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Two Mobile Home Deals in One Month

by Kenneth N. Simmons, Alice, Texas   

This past May, I purchased Deals on Wheels from this site. When it arrived I read it all at once. After reading the book, I decided to refinance two of my rental condos and use the cash to buy some mobile homes.

The first deal was a vacant 1981 14' x 60' that I purchased for $3,100 and sold twelve days later for $5,500 with $500 down and 36 payments at $167.87. I did not make any repairs at all.

The second deal was a 1984 14' x 66' that I purchased for $5,300. I had it moved to a mobile home park and had all the utilities connected. The home required quite a bit of repair. However, the buyers wanted to do the work. The total amount out of pocket was nearly $8,000 (a bit much). I sold it for $11,000 plus processing fees with $1,000 down and 54 payments at $248.47.

My banker has agreed to loan money against these notes in order for me to continue investing in mobile homes.

Since I have started buying and selling mobiles, I have had several people inform me that they are interested in buying from me. I already have three waiting in line.

 
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