1st deal may be in sight! HELP!!!!!! - Posted by george from raleigh

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by mike on February 01, 2001 at 08:56:30:

I have read (and duely noted) that a GREAT way to “get the guy out” is to bribe him/her. That’s right…bribe them.

Ask yourself this question?

“If I must pay the mortgage, lot rent, etc…etc… for one month, OUT OF MY OWN POCKET, how much would that cost?”

Then, multiply that figure by HOW MANY MONTHS it will take to “get the guy out”.

If it is (example) $400 a month, grand total, and you have to pay it for 3 months, that’s $1200.

Ok?

Now, this guy is probably “cash desperate”. HELP HIM OUT!!!

Go to him and say " you know, I’ll GIVE YOU $400 to “get out”. And I’ll pay you in cash. And I will help you move myself.

I bet he leaves by the end of the week. Now, you have saved yourself $800, legal fees, etc…etc… and the problem is gone. He is out.

Get the picture? Now you can begin the other process of selling/ re-renting the place.

I would sell it personaly, and YOU HOLD THE TITLE. YOU BE THE BANK.

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1st deal may be in sight! HELP!!! - Posted by george from raleigh

Posted by george from raleigh on January 29, 2001 at 18:56:40:

I looked at a mobile in town in a sort of so-so park. The PM just got possession of the home, the owner of which is residing in jail! They are asking $3,000, which is the amount of the lot rent arrears. My questions are as follows:

1: According to the PM, in the state of North Carolina you have to wait for there to be three months lot rent arrears before they can even BEGIN to think about evicting. This I found rather scary. Does the same apply to a note? If I have to wait 3-6 months with no payments before I can get the guy out, and then have the normal lag time of getting another buyer, I might choke. Also, if I sell the first 18 months of the note I might be seriously sucking wind. Help!

2: The PM has agreed to abate lot rent until I have the place rehabbed and a buyer in there. I thought of asking to delay payment of the entire purchase price until I have a buyer, with me having access to do some necessary rehab. If they agree to that, would that be a good deal? I think that if I can swing this it would lower my exposure. You gotta realize, folks, that I have the newbie jitters!

Anyway, thanks in advance for the advice. You guys are the greatest!

george from raleigh