Posted by Joe on April 03, 2006 at 18:57:20:
Mobile home court? What’s that? I’ve never heard of it (forgive me if it’s in the archives, I’ll search in a minute). But I also wanted to say that if THEY offer YOU $10k, then there’s no way you should take it at that price. Remember, whoever names the first price in real estate always loses. So you should offer back $5k or less (if it works for you … say you could sell at $15k or so).
buying/selling mobile homes - Posted by Amelia
Posted by Amelia on March 31, 2006 at 11:38:24:
I have been offered a mobile home for $10,000 if I buy quickly that is said to be appriased at $30,000 as is. There are some things that need to be repaired such as the water pipes and some painting.
Can I buy this mobile home and resell it without doing the repairs? I would just like to buy it from this VERY motivated seller and sell as is and make a quick $20,000.
Anyone have some insight? I have never bought a mobile home before. What are some things that I need to know? Where can I find out more information? Will all realtors buy and sell Mobile homes? Do they sell as fast or slower than traditonal homes? If anyone can answer any of these questions I appreciate it.
Feel free to email me at victoryinvestments@gmail.com
Thank you.
Sncerely,
Amelia
Re: buying/selling mobile homes - Posted by Realist
Posted by Realist on March 31, 2006 at 16:12:13:
Amelia,
The answer (NO) is implicit in your first sentence: If it is “said to be appraised at $30K as is,” why is the seller willing to sacrifice to you for $10K? Why doesn’t this “motivated seller” unload for a lot more dough?
There are so many “what if’s” involved and, no offense, you don’t know what you’re doing…steer clear or you’ll regret it!
There are volumes written here that will answer a lot of your questions…search the archives, buy the text book and take the time to learn!
Signed,
A realist
Re: buying/selling mobile homes - Posted by Myron
Posted by Myron on March 31, 2006 at 13:02:14:
Amelia,
I would suggest that you read all the post on this site and get the book “Deal On Wheels” by Lonnie Scruggs.
From the short time that I have been reading this board and my copy of DOW that I received yesterday I have found that the key is to KNOW WHAT YOU CAN SELL SOMETHING FOR BEFORE YOU BUY IT then you can decide if there is enough return on the money you have invested.
Just because it has been appraised for $30,000 does not mean that you can sell it for that.
Question that you need to ask yourself, do I have a market where I can sell it for that kind of money?
Re: buying/selling mobile homes - Posted by Amelia
Posted by Amelia on April 01, 2006 at 24:40:58:
Thank you for that. I new it seemed too good to be true. I had a suspicion something was wrong.
Im still learning and I appreciate your feedback. I would rather learn from someone elses mistakes than have to go through it for myself. I have read up alot, but not much on mobile homes, so when I found this oppurtunity, I was looking for more info on the mobile home market.
Thank you again for your feedback.
I found out by doing a little digging today that the mobile home is actually in mobile home court.
It pays to know people.
Im sure glad I did my homework before I got into that deal.
Thanks again, and have a good night.
-Amelia