Posted by Earl on April 05, 2000 at 20:33:20:
Ed, I am an investor in Austin and I think I spoke to you on the phone before. I currently have 3 mhs, that I am trying to sell in Killeen. I would to talk to you about them if possible.
Earl
My First MHP… YES!!! - Posted by Ed Ortiz
Posted by Ed Ortiz on April 04, 2000 at 22:39:27:
Hi! I’m back…
During the last two months I’ve spent all the little time I have of from myARMY “J.O.B.”,working on my investing carrer with a couple of offers falling thruogh at the last minute. But, every time I fell,I got back up and logged in on CREONLINE to get some of that “power juice”(motivation), that gets posted here every day.
To make the story short. Yesterday I closed on my first mobile home park. 4.5 acres with 33 sites and space for three or four more.
Here are the numbers:
60,000 FMV
27,070 Assumed 7 yrs. 8 months left on 15 yr loan @7.5%(384.14) a month. 41,500 original loan amount.
Paid 3,200 dollars to assume, including fees and tittle insuranece and will recieve April rent which is
110.00 x 25 occupied spaces = 2750.00
Total out of pocket 450.00 + 384.14 April pmt.
I want to thank all of you for this great site.
Lonnie, the info. that I found on “Deals on Wheeels” got me on the right track.
DougO(NM) and Ed Copp (OH) your suggestions made all the difference.
Muchas Gracias!!!
Sincerely,
Ed Ortiz
Original message http://www.creonline.com/wwwboard/messages/62897.html
Congratulations!!! - Posted by ray@lcorn
Posted by ray@lcorn on April 05, 2000 at 16:07:10:
Ed,
I must have missed your first post a few weeks ago. Glad you got the deal done. Sounds like a sweet one too. I know DougO and he knows his stuff, so between he and Ed Copp you got some great advice.
Now put your efforts into making that the nicest park around and you will reap the greatest profit imaginable. There is work to it, but man what a payday!
ray
One question… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on April 05, 2000 at 10:37:38:
How did you find out about the park?? Thanks,
Mark
Re: Ed, where are you at? - Posted by Mike B.
Posted by Mike B. on April 05, 2000 at 08:25:11:
I am in the Army myself, and looking to break free by means of REI, where are you living and doing deals??
I am in the Killeen area (Ft. Hood)
Mike Breiner
Congrats! - Posted by DougO(NM)
Posted by DougO(NM) on April 04, 2000 at 23:47:40:
Felicidades! What a rush, huh ? Can’t wait to hear how you like running the place! I am happy for you.
Doug
Re: One question… - Posted by Ed Ortiz
Posted by Ed Ortiz on April 05, 2000 at 11:45:09:
Hi Mark:
A couple days after I got done with “Deals on Wheels” I bought a repo home for 1,500.00 and while looking for a lot to rent, found this park manager who said that he was willing to work with “Lonnie deals”.
I found it interesting that he was so receptive to my idea and I started to ask questions. He told me that the owner got this park after her husbands death and that she did not know anything about Prop. Mgt. When I heard this I asked if she had ever thought about selling and he said that she mentioned selling one time but had not said anything about it in the last couple of months.I told him to find out and get back with me. Anyway, I did some comps and found out the value of it. Also found out what was owed on it while doing some tittle search and made some offers. I tell you what, I’ve never worked so much on a deal but after all I think it will be well worth it.
Thanks,
Ed Ortiz
Re: Ed, where are you at? - Posted by Ed Ortiz
Posted by Ed Ortiz on April 05, 2000 at 11:05:09:
Call me @ 681-2314.
Thanks,
Ed Ortiz
Re: One question… - Posted by Lonnie
Posted by Lonnie on April 05, 2000 at 15:33:31:
Hi Ed,
Congratulations on your park. You?ve just bought a little “gold mine”. Give it the proper management and you?ll have a lifetime of good income.
Ed, you?ve just proven why it?s so important to “get out in the field”, talk to people, and ask questions. You miss a lot of deals if you just sit at home and wait for the phone to ring.
Best wishes,
Lonnie