Posted by Jim Pack (GA-FL) on July 12, 2002 at 08:55:17:
I spent a day driving around with a guy who owned 25 MHs in the Jacksonville, FL area. You would be very surprised at the sorry condition of the MHs he was renting out for $500 per month. I wouldn’t live in them either, that doesn’t mean someone else won’t. You may be able to make it liveable for a small amount of money, too. I would offer a lot less than they are asking, too. Do you have to move it? That costs a lot from what I’ve seen.
HELP! Potential Deal but need guidance - Posted by JayG-Dallas
Posted by JayG-Dallas on July 11, 2002 at 13:55:29:
Just backed into this situation. Got a call on my add that says I buy houses, and this family is trying to sell their mobile home. They moved from the mobile home into a house, but were not able to sell it. They own it free and clear and want $5K for it so they can get caught up on thier mortgage. It’s an 18x20 with all the appliances (except fridge), and a brand new AC unit (less than 1 year old). Currently sitting at a mover lot at $20/day.
I asked how much they tried to sell it for on their own, and they said $10K, but everyone wanted her to carry the note. They are looking for cash to take care of their other debts.
I’ve read through Lonnie’s book, but I’ve been concentrating on wholesaling homes and haven’t had a chance to do much research.
I would love to buy this MH and sell it with seller financing (just finished Jimmy Napier’s book too!).
Can anyone give me advice or if you’re in Texas and have done this before, drop me a line and let me know if you are interested in doing a partnership on this one.
I’ll be going out to see the home tomorrow…guess I’ll be rereading Lonnie’s book this afternoon.
HELP!
Thanks,
Jay in Dallas.
Re: HELP! Potential Deal but need guidance - Posted by Karen
Posted by Karen on July 11, 2002 at 15:39:15:
You typed 18X20(?) for the size…What size and age is the home? Depending on the age it could be difficult to find a MHP that will accept the home. I work in the DFW area and would be happy to discuss this with you in more detail if you want to e-mail me directly.
Re: HELP! Potential Deal but need guidance - Posted by timby
Posted by timby on July 11, 2002 at 14:48:22:
You’ve asked the Ten Million dollar question. The home’s worth is based on age, condition, market, and how many Bedrooms and Baths. This home may be worth $5000 retail however, you’re trying to buy wholesale. The best way to put it is but low and sell high. Let us know more about the home and maybe we can better assist you with your situation.
Re: HELP! Potential Deal but need guidance - Posted by JayG-Dallas
Posted by JayG-Dallas on July 11, 2002 at 16:08:28:
I’m meeting with the owner tomorrow at the lot, so I’ll get the age, make from them. I’ll also know the true condition when I walk through. They said it was in good shape, but “good” is usually a subjective term…
Re: HELP! Potential Deal but need guidance - Posted by waynepdx
Posted by waynepdx on July 11, 2002 at 22:37:21:
I am about to order Lonnie’s stuff but in the meantime I am looking at manufactured homes to become more acquainted with them. I do not make offers on them but I am getting good education in the process.
I got a call on one of my ads about a mobile home.
They wanted 5k and were interested in selling on a note.
I went and checked it out, they also said it was in ok shape.
Well If you consider a place that was practically falling down then it would be okay.
I have one basic rule when I buy and sell houses.
Would I live in it?
Dont get me wrong, growing up my family lived in some pretty scuzzy houses so I am not too picky.
But this place was disgusting.
If I wont live in it, then I wouldnt expect someone else too.
The entire time I was looking at it, the only thing that came to mind was Dr. Whistler. What would he do?
Well I know he would say, you give me 2k and I will take it from you. Then pay the 1k for demolition and walk away with a quick 1k.