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Huge Profits from a Part-Time Business |
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| by Ernest Tew | |||||||||
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The manufactured housing industry is making it possible for millions of families to buy their own home for less than they would pay in rent. A few people have become wealthy by showing them how. It isn't necessary to quit your job or profession to start a profitable part-time business. But you may soon find you can't afford to keep your job. After convincing my oldest daughter to read Deals On Wheels by Lonnie Scruggs, she finally became motivated and started investing in mobile homes. Diane was a full-time nurse with two small children to care for. She had no experience or training in business. Yet, she and her husband managed to buy and sell twelve homes within a year after getting started--all at a significant profit. She soon began earning more income from her part-time business than she earned on her full-time job. To minimize the risks and time involved, she started with homes that were already set up in local mobile home parks. She discovered that the best mobile home buys were those between ten and twenty years old. They were usually free and clear of debt. She found that, in most instances, owners needed the money out of their home in order to move. But owners soon discovered that, while there were plenty of interested buyers, almost none of them had enough money to pay cash. Banks were not interested in financing older mobile homes. And, even if they were, most buyers couldn't qualify. My daughter discovered that a motivated owner would sell at a very low price if paid in cash. She found it profitable to borrow money from relatives and other private investors in order to pay cash for the homes. She was surprised at how quickly she could resell the homes by providing seller financing. She soon learned that most buyers were more concerned with "how much down and how much per month" than they were about the price and finance charges. To show how easy it is to get started in this part-time business, let's review Diane's very first mobile home transaction. The situationAfter being unable to sell his home for $4,500, the owner simply left town and abandoned it. The finance company became the new owner and was trying to sell it for the $3,300 balance due on the loan. The problemsThe park had several vacancies and the manager feared a buyer would move the home out. The finance company had not received payments or earned interest on its investment for the past three months. Moreover, the finance company was now faced with the high cost of moving the home or paying rent on the lot. The solutionDiane made an appointment to meet with the manager of the finance company. She showed him photographs of the home and pointed out that it needed a lot of work. She asked what the lot rent was doing to the value of their investment. She then asked him to give her their lowest cash price. The advantagesThe finance company sold the home, received $2,400 in cash, and was relieved of the management responsibilities and monthly lot rent. For showing the home, the park manager received $100 for her efforts and avoided the possibility of another vacancy. The results The financial results for Diane were as follows:
The entire process was completed in less than thirty days--while caring for her children and working as a nurse. However, we should keep in mind that we earn this kind of return by dealing in mobile homes as a business--not a passive investment. While almost anyone can find ways to buy and sell mobile homes, it does take a little time and effort. Problems or opportunities?With a lot of people, the big problem is indecision, caused by a lack of information. When you are faced with making important decisions that you are not sure about, why not turn to people who are in a position to help? About the Author:
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