Finally! My first deal...

Tomorrow I go to meet the current owner of a 1984 14x70 2/2 and write up a purchase agreement for $2,500.

I figure I will tear out the 3 different colors of carpet currently in there and go with a more modern single color/texture through out. Clean everything. Possible do a real good job of clening out the indoor AC unit as the filter looks like the original from 1984 and may be petrified. Good think I work in the HVAC industry too! I may have to replace the doors, but I think I might be able to hunt around for some ‘n-used’ ones.

Will finance the home after repairs for $8k-$10k depending on terms and the amount the repairs come to.

Great Job:

Do you have a location to put your trailer on? Or did you get the land with it? The reason I asked, was you have to be approved by most citys to have a single wide on your property! (JOE)

Yes this is the MH I was talking about in other posts in a park where the lot rent is $400 and is surrounded on 3 sides by 300k houses and an elementary school across the street on the 4th side. Good location in a great neighborhood with very desirable schools.

I already charmed all the ladies in the mgmt office to the point they are trying to help me buy more MHs in the park that are either for sale or abandoned.

You are the Man 8) It really help more than you can imagine having the park managers on your side. I have 60+ notes and when thing go bad which they do from time to time you want the park on your side getting the dead beats out. Great find. The only thing I’d like to add is that I would build more of your portfolio with 3 bdrm’s rather than 2’s. In the long run they stay full longer and sell faster. Just my 2 cents, Keep it up!

Yes, I agree. But as a first deal I kinda wanted to get my feet wet with something. Though the deal stalled when he showed me only a bill of sale from some company who he bought it from. Just recently I finally found a state website that talks about registering ownership of MHs. Seems you don’t need a TITLE anymore, but a SOL.

I didn’t want to get myself stuck so I asked HIM to find out how to get a title. Well now I got copies of applications for SOL and will be giving him a copy tomorrow so he can apply for one. Have you ad any experience on how to deal with MHs when the owner only has a bill of sale? Is there something I can do so the seller won’t have to?

60+ notes! Nice. I am sure things do get easier when the cash flow from the notes cover any surprise expenses or repairs on homes you take back. …or so I assume. Any words of advice on how to make a good go at MH buying, selling and financing?

You bet it’s great! I am very excited for you knowing what it has done for me. I have been at it for 3 years and now in that short time I am just closing on my 7th MH park and just bought a 8500 sqft office for our staff that set me back 1 Million. It seems like a dream but you are on the right track. My advice is to get a set of rules and follow them to the letter. The only time I made a bad decision is when I bought a MH just for the sake of trying to grow faster! Draw the line in the sand where your minimum requirements are. Now when you see that really great deal on a 2000 16X80 for 12,000 you can plug it into your guidelines and either it works or it doesn’t. Your DONE! You don’t have to spend any mental energy on it if it’s not right. You MUST get great deals when you are starting out and you can lower your standards when you have too much cash flow.

Keep charging! :wink:

I’m pretty excited for Abel and I can’t wait to see what happens with this deal. I’m sure after that first one the flood gates will open. Hoping the same for me too. I just started educating myself about Mobile Homes and I am REALLY EXCITED by the possibilities. I’m going to be looking at some properties and Mobile Homes this weekend.

Go Abel! You are going to have to change that signature now!

Leslie Gillett