Posted by Craig_NOLA on November 04, 1998 at 17:11:18:
Awesome job, Matt! It sure is amazing how many “one in a million” deals you can find if you’re actively looking. Thanks for sharing your success.
Craig.
Is INFINITY return “good enough”? - Posted by Matt B
Posted by Matt B on November 04, 1998 at 15:00:00:
I am about to close my second mobile home deal. I have read postings from a lot of newbies who complain about not finding the deals or one reason or another that it seems so hard to do. I posted the details of my first deal on this news group in hopes of inspiring others, and now I’m doing it again with the same motive. (By the way, all I did was purchase Lonnie’s 2 books and do what they said. All you need to do is follow the recipe to have the desired results.)
I called an ad concerning a '74 14X70 mobile. The ad said “ANY OFFER CONSIDERED” (Their caps) Upon calling it found that the owner had not lived there for a few months, was still paying lot rent, and it had to be moved. The person I set the appointment to come see it with later left a message saying they would like to re-schedule. It took about another week and a half to get a hold of them. In the mean time, I went to look at the place and found it in very good condition. I could see in the windows very well. They did mention on the phone that the only problem that it had was a single soft spot in the floor.
I still have tons of buyers lined up from one ad that I ran advertising seller financing on a mobile. I picked one from my list that wanted one to move to their own property and called. I described what I had seen, and they quickly asked to come take a look at it.
I quickly got a hold of the owner and asked if they would take $500 for the home. (It’s getting easier to ask the tough questions when I stand to make so much.) They agreed! I said that I would sign a contract to buy and give them $50 to secure it until I could make sure that I had taken care of making sure that nothing would shift during the move. They agreed and gave me the keys. I really only wanted the keys so that I could show it without having to buy it and put my name on the title. (I am trying to avoid being labeled a “dealer” by the state.)
I showed it to the buyer who thought $5,000 was “very reasonable” for a mobile home in such good shape. (It really does look nice inside.) I got a $500 down payment which I will use to pay the seller.
So, back to my question-since I now have zero dollars invested in this home and a $4,500 note, is a return of INFINITY “good enough”??? (I’m not sure, I’ve never gotten an infinity return on an investment, but maybe someone here can answer this.)