All Forum Posts by: Terry Drake

Jeff, I have found nothing but lookie loos on craigs list. My local shopper has generated as many calls as craigs list (avg 5 or 6/day) but seem to be more motivated. The other day I got the idea to put my bandit signs in front of the walmart super center. I figure they always have tons of traffic! A guy called this morning from the walmart sign bought it today for 4k (owner financed)!

You're right about on the job training, I learned that central AC/soft spots are more important then I thought and people don't like soft spots, whatever the reason!

Cole, Thanks for the cheap bandit sign advice! I was trying to figure out a cheaper way out than $5/sign. How does the foam board hold up to the wind/rain?

I would say unless it's sticking up more than a quarter inch, I would leave it. Don't get bogged down by looking too closely. Especially if it's a low income or rough area.

If the buyer likes the neighborhood/home/floor plan and price, then I don't think he'll let a few tiles ruin this buy for him. But if it does, you could always offer to have it fixed and add $xxxx to the price of the contract. I would do price it cost me to fix times 2.

JMO

Great way to still get the deal if they are stubborn on selling price! I like the creative thinking there.

There has been a lock box on the door as long as there has been a contract on it. Works great! I give out the code during the week and Friday change it in case someone gets a bright idea for a weekend activity.(a trip to the scrapyard with all my appliances).

For those interested, you can get a new lock box on ebay for $20-30

Jon,

Thanks for taking the time to answer some questions. I know you're slammed at the office right now!

If anyone else has something they can add to the discussion, I'm sure it would also be beneficial to whoever else reads this thread!

Wow.. It's funny some of the feed back I'm getting. Some people are in love with the place and have no money and want me to hold on to it for two weeks until they get paid OR I'm getting people who complain that there is no central air and that it's an old trailor. What do they expect for 3-4k and 185/month?!

Anyways, I am still being patient. I have read from one investor on here that his average holding time for a 2/1 is 45 days. Another post I read mentioned that it took 15 showings before he sold his so I'm hanging in there.

Here is the craigslist ad I've placed.

http://fortmyers.craigslist.org/lee/reo/1616353883.html

Jon, thanks for the clarification. How do I stay in the 15% bracket instead of 39% would be?

Am I better off to 'rent to own' for two years rather than create a two year note?

Is there anyone willing to share the spreadsheets they use or a screen shot to get some ideas?

In FL if you buy/sell more then one mobile home a year they want you to get a dealers license.

Any ideas what the best approach could be or way around?

You're right. It's hard to tell on the first deal if they are tire kickers, or just not interested in our deal. Only time will tell!

I think I'm going to save my gas though. I have been meeting the ones who seem motivated on the phone at the property to show. Now i figure if they like it and ready to buy they will call back. I hope I'm not wrong about this :D