Today we sit down with Garry Morris and Dan Paton to talk about some great deals for June 2020. We use the first EZ University YouTube episode of every month to bring you a half-hour of interesting insights and practical tips. From great mobile home success stories to what’s going on in the market to how to gain leads, these episodes are always packed with information. Let’s dive into a summary of the two deals we chose to feature this time.
Address: 860 West 132nd Ave, Lot 323, Westminster, Colorado
Asking price: $30,000
This deal has a great backstory. As you can see, this deal is in Colorado, and our business is based in Michigan. Needless to say, we don’t do a lot of business in Colorado. However, a young couple found our site through SEO and filled out our online contact form.
It looked like a great opportunity. The home is newer – built around 2010 – which is always attractive to us. It’s a single wide, featuring two bathrooms and three bedrooms. The couple selling the home are upgrading to a stick-built house and wanted to get this home, which they had inherited from a family member, off their hands.
Westminster is near Denver. And the lot rent and real estate prices, in general, are extremely high in that area. Because of the pandemic, interest rates are at an all-time low, and this young family was ready to seize the opportunity. Dan Paton’s brother, Mike, who lives in Baltimore, was available to fly out and close the deal. He bought it for $9,000 and found a buyer in about three weeks. He ended up walking away with $22,000 in cash! After expenses, it turned out to be about an $11,000 margin.
Two ways to look at a deal
One of the critical things to consider when contemplating a deal like this is: what are the circumstances surrounding the seller? Why are they selling? Or, in other words, what is their motivation? This can make a huge difference, which we’ll see when we take a look out our second deal. Try to get to know the seller. And find out what dilemmas they’re facing if they don’t sell (or if they do). Then, show them how you’re willing to help them with those issues.
The other aspect to consider is the condition and situation of the home. Is it on private property and needs to be moved? What year was it built? What buyers might be interested in its unique condition and situation?
Address: 118 Mark St., Des Allemands, Louisiana
Asking price: $8,600
Located near the New Orleans area, this home was situated on private property. It was one of the houses that were shipped in for temporary housing after Hurricane Katrina devastated the town in 2005. The lady who was selling it, however, had just ordered a brand new-double wide and needed this old one off her lot in a limited time frame.
The seller received a postcard from EZ Homes in early June and immediately gave us a call. We put it on Facebook Marketplace and the response was shocking! We sold it in about two weeks. And we had around 3,000 views on the listing and had multiple offers. But, in the end, we were able to work with one of our partners to sell it for our asking price of $8,600. The buyer turned out to be a former classmate of the seller. So the home is in good hands, and the seller now has room for her new mobile home.
The catch to this deal was that it needed to be moved, and the deck, awning, and bushes needed to be cleared away. The seller was more than happy to do the needed work, however. This home was built in the mid-1990s and featured three bedrooms and two bathrooms.
What we offer at EZ University
With a one year subscription to EZ University, you’ll get hands-on training so you can make deals like this yourself. Actually, the partner we worked with on Deal #2 is a teacher who had opportunity amidst the pandemic to look for ways to expand his income. He’s closed two deals already. And he’s loving it.
When you join EZ University, we’ll give you everything you need to do the same. There are multiple facets to what EZU offers, including courses, an exclusive Facebook group, Facebook Live events, and daily Q&As. And you’ll also have access to a customer success agent who you can call directly with any questions.
01:54 Deal #1
07:30 The importance of circumstances
10:21 Two ways to look at a deal
12:35 Deal #2
18:11 How EZ Homes differs from other mobile home companies
23:53 What we offer as EZ University.