Investor · Austin, TX · Member since 2009 · 410 posts · 295 votes
13y
Hi Lindsay,
This is a great topic and question to ask. We investors typically like to talk about ourselves and things we have learned. With that said my most awe inspiring deal for me was my very 1st one.
It may be because it was my first deal but looking back this was a great first deal to open my eyes to mobile homes as profit generating investments.
After many failed attempts at marking I received a call from a seller. I was so new to REI I didn't know enough to ask what type of property it was. I just knew she was originally asking $12,000 and now was asking $7,000.
After being surprised, depressed, offended, and eventually happy to be looking at the fsbo home and talking with the seller; I was surprised at how easy it was to talk/listen with this seller. Over the next 2 hours of talking/listening I was able to purchase the home for just $300 per month for the next 10 months.
I could barely believe what happened! I was dancing and smiling the rest of the night.
This home made me a profit instantly and continues to do so 11 years later.
Hope this was a fun read.
Best,
John Fedro
P.s. I'm going to steal your comment to add to the MH investing forum here on BP. Thanks :)
Investor · Austin, TX · Member since 2009 · 410 posts · 295 votes
13y
Hi Lindsay,
This is a great topic and question to ask. We investors typically like to talk about ourselves and things we have learned. With that said my most awe inspiring deal for me was my very 1st one.
It may be because it was my first deal but looking back this was a great first deal to open my eyes to mobile homes as profit generating investments.
After many failed attempts at marking I received a call from a seller. I was so new to REI I didn't know enough to ask what type of property it was. I just knew she was originally asking $12,000 and now was asking $7,000.
After being surprised, depressed, offended, and eventually happy to be looking at the fsbo home and talking with the seller; I was surprised at how easy it was to talk/listen with this seller. Over the next 2 hours of talking/listening I was able to purchase the home for just $300 per month for the next 10 months.
I could barely believe what happened! I was dancing and smiling the rest of the night.
This home made me a profit instantly and continues to do so 11 years later.
Hope this was a fun read.
Best,
John Fedro
P.s. I'm going to steal your comment to add to the MH investing forum here on BP. Thanks :)
Real Estate Investor · Garland, TX · Member since 2013 · 46 posts · 7 votes
13y
Got a call back from one of my direct mailers. The guy told me he lived out of state but his son lived there and he would let me in. He also mentioned his son had schizophrenia.
I went by myself to the property and knocked on the front door. No answer. But I didn't give up there! I knew the seller was motivated!
I went around to the back yard and it was there that I saw baby doll heads hanging from strings from the trees (I am not kidding you). That didn't stop me either.
Noticed that the back door was propped open slightly. As I approached that door there was a stench like you wouldn't believe.
I go to door and say "hello hello hello" a few times with no answer back.
I push the back door open a bit more to see if I can see anyone in the house. Thinking maybe he could be in there but just hard of hearing. It was then that I noticed this guy had a big long string going from the kitchen through the hallway of circle saw blades hanging from the string and his kitchen cabinets were all open and had things thrown in them. The doors to the fridge and freezer were wide open and all of the food was rotting. This literally looked like a movie set from a horror movie.
As I made my way into the house (still saying hello with no answer back) I realized this guy had an electronic fetish to the hoarding degree. The entire house had refrigerators, microwaves, vacuum cleaners.. you name it ALL OVER this house. I am talking like piled up ceiling high. There is just a path through the house to walk around it.
I get back to the bedroom and it was there that I realized where the stench was coming from. The guy was dead in the house. He had been dead for 3 days in this house in the TX heat with no AC.
I ran out of the house and threw up in the front yard and called the police.
Long story short the poor guy had overdosed on his meds. The father wanted to get rid of the property and I got the deal.
It was definitely sad but it has always gone done in the books of "Wow! I can't believe I got that deal!"
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
Originally posted by Melissa Lange:
I went around to the back yard and it was there that I saw baby doll heads hanging from strings from the trees (I am not kidding you). That didn't stop me either.
It was then that I noticed this guy had a big long string going from the kitchen through the hallway of circle saw blades hanging from the string and his kitchen cabinets were all open and had things thrown in them. The doors to the fridge and freezer were wide open and all of the food was rotting. This literally looked like a movie set from a horror movie.
The entire house had refrigerators, microwaves, vacuum cleaners.. you name it ALL OVER this house.
THIS has got to be the story of the bravest real estate investor EVER. After seeing the baby doll heads and the saw blades, I would have hightailed it out of there and never looked back. Wow!
Real Estate Investor · Garland, TX · Member since 2013 · 46 posts · 7 votes
13y
Well the thing is I had already screened the father on the phone. I could tell he was highly motivated or else I never would of stepped foot on that property. He basically said in so many words "I just want to get rid of the house". I love it when I hear that. So since I knew I was more than likely get the deal I knew there was money to be made and I had to get to the bottom of it.