Posted by JeffB (MI) on March 08, 2006 at 21:37:03:
I’d recommend trying something a little closer to home, if possible, for your first deal. How will you arrange showings and repair work with this much distance? Just something to think about, but don’t want to discourage you.
1st one, comments, input?? - Posted by derek
Posted by derek on March 08, 2006 at 12:46:24:
I spoke to a PM today. She said this guy left a 1970 2bdrm w/tipout, WD in her park. He was behind on lot rent and just disappeared leaving behind furniture clothes and appliances. She says it’s a mess needing roof work and work on the floor. I forgot to ask how far behind on the rent he was. The ad says $2200.00. She said she had one other offer that was too low. She said she didnt think I could ever recover any investment. I said I would like to see for my self. She is sending me pictures of the damage. I am seeing alot of value in this transaction even if it costs me some money because being a first deal I feel that would learn alot, and the PM is really great very open and honest and welcoming so this may be a great networking opportunity if nothing else. opinions??
Re: 1st one, comments, input?? - Posted by derek
Posted by derek on March 08, 2006 at 18:37:13:
Yes the PM went after title and does have it. The MHP IS about two hours away from me but I do think the experience in itself is worth it even if there is no deal.In speaking to this PM I found that she’s rarely been shopped by investors, she does often have homes for sale that she’s acquired title to and she’s extremely personable. Is this one little deal the ticket to the park?, And how much is that worth to me??
Re: 1st one, comments, input?? - Posted by Tony Colella
Posted by Tony Colella on March 08, 2006 at 18:05:00:
Does the PM (seller) have title to the home?
Re: 1st one, comments, input?? - Posted by JeffB (MI)
Posted by JeffB (MI) on March 08, 2006 at 14:31:08:
It certainly does not hurt to go look at it, if for no other reason than to meet with the PM as you suggested. Even if this particular deal is no good, she may be able to point you in the direction of other sellers who may be motivated.
I’ve never dealt with roof work, but floor work is a snap. Be careful if the thing is in really bad condition and you’re new to fixing things, you’ll have to budget for rehab and holding costs – but most importantly, before you do anything you had better know what the home will sell for in your area. Lonnie recommends selling for at least twice what you paid, my personal rule of thumb is 3x what I paid, but do what works in your market.
Let us know how it works out.
Re: 1st one, comments, input?? - Posted by Adam-MI
Posted by Adam-MI on March 09, 2006 at 06:46:15:
I would say that the experience is worth a lot, however it would be SO much better if you also had a deal. Why not make some money, AND gain this important experience? There are plenty of deals out there, so why choose to buy something that will not likely make you any money? No need to delay your money-making, when you’ll get the same experience either way.