Posted by Dr. Craig Whisler CA on March 26, 2002 at 12:29:04:
Brian, I reccomend that you invest $30 in DOW before you invest a single cent in a mobile home. A stich in time could save you 10 grand. Dow is Deals On Wheels, by Lonnie Scruggs. It is available somewhere on this website. Brian, I’ve done over 400 mobile home deals and sometimes know whereof I speak. Read DOW before you take your next breath.
Regards, doc
Setup Cost - Posted by Brian NC
Posted by Brian NC on March 25, 2002 at 15:21:17:
Have a dealer that will sell me an approx. 1,000sf new double wide for around $20K. Want to set it up, he says he can do it for me, and I will most likely let him since this will be my first deal.
How much should this run? I understand that my locale may require certain things that others do not.
Thanks. Brian
Re: Setup Cost - Posted by Brian NC
Posted by Brian NC on March 26, 2002 at 08:17:51:
Background on my situation. I am looking for income accumulation at this point. In the future, hopefully near, I plan on doing Lonnie deals. But, at the present time I would like to make $10,000 a pop.
Actually, yesterday was my first looking at this mobile home forum. I have a client, I am a real estate broker, who can buy this mobile home from a family member at wholesale cost. The wholesaler will give me a good deal. I know nothing of these mobiles and will definetly do my homework and will not fall in love with anything.
Figure this may be a good way to accumulate some wealth and would like to set one up and flip to help me learn the process.
Thanks for your thoughts.
Brian
Yikes, Brian! Help: someone with a calculator! - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on March 25, 2002 at 18:59:25:
Brian, since you have been reading this forum, why are you planning to spend so much money for a mobile?
You should be learning to buy wholesale not retail. It sounds like you are about to pay retail. Wholesale should be near half of that price. Why not be a little more patient and keep shopping to see if you can save some major money?
You may be able to save a little on setup costs as Tony suggests but you may be able to save $5k-$10k on a mobile home repo similar to the one you are planning to buy. Compare this with how long it would take you to save up $10k from your current job or business income. It might take some people a full year or two to save the kind of money that you should be able to save with another month or so of careful shopping and the help of the folks here on this forum.
Brian, you haven’t already fallem in love with this mobile have you?
If you are dead set on making this possible mistake I urge you to do one thing FIRST, that may change your life.
Get a financial calculator and figure out how much $10k would be worth in 30 years at just a measly 10% return. Then figure out one more thing. Since you should be easily able to make 50% return on your money by doing Lonnie deals,e out how much money you could turn $10k into in 30 years at a 50% per year return. My batters are dead or I would figure this out for you.
Brian, guarantee you that if you will just figure out these two problems and see how much a $10k mistake could cost you over the next 30 years you would rethink your present plans. You chance to be a future millionaire is at stake. This mistake could cost you SEVERAL MILLION dollars over the next 30 years. You owe it to yourself and your family to not lightly pass up this golden opportunity.
Help please. Would some with a working calculator figure these to amounts for Brian and try to help save him from making such a MAJOR mistake so early in life.
Regards doc
Re: Setup Cost - Posted by Tony-VA
Posted by Tony-VA on March 25, 2002 at 15:29:15:
Your best bet is to simply call a couple of local mobile home moving companies and ask them. Find out what it would be to have it set up “turn key” with utilities etc. hooked up. Get a few quotes and then listen to what the dealer has to say. This way you will know if you are in the ballpark as well as making some good contacts and getting costs that are specific to your location.
Best Wishes,
Tony-VA