potential deal? Should I purchase the trailer for rent or for resell? What do you recommend?

Also, can you provide me with samples of contracts and documents that I might need in order to complete such a transaction?

Any help you can provide will be greatly appreciated.

Thank you.
Mitchell.

Re: Beginner advice on first mobile home purchase - Posted by Mitchell Germain

Posted by Mitchell Germain on October 02, 2003 at 23:25:06:

Thanks Chuck and Dan for your replies.
I just received Lonnie’s book and I am tearing it apart (reading that is).
I went to visit the “mobile home” and in fact it was an old trailer, parked in a trailer park.
I talk with the owner and the man currenlty renting the place. The owner agreed upon selling the place for the given $2000 and the renter is interested in the financing options that I offered at a selling price of $4000, over a period of about 1.5 years.
I will say that the park, neighborhood and the trailer themselves are a mess, but regardless… the deal could still be done.
What do you think?
Hope to hear from you soon. In the meantime, I’ll be reading.
Thanks.
Mitchell

Re: Beginner advice on first mobile home purchase - Posted by Chuck

Posted by Chuck on October 01, 2003 at 11:49:32:

Define “rv-style vehicle”… what makes you think this is a “mobile home”?

Trust me… you can afford to wait on the book, and to learn the differance between them and the 100 other things that will make or break your partcipation in this new business venture.

What you can’t afford, is to screw yourself on your first deal.

Think twice, then think again.

Re: Beginner advice on first mobile home purchase - Posted by Dan - GA

Posted by Dan - GA on October 01, 2003 at 09:48:41:

Mitchell:
Does the $550/mo include the lot rent to the park and/or utilitites? If so, what left and how long until you get your $ back. If the $550 is all yours for a $2000 investment, that’s a no-brainer. You need to fill in the details.