Step 1: I come look at your mobile home. Basically I am evaluating the condition of the home and the location that it currently sits in. Both issues determine what I can pay for a home.
Step 2: I crunch some numbers. I determine what's called the After Repair Value (ARV). I then figure out the expenses involved in getting the home to that value.
Step 3: I make you a cash offer. I normally pay between 60-70% of the ARV minus expenses.
Now as to why I'm picking Waco to talk about, I'll let the good people at Wikipedia answer that question a little bit better for you!
In 1866, Waco's leading citizens embarked on an ambitious project to build the first bridge to span the wide Brazos River. They formed the Waco Bridge Company to build the 475-foot (145 m) brick Waco Suspension Bridge, which was completed in 1870. The company commissioned a firm owned by John Augustus Roebling in Trenton, New Jersey, to supply the cables and steelwork for the bridge, and contracted with Mr. Thomas M. Griffith, a civil engineer based in New York, for the supervisory engineering work on the bridge.[11] The economic effects of the Waco bridge were immediate and large. The cowboys and cattle-herds following theChisholm Trail north, crossed the Brazos River at Waco. Some chose to pay the Suspension Bridge toll, while others floated their herds down the river. The population of Waco grew rapidly, as immigrants now had a safe crossing for their horse-drawn carriages and wagons. Since 1971, the bridge has been open only to pedestrian traffic and is in the National Register of Historic Places.
In the late 19th century a red-light district called the "Reservation" grew up in Waco, and prostitutionwas regulated by the city. The Reservation was suppressed in the early 20th century. In 1885, the soft drink Dr Pepper was invented in Waco at Morrison's Old Corner Drug Store.
In 1845, Baylor University was founded in Independence, Texas, making it the oldest institution of higher learning in the state of Texas. It moved to Waco in 1886 and merged with Waco University, becoming an integral part of the city. The university's Strecker Museum was also the oldest continuously operating museum in the state until it closed in 2003, and the collections were moved to the new Mayborn Museum Complex. In 1873, AddRan College was founded by brothers Addison and Randolph Clark in Fort Worth. The school moved to Waco in 1895, changing its name to Add-Ran Christian University and taking up residence in the empty buildings of Waco Female College. Add-Ran changed its name toTexas Christian University in 1902 and left Waco after the school's main building burned down in 1910. TCU was offered a 50-acre (200,000 m2) campus and $200,000 by the city of Fort Worth to relocate there.
In 1894, the first Cotton Palace fair and exhibition center was built to reflect the dominant contribution of the agricultural cotton industry in the region. Since the end of the Civil War, cotton had been cultivated in the Brazos and Bosque valleys, and Waco had become known nationwide as a top producer. Over the next 23 years, the annual exposition would welcome over eight million attendees. The opulent building which housed the month-long exhibition was destroyed by fire and rebuilt in 1910. In 1931, the exposition fell prey to theGreat Depression, and the building was torn down. However, the annual Cotton Palace Pageant continues, hosted in late April in conjunction with the Brazos River Festival.In the 1890s, William Cowper Brann published the highly successful Iconoclast newspaper in Waco. One of his targets was Baylor University. Brann revealed that Baylor officials had been importingSouth American children recruited by missionaries and making house-servants out of them. Brann was shot in the back by Tom Davis, a Baylor supporter. Brann then wheeled, drew his pistol, and killed Davis. Brann was helped home by his friends, and died there of his wounds.
On September 15, 1896, "The Crash" took place about 15 miles (24 km) north of Waco. "The Crash at Crush" was a publicity stunt done by theMissouri–Kansas–Texas Railroad company (known as M-K-T or "Katy"), featuring two locomotives intentionally set to a head-on collision. Meant to be a family fun event with food, games and entertainment, the Crash turned deadly when both boilers exploded simultaneously, sending metal flying in the air. Two people died and six were seriously injured.
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