Posted by Gregory (VA) on September 14, 2004 at 14:38:23:
I’m a newbie, have yet to do any deals. One of the Park Managers I’ve spoken with a few times has given me a couple leads. I’m hoping more will open as I prove myself to be able to get deals done.
70’s parkwood - Posted by Brian
Posted by Brian on September 12, 2004 at 14:46:21:
What would be a good price on a 70’s Parkwood, 10-12x70, 2br, 1ba, gas heat, c/a, fride, stove, w/d, new windows? How much should I be able to sell it for? I’m in the central oh area.
I’ve been trying to “learn my market” for some time now, but I haven’t come across too many 70s MHs, yet. The seller seems like he might be motivated and I want to know what a good price is if he gives it.
Re: 70’s parkwood - Posted by Anne_ND
Posted by Anne_ND on September 12, 2004 at 15:39:16:
Hi Brian,
I bought one of these babies for $500 and sold it in 3 days for $2500. Usually I get at least $7500 for my 70s models (with financing), but the quick turn-arounds tend to give me the highest yields.
Don’t pay too much for a 70s MH and find out what year.
good luck,
Anne
Re: 70’s parkwood - Posted by Brian
Posted by Brian on September 12, 2004 at 18:00:53:
Thanks Anne. I was thinking somewhere in the $1000 neighborhood, but wanted a second opinion. I couldn’t get the seller below $3000, so I left my card with him.
Re: 70’s parkwood - Posted by Anne_ND
Posted by Anne_ND on September 13, 2004 at 10:18:34:
Brian,
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.
Anne
Re: 70’s parkwood - Posted by Brian
Posted by Brian on September 14, 2004 at 05:27:43:
Thanks again. I have two more questions if you don’t mind. Did you have to find a few deals on your own before the PM started feeding you deals or did you start out with PM referrals? What qualities am I looking for in a park?