Advice on Potential Purchase, Pls - Posted by Sailor

Posted by Sailor on October 24, 2005 at 22:26:34:

As always, Ryan, your advice is thoughtful & spot on! Fortunately, though I normally do not tarry on deals, I delayed on this one & lost it. I did learn more about the process & regs by visiting the health dept & building inspector. I hadn’t realized there was such an advantage in moving another MH INTRA-county vs. inter-county (the former allows me to move & set-up an older non-wind zone rated MH, or a lower-rated unit, while the latter has a tax penalty). After rehabbing another older unit this month, a 2nd rehab doesn’t faze me, but my handyman SIL would prefer to work on a newer unit, & I would get more rent than on the old 2/1. I’ll do some more scouting for a suitable alternative, take out an ad & put up some flyers. Thanks!


Advice on Potential Purchase, Pls - Posted by Sailor

Posted by Sailor on October 23, 2005 at 20:16:37:

Have just finished rehabbing a '74 conner in my MHP (whew!), & have one more to go, a sorry 2/1 '73 Nash. Am trying to decide whether to rehab or replace. Have found a once-lovely 3/2 '92 Horton that suffered severe roof damage during Ophelia. Roof has been replaced (probably by insurance). Seller must move MH by the end of month, as the lot owner is starting construction on a SFR. Seller owes c. 6k & is asking 8k. I’d like to pay as little as possible since I’d have to get rid of the Nash & have the Horton moved & set up. In addition, there was interior moisture damage, & I can see the beginnings of mold, so there would be some moderately extensive mitigation. From preliminary research, think my handyman & I can probably conduct (w/proper respirators, etc.). Seller has already purchased a SFR, & moved out all his belongings; he is probably not even aware of the mold, since it is most prominent on the wall he just replaced (for a different reason), & the other patches are still small.

I know that an upside-down MH owner seldom has a good exit strategy, but I am wondering if (1) my mold pics would be helpful in a seller-bank negotiation of a reduced pay-off; or (2) his insurance co. might pay a sufficient amount for mold mitigation that it could contribute significantly toward a full pay-off. I’ve been trying since Thurs am to reach the county septic inspector to confirm that I can replace my 2/1 w/a 3/2 (yes, I know only the # of bedrooms count), & plan to ambush him in the morning. If there was not a mortgage on this MH, as soon as I confirm a 3/2 is OK, I would make an initial offer of 1k + an immediate move to solve the seller’s problem.

If anyone has advice on (1) any of the above; (2) mold mitigation; (3) checking on the roof replacement to make sure it was done correctly; (4) suitable offers; (5) anything else I didn’t think to ask, do pls speak up. TIA


Re: Advice on Potential Purchase, Pls - Posted by Ryan(NC)

Posted by Ryan(NC) on October 23, 2005 at 22:27:37:


Personally I’d rehab unless you’re renting or it’s truly trashed beyond repair, you may have to get to a little bigger area to locate a solid home but I’d skip the mold/roof/bank problems you could be facing.

Being that you want to move what ever you buy, you’ve already cut your competition by 90%. There are very few buyers for a trailer that must be moved. And even fewer have the cash to make it happen!

Queue in on ads from your surrounding area that say “Must Be Moved”, anything that isn’t financed can be bought for next to nothing. I commonly answer ads for 90-95 models with asking prices from 4-8k for decent homes in my area that “Must Be Moved” and it’s extremely easy to buy them for 1-2k because the owner just wants the trailer to disappear for whatever reason. Plus it’s a chance for you to explore our beautiful state. :wink:

Best wishes,
Ryan Needler