First MH under contract!

[G-man422]

Hello everyone,

I have not posted in a while. I recently moved up to Ohio so I have been poking around to see what the market has. I cam across a nice MH on craigslist and made an appointment to go see it. I ended up writing up a purchase agreement on the spot. It is an older 1976 1br 1 ba Mobile. 14x60. It has been fully remodeled w/ drywall, new water heater, rebuilt furnace, newer sealed roof, shed and comes with a stove and fridge.

I know what you're thinking: "that’s an old one!". I know, but for $1,000 I felt it was a good one to start with and if anything I'm out $1,000 and learned something m(not that I plan on this happening). So I am going to give the home a final walk around and make sure my "partner" approves of it. If everything goes well I will have the title in my name at the end of the week.

I have put up an ad on CL already offering the home with $800 down and low monthly payments. I have had two emails but nothing serious.

I will keep you all updated, and wish me luck!

[G-man422]

Got the title in my name today and taxes paid for the year. Out looking for buyers . . . . :praise:

[JSAUNDERS]

so what are you trying to sell it for?

my first moble home bought for $4,200
remodeled it for $20,000 (lived in it for 3 years)

sold it for $37,000

[G-man422]

I have no specific price but would like to finance it for about $8k or sell for cash for $4k.

I might live in this one and put some money into it if I cannot find a buyer just as you did. What improvements ad the most resale value to a mobile home?

[Marilyna]

Hi,
Just wondering how this one turned out?

[G-man422]

I have a meeting this weekend with a potential buyer. I'm telling you, the cold weather and it being a single bedroom has really put a damper on potential buyers. I will keep you updated.

[Marilyna]

Well, good luck with it! I know around here that since the weather's gotten warmer (I'm in Texas) there have been a lot more MHs for sale.
Have you tried listing it under Apts for rent? I think a lot more people wanting apts are looking for a 1 bedroom, so they might be potential buyers for you.

[G-man422]

Marilyna,
Thank you. I have not tried listing it under apartments for rent. If this one works out, I may try that with my next mobile.

I saw in your post you have a mobile you are looking at?

[Marilyna]

Hi Gabe,
Yes, I have a couple I'm considering. But nothing thrilling. And that one has that title issue. I'm thinking I should probably avoid it like the plague. But if I bought that one, I think I could establish a good relationship with the park for future deals.

[Marilyna]

Gabe,
Did having to hold this one longer than you planned make you feel discouraged? Have you bought any more or were you waiting til this deal was sold?

[G-man422]

I'm not discouraged at all. I just finished everything up today. Here is what I did:

Bought in February. Held for two months @ $270 per month plus utilities (I didn't want the pipes to freeze so I needed gas and electric). Purchased for $1,000. Sold for $2,990 financed over 1.5 years.

I'm very happy with the deal and learned a tremendous amount. I'm looking for my next one :)

[Marilyna]

I'm glad you're not discouraged! That's great. Congratulations on the sale. You must be excited!
Hope you find a great deal for your next!! Would love to hear about what you find.

[G-man422]

Thank you Marilyna. keep us updated on your progress as well. Good luck!