Second deal!!! The sacrifice paid off. - Posted by Jamie

Posted by Kurtis on August 13, 2003 at 21:03:15:

Sounds like you did a good deal. Interest is a little low though 12% seems a good number and provides a much nicer return on your money

Second deal!!! The sacrifice paid off. - Posted by Jamie

Posted by Jamie on August 13, 2003 at 20:47:01:

Hi everyone. You might not remember me since it has been awhile. The last time I chimed in I bragged about my first deal and how I made enough money to pay off my current debt and still have enough for a rafting trip in Alaska. I was congratulated but advised to spend my earnings towards another deal.

I had mixed feelings about the advice since this was a trip of a lifetime. I really want to quit my job so I did some thinking. I read the book “The Richest Man In Babylon” and canceled my trip. It was an enlightening book. The trip would have cost me $2000.

About a week later I happened upon an add in the Sunday paper for a mobile home for sale, $850. I was leary because I have walked into some real winners in the past. I called and the lady said it was a 1978 14x55 2/1 in a nice park. I almost lost my breath. I asked her if I could see it. She said she had a lady coming to look at it. I explained to her that I would buy it from her immediately if it checked out. She was sick and said she might want to wait. I persisted and reassured her that I would buy it from her that day. She agreed to show it to me.

I drove right over and was happy when I could see the outside. I was ecstatic when I viewed the inside. It was great. There were some holes in the doors and floor but nothing I could not handle. She even threw in the appliances with washer/dryer. The dryer did not work but big deal.

Here is the kicker, she was being hounded by the park manager and another dealer like myself to sell. They were rude and she hated dealing with them. There was very little info in the ad for a reason. She did not want them to know. She explained to me it would be hard to deal with the manager but I assured her everything would work out. I spoke with the manager and he gave me a big list of things to do to the place to get it up to the park standards. He then chuckled and said “I hope you can still make money on the deal”.

I bought the home and the woman was so happy she gave me a bear hug and started crying because she was finally free from that park manager. It was great.

I had it sold in less than 3 weeks. The woman who lived there wanted some time to move so she stayed for 2 more weeks and paid that months lot rent. I had 3 days of labor and $50 invested that consisted of tearing out the fence, cleaning up the lot, patching a few holes in the floor and painting the shed. There was extensive floor damage and the back door needed to be replaced along with gutters that needed to be added. I found a couple that wanted to move in and do the work themselves. They did not have much for a down but they passed the credit check so $400 was good enough. They bought it for $9000 with $400 down and $200/month for 50+ months at 8% interest. So far they have made 2 payments and I have almost all my money back out of the investment. Now I can go to Alaska, just kidding. I have not found another deal but I am keeping my eye out.

Thank you for the advice. Jamie

Re: Second deal!!! The sacrifice paid off. - Posted by KenS (WV)

Posted by KenS (WV) on August 14, 2003 at 16:19:27:

Great job on the deal. Now that you have read the Richest Man in Babylon, try The World’s Greatest Salesman and the World’s Greatest Salesman: The rest of the Story by Og Mandino. That trilogy of books will keep you going in this business!

Good luck!

Re: Second deal!!! The sacrifice paid off. - Posted by patsears

Posted by patsears on August 14, 2003 at 11:13:55:

That deal looks like a “ten bagger”-a 10-fold return on investment. With deal-making abilities like these, perhaps you should consider running for Governor of California! Lol!

Nice job! - Posted by Anne_ND

Posted by Anne_ND on August 13, 2003 at 21:16:16:


Thanks for posting the details of your deal, I enjoy hearing these success stories. How about going back to the Park Manager and find out if he knows of any other deals in his park. 90% of my deals come from the 2 park managers I work with.

Congratulations, you’ll get to Alaska yet.