Posted by Dirk Roach on January 24, 2000 at 24:35:31:
Congrats Kenneth
Another Lonnie Deal - Posted by Kenneth
Posted by Kenneth on January 23, 2000 at 22:54:17:
Called on a 2 bedroom 2 bath 14’X72’ in the local paper. Seller was asking $6500 cash. I asked him the old question. What is your best cash price if I brought to him within 7 days. He said he would go to $4600. When I went and looked at it, I couldn’t believe how good of shape it was in. Talked to the park manager and she assured me the home could stay. I agreed to pay him $4600. I put another $250 into it and sold it less than 2 weeks for $10,800 with $800 down with 54 payments at $244.32. I have no idea what the yield is. Good enough.
Kenneth
Congratulations…One suggestion - Posted by SL-VA
Posted by SL-VA on January 24, 2000 at 22:46:43:
One suggestion is to save that famous question after you have inspected the mh. The reason is that as you point out places that may need some repairs during inspection, the seller may begin to think that he would have to lower the asking price before you even begin negotiating the price. After you point out the “disadvantages” of buying this home and how it’s going to be hard for you to sell it, then you hit the seller with that question.
Obviously, this does not apply to your first deal since it’s in good condition. However, this tactic may come in handy in the future.
BTW, what year is that mh?
Re: Another Lonnie Deal - Posted by Jeff Short
Posted by Jeff Short on January 24, 2000 at 12:57:59:
Kenneth,
First of all – congrats on your deal!
Second – how did you come up with the price of $ 10,800 … in addition, I know that usually you see the number of payments to be no more than 36 – why use 54 ? Was it simply that you found someone that could afford $250… and you just crunch the numbers to make it all work?
Jeff