Posted by Matt on July 14, 2002 at 11:04:08:
My first deal was for more money but sounds like a similar “dump” I bought. I would prefer to start small to work out the kinks in your system. Perhaps with a little clean up and light repairs and pushing the owner financing I imagine you could make it work. Good luck and stay fired up.
Happy investing
Matt
Fired-Up Newbie Needs Advice on First Deal - Posted by John in VA
Posted by John in VA on July 13, 2002 at 17:11:55:
I found this board about 2 weeks ago, sent off for Lonnie’s books and received them last Thursday. I read DOW twice, and listened to the tape about 10 times in the car, and now I’m ready to deal! Here’s my dilemma: There is a small MHP about 5 blocks from my house that has a couple of old trailers (pre 70’s) for sale. They are both 2 bedroom, 1 bath and need work. The appliances are in working order, but I would have to replace the carpet and do some painting. The asking price is $500.00 ea. I know Lonnie recommends selling as is, however these have been for sale at $500.00 with no takers so far. My question is, if nobody has grabbed them at $500.00, do I have any hope of cleaning them up and reselling them $500.00 down and $100.00/mo.? Should I concentrate on decent MH’s in the 2-3,000 range and forget about these cheapos?
Re: Fired-Up Newbie Needs Advice on First Deal - Posted by Don
Posted by Don on July 15, 2002 at 06:50:00:
Are They owned buy the park? If they are they may give them to you just to get the rent going, ask for 3 months free rent to get them fixed and sold. be carefull if they are 10 wide they may be hard to unload. Hey it has worked for me more than once!
Re: Fired-Up Newbie Needs Advice on First Deal - Posted by Lyal
Posted by Lyal on July 13, 2002 at 19:45:24:
John,
500 bucks for these “vintage” homes is pretty much retail price. You need to be looking for motivated sellers and NOT homes here. No need to buy junkers if you find the right seller. From the last line in your post, you know what you need to do. Don’t get caught up in “Novice Fever” where you buy “anything” just to get going. Also, did you talk to the park manager where these homes are? PM’s can be the best source of leads.
All the best, Lyal