Thread: 19 Years old: First RE Deal done

G,

Congratulations. That's fantastic news. Balls to the wall, my friend.

hi do you know where I can purchase this e-book?

Originally Posted by Strategy

hi do you know where I can purchase this e-book?

Here.

Wow, you will go far. Nice DETAIL write up. Speed!

Hey there. Since seeing your post I have been looking deeply into getting this into action as it seems like a good opportunity. My question is there a way to do a deal without the money personally. I have a buyer trying to move cross state that has 15k cash and replied to one of my ads to build my list up to see if I had anything else available. I am going to be actively looking but without the money is there anything I could do such as work an agreement with the actual owner.

I know I've seen about loans from friends/family, and bank loans, etc. but what if I buy it then he backs out and no one else is interested?

I love these stories. How can you not be motivated after reading this. Congratulations on your first deal!

Not sure how the SAFE ACT will effect your operations in IA, but you might want to look into it. Word is that this piece of legislation will be the death of lonnie deals by requiring anyone holding note on a residential property to be a licensed MTG. lender.

Congrats btw.

Originally Posted by J P D

Not sure how the SAFE ACT will effect your operations in IA, but you might want to look into it. Word is that this piece of legislation will be the death of lonnie deals by requiring anyone holding note on a residential property to be a licensed MTG. lender.

Congrats btw.

I'm not quite sure this will affect lonnie deals that involve mobile homes set up in parks.

I haven't read the entire SAFE act, but from what I skimmed through it appears that it only affects residential MORTGAGE lenders - and most lonnie deals don't require a mortgage because they're not classified as real estate (unless they're on their own foundation).

My first deal was done in my early 20s and it was small rehab project in Illinois. I wound up making $10,000 but the most important part was the lessons learned from that project. It really took off from there ... those were the days.

I have nothing to really add except CONGRATULATIONS, that is so awesome!!! Good luck on replicating your success.. over, and over, and over, and over.

wow!


As a 19 year old interested in the real estate market i find this truly inspirational and motivational, its good to see guys my age taking action

I am going to keep doing my research and hopefully i will be posting my Success story soon!

great work cant wait to hear how well your next deal goes !

Great thread. Any more updates on how things are going?

Thanks for asking Excalibur. I had an amazing idea about how I could reduce my risk and streamline this operation.

I had a large buyers list built up because there is a huge demand for seller financing in my area since the banks and now the credit unions both no longer lend on mobile homes. The shitty economy and tight credit markets open up great opportunities for private lending on just about anything you can think of.

I figured I could take my buyers list to a local mobile home park owner (owns about 2000 lots) and work out a deal to help him get his homes/lots filled if he would take back notes payable on them. My fee would be the down payment for facilitating the contract (which is meager because the monthly lot rent would be $300 and payment would be around $200-300 for a total of about $500-600 a month. If a buyer put $500 down (which is typical), my fee would be that first $500. Then the owner is in the double money for the rest of the contract.

The owner of the park thought my price was a little too high and turned down a list that could potentially fill 20 of his empty lots.

I am going to negotiate with him one more time and give him my bear minimum per successful tenant transaction charge (roughly $350) which is VERY low in my opinion. Hopefully he will accept the win-win situation.
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Otherwise, with the credit markets so tight and the fact that I have about $3500 in liquidity again, I am avidly looking for another mobile home deal.

Hopefully I can post deal 2 updates for you all soon!

Thanks for the kind remarks.

G. Alexander

Great thread! Thanks for sharing G!

Just signed up recently, congrats on the great deal. A year later, where do you stand in terms of deals, experience learned, etc.? Keep up the good work!

Well, nice day today. My first customer sold his vehicle and decided to retire his mobile home loan with me.

He paid me a $1,270 lump sum. Never missed a payment in the last 2 and 1/2 years. Great tenant.



Customer #2 is still going strong.

Total earned from mobile homes since December, 2009: $4,073.74 + $5,537.34 (deal 2) = $9,611.08

Keep in mind, I spent about 10 hours total on these two deals combined. No management was involved. The checks just roll in every month while I work on finishing my BA in Finance and Entrepreneurship at school. The deals netted me just about $1,000/hr.

Just got approved for $500,000 financing for multi-family investment at age 22 using my own credit.

Good to be in the Fastlane .

Awesome man, congrats!!