Posted by Ryan B (KS) on August 07, 2007 at 05:55:11:
I live in Lawrence, KS (east-central, about 30 minutes from KC). I’m doing the LDs in Lawrence, L/Hs in the surrounding area, and the lots I bought are in Topeka.
There are a few other Kansas City area mobile homers on this board (Ruben Flores and Michael KCMO). If you’re in the area, get ahold of one of us and we’ll meet up.
Deal # 1, DONE!! - Posted by Debo1977
Posted by Debo1977 on August 02, 2007 at 21:13:36:
Well, the posters on this website said it could be done, Lonnie’s books said it could be done, and to my own amazement… It was done. I don’t want this to come off wrong, but i am darn pleased with myself in completeing my first deal.
It wasn’t a true lonnie deal, but it was a challenge that i was ready to take on.
Short story long, 30 days ago I purchased a repo from vanderbilt. It took a little more time and a little more money than expected, but i am happy with the end result.
Just a long thank you really for all the folks on here who encourage us new folks to get out there and take action.
If anyone is interested, i have some before and after shots out here…
Thank you again, now looking for deal # 2.
Re: Deal # 1, DONE!! - Posted by Barry (GA)
Posted by Barry (GA) on August 03, 2007 at 06:27:35:
Great job! The rehab looks really good. You said it took a little longer and cost a little more than expected but hey, you still made great money with it. Very good, especially for your first time.
You are learning and will only get better, keep up the good work!
Barry
Here are the details. - Posted by Debo1977
Posted by Debo1977 on August 03, 2007 at 04:37:53:
Purchase price: 700
back lot rent: 600
back taxes: 800
materials and labor of certain jobs: 3800
TOTAL COST: 5,900
I took $1,000 down and 48 monthly payments for 365.02 @ 12%.
Yield (if i am doing this right) 86.19%.
Certainly could have done things a little different, probably could have been tighter with the budget, and I probably should have stretched out the payment to a 60 mth term, instead of 48. The yeild is not that much different, but the additional funds would have been nice.
This home sold 2 weeks into the Rehab, a neighbor came over one day and asked if it was 4 sale, she stated that she has had her sister and 2 kids living with her for a couple of months, and would like to have them live close by.
She asked what it would take for me not to advertise the property, I said a deposit would work. They gave me $200.00 and i will collect the $800 today when we sign all the papers.
Where’s the deal? - Posted by Steve
Posted by Steve on August 02, 2007 at 23:43:21:
Ok, you bought a repo and rehabbed it. Did you sell it at a profit? Is it still for sale?
Are we missing something here? What was your deal then? Looks like a good rehab job but you’re only half way there if you haven’t sold it yet. Let us know the particulars.
You make your money when you BUY. You get paid when you SELL.
Re: Here are the details. - Posted by Michael(KCMO)
Posted by Michael(KCMO) on August 06, 2007 at 16:43:36:
Debo,
Your before and afters look great. Interested in a full-time rehab position?!
How much time did you have in the rehab? Unless you work for free (really, want a job?) then you should keep that in mind when making your calculations.
I’m also curious what you used for base trim around the edge of your laminate. I’ve been using pre-primed MDF case moulding. Yours looks good too.
Regards,
Michael
Re: Here are the details. - Posted by JC
Posted by JC on August 03, 2007 at 14:17:25:
What was the sale price? Congrats.
Re: Here are the details. - Posted by Kev
Posted by Kev on August 03, 2007 at 05:48:07:
Congrats on successfully completing your first deal. Did you do all the rehab work yourself or you had hired help?
Re: Here are the details. - Posted by Debo1977
Posted by Debo1977 on August 03, 2007 at 16:31:27:
The sales price was $15,000
Re: Here are the details. - Posted by Debo1977
Posted by Debo1977 on August 03, 2007 at 16:33:03:
The majority of the work was done by myslef and my father in law. I hired out the carpet (probably will do myslef next time) and a really good cleaning lady.
All other flooring, painting, floor repair was completed by myself.
Re: Here are the details. - Posted by Ryan B (KS)
Posted by Ryan B (KS) on August 03, 2007 at 05:59:22:
Congrats on your first deal Debo! I’m working on closing my third deal right now (details to come), and I’ve learned so much from the people on this board. I’ve found that once you start to recognize the opportunity in this field, you start seeing it everywhere.
For now, I’ve been working Lonnie’s system about 3 months, and I’ve done 2 deals, I’ve got one in inventory, I’m about to close on a L/H, and I just bought four lots zoned for single-wides. Opportunities are plentiful in this niche (at least in my area).
Re: Here are the details. - Posted by debo1977
Posted by debo1977 on August 03, 2007 at 16:34:40:
Ryan, this is exciting to hear. I am so glad that you are expieriancing this kind of success. L/H is where I think i ultimatly want to be.
What part of KS are you in??