Finally, my first purchase!

I go to work on it this weekend, I will repair as much as I can with out spending anything and then put together a small budget and replace a couple things in the bathroom and kitchen. Already has newer water heater and furnace.

I have been running ads and already have someone interested!

Any tips for my first investment property are appreciated!

John

Edited: 06/26/2010 at 10:15AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2431 posts
48425 Influence
14 Awards

Icon_minipost Oct 26 '09, 09:24 AM

Great!

Will you rent it? How much?

Sell it? How much? Will you carry the note? How much down? Payments will be...?

Will you or your tenant/buyer pay the lot rent?

Have you read Deals on Wheels?

I know this is a bunch of questions, but you should have all the answers.

Edited: 06/26/2010 at 10:15AM

John Williams

Handyman · Alpine, Utah

42 posts
569 Influence
5 Awards

Icon_minipost Oct 26 '09, 09:39 AM

Haha sorry,

Selling for around $6K with $1000 down

Carry the balance at 10% interest with pmts of $230 for 2yrs

If I sell it quick and spend less than $500 on repairs I will net around $3K-$4K

The buyer will pay lot rent.

No, I havent read D o W. I am too much of a tightwad to buy it right now, but I will eventually.

Forgot to mention, I was scared as HELL when it came time hand over the cash and almost backed out! But I feel pretty good about it now. A good learning experience for me.

The guy I bought it from turned down an offer of $1000 down with pmts. He didnt want to mess with it he said. I am gonna get that guys # on friday.

Edited: 06/26/2010 at 10:15AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2431 posts
48425 Influence
14 Awards

Icon_minipost Oct 26 '09, 10:10 AM

Sounds very good. I suggest you read Deals on Wheels, ASAP, and in the mean time read John Fedro's blog here on BP.

Edited: 06/26/2010 at 10:15AM by Jon Klaus

Jon Klaus

Real Estate Investor · Dallas, Texas

2431 posts
48425 Influence
14 Awards

Icon_minipost Oct 26 '09, 10:21 AM

Rags to Riches w/ Mobile Homes
http://www.biggerpockets.com/blogs/637#

Edited: 06/26/2010 at 10:15AM

Vikram C.

Real Estate Investor · Phoenix, Arizona

1457 posts
25372 Influence
14 Awards

Icon_minipost Oct 26 '09, 12:40 PM

Congratulations, John. You have been very systematic and steady in your progress and thoroughly deserve this success. I wish you the best in your new career. I am sure you are going to do really well in it.

Edited: 06/26/2010 at 10:15AM

John Williams

Handyman · Alpine, Utah

42 posts
569 Influence
5 Awards

Icon_minipost Oct 27 '09, 05:40 AM

jon- I read all those blogs, funny thing is I have seen a couple of them somewhere else. I will figure it out later but either he wrote and someone else posted them or he posted them somewhere else. They were good to read tho, the one about bandit signs has inspired me to go get some.

Vikram-Thanks for the kind words, this is hopefully just a baby step towards what I want to accomplish. Doing these lonnie deals will really help me improve my negotiating and people skills and get me started.

I'll keep you guys posted

Edited: 06/26/2010 at 10:15AM

Skye Bowen

Residential Real Estate Agent · Cary, North Carolina

15 posts
139 Influence
1 Award

Icon_minipost Oct 31 '09, 12:48 AM

Wow, good job! I just bought Deals on Wheels a couple of days ago, and I think I've read it twice by now! Definitely worth buying... I bought the pdf, so it was a lot cheaper, and more portable.

On a slightly different note, how did you feel buying an older mobile home?? I'm realizing that the ones around me are at LEAST 20 yrs old in the price range I want, even though the DOW book says not to go much older than that.

Edited: 06/26/2010 at 10:19AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2431 posts
48425 Influence
14 Awards

Icon_minipost Oct 31 '09, 01:03 AM

Originally posted by Skye Bowen

Wow, good job! I just bought Deals on Wheels a couple of days ago, and I think I've read it twice by now! Definitely worth buying... I bought the pdf, so it was a lot cheaper, and more portable.

I read DoW twice when I got a copy a few years ago. It definitely opened my mind up to much more than buying and selling mobile homes.

Personally, I like late model MH's better, not just because of condition, but they tend to be built better. Still, I might buy an older one if the numbers made sense.

Edited: 06/26/2010 at 10:19AM

Sterling Sherrell

10 posts
16 Influence

Icon_minipost Nov 07 '09, 12:21 AM

Originally posted by Skye Bowen

Wow, good job! I just bought Deals on Wheels a couple of days ago, and I think I've read it twice by now! Definitely worth buying... I bought the pdf, so it was a lot cheaper, and more portable.

On a slightly different note, how did you feel buying an older mobile home?? I'm realizing that the ones around me are at LEAST 20 yrs old in the price range I want, even though the DOW book says not to go much older than that.

If you are going to buy mobiles that have no bank liens then you pretty much have to go for 10 yr old plus homes. My first purchase was a 1967 2bd mobile and I had it under contract for about 6 years. Best thing was my first buyer (sold it three times actually) fixed it up when he moved in and it was better than when I first bought it. You may have to fix up the older homes, but it is worth it as long as structurally sound.

Edited: 06/26/2010 at 10:25AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

4293 posts
43789 Influence
15 Awards

Icon_minipost Nov 07 '09, 12:25 AM

Congrats on the first deal. It gets easier. It is just "like riding a bike", if you know what I mean. Rich

Edited: 06/26/2010 at 10:25AM

Marcial J.Paredes

· Phoenix, Arizona

31 posts
88 Influence

Icon_minipost Nov 10 '09, 03:03 AM

Congrats! Lot's of luck with your 1st deal. I know what you mean about being scared as HELL cause that's caused me to back out on a couple of 'potential' 1st deals for me.

Edited: 06/26/2010 at 10:27AM