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Old Manufactured Homes Bear DE

Fred was like most investors and entrepreneurs, he had no idea that mobile homes could be a good investment and a good money maker. And what little he had heard about manufactured homes wasn’t very flattering.

Angela C. Bottone
(302) 841-3313
1218 Pulaski Hwy 342
Bear, DE
Agency
(Delaware Home For Sale Realty)
Average Home Size
Usually sells 4 Bedrooms
Average Home Price
Average Sales Price: 276k (1k - 480k)

Cornell Homes
(610) 326-1700
600 Dane Court
Bear, DE
Agency
(Cornell Homes)
Average Home Size
Usually sells 3 Bedrooms
Average Home Price
Average Sales Price: 212k (199k - 224k)

Bill &. Mark
(302) 521-4879
Bear, DE
Agency
(Re Max Sunvest Realty Stanton Office)
Average Home Size
Usually sells 2 Bedrooms
Average Home Price
Average Sales Price: 297k (144k - 550k)

Laurie Brown
(302) 738-2300
Newark, DE
Agency
(Rebecca Denight)
Average Home Size
Usually sells 3 Bedrooms
Average Home Price
Average Sales Price: 283k (58k - 649k)

Scott Farnan
(302) 239-3000
Bear, DE
Agency
(PATTERSON-SCHWARTZ REAL ESTATE - HOCKESSIN CENTER)
Average Home Size
Usually sells 0 Bedrooms
Average Home Price
Average Sales Price: 285k (64k - 499k)

Broker Michael A.
(302)266-7544x11
Bear, DE
Average Home Size
Usually sells 4 Bedrooms
Average Home Price
Average Sales Price: 283k (170k - 430k)

J.T. Takacs
(302) 346-4288
Bear, DE
Average Home Size
Usually sells 0 Bedrooms
Average Home Price
Average Sales Price: 381k (360k - 403k)

Keller Williams Realty
(302) 898-5432
56 W. Main St. Suite 101
Newark, DE
 
Jennifer Ondik
(302) 475-0800
Bear, DE
Agency
(PATTERSON-SCHWARTZ REAL ESTATE - BRANDYWINE CENTER)
Average Home Size
Usually sells 0 Bedrooms
Average Home Price
Average Sales Price: 225k (225k - 225k)

Wayne West
(302) 733-7000
Bear, DE
Agency
(PATTERSON-SCHWARTZ REAL ESTATE - NEWARK CENTER)
Average Home Size
Usually sells 0 Bedrooms
Average Home Price
Average Sales Price: 263k (165k - 369k)

An Old Manufactured Home or Money in Disguise?

An Old Manufactured Home Or Money In Disguise?
Wed 01/18/06 08:14:22 am
by Lonnie Scruggs

 Fred was like most investors and entrepreneurs, he had no idea that mobile homes could be a good investment and a good money maker. And what little he had heard about manufactured homes wasn’t very flattering. But he had read a book about how you could make money with them and he called me to get some more information. And he wanted to know if he could visit with me sometime, buy lunch and see first hand just what I was doing. At 9 o’clock one morning, Fred shows up at my door, and we went on a park tour

In the first park we drove through, I pointed to a manufactured home and said, “Fred, take a good look at that manufactured home and tell me what you see.” This was a 15 year old single wide home. The paint was ugly, one section of the skirting was missing, a window pane was broken, a dog was tied to the steps and the yard would never win a “Yard of the month award.” I could sense that Fred wasn’t real impressed at what he saw. He looked a little puzzled and said, “ All I see is an old manufactured home.” And to the untrained eye, that’s just what it looked like…an old, ugly manufactured home.

Now there was nothing wrong with Fred’s eyesight. He saw exactly what I just described. What he didn’t realize was that he was looking at money, but it was money in disguise that looked like an old, ugly manufactured home. Then I gave Fred the history on this home.

About two years before, I had bought this home for $2,700 and spent another $341 for advertising and minor repairs. My total cost in that home was $3,041. In less than two weeks, I had it sold for $6,950 to a young couple that needed an affordable place to live. This couple, like many couples, would never save enough to buy what they wanted, but they could make a payment every month for life. They paid $750 down and I took back a note at 12.75% interest (the industry standard) payable $191.07 monthly for 40 months. Now, let’s run the numbers and see how I made out.

We had $3,041 invested, received $750 down, leaving $2,291 in the deal. We now have a note for $6,200 and will receive $191.07 for 40 months. If I punched the right buttons, that’s a 95% yield. After 40 months, we will have collected $7,642. And also, it will only take 12 payments to recover the $2,291 we have left in the note. As you can see, this little deal provides very high yield, with minimum risk and was done in a very short time.

Now, let me explain what I’ve really done with just a few hours of work. Some people will think I simply put a little deal together and made a good profit. And I have. But I’ve done much more than that. What some people fail to realize is that I’ve spent a few hours of work to create a note that now obligates somebody to send me a check every month for the next 40 months. Once the deal is done, what more do I have to do to get paid? Nothing but wait for the mail...

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