Arizona newbie needs encouragement! - Posted by Patrick-AZ
Posted by Patrick-AZ on August 23, 2005 at 16:23:37:
I?m hoping to gain some insight and encouragement through responses to this, my first post. I?m a long time reader of this site and a ?DOW alumnus.? I?m impressed with the knowledge on this board and I am confident that I can eventually make ?a go? of this high potential business, I just need a little jump start.
The end of June, I finally GOTC and acquired my first MH (1966 12x60 2/1) in an adult community in the Phoenix, AZ area. While the home is older and smaller than recommended in DOW, it has a number of upgrades that I thought would make it more marketable (e.g. newer a/c, roof, copper plumbing, carpet). I spent most of July working on the home (re-building a couple of interior walls, painting, installing vinyl tiles on kitchen floor, cleaning, etc.) Other than a ?For Sale? sign on the home, I didn?t actively try to sell the home until the end of July (a mistake, I know).
I currently have just under $2,300 in the unit, the majority of which went towards a new awning (a previous owner removed the old one). The unit itself was a ?freebie? from the community (they acquired the title in a ?distress? situation). I am asking $7,000 which is in line with actual sales prices of comparable units in this community. According to management, the majority of transactions in this community are cash so there is very little demand for financing. Consequently, I was hoping to do a quick cash flip and move on to the next opportunity.
Unfortunately, I?m having a difficult time moving this unit. I have been advertising in print and in a couple of on-line resources; the ads are brief, to the point and only accentuate the positive. While I?ve been getting some calls and e-mails, I?ve only shown the unit three times! I just can?t seem to generate interest. Additionally, I had an open house a couple of Saturdays ago and no one showed up, pretty discouraging! I?ve even offered management a referral fee but the owners will not allow them to accept.
I know this is a viable business, I just need to find my niche and exploit it. The Phoenix metro area is growing rapidly and the ?site built? housing prices are soaring; hopefully these factors indicate a strong market for affordable quality mobile homes!
I would appreciate hearing from anyone who has some suggestions as to how I can better market this product. I?d particularly be curious to hear from other Arizona investors about their experiences.