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First Mobile Home Deal Paves the Way to Two More

by Jad Deakins aka OSUPSYCHO, Oklahoma City, OK   

Well, I finally got my first deal done. I did a lot of things wrong, but I learned a lot, and it ended up "good nuff" (as Lonnie Scruggs would say). I paid too much ($3,500 for a 1983 2/1, 14 x 56), put too much money and work into it ($900), and took too little down and payments too small ($500 down, $175 month).

But I did sell for about double what I had in it to a fixed-income buyer whom I am not worried about ever defaulting. If he pays out the whole thing (He may pay it off if he gets the money he is expecting.), I will make over $6,000 in the next five years. Not too bad for a learning experience. He was so happy when we finished up that I just felt great.

After that small victory, it is on to the next one. I just bought a 1980 3/2, 14 x 80, in a better park than the last one, for $1,200. Now that's more like it. I have a guy who is going to fix it up for me (probably no more than $500 in materials) for a trade to live there until I can find him a home. He can't live in this park due to certain requirements.

The park is fine with this and so am I, so I should have a home that I can sell for $8,000 to $10,000 that I will be in for less than $2,000 ready to go in a couple of weeks. I already have a possible buyer for it, and I still have my handyman who needs a home (several possibilities out there).

I will most likely have three deals under my belt within a couple months of starting out. This business is great. Not easy, but still great!

 
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