Posted by John Merchant on May 25, 2005 at 21:41:48:
I’d go very slow about offering much for any existing older MHs in the MHP…as it doesn’t cost you that much to go find some decent pick-up units and move them in.
Do not offer anywhere near dealer’s prices for any of them, as the MH dealers are always high and their plan is to unload their paper onto the unsuspecting investor asap.
I had a MH dealer call me this week and then send me a junky little portfolio of bad loans to poor credit buyers, no down payments to speak of, etc…I said no thanks but I’m sure he’ll find some sucker to play his game.
So if you get the MHP, you shop very carefully and don’t buy any dealer’s overpriced goods.
anyone in NC or SE know… - Posted by Rodney W NC
Posted by Rodney W NC on May 25, 2005 at 17:12:53:
the central NC market pretty well? I am trying to find out if you have consistently found that you buy wholesale MHs at a certain percentage of blue book? I am looking for a ballpark percentage or other method and I’ll explain why:
The reason I ask is b/c I am under contract to purchase a 7 lot MH part with 5 lots to expand. Based on rent and cap rates, etc., I am getting a good deal with some excellent upside potential. I want to buyn used MHs and put them on the exandable lots to owner finance. I would like to start doing it and learn the local market as I go (of course, within reason). I certainly don’t want to overpay.
Other advice is welcomed as well. I read many posts about Kelley and NADA being worthless on the buying end, but useful on the selling end. So, I understand that my question may contradict some of that school of thought.
Blessings,
Rodney