Purchased 2 MH - Posted by Berry
Posted by Berry on November 30, 2000 at 21:31:36:
I read “Deals on Wheels” several months ago and have been negotiating MH purchases since completing the book. My wife and I placed a MOCK ad in the local newspaper and created a list of approximately 15 buyers.
$1 Mobile Home:
My wife and I purchased our first MH last week for $1, that’s right "a buck. The owner had been given legal notice to fix up the trailer or be evicted. We agreed to take the trailer off of his hands and do all outside fix-up. We completed the work today and spent approximately $1500. We have already sold the trailer to a couple that responded to our mock ad and they agreed to take the MH as is and perfrom all “inside” fix up. Selling Price: $6,000, 9% interest, $200 per month for 2 1/4 years.
We bid on two Conseco repo MHs and was the highest bidder on each:
#1.) 1985 2/2 14X66 decent shape, needs some minor work, located in nice family park. Purchase Price: $3000. Should sell as is for around $9,000.
#2.) 1980 3/2 double wide - We bid $1500 not expecting to win and was surprised when we were the highest bidder. The problem was that they wanted us to pay the back rent of $2,000, but still a good deal. We decided to decline, two is enough for now. They gave the trailer to the park in trade for back rent.
We would like to thank everyone on this board and especially thank Lonnie Scruggs for his book. My wife & I are expecting twins and I estimated that we can purchase enough MH to replace her income in 18 months, allowing her to stay home with the kids.