Pennyless? - Posted by Philip

import · September 21, 2003, 6:12am

Posted by Philip on September 21, 2003 at 08:18:41:

True…if something great comes up that moves fast I will still do it.
I just want to make more profit with less investment and, like you said, hone the craft.
Philip

import · September 21, 2003, 6:12am

Posted by Philip on September 21, 2003 at 06:12:56:

I don’t remember how to spell that word.
I have done a few deals and sold a few partials.
Now, I would like to do a deal with 0 or very near it out of my pocket or from revenue off partials.
Tell me your most successful way.
I am going to undertake this like I DONT HAVE A PENNY…but then rescue myself if I have too.
Philip

import · September 22, 2003, 2:11pm

Re: Pennyless? - Posted by Gavin Wilkinson

Posted by Gavin Wilkinson on September 22, 2003 at 14:11:45:

Here is the brutal truth.

Go to work at McDonalds. Sell that extra old junker car. Ebay some stuff from your garage. Take a second job for a few months.

Get some cash in your bank account.

It is possible to do deals with no cash. But my best deals came when I had cash, and I did not feel under pressure to do a deal. Very few people have a good enough poker face that when they have a face to face meeting with someone, some of their feelings and needs come through. The more you NEED to do a deal, the less likely you are to get one.

Mobile home sellers want something. They want

1)to move away or to a better house.
2)to get rid of lot rent or debt payments.

If you don’t have that $1000 in cash to give them, what are you offering them? If they are willing to give away their house for free, they would have already given it to the park manager. Of course, there are junkers that are so bad that they are ready to give them away for free. I know because I have done it. But they are in such bad shape that you will need $1000 to $2000 to rehab them.

Even if you find a nothing down deal with no closing costs, you need a reserve. Save the cash!

Good luck and I wish you the best.

import · September 21, 2003, 7:45am

Re: Penniless? - Posted by lyal

Posted by lyal on September 21, 2003 at 07:45:25:

Always good to hone your craft but don’t expend a lot of effort on this as you may miss other deals in the process.
All the best, Lyal

import · September 22, 2003, 5:01pm

Did you read just the headline? - Posted by Philip

Posted by Philip on September 22, 2003 at 17:01:55:

Here is the not so brutal truth. I have a regular job, as does my wife. Even my son worked this summer and he was 14 at the start…HE almost made $1,000.00.
I have never been good at Ebay, except to purchase REI books at a discount, or to buy jeans for 1/2 price, to put money in my savings account.
I didn’t like fast-food in high school and I don’t want to go back. I am too cranky to work with mobile homes, my job, take care of my family, and work a second job, anyway.
I have done only 4 deals and my first one was a 0 invested deal, which funny enough, the guy paid me off 3 months later, so it was like a cash deal. He thought he did great by getting out from under my higher interest by getting in good with a credit union and getting a bank loan on an old mobile…and more power to him. But I got 4k cash.
I just wanted to find new ways to invest and see if I could invest less or 0 of my money again. I haven’t been able to on the last 3.
However, my 15 year old son, with only 7-8 hundred dollars may rehab an old free junker and see how he does with it. He has energy, skill with his hands, and nowhere to go but up. And he has most of the rehab money. I, on the other hand, want a “no rehab, OPM deal” just to see if I can do it.

I will rescue myself if I have to.
I have a little money if I need it.

Thanks for your advice, even if my message was unclear or if you misread it.
Philip