Posted by judy on March 21, 2000 at 08:28:36:
x
Lonnie, Terry, Dirk, and David…I just bought my 1st MH … you won’t believe this :):)
- Posted by Mark_TX
Posted by Mark_TX on March 21, 2000 at 01:04:43:
So…I just bought my first MH, and you guys won’t believe this story! … or maybe you will.
In this deal networking was the key. I was supposed to meet a dealer last Saturday to go over a used MH paper portfolio. He didn’t show up. However, one of the sales guys there handed me a piece of paper (this was my first visit to this park, I had never met this guy and he “gives” me a piece of paper that I anticipate will be worth, at least, $1500, probably more like $4000, he just gave it to me.) I asked him why he wasn’t going to buy the home and he said he didn’t have the money.
Wow!
If there was ever a wake-up call for people to adjust their thinking about money, this would be it. I think I’m rambling now…back to the deal.
So the guy hands me a piece of paper and tells me that this is a number of a guy who wants to sell their MH for $1000. It’s junky and a couple of windows are broken out. I’m thinking okay, well $500 sounds like a good deal on that home, but it would be cool to see if I could get it for $300. Then the guy tells me it’s in a real junky park, so my enthusiasm goes down a bit. I thank the guy for the tip and promise him a referral fee if I do a deal with this seller. BTW, the guy I was supposed to meet never did show up. Talk about universal intervention!
Anyway, I didn’t have time to go look at the trailer that day and I didn’t have time to go on Sunday either. Sunday afternoon, the seller calls me. The sales guy had given the seller my number. The seller tells me that he wants to sell his trailer for $1000. So, I tell him that I am interested, but that I don’t have time to go out there, but, I will try to get out there on Monday.
Well, I was called out of town Monday (today) and couldn’t go look at the trailer, so I called one of my investor friends. I asked if he would go and look at the trailer and see if he could get it for $300-$500. btw, I don’t want to give out my friends name here without his permission, but if he is reading he will know who he is and I just have to say…DUDE, YOU KICK BUTT! He called me back around 8:30pm to tell me he was out at the trailer.
Get this…my friend tells me that when he met the seller, the guy said he would sell the tailer for $800. Now, I don’t know where you guys shop, but a 20% discount without even asking…that is pretty kewl! So, in the course of looking at the trailer my friend had been able to get the seller down to $500 and the seller was holding firm there. He also told me that the trailer looked alright, it had a lot of the right things wrong with it, and nothing fatal that he could tell. I told him I didn’t think it was a good buy for $500 and he agreed. I then asked to speak with the seller. Remembering Lonnie’s advice from the convention…“The first person to name a number looses,” I asked the seller…“If we were to give you cash tonight, what is the absolute best you can do for us. Your trailer sounds pretty rough to me.”
The seller said the best he could do was $500 and that he had a friend who would buy the trailer from him for $500.
Buy right, buy right, buy right…
Reduce your exposure
Buy right
the odds must be in my favor or I don’t play…
Buy right or…
I don’t play…hmmmm
These thoughts kept pounding in my head.
So, I got back on the phone with my friend and told him to offer $350 or walk, if the guy has a friend who will buy for $500, he can sell it to him. I don’t care if I loose the deal.
Well, my friend calls me back 5 minutes later and says I got it for $350 and that they were on their way to make photo copies of the SS card and drivers license…I did a bit of a happy dance
I’m glad I wasn’t there, Lonnie. I would not have been able to maintain my poker face.
Now, let’s think about this…How much did you pay for your first car? Heck…how much did you pay to get into your first apartment?
BIG OL’ GRIN
I just paid less than that for my first mobile home!
$350.00 – I think I can safely say that I have made my money going into the deal on this one. I don’t have to move the home. Worst case scenario – if I don’t make a dime, at the convention I shelled out far more than $350 for courses and think of what I will learn from this one deal. Oh yeah, I haven’t even told you guys about the land part of the deal, but I think I need to sleep and that will be a story for another time.
I just want to say thanx to all of the encouragement and information that the people here have provided! You guys changed my life and, of course, you kick BUTT!
WAY TO GO MARK!! (nt) - Posted by steph in tex
Posted by steph in tex on March 22, 2000 at 22:28:15:
nt
Re: Lonnie, Terry, Dirk, and David…I just bought my 1st MH … you won’t believe this :):) - Posted by David S
Posted by David S on March 21, 2000 at 22:39:59:
better than grits!
The only thing I see wrong… you should have gone out there the first minute you had the chance. Remember, you can’t (always) steal in slow motion.
Congrats! David S
Re: Lonnie, Terry, Dirk, and David…I just bought my 1st MH … you won’t believe this :):) - Posted by Lonnie
Posted by Lonnie on March 21, 2000 at 15:38:17:
Hi Mark,
Congratulations! Keep it up until you?ve worked yourself out of a job.
Best wishes,
Lonnie
Re: Lonnie, Terry, Dirk, and David…I just bought my 1st MH … you won’t believe this :):) - Posted by Bill Taylor
Posted by Bill Taylor on March 21, 2000 at 11:45:07:
Mark not sure I understand sounds a little bit high tech to me!
Great Start! BUT, It isn’t done yet! - Posted by Terry Vaughan
Posted by Terry Vaughan on March 21, 2000 at 11:18:02:
Mark:
I know you are excited. But you have only started the deal. You now have to turn that puppy into a profit by “flipping”, or selling the home to a new home owner and carring back the note.
Always know what you intend to do IF the seller says yes!
You’re almost there, now as Bob Allen used to say, FINISH STRONG!