Diary of a newbie in California - Posted by Corey - SLO, CA

import · March 30, 2002, 9:44am

Posted by RichardWA on March 30, 2002 at 13:58:10:

I think you’re doing great!! Both in getting started in mobile homes and in posting a diary. I for one hope you will continue to keep us all updated on your experiences, so we can ALL learn.

You do need to learn your local market thoroughly. The advertised mhs aren’t usually the best bargains. Often, the very best buys are on mhs that no one else even knows is for sale. The PM would be your best source for that, as would your own ad in the newspaper “I buy mobiles”.

Another tip…as has been posted by others more expert than me, elsewhere on this forum, those $3,500 prices aren’t usually gotten right off, even in low-priced markets. You get to those prices usually via several rounds of “what is the lowest price you will take?”, perhaps spanning several weeks or even months.

import · March 30, 2002, 9:44am

Diary of a newbie in California - Posted by Corey - SLO, CA

Posted by Corey - SLO, CA on March 30, 2002 at 10:44:39:

I’m going to make it work in my area, if for nothing else, but to prove to those who say, “It won’t work here.”

If it can be done in my area, it can be done ANYWHERE.

Here is what I have found out about my area:

FSBO 10x58 old junker in run down park –> asking 27,900
12x67 20yr old in decent park –> asking 60,000
14x52 1982 Champion –> asking 69,900 (park rent 380+utils)
Many more found at 70k, 80k, all the way up to 200k.
Most do not include land at all.

I only started looking less than a month ago. I’ve read a ton on this board, both Lonnie books, and purchased a financial calc (and learned to use it). Been to over 12 parks doing drive throughs looking for “for sale” signs. Only 2 are FSBO, rest use realtors. So far, only have talked to one Park Manager (PM). Ordered business cards a week ago.

In my area, homes sell for 125-175k/room (3br=min 375k). As a result, MHs are priced high. Parks seem to be 100% full. I have been to parks in San Luis Obispo & Morro Bay (both the most expensive cities in the ares). I plan on checking other cities that may be 10-20% cheaper.

I believe the biggest element I need to do is to talk to the PMs. I’ll do that when my business cards come in (next week).

If anybody reading this wants me to continue this diary (to prove that it can be done anywhere), just let me know.

PS, Dirk Roach seems to be doing this in San Diego. I believe this market is more like San Jose than San Diego. So, this market may be even more expensive than his. Though, I was real encouraged to hear that he is making it work.

Best regards,
Corey
San Luis Obispo, CA