Posted by d.moren on March 15, 2000 at 19:13:05:
Posted by d.moren on March 15, 2000 at 19:13:05:
MH to buy? - Posted by JoAnne(GA)
Posted by JoAnne(GA) on March 15, 2000 at 06:29:09:
Saw an ad in the paper for a mobile home in a park. So I called the owner and she wants to get rid of this home for personal reasons. It was rented to family members and now its empty.
She is asking $3,500 for a 1966, 12’ x 60’, 3-1 1/2 with stove, refrigerator, and washer and dryer. She says that she is firm on the price.
I will see it today at 11 am. I was hoping to get a response about this home before I meet her and see the home. I am anxious to do my first “Lonnie Deal”.
Any input will be greatly appreciated. I will try to supply more info as I get it.
Thanks to all that respond.
MH to buy?–Update - Posted by JoAnne(GA)
Posted by JoAnne(GA) on March 15, 2000 at 18:40:03:
What a great group of people giving input of different perspectives. Thanks to all of you.
Meet with the MH owner and looked over the MH. It was in good shape and clean. After listening to the owner I found out that the roof had been replaced and the unit rewired. The home “felt” very sturdy. The MH comes with a stove, refrigerator, a washer and dryer and a few pieces of furniture. It has central air and gas heat. A wall electical heater was installed for the last tenant.
My impression is a good deal. Now to work on the owner and bring her down to my price. She spoke of several offers she turned down because they wanted her to finance and she just wants all cash. I told her I had no problem with that. I want us to come to a figure. She never named a figure. I told her that I would consult with my partner and call her when we decided.
The owners other options is to move the home and put it on her personal property.
The MH park owner was a little hard to track down but I did finally talk to him and he has no problem with Lonnie type deals. All he cares about is his lot rent. Okay by me.
The park is across the street from a technical school. Location is good. I feel this could be a good deal. What else am I missing? Is this just first time jitters?
Thanks for all that responded. Any more input will be appreciated. Ask any questions you may have.
Market research… - Posted by Dirk Roach
Posted by Dirk Roach on March 15, 2000 at 17:19:15:
Some good points here. Personally I feel that the age issue is irrelevant. I guess that stems from my Mobile Home biz philosophy (i.e. Lonnie type deals), and ex car salesman I happen to know, who once gave me some interesting advice: Namely “There’s a seat for every backside”.
I have found that is true. Believe me when you have a lot of deals under your belt you will see the same. That is one pretty basic business adage, no matter what business you happen to be in, it’s called marketing. The key is to attract a qualified buyer to whatever your product or service is.
Okay so it’s hard for me to give you pertenet advice because I simply do not know your market.
Is $3,500 too much to pay for this mobile??? Don’t know…What can you sell it for?
Is the lady firm on her price??? I doubt it. I have found buying Mobile Homes TO BE EXTREMELY EASY! What I do is simply look at the home (or have one of my crew do it.) We use a check list and mark off the list with a big red marker. While the crew head is crawling under the home, I’m usually sitting at the table chatting. Then when the crew head comes back and I look at the checklist, and then pull out a big stack of fifty dollar bills. I then put the big stack in a big pile on the table, next to a contract and a pen. Then I don’t say a word. 100% of the time, I buy for the price that I dictate or I simply don’t buy. Real simple.
Now I play hard, (in all of my businesses, I just have so such a low tolerance for BS) you may want to tone it down for your personality. Remember buying and selling is easy, just do it on your terms.
The danger sign that I see in your above post is that you make no mention of where the Park stands on this potential deal. Also what is the title situation, etc?
Anyhow hope this helps,
Actually, - Posted by Jacob
Posted by Jacob on March 15, 2000 at 11:51:37:
I have NEVER sold a home without the buyer asking the age. In fact, most callers usually ask the year when they call on the ad.
Sometimes attractive terms can make a buyer overlook some things, like age and condition. In fact, I think that is the point of Lonnie Deals.
I personally wouldn’t touch a home this old. That’s just my experience talking. You possibly might make this work.
Re: MH to buy? - Posted by Rick
Posted by Rick on March 15, 2000 at 10:09:34:
When you look at this home, note most carefully its condition, as opposed to its age. If you are going to sell this as a typical Lonnie deal, and carry the financing, and the home is in excellent shape, I don’t think most buyers are going to ask for the year of the home. I have never once been asked what year a home was that was in good shape.
I would much rather buy a '66 that has been meticulously taken care of, than a 70’s model that has been trashed.
PS If the home looks good and the market will bear a $6000 sale with $500 down for 32 mos., you can still get a 65% return…
Awfully old home - Posted by Blane (MI)
Posted by Blane (MI) on March 15, 2000 at 08:52:53:
The pros may correct me, but a 34-yr. old MH + unmotivated seller doesn’t sound like a Lonnie deal. Do you have his books yet? If not, many recommend reading his books before doing deals. Do you have the PM’s ok? It’s good to be anxious and looking forward to that first deal, just don’t do one just to do one. Let us know what you decide.
Re: MH to buy? - Posted by JOSH
Posted by JOSH on March 15, 2000 at 07:42:32:
i used to own a mh on rented land that had some age and i had nothing but repair problems with the place. try to get a home inspection before writing that check so you know where you stand with the condition of the property. good luck !!! is the insurnace hard to get in your state?
Re: MH to buy?–Update - Posted by Carey_PA
Posted by Carey_PA on March 15, 2000 at 21:50:57:
I didn’t even read the rest of the responses to this post yet, but the 2nd home I bought was a 1960, 10x54 mobile home. And I paid $3,000 for it. (I was mad at myself later for paying that much for it) BUT, in the end, I sold the home for $7,000 CASH. So did i pay to much for that home??? Probably…but I still made out on the deal. And the reason I knew that I could pay that much for it and STILL make out on the deal was because of the condition of the home and the park, etc. I KNEW people would pay good money for that home. The woman that paid me cash for it told me “this place is sooo nice, i don’t think you’re asking enough for it!” (I was p*ssed when she said that, cause I knew she would have paid MORE, but hey, i’m not gonna be too greedy, it was only my 2nd deal)
Anyway, my point is FIGURE out what you can sell it for and then go from there on what you want to pay for it.
Hope this helps a little…oh and if the seller doesn’t like your offer, give her time because she may very well call you back in a week or so and tell you that she’ll accept your offer now