In truth, I have only bought the one I’m living in (and it came with the house on the property, which I’m renting out for enough to cover the mortgage payment).
The prices in the ads seem high but remember, you are looking for motivated sellers who will take half retail or so. “Due diligence” means to find out retail prices before you make offers.
I would talk with park managers. They may know someone who is leaving beofre anyone else does. Also remember circumstances change and someone not interested now may be desperate in a month.
Do you have a business card printed yet? Kinko’s does them cheap. It’s hard for people to contact you back, if they can’t find your number. Give them at least two cards (and some for the park manager).
Do you have a seasonal market in Walla Walla with the community college there? Can you get the graduating school crowd to sell low, hold for the summer and resell to next group of students? May want to prepare a handout for the students, so they can present information to their parents on why this is a good idea. Don’t forget to include words like “responsibility” and “home ownership”.
Good luck.
Pam WA
I have read both of Lonnie’s books and am excited, but face what a lot of others have faced. The MH market here in Walla Walla WA is very high compared to the Lonnie deals. Example saw a 1970 14x70 2 bed 1 bath in clean condition being advertized for 9,000 (this is the best deal I have seen)by suposedly some motivated sellers. Unless the sellers have a drastic change of mind about the value of that MH they would not take less than 4,000 for that deal which is still twice as high as Lonnie deals. On top of that it is in a 55 or older park.
Any one in WA having success in what seams to be a high priced market or is my area an exception to WA. Also I need some ideas on the idea that WA must have an out of home office to qualify for the license.
I understand that in WA state, you can buy/ sell 5 mobiles in a year, as long as they are transferred into your name, without being considered a dealer. You can’t buy/ sell without transferring to your name (even one!). The law seems to be written to regulate a different set of circumstances than (us) people buying and not moving mobiles. You might contact an attorney if you think you’ll be over 5 this year, and get an opinion as to whether you need a dealer’s license.
I formed an LLC with the intent of doing my mobile deals through it. In Wa state, can go to Olympia, they will walk you through it in the office and charge an extra 20$ (total $195) to issue LLC papers while you wait.
I think the web site is Corporations & Charities | WA Secretary of State
Good luck.
I realy appreciate your responding to my question it gave me some info that I was wondering about.
Do you find that MH prices in WA are high or perhaps I am seeing the price before good negotiation takes place?