First deals struggle stories - Posted by Elizabeth Cameron ( SC)
Posted by Elizabeth Cameron ( SC) on June 10, 2005 at 12:39:36:
Lonnie said we need to put things in action.
I started my first deals after reading books and read newspaper for a month. I experienced all kinds of things. I bought two mobile homes from a investor who bought a lot from bank foreclosure. One of them is like $3500. It seems new outside but in a drug area and some cosmetic repairs I thought it will be OK to move it. Three days later, a client went there to check out the mobile home and said: you got to move it ASAP, it became ***house. That is very disturbing. So I sold this mobile to that client for $13,500 ( including moving and setting up and a working air unit since the old one was stolen). We will not do any repairs
2. When I applied for the moving permit, the county told me that mobile home owns lots of back tax. I asked them how much since my county only have a year back tax, if you do not pay, it will go auction. But the location of this county, you can go up to 10 years not paying tax. WOWW!!!. Luckily, I signed a contract with the investor. She paid most of these back tax which is $2000.
3. Once the permit is ready, then the weather is raining terribly, movers said no business on raing day. HAHA
4. On the day of moving, a scary looking man asked my mover for back lot rent $600. My mover is a smart guy. He said: we are not gonner pay anything since my owner bought from the bank, they did not live her why they need to pay you? and my moving cost is $1500 for moving and set it up. I estimated my total cost will be $3500+1500+1500(central air)=$6,500
4.But my mover( an honest ) told me today that my client might be a tough client. Let’s wait and see.
After all these things, I am thinking it is either buy one in the mobile home pack or buy one that is come with the land. Since it is lots of trouble to get it move. Land home package in our area can be from $24k-44k.
But I still have to admit that I like NOTES. It is nice to make some one to get up and go to work so that they can pay me. And just pray everyday that the Lord will give me wisdom and knowledge and good mentors to learn to continue this journey.
Will keep you update the next episo