Continued from Case Study: Branch Ave
Bought Mobile Home:
Purchase Price: $4,000
Purchase Terms:$3,000 day of title transfer and 4 future payments of $250 per month starting in 3 months.As-Is with no warrantee.
Needed to sell:Febreeze, Sweep, clean all flat surfaces, countertops and windows with Windex.Cool seal or tar roof.(All complete as of date writing this post.) ( $170 total to clean and repair)
Ideal Selling strategy:Sell for $19,000. $1000 – $2,500 down (day the tenant-buyer moves in).Payments of $317.13 (@ 6.25% for 72 months). Total payment in $727.13.
Time frame to sell: 1 week
Selling method: Selling-funnel with phone service.Small local newspaper, bandit signs, current buyers list.
Kitchen clean and clean white color. (Good to sell)
Window air conditioners are allowed in park and are fine for this property.No change will be made here.Make sure all appliances are in working order before buying home.
Previously repaired minor ceiling leaks. (Type 2) No major damage. Fine to re-sell as-is.
Because this property is a type 2 property (condition wise) I am not expecting to get over 3 months of payments as a down payment.If the property was nicer we could sell for more down, this is the same reason I have decided to charge only $727.13 as a monthly payment (including lot rent). ($317.13 cash flow EVERY MONTH!!)
One of the best things I love about the mobile home investing business is the lack of active competition when investing in mobile homes.I was able to have complete attention with Gladys and because she had no serious offers for her home (cash or other) she was super willing to negotiate with me.
I’ll let you know when I fill the home and any new developments that happen.
-John
Tags: Case study
Leave A Reply (2 comments So Far)
Cecilia R.
652 days ago
Great deal!!!! I love the quick turn around time. GET EM’ SOLD and move on! Great story and keep us in the loop. Cecilia R.
Jim Collier
636 days ago
SLAM DUNK JOHN!!! Are most of your deals like this one? Whats your retail versus holder? Thanks man, havebeen following your articles and am impressed with your knowledge on the BP blog too.
- Jim