Episode 30.31.32 – Stagnation & Success

It has been uneventful for several weeks. Combining three episodes into one is not ideal however nothing happened for week 30 and I procrastinated for week 31. On the other hand, I attended Mobile Home University, so that’s pretty cool. I also will be closing on the sale side of my 192 project so I’m a little stoke.

-- MHU

Amazing training event.  I highly recommend it to anyone who is interested in operating in the mobile home parks, mobile homes arena.  It was educational and provided a lot of background data that I didn’t know I was looking for.   Frank Wolfe was both engaging and entertaining.  He presented his model and transferred all his knowledge very effectively.

It was a 3 day event and all three days were packed full of information. Luckily it was nearby. It took place in Charleston SC, lovely town by the way. I had a blast and it was pretty cool meeting other like-minded folks.

-- Project Rocky

This project is quickly becoming my kryptonite. This project won’t kill me but it will definitely remain in my investing memory for quite some time. Mainly because this is dragging out for so long. So the latest uplifting news I got was a phone call one weekend ago while I was attending MHU. The mover actually checked out the spot for the home. Turns out the space was too small, so he had to delayed it, yet again.

This is good news because it meant he is actually trying to move it along, bad because now it’s raining again. I’m not sure if I hate the weather or myself more. Either way it will be providing quite a few learning experiences for me for some time. Once it’s in place, I’m seriously considering turning it into a DIY rehab, mostly because my fundings is running dry.

-- Project 192

I had to pause writing this blog just so that I could close on the sale side of this deal. Hooray!! At approximately 20:00 I closed the deal. I sold it for 18K over a 6 year term loan. $800 down payment and $250 monthly payment. It was pretty uneventful closing all-in-all. From beginning to end, the project took 4 months of time, $1915 in repairs, $2500 in acquisition, and $825 in holding costs. There are other miscellaneous expenses too but mainly I will be recuperating everything in about 18 months-ish. After that, it’s straight profit, assuming my buyer stay and pay.

-- Everything Else

I’m still writing yellow letters and mailing them out by hand. I made it to podcast 105 and I have to say they’re never get dull. I’m still networking and continue learning and growing. Now that I got one project behind me, I feel somewhat relief. Winter is upon us and if I can finish out project Rocky without incurring more debt, that is all I really want for Christmas. If I can finish it out by spring to time the sale with tax returns season, then all the better.

Well, that’s all I have for now. Thanks for reading and may you enjoy much success in your investing.