Posted by John (KS) on December 10, 1998 at 08:37:26:
Why pay that much? If you go in there and act like you do this everyday, you can offer him $10 to hold it for two weeks. That’s what I did on my first deal. I had the seller sign an option to purchase contract and paid him $10. I had it sold in 4 days and doubled my money.
You can make any kind of earnest money offer with your option to purchase contract, I have even heard of doing $1 earnest money deals. You never know how little earnest money he may take till you offer it. If you act like you know what you are doing and this is normal practice, you won’t believe the deals you can get in on.
I just talked to the owner of a '71 mobile home. He listed for $5000 in the paper. It needs very minor repairs: window and he has a door he just bought to put on the front. He’s had it for a year and paid $7000 for it. He’s done some work on it himself. He bought it from previous owner who sold because of domestic disputes. He said he’d take $3500 for it. He owns it outright. His motivation is that he wants to get into a house because his wife’s sister is moving in with them and he has custody of his daughter and they need more room. Any suggestions on handling this issue. Do I ask for any financing on his part or just pay for it because the price is low. (I wish I had read Lonnie’s book now on Mobile Homes). Thanks for all suggestions. This would be my first deal. I need to make some money to invest it in SFH’s or Rehabs.
Re: Mobile Home Deal - Suggestions - Posted by Jason (NC)
Posted by Jason (NC) on December 10, 1998 at 24:31:25:
Give him 100$ deposit for a five day hold. If you have the money buy it if you can sell it for more. See if he is real nice and offer him 500$ to hold it for ten days then run an ad to sell it owner financed. This is a deal if youmake it one if not some one like me will have it in a short while. Question,Think and Act--------Quickly