Posted by dawoud on April 23, 1999 at 15:08:26:
David, I’m not buying at 200 a month, I’m buying cash
and selling on terms of 200 a month at 36 months with
500.00 down. I meet her today and it’s a 1983, not 1993. However, I did get her down to 2600.00 and signed a contract to close in 30 days.
Hay Dirk, I’m on the hunt possible deal - Posted by dawoud
Posted by dawoud on April 22, 1999 at 17:57:39:
Dirk, I got a call from a mobile home park owner, that
has a home they want to stay on their lot, and the lady will move it if she can’t get a buyer. Check this out, it’s a 1993 2 bed 1 bth, and she only wants $3200.00 of course I’ll shoot for less. The park says it’s in good condition. They gave me her phone #. If it is in as good condition as they say I know I could get terms of 200 @ 36 easily.
I’ll keep you posted.
Re: Hay Dirk, I’m on the hunt possible deal - Posted by David Alexander
Posted by David Alexander on April 23, 1999 at 16:29:18:
I guess I don’t understand then. If you know you can get a buyer for 200/month for at least 36, why are you waiting 30 days to pull the trigger. Get/check title and do the deal. You make your money when you buy, and it sounds like you got that covered. Mh’s are a little different than houses, you got the cash, they have a vacated home and title and the deal is done, and time to go collect your profit.
Just a thought.
David Alexander
Well now that I’m reading your post again… - Posted by Dirk Roach
Posted by Dirk Roach on April 23, 1999 at 13:50:28:
Okay If it were me, I’d be over there tying that sucker up on a contract. In fact In my market I wouldn’t even grind this woman down at that price.
In MY market that home in a good “b or C” level park could bring upwards of 15 to 20k. So 3k investment is a deal.
But you market could be different. But I still think that that is a deal, providing, space rent, taxes etc are current.
Dirk
Sounds Good Dawoud - Posted by Dirk Roach
Posted by Dirk Roach on April 23, 1999 at 24:44:34:
Hi Dawoud,
Sounds good. Since the park manager is in a “helpful” mood, maybe after you tie this sucker up on a contract, maybe he’ll have a park qualified buyer for you. You never know. My first one went that way. The PM turned me onto the home, and the buyer. In fact I think we held the mobile for like a day or something like that.
If you do something with this mobile, remember to take care of the PM for turning you onto this home. I pay a hundred bucks per side of it (upon closing), although with one PM I have a bottle of scotch works better. LOL.
I would also like to expand on what David was asking you. If you have no cash to buy this mobile and are going to buy it on payments, I would think of paying something like 100 dollars a month but yet have a 200 dollar a month payment coming in. At least I would have a hundred dollars a month coming in till I got it paid off.
Also David is right you could in that scenario through five hundred or a thousand bucks into your pocket (or next deal) from the downski.
Good Luck,
Dirk
P.S. When you go over to see this woman, be sure to have a Lonnie “to Buy” contract with you. Don’t go back home for it, bring it with you, and keep it in the car till you need it.
Re: Hay Dirk, I’m on the hunt possible deal - Posted by David Alexander
Posted by David Alexander on April 22, 1999 at 21:11:00:
If your going to pay 200 bucks a month, where will you make a profit? On most Mobile Homes Notes(Older, Single Wides) that is about what you get a month, 200-250. The only place I see you making a profit is from the down(500 bucks or so) and maybe on the backend if the note runs for more than the 36 months you stated.
David Alexander