However, I hope you have a backup plan in case this person doesn’t come up with the lump sum in May as promised. It would be a good idea to make a note with reasonable payments at the time of sale, and then tell her she can pay it off with no prepayment penalty.
It’s good to have a plan like this in advance, because I can’t tell you how many times weve been promised large amounts of money and they never materialize.
Congratulations to all of you that did your deal last month. Now, for the one?s of you that didn?t. Will you do one in April and join us in the “check of the month club?” Or, will May find you still procrastinating and waiting for that “perfect deal?” I got news folks, there ain?t no such animal.
The only thing you get by waiting, is…OLD. If we live, we will get old, no choice there. But we do have a choice as to whether we?ll be poor when we get old. And if you do nothing now, you can count on being old and poor. Here?s something to think about…When you do nothing, you?ve made a decision to stay where you are.
It?s to late for a March deal, but somewhere out there is an April deal with your name on it. And if you don?t want it, you can bet someone else will claim it. If you need a jump start to get re-energized, turn off the TV and read all the success stories and how to articles on this site. Then decide what you want to do, and go for it. And tell us about it on April 30th. It?s your future, and you?re the only person responsible for your future.
I am working on Deal number one now…purchased a 1988 14x55, 2 BR 1 BA for $3000, total invested $3400 (plus a bunch of driving time to find it). A buyer last weekend stood me up, but buyer number two has offered me $500 now, balance in 6 weeks (total $6500). We’ll see if she shows tonight. If not, a pair of young single mothers (buyer 3) are threatening to buy it for 1000 down, 208 a month for 3 years…I suppose I could live with that…
LESSONS FROM DEAL NUMBER ONE:
I paid a little too much for it, and it’ll take a bit longer to recover my investment than I would like (under deal number 3)…my guideline is recovery in 6 months. will be 10.5 months under scenario 3.
I did not have my crew of cleanup/repair people in place. Ended up doing most work myself, though minor.
I did not place an ad immediately upon purchasing it…thought I might get more response from my flyers…I got nothing from those.
I did not check out the trailer thoroughly …fiberglass tub is broken beneath a large bathmat.
…that will stop coming in August 2001. Thanks Lonnie, I now get 3 MH checks in the mail, 2 checks from a Duplex I bought (T&T), and the Tax Certificate payoffs I get from time to time (Getting a check from the Tax Collector is Sweet). I am trying to add to my collection of MH notes so that I can replace any checks that might happen to run out over time, know what I mean??? Hey, this might work… I know at the end of DOW you say to JUST DO 1 NOW! I did with a 55+ and it wasn’t the best deal, 4 months later I wound up with an investment of $3,500 @ 18%, but I did it and have since done 2 more with better results. Thanks for your posts, the materials, and the encouragement… you gave me some good tips on the 55+, they can be hazardous in the beginning.
I would disagree. I think this is a heck of a deal, especially for your first one. In some deals we do get our money back in 6 months or less, but most are in the 10 month range and some are longer.
I have found that recently I began pricing myself out of the market because of my pursuit of the perfect deal. I have passed on a couple of deals because I fel t that I would be paying too much. Meanwhile cash is sitting in the bank making what, 3%? By paying too much, I mean $1,200 when I wanted $900. (Please don’t construe this to mean I would pay $5000 for a $3000 home and hope for the best).
I am now of the opinion that not every deal need be a homerun. This does not mean that I won’t negotiate my darndest to get the numbers I want, but if the deal is “good E’nuff”, I am going for it. It beats bank interest any day and you have far exceeded that.
Good buy on this one. Even sale option 3 good. What’s not to like? Get this one sold and move onto the next one. Remember, they don’t all have to be home runs, but I would say this one is just fine.
Well, she came by last night and signed…gave me $500.00 down now, will give me $1500 more on 5/7/00 and the first note payment, or will pay me $5900 on 5/7 and that’ll be it!