Updated over 8 years ago on . Most recent reply
Newbie from New Mexico
Hello all,
I have been browsing the forums for a couple of days and decided it was about time to join the conversations.
I have dabbled in Rei for a few years now, but haven't really made a great push. I enjoy buying distressed mobiles, and bringing them back to life, and then selling them. My profit margins are dismal, I haven't got that down yet. The three I have are sold on owner financing contracts. I also have a rental home that has a closed equity line attached to it.
My first goal was to pay off the first mortgage on the rental home. Which was done 2 years ago. My second is to pay off the credit cards I used to fix the mhs. The last is to acquire at least 5 notes to put $1000 a month to pay off the equity line.
I am hoping to get from BP how to manage each asset. I currently have no tracking of expenses and profits except for looking at my checking account to see if each trailer put there $200 in. I can't tell you if I did good on my last 2 mh deals cuz I still have a stack of reciepts on my dresser. I'm not a paper pusher so any guidance will be appreciated.
So there it is folks. I am looking forward to your help.
David W.