Posted by Bobbie on July 30, 2005 at 20:00:16:
GREAT!!!
Thank you soooooooo much for sending the information on the software. I looked it over and it looks perfect – just what I am needing.
This is a FANTASTIC BOARD.
Truly appreciate your help.
Bobbie 
I HIT A GOLD MINE!!! - Posted by Bobbie Henderson (BJ)
Posted by Bobbie Henderson (BJ) on July 29, 2005 at 03:00:13:
Happy day to all!
Just finished reading both Lonnie books on Friday, 7/22. Saturday, 7/23 was out and about looking for parks in my area.
Sunday, 7/24 hit a GOLD MINE! Found a really nice family park with nice pool, rec room and play area. The park is filled with mostly older S/W. The Office was closed, but enjoyed driving around this 158 space park.
Monday, 7/25 - Met with the park manager. Explained to her what I wanted to do. Made sure I mentioned the $100 referral fee. We had a great conversation and hit it off. I was at the park for over 4 hours!! This sweet woman took me to see all the houses for sale PLUS directed me to one that Owner was being evicted. She personally walked me to each and every door, introduced me to residents that were home, and asked that I be permitted to view the home. WHAT A DAY!!
Today, Thursday, 7/28 – I have purchased TWO homes. The one where the woman was being evicted. Paid $2,500 2-bedroom; 1.5 bath; 14x60 (she originally wanted $6,000). We signed Lonnie’s contract this afternoon. I will do the final walk-through this Sunday, collect the keys and title.
The manager also showed me a trashed out S/W that she said I could probably get for $50.00 (2b/1bath). Can do all clean-up, repairs and spruce the place up for about $2,000. Bid of $50 was accepted. The park owns it so the title is clean and clear. YIPPEE – that’s TWO.
Did I mention that I am also offering the manager a $50 referral fee for any BUYER she sends to me (if we make a deal)? Guess what … she already has a QUALIFIED Buyer for the 2-bedroom/1.5 bath. The interested person just happens to live in the park! That’s another $50.00 to the manager – $$ ca-ching $$ Gotta Love This Business!!
Working with another Seller who has a nice home. S/W – 2 bedrooms/1-bath. He’s moviated but doesn’t know it yet.
He’s asking $3,500. Explained that I would need to put in a MINIMUM of $1,500 (carpets, vinyl, paint, gutters, landscape, etc.). (yeah, right!!) He’s thinking on it and will let me know tomorrow. He was SHOCKED that I wouldn’t give him an offer. I simply said, “I prefer to let people tell me what they want so they feel comfortable with the deal.” I have a strong feeling I will be hearing from this Seller tomorrow (Friday) with a lower price. It will be an easy fix and will sell for at least $8,500.
People who live in the park are all smiling and waving at me. HA! HA! The park manager has posted a sign on the office door: "If you are interested in selling your home, please bring all information to manager. Want to Buy a home, see manager. She’s lovin’ this $100 referral fee.
Sunday she will be there do help me with the walk-through and to make sure Owner takes all trash with them.
She will also be collecting $200 from me!!
ONE LITTLE PROBLEM: I have no idea how to work a financial calculator, calculate the interest from the payment, or amoritize the payments – guess I’m off to Staples to purchase one – you can bet I’ll be smiling!
Found out the owners of this park also have another park about two blocks east. Hmmmm, I “suggested” that the manager call the “other” park and dig up info on anyone being evicted, abandoned units, etc. If SHE takes me over and we explore the park together and she points out units without 4-Sale-By-Owner signs, she’ll get the referral fees!! I could see her little wheels spinning!! Wonder what next week will bring…
Thanks for the nice posts. Really enjoying this site.
From a NewBee of ONE WEEK,
Bobbie
Re: I HIT A GOLD MINE!!! - Posted by Robert
Posted by Robert on July 31, 2005 at 19:19:54:
What is negative about going too fast. If you have the units,the buyers and the reserve funds in savings to do it, what is the downside?
Thanks.
Re: I HIT A GOLD MINE!!! - Posted by Tim (Mich)
Posted by Tim (Mich) on July 29, 2005 at 21:56:13:
Fantastic!! I had the same results as you in talking with park manager. We hit it off great and in no time I was starting to get titles turn ins. Word of caution try not to get too far ahead of your self too fast. It sounds like this park will be your home base for your investing. Happy Investing and keep us posted
Re: I HIT A GOLD MINE!!! - Posted by Sailor
Posted by Sailor on July 29, 2005 at 08:17:31:
Good going, kid!
Tye
Re: I HIT A GOLD MINE!!! - Posted by Lonnie
Posted by Lonnie on July 29, 2005 at 07:02:49:
Hi Bobbie,
Reading your post made me tired. All that energy, all that enthusiasm, all that excitement. Reminds me of how I used to feel (about 100 years ago.)
Just a word of caution, though. Don?t try to go too far, too fast.
Hopefully you were able to get a waiver on lot rent until the homes are sold. If not, give it a try.
Regarding using a calculator, check my article at http://www.creonline.com/articles/art-200.html.
Good luck, and keep us advises on your success.
Lonnie
Re: I HIT A GOLD MINE!!! - Posted by Bobbie
Posted by Bobbie on August 02, 2005 at 15:15:43:
Hi Robert,
Thanks for your question. I think I’ve been advised to be careful in going too fast because it appears that it’s VERY EASY to purchase these homes at very reasonable prices. One could end up with a bunch of houses that aren’t sold.
THERE ARE COSTS INVOLVED:
I AM having a HARD TIME NOT BUYING these because I’m getting well-known in the park by the tenants. I’m already getting calls from people who are interested in selling.
Right now we have two that need repairs and yard work. My hubby is still working full-time (11 hrs per day) so our time is limited.
I truly believe the advise I was given is a VERY VALID POINT and sometime to be aware of.
That’s one of the super things about this site. People are eager to help you see ahead of you when you are simply focused on the present.
THANKS EVERYONE FOR YOUR ENCOURAGEMENT AND SUPPORT.
Happy day to all,
Bobbie
Re: I HIT A GOLD MINE!!! - Posted by Bobbie Henderson (BJ)
Posted by Bobbie Henderson (BJ) on July 30, 2005 at 18:39:21:
Hi! Thanks for responding.
Someone else gave me that same advise. It would be very easy to acquire too many too quickly. Seems very easy to buy these – hope the other side (selling) goes as smoothly.
DOES ANYONE HAVE THE T-VALUE FINANCIAL SOFTWARE PROGRAM? I have called all our local stores and no one seems to have this. I’d appreciate any suggestions on where to buy. I have a feeling I’m REALLY going to need this software program.
Thanks again for sharing your experience with me. PLEASE KEEP WRITING – I LOVE THIS!!
Happy day to you,
Bobbie
ME TOO!!! - Posted by DSmith
Posted by DSmith on July 29, 2005 at 12:25:14:
Nice work. That sounds very similar to my experience. I found a 260 lot park with a manager that is very gung ho about helping me. She gets paid based on lot rents collected, so she has just been giving me homes. In fact I had to tell her yesterday that I couldn?t handle anymore until next month. I?ve gotten 5 homes in the last 6 weeks for a total of $4000 including fix up costs. I just sold one for $7000 ($500 down $215/month for 36 months) and have 8 people coming to look at the others tomorrow (all at the same time), so hopefully they will sell soon so I can take on the other three she tried to give me last night (she?s holding them for me until September). I?ve had so much business from this one park that I haven?t even had time to visit any of the remaining 450 parks in my state. My goal is to average 2-3 a month and become ?unemployed? by next summer. At this rate, I think it?s attainable.
Coming into this I thought it was going to be like stick built investing, where there is tons of competition, but so far I have run into NONE. This is a big nice park with perfect homes for Lonnie deals and I?m the first investor to ever approach them.
another point on speed… - Posted by JD (IL)
Posted by JD (IL) on August 03, 2005 at 22:03:42:
When winter hits, costs can go up dramatically… utility bills in my area on an empty place were $200 / month per property. Add lot rent to that and multiply by 4 and you get an idea how my winter cash flow was last year. Live and learn though. Places are sold, and I now have 4 more, but nothing on utilities, just lot rent.
Jody
Re: another point on speed… - Posted by Michael(KCMO)
Posted by Michael(KCMO) on August 04, 2005 at 17:59:48:
JD(IL),
Why such high utility costs in winter? Are you keeping everything on and heating it to keep pipes from freezing?
If that’s the case, have you considered winterizing the home and not running the furnace? You might say that buyers want to test everything and see that it works. I have always just explained what I did, why I did it, and that if they wanted to put down a deposit to hold the home and show they were serious, I would turn everything back on and guarantee it to be in working order at time of closing.
This seemed to satisfy those who were serious buyers in the first place, and weeded out the “tire-kickers”.
Just a thought,
Michael Stilfield
I’M WITH YOU ON THAT ONE - Posted by Bobbie
Posted by Bobbie on August 04, 2005 at 01:03:26:
Hi Jody,
I agree 100% with you on this issue. And don’t forget the insurance on each unit.
WOW!! I called and got a quote of $389 for the vacant, non-owner occupancy. Have to pay for 3-months, even if I sell in one month – NO REFUNDS. And this insurance doesn’t cover vandalism. $300,000 liability, fire, smoke, hail (good grief, it’s almost 100 degrees here), wind, etc. etc.
Just happy I DIDN’T purchase yet because I think I sold it today for ALL CASH – “AS IS” Will have to wait and see if the prospective buyer gets park approval.
Thanks for bringing the utility issue to light. I hadn’t even considered that expense.
Taking is a little slower,
Bobbie
Re: I HIT A GOLD MINE!!! - Posted by Bobbie
Posted by Bobbie on July 30, 2005 at 20:11:46:
Lonnie,
Thanks for the advice about not moving too quickly. It’s easier said than done. The deals are literally falling in my lap!!!
Park manager called to tell me she has a buyer for the house we are closing on tomorrow. She then went on to ask if I had any stick-built homes available for sale. Seems one of the park residents wants to move out. He is in the process of getting his loan approval letter. Hmmmm… let me think a minute… YEP! I have a nice 3/2 rental that I can sell him in “as is” condition – NO OWNER FINANCING ON THIS ONE. When I explained the house to her, she replied this would be just perfect for him. She will mention this to him when he shows up. IF interested, she’ll simply give him my phone number to discuss the details.
I am not advertising this house at the moment. I have a “piggy” tenant right now that I am about to give notice that we are selling. So this is great timing on the manager’s part for me.
$$-Ca-ching-$$ – there it goes again for the manager.
She’s seeing another $50 for the buyer referral fee.
Looked at a REALLY NICE 3/2 today in the park (unadvertised) – thanks Jeannie (manager). It has a tip-out off the front room with a sliding glass door that leads off to a huge covered patio and a very large, well-manicured yard. It needs simple cosmetic things (carpet for sure). Asking $5,995. Seller’s not motivated enough YET – just a matter of time. She needs to move to assisted living soon. I have met with her twice. Had two really good conversations. I can tell she trusts me and likes my hubby too. TIME WILL TELL … but I’m not holding my breath or getting emotionally attached. After all, it will only be one full week tomorrow (Sunday) that we started looking into this business.
Many, many thanks for the two GREAT books and all the advice and information contained within. I also appreciate your email and encouragement.
I’m looking forward to watching my mailbox turn into an ATM machine REAL SOON!!
Happy day to all who reads this,
Bobbie