Posted by Tony-VA on March 17, 2001 at 10:47:33:
It is a great motivator for everyone to see others close deals. I am glad that you listed your ‘mistakes’ for us. Better yet, I am glad to see that you realize that those were merely tidbits of education you gained from this deal to apply to future deals.
Way to go Brad!
Tony
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.
Brad
105% return, not bad - Posted by Karl (Oh)
Posted by Karl (Oh) on March 20, 2001 at 20:46:41:
Great first deal, Brad!
Where are you in Ohio? I’m down in Cincinnati.
Karl Kleiner
Re: First Deal Complete (long) - Posted by Lonnie
Posted by Lonnie on March 17, 2001 at 17:09:48:
Hi Brad,
Congratulations. The first is always the hardest. And even with all the mistakes, you’ve still made an excellent deal. Now on to the next one.
Lonnie