Closed Deal #2 Today! - Posted by Kevin - WA

Posted by Kevin - WA on May 05, 2007 at 18:39:49:


This one was a 1983, Citation, 24 x 48, 3/2.


Closed Deal #2 Today! - Posted by Kevin - WA

Posted by Kevin - WA on May 04, 2007 at 21:14:47:

Wanted to update everyone on the deal that I posted at the end of February.

This particular DW (in park - LD) that we bought for $2,500 was in much worse shape than I realized. There were all kinds of plumbing leaks, the kitchen floor had to be ripped out, all the insulation replaced because it got wet, and there were some electrical problems. It was vacant and basically abandoned, so I was not able to do a walk through. But even if I did, a lot of the problems were not evident because the power and water had been shut off for non-payment.

Anyway, we rehabbed the unit, and there was snow in March and April, which impeded access and slowed things down. Oh, and the seller took two weeks to clear out, so that put off our start until the middle of March. Of course I deducted the lot rent for that time from her final payment, as I only had 30 days free and $400 a month after that.

So, it was done in the middle of April, and I took a contract on it last week and closed it today.

We sold it for $44,950 on a note at 12.99% over 80 months, with $7,000 down and monthly payments of $750 starting July 1 (they needed time to give notice and then move, so I financed that first payment).

I learned everything from Lonnie’s books and got my questions answered here and at Boot Camp, so thanks for all of the help and “newbie questions” answered. And thanks to Steve-WA for helping me with a few issues I ran into.

See you all in August,


Re: Closed Deal #2 Today! - Posted by Berno

Posted by Berno on May 07, 2007 at 12:26:18:

Great job Kevin!


Re: Closed Deal #2 Today! - Posted by Phil (MI)

Posted by Phil (MI) on May 06, 2007 at 01:05:40:

Wow. That’s an amazing deal.

Re: Closed Deal #2 Today! - Posted by echo

Posted by echo on May 05, 2007 at 17:17:31:

$44950, what year was the MH?

Re: Closed Deal #2 Today! - Posted by Tony Colella

Posted by Tony Colella on May 05, 2007 at 09:02:42:


Nice deal Kevin!

See you at the August Boot Camp!


Re: Closed Deal #2 Today! - Posted by Ryan (NC)

Posted by Ryan (NC) on May 05, 2007 at 08:29:29:

Congratulations on getting the deal done, over coming obstacles is a key skill. =) One thing I’ve found with rehabs is it’s almost always going to take more $ than what I first thought… I budget at least 10% over my high cost for things that always seem to come up. Keep knocking out those kinda note payments and it won’t be long for you don’t need a JOB.

See ya in August.

Best wishes,
Ryan Needler

Re: Closed Deal #2 Today! - Posted by Sailor

Posted by Sailor on May 04, 2007 at 22:00:45:

Congrats, Kevin, you did great! A good turn-around on a trailer
somehow gives me a warm fuzzy even when it isn’t my deal.

I think we’ll all have a lot of deals to celebrate together come