My Hectic Day

[alexmorrow]

Well, today I got a TON done! I have so much to talk about, but I'm pretty tired so I'll keep it short. After getting a vin inspection, title search, ect, I found three homes that I paid a total of $967.64 today! Then, I'm going to put in about 2-3K in each and then flip them for 15k on financing at 15%. I found a surplus of homes that are going for about 400-1k a pop. I plan on buying a bunch more in the coming months from this source. Any way, I figured I'd update you all. So, in 30 days, I'll own three mobile homes. :SM039:

[Debbie]

I hope it isn't a secret source :rolleyes: .

Considering it's 1:00am (midnite your time), I'll patiently wait for your details that you promised.

Great job, Alex!:SM039:

[alexmorrow]

Haha...that's all the details I'm releasing. :icon_aets

[F3Nelson]

I take it you have a park you are going to put them in already?

[alexmorrow]

They already are in a park that's about 2 minutes away from me.

[F3Nelson]

They already are in a park that's about 2 minutes away from me.



Thats awesome, so did you just aproach the MH park manger, or how did ya find em. Makes me wish I'd have gone with Jim that day, he seems to have really fired you up!!!!

[Debbie]

Am I assuming correctly that it is a motivated park owner with lots of MH?

Are those MH over 30 years of age?

I can't help but think that those mh in the park used to be rentals rather than owned. Am I correct?

[alexmorrow]

It's a motivated park owner that has a bunch of abandoned homes sitting in his park. One was a 67, 82, and 83. They weren't rentals. People owned them outright.

[Debbie]

Does this park owner have enough owner occupied MH that aren't vacant? I mean, he's not having major problem with the park or anything? If yes, there may be problem for you to find buyers.

If no, then you did extremely well!

[alexmorrow]

No, all owner-occupied homes. He just has 3-4 that were abandoned.

[alexmorrow]

Here's an update. One home I actually have to go through the bonding process...so I think I am going to give it to Jim after I make sure that's ok with the park manager. Also, one of the other homes I told you about yesterday...supposedly the park manager is getting the owner to sign over the title to me. We'll see how that goes. If all goes as planned, Jim will take one of my homes and I'll just take two. :SM058:

[Jim Johnson]

Here's an update. One home I actually have to go through the bonding process...so I think I am going to give it to Jim after I make sure that's ok with the park manager. Also, one of the other homes I told you about yesterday...supposedly the park manager is getting the owner to sign over the title to me. We'll see how that goes. If all goes as planned, Jim will take one of my homes and I'll just take two. :SM058:

I met today with Alex and another mobile home investor and magic bullets member, Steve Eggleston. We had a great lunch, great conversation and learned more about Alex. Here is the skinny... he is the real deal. from time to time I have people ride along, takes some notes and say they are going to invest in mobile homes... well Alex is going for it. He has acquired deals in text book fashion and is almost mistake free. A couple of things... when you start doing one deal is time consuming as you work out your own systems. It is possible Alex might have hurt himself a little in the park by not defending his contractor... making sure everyone on your team is in good standing with he park is very important and it will cost you something on every deal if you have a weak link. Alex and I will get together again tomorrow and maybe take a trip tot he park and try to patch up that relationship between the contractor and the park...

In short Alex is a quick study, most pleasant and I am happy to have him as a friend...

[Debbie]

I remember Steve!
How's Steve doing these day?

I do recall reading Alex's post regarding your contractor and selling his MH. I did wondered if there was a jeopardy involve.

[alexmorrow]

Jim, thanks so much for your kind words. I truly appreciate them. It's very interesting meeting other investors in this business. They can have different viewpoints on mh investing...which cause me to analyze my deals from several different angles. I'm meeting another investor later on today for lunch, maybe Jim wants to join? Hopefully, I can patch things up between the park manager and my contractor. I should be hearing from the park manager today in regards to some of the verbal agreements I would like to have finalized in writing. I'm so glad I found this forum and I feel very fortunate to have Jim and the rest of you all as friends. Thank you.