Re: Hubby says, - Posted by Dan - GA
Posted by Dan - GA on August 24, 2003 at 18:31:34:
If your following the DOW formula, and you’re willing to provide financing, people will beat a path to your door. You can rasie the sales price, the interest rate and strech the duration of the loan. As long as the payment is cheaper than another alternative someone will buy.
I own a MHP park and wanted newer homes compared to the typical Lonnie deal, but the concept is the same. I got two through a Repo Wholesaler. I advertised the 1st and had a deposit on the L/O in a week. I left the sign up while the tenants read the contracts and while I fixed the floor and did carpet and tile. Each time someone called, I said that one is sold, but I have another one coming next month. When the second one arrived, I had people calling me back saying they wanted to see it. The day after the trailer was set in the park, one of the people came by to look at it. In 5 minutes she said “can I go get the deposit money right now”. Later that afternoon another lady who asked me to call her back called and said “I saw the trailer moving in yesterday, can I come and see it?” When I told her I had already accepted a deposit on the trailer from the 1st person who came and looked at it she got very upset that I didn’t call her first. That’s a good problem to have.
When you do the math to figure your return on your actual invested capital, the # will astound you.
My problem is I have more potential buyers than I have capital to fund deals.