Laure, just like site built RE, it depends on what you can sell it for! What are similar models in the same or similar parks selling for? Dennis is real up front with the sellers - tells them their home is no doubt worth what they are asking for to someone who wants to live there, but that he, as an investor, has to be able to turn a profit on it… blah blah blah.
I know where your head is, tho. We can look at apts and “read” the figures. I look at a MHP and it’s like I’ve never learned to read. Comfort zone. Be brave!
Carol
FINNALY!!! FIRST DEAL!!! 2 M/H IN ONE DAY!!! THANKS LONNIE!!! - Posted by Art Montano
Posted by Art Montano on May 29, 1999 at 10:46:50:
Thanks to all who post on this BB. Although I don’t post much, I spend hours reading the posts.
Thanks to Lonnie who without his help I wouldn’t have been able to do this.
Here’s how the transaction went:
Bought 2 m/h in seperate parks. The first one was a fixer-upper that I didn’t do anything to. It didn’t have any furniture but did have ch/a and appliences but was really dirty and stunk. Had holes in floor and needed carpet. Did have a screen room. '70 Regn 12x51
Bought $1200
Sold $2200
Lot rent $ 200
Profit $ 800
2nd) '74 Flamingo 12x47 located in a nice gated community with pool and activites. Home was furnished and had ch/a. Needed carpet cleaning but otherwise in good shape. Also had carport and screen room.
Bought $1300
Sold $3200
Lot rent $ 230
Profit $1670
Sold both to one person under terms:
Sold for $5400
Down $1000
Finance $4400 @ 12% 12 mo.
Payments $390.93x12= $4691.16
Total expences $2930 (homes + lot rent)
Sold for $5691.16
Profit $2761.16
I don’t know what the yield is but I belive it’s good’nuf.
I found out that buying in senior parks during the spring can be profitable, but expect to hold on to them for several months till our northern friends return. Homes here in Florida can double and sometimes triple in value during the autumn. But at $200-$230 mo lot rent, it doesn’t take long for your profits to dissappear so buy carefully.
Well it’s on to find my next deal. Thank’s again Lonnie and to all who post.
Good to hear such a sweet success story from you Art. Wondered what you had been up to.
Did you flip the MH’s to another investor?
Agree with you about the 55+park situation and lot rents. But my secy pointed out that they came down in the Spring and Summer to look for a home to buy and move into in the Fall.
Re: FINNALY!!! FIRST DEAL!!! 2 M/H IN ONE DAY!!! THANKS LONNIE!!! - Posted by Bill Taylor
Posted by Bill Taylor on May 29, 1999 at 12:23:57:
Great Art sounds like you are on your way. I hadn’t heard from you for awhile so thought you must have been busy trying to make a deal. Did you buy Lonnies stuff whild you were in Dallas? I thought you were going to buy only LeGrandes stuff. Lonnies books are probably great for you being in Florida being you have all of those mobile home communities down there. Sounds like a natural. How did you find these deals in the paper of flers or what. See now you are the expert in that area and I am asking you questions. I have never bought a mobile home and maybe now I should look into that looks like you made a good deal. Did you pay cash for the homes and yo are then carrying the paper? Have you been up to much else? Hope you make a lot of those deals and then you can use the line LdGrande uses about uping your income then tell your employer to up his. Take care keep in touch.
