'71 12 x 60 - Posted by Ed Wachsman


#1

Posted by phil fernandez on October 28, 1998 at 20:35:20:

Hi Ed,

Of course I don’t know your market but the reason the mobile has not sold in a year is because the owner was looking for a cash buyer and not offering financing. Terms sell and for $1,000 I don’t see how you can go wrong.

I bought a 1973 12 x 60 last spring for $1,950 that needed about $600 worth of work and sold it quickly offering financing with a $2,000 downpayment. Age isn’t that big of a factor, condition is.

I think you’re on to something here. Check out your local mobile home market to get a feel for value.


#2

'71 12 x 60 - Posted by Ed Wachsman

Posted by Ed Wachsman on October 28, 1998 at 20:07:50:

I may have an opportunity to buy a '71 12 x 60 2 BR in an OK park. If it is in reasonably good shape would $1000 be too much considering the size and age and provided it can stay in the park? I know Lonnie suggests up to 20 years old as the ideal but this sounds like it might be a reasonable exception. I was thinking of selling for around $4995 on some sort of terms ($500 - $750 down and some reasonable monthly payment in the $200 - $250 range). Park rent is $217. The owner has tried to sell for around $4500 for a year with no terms without success.

Any obvious flies in the ointment I’m overlooking? Done a lot of real estate but this would be my first wobbly box.


#3

Re: '71 12 x 60 - Posted by Lonnie

Posted by Lonnie on October 30, 1998 at 13:27:46:

Hi Ed,

I tried posting this before but guess it went into orbit.

If the home is in livable condition, in a decent park and can stay on the lot, you should be able to make a good deal for $1,000. Everything will sell at the right price and/or terms, so it?s just a matter of finding the right person for the home. I often violate my own guidelines if my gut feeling tells me it?s a good deal.

For instance, that little 12 x 55 home that you went into on the seminar park tour was sold this week for $3,830 CASH. I had $1,500 in the home and had it priced at $4,500. The buyer asked about a cash price, so I scribbled and punched numbers and finally said, "if you can do the deal now and pay the November lot rent, I?ll discount the price $670 (that?s a POA figure…plucked outa the air.) He never asked the age or name of the home until he had agreed to buy.

The buyer was a disabled single man on a very limited income and was mostly concerned about being able to live on his disability check. By using part of his savings and paying cash for the home, he could afford the lot rent and monthly expenses with no problem.

I must have gotten 50 calls from people that didn?t want the home, but I only needed one that wanted it. By matching the right home with the right buyer, I made a good deal for both of us. I heard a friend say, “There?s a seat to fit every butt.” You just have to match em? up.

Best wishes and good luck,

Lonnie


#4

Thanks all for the confirmation and encouragement - Posted by Ed Wachsman

Posted by Ed Wachsman on October 30, 1998 at 04:11:40:

Your insights and encouragement are greatly appreciated.

I’ll let you know how it shakes out. Probably will know the latter part of next week.


#5

Re: '71 12 x 60 - Posted by Jackie in Dallas

Posted by Jackie in Dallas on October 29, 1998 at 23:26:55:

I bought a '72 12 x 60 2 bed/1 bath last year - paid $2300 - it was in move in condition with central heat and air. Sold in in about 2 days for $6900 with $1000 down and $250 payments - no interest.

Sometimes the older homes are in BETTER condition than the newer ones.

I suggest you sell for MORE!


#6

Re: '71 12 x 60 - Posted by Gator Shelton

Posted by Gator Shelton on October 29, 1998 at 08:58:01:

I agree with Phil. I’m working on a 68 12X60 Gallahad that I bought for $1200 and needs about $700 fixup. I already have a buyer waiting with $500 down and $6000 note. When I make the payments under $200/month I can sell anything. Sounds like a winner.

Best Wishes from your friend, Gator


#7

Re: '71 12 x 60 - Posted by J.P. Vaughan

Posted by J.P. Vaughan on October 29, 1998 at 08:56:01:

Hey, Ed, you sure didn’t waste any time getting a deal!

If you know you can sell this for around $4500 with
terms, it sounds like a deal all day long to me. With
$500 down, you recover your initial capital in less
than 3 months.

Remember to keep the total payment + lot rent at around
what a similar apartment in the area rents for.

Let us know how it goes.

JP