My First Mobile Home Deal

by Kenneth N. Simmons
Alice, Texas

On January 1, 2000 I called on a mobile home listed in the paper for $6500. During our conversation, I learned that they had just moved back home to Louisiana and the home was vacant. He informed me that the home would be able to remain in the park. I asked him at that time what his best cash price would be if I purchased by January 14, 2000. His price was $4600.

I went and inspected it the following day and was pleasantly surprised at the condition. It is a 1977 14' X 72' in very good condition. I agreed to his price of $4600 and purchased it from him on January 14, 2000.

I verified that the home would be able to stay with park owner. I am sure I will be able to work with her in the future. Anyway I put another $400 into it (replacing door locks, minor painting, and yard cleaning).

I received a call on January 15, 2000 from the sign I placed in the window and had it sold the next day for $10,800 with $800 down and payments of $244.32 for 54 months. I have approximately 4 hours of time in this deal. Not bad for a part time investor. As Lonnie says "good enough."