All Forum Posts by: Jeff Warner

DEAL DONE, $$ IN THE BANK!! PRAISE THE LORD!

I closed this deal yesterday morning for $2500.00. I gotta run right now but I'll post an update later. Thank you all for your help and support.

Jeff

I hear that.

The lesson for everyone reading that has not done one of these deals is to see first hand that you CAN jump into a deal, learn on the job and get paid for that lesson. Prior to this, I had not even walked into a Mobile home and had not read Lonnie's or any other book on the subject.

Since this deal, I have made offers, walked through several homes and through several parks, read Lonnie's book (available here on BP btw :wink: ) , etc. My main thing with jumping on this was to get it done rather then be in "study" mode for eternity. You gotta get out and buy something if you really want to learn.

All in all, it's been fun learning and I can't wait for the next deal....but before that I think I need a couple days off catching Salmon and Steelhead on the coast :D

Jeff

Terry,

I actually close this deal tomorrow. I agree about the lesson learned, you can't put a price tag on that...the cool thing is I will still walk away with $845.00 profit. I can't remember making money on something with a valuable lesson attached....usually those are the deals you loose your butt on...Praise the Lord for that.

The Manager, who was ok with me buying and selling this home initially became a problem and started telling my buyers that the home was already sold, when it was NOT sold. She had approved a lady that I sent for an application, and because she liked the lady she wanted me to sell to her...talk about DRAMA.

Long story short, the neighbor that lives 2 doors down is who I have been talking with about buying the home. This lady is beyond rude and I had to stop taking her calls and locate the phone number of the lady that will actually be moving in and paying me. The buyer (the one the manager wanted to move in) is an elderly lady that I'm selling too for $2500.00 cash. She is actually very nice and I agreed to move forward with the deal as long as the crackhead from 2 doors down stays out of it.

I can honestly say that after 12 years of business and 1000's of transactions (non REI) I have NEVER encountered a person as angry at the world as this neighbor lady. Talking with her is like negotiating with a spoiled 2 year old in need of a nap, maybe even worse then that. Oh well, that's life.

Sorry for the rambling, I'll post more details and pictures soon.

Jeff

Good job Terry, glad to hear your deal is done. On to the next one.

Jeff

Great advice guys. Terry, Glad to hear your deal is closed, I'll have to put some signs out at the WalMart down the road from there. I have not used Bandit signs on this home.

This home was a lesson for me and a good intro into Mobiles. I had assumed too much, one thing being age of the home (i thought it didn't matter) and another was curb appeal. I honestly didn't think the curb appeal for a home that cost $4-5k made any difference....boy was I wrong. People are pretty picky and are looking for a MUCH nicer home then I have to offer at the moment. I assumed (never a good starting point) that none of that would matter because of the price and the terms I am offering.

Long story short, I have a new cash buyer that I'm waiting to see if she gets approved. In the mean time I think I'll put a sign at the WalMart and see if I can start a bidding war =).

Jeff

I have an add up pretty much everyday on Craigslist, I also have an add running in the Nickel (which is like the penny saver). Both are generating calls, with CL being a little better.

The main reason (i think) that CL is working better is because I can make a longer, more detailed add where as the Nickel add is short to keep the cost down. Either that or people aren't reading the Nickel that much these days.

Jeff

UPDATE!

So, long story short I should stick with "family parks". Even though there is a lot of old folks around here they are picky buyers or don't qualify. The good news is that advertising this home for sale has brought in LOTS of quality leads for buyers looking for homes in family parks.

For anyone reading this, use my mistakes as a lesson for your business...if this thing was in a family park it would have sold right away. I was eager to jump into this business, spotted a deal and bought it right away...nothing like learning on the job. But hey, it's better then sitting on the fence.

Another mistake I made was that this home is a 10x56. It does have an "extension" but most people are looking for something larger. Lonnies book addresses that BUT I bought this home before I read the book and didn't even realize how many different size Mobiles there are. So, I have a lot to learn about this business. The good thing is that these deals are cheap and even a total disaster won't ruin you. Good luck and Happy Mobile Investing!

Jeff

In my area only the small local banks and credit unions will loan on those type of deals. You may want to start there, or considering that lending is tight maybe try for an Owner Finance deal for your buyers.

If you have some $ to play with, maybe you can find a Free mobile home and move it onto someone's land, do the rehab and carry a Note together? I don't know what your goals are, I'm just kinda thinking out loud here. Good luck.

Jeff

I also agree with Marc, insurance should be mandatory and in fact probably is mandatory per park regulations (if it's in a park).

If you have seen the end result of a Mobile Home fire, you know that not very much survives, pretty much a total loss. A policy on a Lonnie Deal is not very expensive, I have one right now that is around $130 for the year that my Seller has paid and that my buyer will renew, not me.

No matter what the cost, it's the buyers responsibility to have it.

Jeff

I can't take credit for this idea (Marc Faulkner gave it to me)...hold an open house.

If my recent "serious buyer" does not buy I'm going to do a clean up over there and hold an open house on Sat. or Sun. and get as many buyers in there at one time as I can and see who is for real.

Thanks for that tip Marc!

Jeff