In less than ten days, I sold two of my three mobile homes for cash. For the first one, I made a purchase agreement with the seller for $1,000 on the condition that I give him ten weeks to wait for a place to open up in senior housing. I started advertising it for $4,000 cash and making a buyers list.
The plan was that if I didn’t sell it right away for cash, I’d rehab it and sell it as a “Lonnie Deal.” Being in an ARC park (corporate owned), I encouraged everyone to submit an application while I was waiting for the seller to move out. The seller moved out on a Thursday; buyers came in on Saturday; approved on Monday; and I sold on Tuesday.
While this was going on, I got a call from another park manager that one of my tenants kept forgetting when the lot rent was due and was being evicted. She moved out the same day I sold the first home. I put an ad in the paper and called all the disappointed buyers from the previous week. I invited them to walk through another good deal.
The place was pretty nasty, so as I was telling a nice couple what I would be cleaning and fixing before they moved in, they asked if I would still do these things if they paid me cash for the home. After quickly looking around for hidden cameras, I agreed. This morning they gave me a cashier’s check, and I gave them a bill of sale annotated with a list of all the things I’d promised to do.
I’m still in my rookie year with mobile homes and have paid for some of my lessons. But at other times, I’m paid to learn. This is a funny business, someone should write a book about this stuff. [Deals on Wheels by Lonnie Scruggs] Many thanks to all of you regular visitors to this site who share your knowledge and experiences.
I will say that I’d have never had these opportunities without CRE Online. I’ve learned how to do these types of transactions from people who are experts and willing to share their knowledge. I have a full-time job as an electrical engineer with a large defense contractor.
But because of business conditions over the past few years, I have watched many of my friends get laid off. My turn may be coming; so when it does, I want to have skills I can use to support my family and not be dependent on anyone else to give me something to do. I opened an Limited Liability Company two weeks ago, and I will be closing on my first land/home package next Thursday.