First Lonnie Deal – Is this a deal? (long) - Posted by JVRacing_NY
Posted by JVRacing_NY on June 06, 2006 at 21:20:02:
Hello all. I really appreciate the wisdom that’s being shared on this board. It has been a great help to me and I’m sure plenty of other people who will never post. So on behalf of myself and them, thanks.
My wife and I have read through DOW and MMWMH, as well as most of the mobile home articles and posts on creonline.com. We have been driving the speedbumps and checking the classifieds for the last month or so, though we haven’t talked to any PMs yet (we tried, but they’re not around on Saturday afternoon – when is someone working a full time job supposed to meet these guys anyway!?).
We think we may have found our first Lonnie Deal, but we need some guidance. The seller, a 40-something single woman living with her 21 year old son, is asking $2800. After looking through the home, it seems fantastic. 1981 2/1, quite clean, she just had the roof re-sealed yesterday, she replaced the furnace a year or two ago, dishwasher, bathtub with jacuzzi jets. I feel kinda silly that I don’t know the dimensions, but she didn’t know them and I have no idea how to find out other than taking a tape measure over there!
Skirting needs TLC, and there’s tape around the outside of most of the windows, which she said is because they don’t seal very well. Other than that we couldn’t find any major issues with it. The floors seemed ok.
She said she bought it 5 years ago for $5000, and got a good deal then. She doesn’t seem excessively motivated right now, but offering this house for $2800 seems to indicate at least a fair amount of motivation. She doesn’t have a set moving date. She’s just planning on moving to a 1bdrm apt to get her son out of the house.
Lot rent is an obscene $457/mo, which is awfully high even for the generally expensive New York State. So I know I’d have to move this thing as soon as I get it (not move it off the lot though!).
From what we’ve seen of our market here in the Buffalo, NY region, I can’t imagine not being able to immediately re-sell this for at least double. (We told the seller of our intentions to re-sell on terms, and she sounded almost excited to try and find us a buyer! If so, this may be the easiest Lonnie deal ever.) We have a test ad coming out tomorrow in one of the smaller, free newspapers (“We buy, sell and finance used mobile homes. Reasonable prices, flexible terms. No banks.”), so hopefully that will tell us more definitely how strong the demand is.
She said she would take $2500. We’re trying to figure out if we need to give her some more time to get motivated, or if that would be trying to steal in slow motion.
Any advice or insight would be greatly appreciated. Thanks.