FINNALY!!! FIRST DEAL!!! 2 M/H IN ONE DAY!!! THANKS LONNIE!!! - Posted by Art Montano
Posted by Art Montano on May 29, 1999 at 10:46:50:
Thanks to all who post on this BB. Although I don’t post much, I spend hours reading the posts.
Thanks to Lonnie who without his help I wouldn’t have been able to do this.
Here’s how the transaction went:
Bought 2 m/h in seperate parks. The first one was a fixer-upper that I didn’t do anything to. It didn’t have any furniture but did have ch/a and appliences but was really dirty and stunk. Had holes in floor and needed carpet. Did have a screen room. '70 Regn 12x51
Lot rent $ 200
Profit $ 800
2nd) '74 Flamingo 12x47 located in a nice gated community with pool and activites. Home was furnished and had ch/a. Needed carpet cleaning but otherwise in good shape. Also had carport and screen room.
Lot rent $ 230
Sold both to one person under terms:
Sold for $5400
Finance $4400 @ 12% 12 mo.
Payments $390.93x12= $4691.16
Total expences $2930 (homes + lot rent)
Sold for $5691.16
I don’t know what the yield is but I belive it’s good’nuf.
I found out that buying in senior parks during the spring can be profitable, but expect to hold on to them for several months till our northern friends return. Homes here in Florida can double and sometimes triple in value during the autumn. But at $200-$230 mo lot rent, it doesn’t take long for your profits to dissappear so buy carefully.
Well it’s on to find my next deal. Thank’s again Lonnie and to all who post.