Posted by Darrel F. Smith on November 01, 2009 at 22:56:52:
In Reply to: mobile home deal posted by nik on November 01, 2009 at 17:56:24:
NIK
I am a new guy (14 deals so far) and my experience is that every trailer has cost me more than I expected. In my projections I have always thrown in $1000 misc above the estimated cost of the individual components. Your $1000 estimate to "fix it up" seems very low to me.
Don,t get me wrong, I have made money on every every one of my deals. I feel you can make money too but make sure your projected expenses are realistic.
It is a strange little business----many facets. Dealing in MHs has lead me into lending money to the "Ice cream man" and buying a car for a couple when both their old cars quit at the same time----at a good rate of return of course. I also have dreams of buying the park that I have been working in since the owner has had no offers in the 9 months it has been on the market.
In the last week or so I have been approached with three opportunities. One resident bought a new 16xs80 and does not want to deal with renting or marketing his old 14x70. One just got out of jail and wants to move on ($3100 asking price would send him happily on his way).One woman died and her trailer went back to the park owner who has a new wife an does not want to deal with it.
It is a fun and potentially profitable business. Study and work hard-----you can do it!!!
DinSD