Posted by Steve-WA on August 28, 2003 at 10:00:17:
I would sell for more - up to 50-60% more - on manageable payments, with a manageable down.
If this place is as nice as it sounds
Don’t know where to even begin… - Posted by Christian Beebe
Posted by Christian Beebe on August 27, 2003 at 16:14:50:
Okay, here’s the deal. I just came across a young lady who got had a mobile home given to her and her husband as a gift a while back. She is moving out of state and needs to sell by October. Her lot lease is for $300 a month. Her fiance and her broke up and she had to take $5000 of her daughter’s college money to buy him out. The mobile home is in a nice mobile home park and is an 1994 Oakwood? 16 x 80 Oakwood with 3 bedrooms, 2baths. She is asking $13,000. Now I realize off the bat that she would probably take around $6,000 since this would give back her daughters college fund and her a little money. But honestly I don’t now where to start to find out if this is a good deal, what I could do with it, etc.
I would really appreciate any help or advice to get me started on the learning process. Thank you, Chris
Re: Don’t know where to even begin… - Posted by Phil Pelletier
Posted by Phil Pelletier on August 27, 2003 at 18:50:44:
Totally agree she over paid for the other half of the home. If you can get the place for $5,000-$6,000, you may be able to sell it for $14,900 at 12% and take $1500 down, for a huge yield on the contract (depending how long it took you to sell the place). What i would definately do is tell your friend you will try to market the home while she is living in it, or while she pays the rent on the place. Try to not actually buy the place until you sell it to someone who can be approved by the manager. Then you can give her your money, get the down payment from the new buyer and be off to the races with your money working for you at 100% yield or better. Name of the game is minimize your risk while selling. Try to avoid paying rent. Who knows, your friend may get tired of paying rent while the sales process is happening, and she may sell it for $3,000 cash. Now THAT would be worth buying cash out.
Phil Pelletier
Re: Don’t know where to even begin… - Posted by Marty (MO)
Posted by Marty (MO) on August 27, 2003 at 18:12:28:
I’d immediately point out to her that she overpaid her fiancee for his share- ask how she figured the value of the home. A buddy of mine just bought a pristine 99 Oakwood 16x80 in the nicest park in the county for $8200. Review the book for a refresher in analyzing the deals…
OK
Marty