First Deal Complete (long) - Posted by Brad (Ohio)
Posted by Brad (Ohio) on March 17, 2001 at 08:49:02:
I just wnted to post and give everyone the details of my first MH deal. I purchased my first MH on Feb. 15th for $2000 and ended up putting another $800 into the home (lot rent,fixup,ins.etc…),I sold it yesterday for $7000 with $500 down and payments of $211.85 for the next 35 months(I still can’t believe I’m going to recieve this check for the next 35 months), now I’m on to my next deal(my goal is 1/mo. for this year). Although this deal was good for me I did make some mistakes and learned allot. I would like to list my mistakes to help anyone that may be thinking about doing their first deal.
Mistake #1- I began following this board in July of last year and attended the MH convention in October,however I procrastinated everyday trying to make everything perfect and trying to make sure every little detail was in place befoe doing my first deal, as I look back I probably wasted 6 months of deals by not just going out and doing the deal,I learned so much by just doing it.
Mistake #2- I did not inspect the home as well as I should have, I actualy only did a walk through and later found things that I did not see that needed to be repaired. I was lucky that this did not cost me allot of money.
Mistake #3- I waited 1 week to advertise the home while I repaired the home (big mistake). I believe if I would have advertised from day one I would have sold this home earlier, once I did advertise the phone rang off the hook, their are so many people looking for affordable housing.
Mistake #4- I had two people who said they were VERY interested and wanted to buy the home who later backed out for whatever reason, my mistake was not getting a deposit and having them sign a purchase agreement, I missed out on buyers while waiting on these people.
Overall a great experince for me and this is actually alot easier than I thought. Again thanks to this board and I hope to see you at the convention. Sorry this is so long, hard to hold in the excitment.