I just completed my first mobile home deal. Here is how it went…
On May 16th, I found a seller who was willing to take $2,400 even though she had originally been trying to sell the home for $7,000. After about three days of negotiating, we signed the contract, and she was going to move out May 30th.
I immediately ran an ad in the paper and showed the house (while she lived there). On Memorial Day, I sold the house for $6,000 with $500 down, 12.75%, payments of $215.07 for 30 months. Man was the lady mad when she realized I just sold the house for $3,600. Cash is King! My yield here was 129.56%!
The seller moved out on May 30th, and my buyer moved in on Saturday, May 31st. On Monday, I contacted a note buyer that I met here at CRE Online, and he agreed to buy a partial of the note giving me my $1,900 back (out of the deal)!
I also keep part of the monthly payment, so not only did I get cash to go back and do another deal, I generated a monthly income stream! So this weekend, I’m riding the speed bumps. Thanks, CRE Online and everyone here for your continued support!