Is this something I should pursue? - Posted by Emre (ID)

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Emre (ID) on February 26, 2002 at 24:46:54:

Yeah it does, the way it read, at least I believe it does. I know that Lonnie likes these, that’s why I asked. I’m going to call on it tomorrow and see what’s up with it. I’m almost finished with DOW and I am pretty excited. I’ve also got his Making Money with Mobile Homes and will begin reading that probably tomorrow.

I know I have to deal with motivated sellers. I don’t know how long they’ve been trying to sell the home for or what the history is.

Emre (ID)

#2

Is this something I should pursue? - Posted by Emre (ID)

Posted by Emre (ID) on February 25, 2002 at 18:12:17:

I found a 1984 14’x67’ single wide on it’s own lot. Now I understand this is the best of the best. It’s listed for $14,950 and the picture of it appears to be OK, some overgrown bushes. Does the price appear to be good? Should I call up and see what the story is?

Thanks
Emre (ID)

#3

Does the price include the lot? - Posted by Jerry Freeman

Posted by Jerry Freeman on February 25, 2002 at 19:44:10:

If the price includes the lot, it might be a deal. I’m not an expert on land/home packages, but there are posts on this board about them. Search the archives. Lonnie likes to buy lots, and he mentions them in his books.

Best wishes,
Jerry Freeman

#4

No - Posted by Tony-VA

Posted by Tony-VA on February 25, 2002 at 19:30:54:

This is not likely to be a deal, at least not an investment. Using the technique is Lonnie’s book, you will quickly see how most people across the country are able to buy homes like this in good condition for $5k or less. Prices will vary by location but it is the motivation of the Seller that truly dictates the price.

If you decide to look further, spend $30 and buy Lonnie’s book “Deals On Wheels” and put yourself in the driver’s seat on how to buy these homes.

Best Wishes,

Tony-VA

#5

I Stand Corrected - Posted by Tony-VA

Posted by Tony-VA on February 26, 2002 at 07:19:32:

Sorry Emre, I did not read in your post that this home was on it’s own lot. I missed that part.

Buying homes on lots can be a great way to invest once and earn two income streams.

You may try a local title company within the county that the home is in. Call customer service and give them the address of the home. They will usually print out a Property Profile for free. This will tell you a tremendous amount about the home and land. It will show you what it sold for, if liens were used etc.

It will also show you if the home has gone through title elimination and become part of the Real Estate.

If this property looks interesting, you will know almost as much about it as the Seller. This puts you into a much better negotiating position.

For instance, from the profile, you could get a ball park figure on what the owner is paying on any debts secured by the house and land. If you were to decide to offer an Owner Finance or Lease with the Option to Buy type deal, you would have a ball park figure of the monthly payment this Seller would need to pay the bills. You could offer a bit more than that perhaps and make it worth the Seller’s while and not get into paying too much.

Even if you buy the home outright or use 3rd party financing, the property profile is an underused and very valuable tool. The title companies I have used have been more than happy to help. Give it a try.

Best Wishes on this deal and sorry for having misread the post.

Tony-VA