Investing in Mobile Homes? Yes, You Can!!!

[John N.]

Hello Everyone! First time poster here at BP, although I have read through the forum a lot trying to determine my path from employee to business owner!

I want to share my story for all of those people who ask...can you really make money buying and selling mobile homes ("Lonnie Deals")? The answer is yes....no question....as they have been some of my first creative deals. Here is what I did:

1. Bought Deals on Wheels and Making Money with Mobile Homes from www.lonniescruggs.net. (roughly $60 or so).
2. Looked on craigslist and found about 3-4 homes that were listed for $6,000 and under.
3. Sent emails to those listings saying that I was an investor who buys old trailers and refixes and resells and asked the following questions.
a. what year is the trailer (I really dont care, but just want them to identify to me that it is old and also notice I said trailer and not mobile home)
b. what is lot rent
c. where is it located(park)
d. what repairs need to be done
e. does trailer have to be moved
f. why are you selling it.

then something about I am buying one at end of the week for cash...blah blah blah

Well, I received a few responses and one of them I followed up and a month later called them again. It was listed at 4,000...over the phone she said shed take 2000. I said Ill come look at it.

Sitting outside the trailer in the middle of winter at night I kept having thoughts of what am I doing here....i dont want this place, etc.....but I keep thinking about the whys (about my family, how I could benefit them and spend more time with them).

I looked through the place, not really knowing what I was looking for but identifying the problems (mini squirrel dog technique...thanks Lonnie). She said she would take 1200 for it...notice I never mentioned price first. I did bring a contract with me and signed it up for 1200, with 100 deposit

She wanted to live there for a month until move....so at end of month I said im ready to take it and pay the remaining money and asked her about cleaning...she said has not cleaned but will knock off 300 dollars for cleaning....so my out of pocket was $900 total.

It took me 2 months (lot rent 265 x 2) plus $150 utility bills and about 15 showings to sell it (dead of winter Dec, Jan). I finally sold it for $7300, $750 down..balance financed at 10% for 32 months or $225.00 month payment. I also got the girls parents to cosign all docs and they are on the title and I am just listed as security interest holder. They have paid on time every month for 5 months.

Ive got to tell you....it really is pretty cool to receive $225 check every month for putting this deal together with no additional work now.

In conclusion....it can be done...it does work (if you BUY right)...and will work (if you take action and work)........the question you need to ask yourself....and remind yourself.....is
WHY AM I DOING THIS? That will help you get over your fears.

Thanks and I hope someone got something out of this post that will help them towards their goal.

John