Re: 70’s parkwood - Posted by Anne_ND
Posted by Anne_ND on September 13, 2004 at 10:18:34:
Somewhere on this board is a thread about ‘what percentage of homes that you look at do you actually buy’ and my answer is close to 40%, but I don’t advertise, I buy strictly from recommendations from the park managers and I usually don’t look at anything that’s not really cheap.
I need to change this strategy however, because one time I ended up paying way too much for a 1972 2 bedroom house. I was hungry for another MH and this one came up- I shouldn’t have given the seller more than $2000 but I knew her from my previous job, she had been a student of mine. I just couldn’t bring myself to negotiate with her and she had done significant work on the house, but it was still small and old. I gave her $4000 and she moved out in late August.
I held that wretched MH for 5 months through the winter, paying full lot rent, and utilities in one of the coldest winters on record. The furnace went out and the plumbing and hot water heater had to be replaced (I learned the diff between ‘turning off the water’ and ‘winterizing’).
I finally sold it to a lady with 3 kids who is thrilled to have the home because she had horrible horrible credit and had been evicted from the section 8 program. But there were believable extenuating circumstances for her problems and she’s turned out to be a great buyer. She really needs a 3 bedroom house and I told her that I’d let her apply her equity in this house toward a 3 bedroom when one opens up. That’s how I hope to make back my money.
So this is a long-winded answer to your question, but I suggest you walk away from anything built in the 70s where they want more than $1000.