Start of first MH deal

[Johnny P.]

Finally the first deal is under way! My business partner Chris Minchin and I have been looking to invest in a mobile home for months now and we finally found one. We found the home by searching CL and luckily found 3 for sale by a park owner near by. The park owner was not too concerned about making money from the sale of the mobile home, he was just looking to collect the lot rent every month. Lot rent is $345.

We ended up getting a 2/1 for $1,000 cash that needs a pretty good amount of work. There is a hole in the floor about as big as a basketball, no appliances, and needs drywall / carpet. We have a total amount of $1,200 invested after transferring the title to my name at the DMV.

We have been posing ads on CL for weeks now offering a mobile home for sale with owner financing (even tho we did not yet own a MH), and have a few leads. We have also put up about 5 bandit sings in the area.

So far i've gotten one email offering $2500 cash, so i sent the buyer the park application form yesterday but haven't heard back yet. For now just hoping everything goes well, and luckily lot rent is not due until March 1st so we have a nice window of time to get it sold.