Posted by Joe0Ga on March 19, 2006 at 20:42:48:
I have a friend who ownes a mobile in a park in florida in panama, the lots in there are $250K to $300K… but rent for $140 a night.
Help on a deal - Posted by Chuck S.
Posted by Chuck S. on March 18, 2006 at 19:40:11:
I’ve made an offer on 6 mobile homes and one trashy home and am ready to counter. The asking price for the homes is around $475K, and this appears to be a fair price, if individuals could get financing, which they can’t. I’ve offered the following scenarios (he’s countered with asking for $50k down and I’m now reconsidering my options):
- $330k for all 7 homes (this takes the worst 2 homes at 50 % his asking price as they’ll need $ for repairs although one has a renter in it) w/$20kdown-he finance at 7% for 15 years.
- $475k owner financed over 12 years-no interest w/$20k down.
I know I can provide financing all day at 10-12 percent with $5k down for 15-30 years. I will be well set for my NOI vs. my payment. How can I get him his asking price (although I’m not really wanting to give it all to him) and still be OK?
Chuck S
Re: Help on a deal - Posted by Joe-Ga
Posted by Joe-Ga on March 19, 2006 at 16:06:46:
want to buy some more?
I wish you would clarify more about them. Are they on prime commercial land or something? Can you throw a rock and hit a home depot or an area with groth potential? I am accustomed to buying mobile homes sitting on an acre of land for ten grand…got one under contract right now and will close it as soon as the bank can round up the titles.
Re: Help on a deal - Posted by goober
Posted by goober on March 19, 2006 at 02:34:38:
r u nuts?The other two post say it all.
Re: Help on a deal - Posted by Don Wilson (OK)
Posted by Don Wilson (OK) on March 18, 2006 at 21:29:34:
Chuck:
Run…don’t walk the other way! Sixty seven thousand for a mobile home unless it sits on the beach is way out in left field. Ever read “Deals on Wheels”? You might want to start there.
DW
Too rich for my blood - Posted by Keith (OH)
Posted by Keith (OH) on March 18, 2006 at 20:28:43:
Chuck,
Where is your profit coming from ?
In my area this is a HUGE amount of money to pay for 7 mobile homes unless this is lakefront or some acreage or sitting on an Iraqi oil well.
Maybe some more details can clarify.
Keith
Re: Help on a deal - Posted by Chuck S
Posted by Chuck S on March 19, 2006 at 20:24:05:
No, generally rural. The going rate is $65-$95K for each of them. They’re on 1/4 acre lots. 1-3 miles from town. I’ve sold others for this price about 2 years ago (6 of them. I’m in Central Florida.