Posted by Dirk Roach on April 25, 2000 at 19:24:14:
it has not even dawned on the seller that he could carry paper (Sell on payments). Oh well his loss.
You gotta love being in the know.
Dirk
Is This A Deal Or Not-- Please Advise - Posted by Thane, MI
Posted by Thane, MI on April 25, 2000 at 16:02:00:
I am in the Detroit area. I found a 1972 MH. The owner has already moved into a home and has been trying to sell for 4 months. Meanwhile he is paying over $400/month in lot rent and water. Needless to say, he is motivated. He is asking for $2,500 or best price.
I realize that this falls outside of a “normal” Lonnie deal because it is older than 10 to 20 years. BUT the owner has been working every day for over a month to fix the unit up. It has a new roof, new skirting, new paint inside and out, relatively new air conditioning, water heater and furnace. The park is actually in an upscale city. One of the best school districts in the state. They have a pool and a workout room in the club house.
I was thinking I could sell (finance) the home for around $5,000.
I have read Lonnie’s books and articles, went to the CRI convention in Atlanta, and spoke with Lonnie at the round table. It looks like a decent deal to me. What do you think?
Maybe I can help - Posted by Blane (MI)
Posted by Blane (MI) on April 25, 2000 at 22:16:03:
Hi Thane,
Email me either here or privately as to where you and the home are, maybe I can help you out (fellow Detroiter). Are you describing Utica school district? West side? Downriver? Or, I can refer you to another guy in Ferndale who’s done some deals as well.
So far this one sounds like right up Lonnie’s alley. Good potential, but a little more info needed. Drop me a line.
Blane
Re: Is This A Deal Or Not-- Please Advise - Posted by Lonnie
Posted by Lonnie on April 25, 2000 at 18:37:58:
Hi Blane,
Every deal doesn’t have to be by the book. If it makes good financial sense?do it.
I bought a 1972, 12 x 60 two weeks ago, for $1,000. Sold it yesterday for $3,900, $400 down, 20 pmts of $195.
I don’t know your market, of course, but if you can buy for $2500 and sell for $5000, it’s got to be O.K. In a deal like this, you’re selling terms more so than a MH.
Check with PM first and make sure it can stay on the lot.
Good luck,
Lonnie
Re: Is This A Deal Or Not-- Please Advise - Posted by Don Brotherton
Posted by Don Brotherton on April 25, 2000 at 17:52:27:
Hi,
Every deal is not by the book. There are all kinds of variables. The older homes are not as desirable, however there is always a butt for every seat. No one knows your market as well as you. You might make an $1500.00 offer with the idea of going to $2000.00 to $2200.00 range just to get a reaction. Then you can tell how bad they really want to sell. One red light is that it has been for sale for 4 months. How come it hasn’t sold? Another is that for every month it takes to sell, you loose $400.00 for lot rent and water. You might go over to the lot late at night or on the weekend to check out the neightborhood. If you buy and sell it, you’ll be going over at that time to catch the tenant to get your money so get used to it.
Anyway, get off your butt and do something. You can think a deal to death, but if you do not have a bucket you cannot carry any water. Good Luck
Don