Posted by Lynn (AL) on April 27, 1999 at 21:43:58:
Robert,
Good going. Hope it works out for ya.
Your “neighbor”,
Lynn (AL)
…all I was looking for was a “Lonnie Deal” - Posted by Robert(AL)
Posted by Robert(AL) on April 27, 1999 at 21:27:03:
I ordered Lonnie’s book last week, it arrived in the mail on Saturday. I read it from cover to cover on Sunday by 3:00. My wife and I then went driving through a few parks just to have a look. That evening I began to make a few calls on some of the homes we saw just to get a feel for talking to sellers.
On Monday, I mentioned to a co-worker what I was interested in doing.
Today (Tuesday) he begins by saying “I was talking to my Grandmother last night and she mentioned her mobile home park was for sale and the first person I thought about was you since you were looking for mobile homes to buy.”
This is the info he gave me. He will get the sellers phone number tonight and I plan to call them tomorrow night after work. It is a small park, only 5 or 6 lots, there is a mobile home on each lot. All the mobile homes are owned by the seller and he rents them out. They are all occupied. The park and the mobile homes are being sold as a package. The asking price is $70,000 with owner financing. Until I talk with the seller, I have no further information. My thoughts, if this turned out to be a good deal, are to approach the renters of the mobile homes and offer to let them buy their homes via a “Lonnie Deal” so as to eliviate the tenant headaches.
I would appriciate any insight anyone could give in regards to what I need to be aware of in this type of deal. Oh yea, one other thing. Like I said in the beginning, I was looking for a “Lonnie Deal”, this is because I only have a few thousand to work with. I need some creative ways to handle the downpayment.
Thanks,
Robert(AL)
Re: …all I was looking for was a “Lonnie Deal” - Posted by David S
Posted by David S on April 28, 1999 at 08:27:18:
Robert, in order to give you some ideas you need to provide more info.
market rents for mh’s
market rents for sites
taxes, insurance, water, sewer, maint expenses, etc
As for the financing, the seller likes monthly income streams so my idea would be to approach the seller with an offer to include financing.
David S