Well, I tried


#1

to take the summer off, but I just folded. Had a couple of investors from this board offer me a nice, 1/4 acre lot with old POS singlewide (1969 vintage…anyone remember Woodstock?) for 17.5K net. My business partner TJ and I closed yesterday with 1/2 this month, half next month. The reson? Have a customer wanting a L/H in this area of Ocala. Went threu a nasty divorce and has shot credit, but has $7,500 to put down soooo.

A month ago, a busboy at my fav morning coffee shop tipped me on a possible removal of a nice mobile off a horse farm and got me a phone number. Steve, the owner just bought a 480 acre horse farm for 28.7M and there were 3 nice doublewides (90 vintage) on property and wanted them gone for free. No prob!! After paying three thou to my busboy, we got titles and had 4 months to remove homes.

Took my customer out to peek one of the homes and he loved it. 92 Liberty 28 x 52 3 bed/2 bath. We will remove junker and place this home on lot. At this point, I will be in the property 9100 for purchase 5800 for breakdown and reset and about a grand for skirting, steps, etc. I still owe 8750 on the land, so after deducting the 7500 downstroke, i will be in the property for about 17.5 K out of pocket. I will structure a note for 81.5K at 12% payable at $897.38 per month for 20 years. With any luck at all, I will be cashed out of pocket in about 20 months and will have 18 more years of Cool Runnings. Call it greed or whatever, but i just CAN’T pass these up!

I am not posting these results to show this Board how smart I am…I am posting this to show what a lot of you posterrs and bloggers have taught me. The most important tools I have in my bag are contacts. Hairdressers, busboys, waitresses, housewifes, cops, probation officers, fish and game, construction workers, home movers, escorts, have all given me leads on lots and homes i have bought.

About a month ago, I was contacted by someone from the Pensacola area with singlewide FEMA homes for sale. I need 11 now please contact me for homes under 10K each, I will transpo

Greg


#2

do it, Greg! You had to come back for your “fix” in a relatively short period of time! That sounds like a terrific deal - you could do that type all day long. Welcome back.


#3

Welcome Back! You can’t keep a good man down for very long!

What a way to come back! Those are some nice deals!!!

Corey


#4

LOL…Greg, you and I have this bad disease that seems to have no cure. I told myself that I was going to basically take the Summer off and enjoy a few days on the golf course and other fun stuff like that. Why shouldn’t I be able to do this? Retirement from the Air Force after 20 years deserves some sort of reward.

What happens…Jim and Ellen find their dream park full of your favorite homes…“puffs”. And then just a few weeks ago a local 41 space park falls into my lap.

I spoke with this owner over a year ago and he wanted $800K. Time sure does change a seller’s outlook and as we sat at a table in an O’Charley’s restaurant, he dropped the price over half to $342.5K. Man, that’s when the “mobile home cancer” kicked into high speed. You know exactly what I’m talking about…lol. I couldn’t drive fast enough to the broker’s office to put that park under contract.

Well, it was a great idea…taking it easy this Summer and Fall just playing around. It looks like I’ll be busy again making more money with these crazy wobbly boxes.

Take care my friend and I’ll see you in Daytona.

Steve


#5

happy it makes me that there are others out there with our 'problem". LOL! The truth is, it takes aton of energy, time, and cash to fill up the contact “Pipeline”. Whether it is Parks, L/H’s, Lonnies, the dynamic is the same. I have looked at over 30 Parks in my area…and a 40% expense Park in FL with 41 spaces will sell for 1-1.5M, more on either coast.

Sounds like you got a heck of a deal Steve…please post info after you close. Gonna option into an Option Trust for SDRIRA flip?

Gald to hear of your deal with Jim and Ellen, I would bet the Farm this will be smooth and profitable venture. The lot I bought from the two investors from this forum won’t even get a recorded mortgage, it is great to deal with people you know and trust!

Greg


#6

great post Greg- I’m looking forward to more stories at MOM!

Marty


#7

Greg,

This brings tears to my eyes! I hope to see the infamous Greg Meade at Mobile Home Millions V… San Diego, California March 2nd - 4th!

The west coast needs to know about the legend of Greg Meade!

Corey


#8

part, but to the new person the possibilities are endless. I see my retail lot winding way down, have 11 mobiles on land for sale, and i humbly hope these critters will replace some of the bucks we have enjoyed the past three years selling mobiles.

Gonna try something new and different for me. Have bought 4 R-1 (site built only) lots and am gonna try my luck building block homes. Can build a nice 1600 square foot block and stucco home for 78K, another 9 K for curb-it and landscape, lot for 23K, improvements and fees of 10K and will sell for 159K or so…if we can even net 30K per home , i will build 8 more, etc.

These can sell for 0 down FHA or VA and insurance is a snap as is financing.

Build 8 of these a year, and a nice upside Park, I am a happy camper with all the cash flow one family needs to live well (and often). I see repos really drying up here in Florida (everywhere?) and if there is one single thing this forum has shown me is there are multiple ways to make a buck in housing. When I finish the 4 L/H I am working on now, i will wrap up these (until the next can’t turn it down properties comes along) until I give homebuilding a shot. If we can’t sell these homes, we have nice, low maintenance rentals availkable til things pick up. we are using all our own cash to build the first four so there is no hard money or mortgage ticking>

hope to see ya in SD Corey…

Regards,

Greg Meade