Personally there was one thing in your post that caught my eye… - Posted by Dirk Roach
Posted by Dirk Roach on March 13, 2000 at 23:19:13:
my guts say no
Why is that? Bad park…(Can you buy the park???), or the seller not leaving until the end of April? Or first deal?
Let’s go by the numbers…
1.) Bad Park… What can you sell this home for? What elements in the park would make this a difficult sale? What does the PM think about the park? I don’t know where in N. CA you are but you have to be out of the San Fran Area, because frankly it would have to be a terrible park for that level of space rent.
However if it is a bad park (I categorize parks, a,b,c and d. as far as sellablity). I like A and B’s and have had my most successes in those types of parks.
I would describe them as the typical type of park that Lonnie Describes in his materials… If you are stepping over junkies then that is what I call a class d park.
However I have done a deal or two in those types of parks too. It’s just different market and has to be handled differently.
2.) As far as the seller not leaving till the end of April, cool not a problem, in fact can used to your advantage. Lonnie’s standard “to buy” contract (found in the back of his books), already has this worked out. If you buy for 4k, then simply get the her name on the line. Get it under contract. Then give her 20 bucks or whatever to make it binding! then you have a month and a half to find a buyer. I have had terrible luck at getting mobile home buyers to wait around with downpayments. They tend not to keep big chunks of change in their pockets and like to go spend it. That is why personally I like to have several deals going at one time. Also I can pop a potential buyer into a deal, and a park that is suited for their best interest.
In a month and a half are these folks going to have the big down payment??? Or do simply get someone else who does have a downpayment to buy the home?
If this is your first deal, (and your in CA) then you simply need to follow Lonnie’s books (they are a great guide), familiarize yourself with the proper HCD (HCD is the Dept. of Housing and Community Development, the body of state government which handles all things mobile home related.) forms etc. and establish a good working relationship with the PM (Park manager).
And do the deal.
As far as price goes (4k) I have NO IDEA AT ALL if that is a good buy price or not, because I don’t know your market, meaning I don’t know what I could sell that home for. I do bet the PM would know though…
As for being “sneaky”… I Dirk Roach…of the Mobile Home Church of CA, declare you obsolved of this Mobile Home sin… Now that you have that off your conscience you are permitted to go out and make money…
Hope this helps