Posted by Dan (MD) on July 01, 2003 at 21:18:47:
I just can’t beleive this gig we’ve got going…I just sold my Double Wide today for a $1000 down (not as much as I wanted but…) $600/month for 4 years…can’t beat that cash flow, making 23 grand on this one (over the four years) I’m just sitting here shaking my head right now with a big fat smile on my face…
I may have found a cash buyer today too (it was a good day), I have a very very nice 3/2 in my lower end park, but as I was showing it to a lady, one of her friends stopped her car and yelled out the window “wow that’s a beatiful home” I told her it was for sale and she completely flipped out when she saw the inside…here’s where it gets good, she is getting an injury settlement on the 20th of this month and she wants to pay me out cash…that’ll be a $11,000 profit for less than a weeks worth of work. Though with all thy “cash” buyers I’m taking this with a grain of salt (but it doesn’t hurt to dream a little about it does it?)
I have found a gold mine as well…there’s a park on a small military installation near DC that is closing…all the homes have to be moved by next july and I have been in contact with 6 people up there already. There are 20 homes left, thinking I can get at least 7 to 8 of em.
This is where I got the home for the “cash” buyer above. Got a great price because it had to be moved and I got my mover down to $1000, not going to be able to beat that I don’t think…been trying to use Doc Whislers tax lot trading, but I haven’t had much time looking for a boondocks piece of property to get…still working on this one
Talking with my CPA today, still trying to decide if I want to file as an S Corp or LLC (I have an LLC but you can elect to file it as an S Corp…so far from what I can tell that the S corp is less likely to be audited which is good, but it’ll cost another $400-$500 for the second tax return (in addition to th $350 for my personal return), but then all you put on your personal return is the K-1 line showing how much you made from your S Corp, as opposed to putting all the deals my Schedule C…decisions decisions. I’m going to have a HUGE tax bill this year which will suck but it does mean that I’m making money which rocks…
How’s your park deal going?
I guess I’ve been rambling but I had a good day today