Bad, the Conseco guy will only lie to you if he is talking. Believe nothing he says and only half what you see him do. Make a reasonable offer and see. He just wants to look good to his boss.
Ugly, will not wash off, however dirt and nasty will.
The structure is the key. Make sure you check the bathroom floor and where the washer sets for soft spots. These will be expensive to fix if you cannot do it your self.
Good, Trust you judgement, loose the “fraidy cat” and get to work and make some money.
Conseco repo Good, Bad, Ugly?? - Posted by Dave_in_IN
Posted by Dave_in_IN on April 25, 2000 at 17:33:08:
I got a list of repo?s in my area from a Conseco contact. One of the homes is an 87 Champion 2 BR 2BA. I went by and looked it over. The outside needs a LOT of trash pickup and haul away. Park wants the lawn re-seeded. Went inside and found junk left all over. There was fried chicken on the stove and I swear that it was growing feathers again. Several walls need patching. Smell?well! Good news it looks structurally sound. No soft floor, ceiling looked ok
Conseco guy says that unit was FHA and he can take no less than $2600. Don?t know if that is smoke or not. Park manager says several re-habbers walked away on it. She thinks it should be hauled away.
I have done only two Lonnie deals. One, my best so far, is in this park and was about the same age and size as this one. If I could get this one in as good a shape I could get $8000- $10,000 like my first one.
My questions are: has anyone done one this nasty and had good luck? Is the Conseco guy truthful on not being able to go below $2600? I would have to hire all the necessary work to be done. Should I walk away?
Cleaning up and hauling away trash is the easy part, and shouldn’t cost much. You can probably get somebody in the park to do that. Ask the PM if they know anyone that will do the work.
$2600 for a 1987 sounds like a good buy, even with the trash and fried chicken. The best deals are the ugly homes that turn everybody else off. If you can sell it for $8,000-$10,000, you’ve already answered your question. Go for it.