Posted by Tony-VA/NC on September 12, 2004 at 12:46:38:
As investors, it is up to us to find motivated sellers. Advertising, word of mouth, personal contacts and other screening methods should weed out non-motivated sellers.
It is too time consuming and frustrating to simply talk to anyone and everyone who advertises their home for sale in whatever fashion.
A post string below went into how many of us worked hand in hand with park managers. The PM would identify folks that had to sell because they faced a pending eviction, changed or lost a job, had already purchased another home and were making payments on both etc.
These folks have to sell but a few will remain in denial. Typically those in denial would call back a few days before the end of the month (before the next month’s rent was due).
After reading one of the other post I was wondering, what percentage of the sellers you come in contact with would you say are really “Motivated” and just want out… Someone said one in a hundred. Is that what you guys are seeing??
Posted by Lin (OR) on September 12, 2004 at 22:51:33:
Mike,
The seller of the fifth home I bought was extremely motivated, and literally handed me the signed-off title and keys with tears in her eyes (relief and gratitude, I imagine). All I had to do was pay back lot rent. She estimated back rents to be $1600, and she had a $550 deposit, which she signed over to me. I had the house sold before I paid back rents, and by the time the smoke cleared, I was only $8 out of pocket on this 1979 3/2 14X72. This was the first textbook motivated seller I had dealt with
Like I said this was only my fifth deal, and I had only looked at 9 trailers and bought 5 of them. I made money on each one, even when I overpaid (probably $1,000 each) and held two of them 6 months! Most were found through ads in the paper.
I think MH deals are great. It’s hard to lose money on them, even when you make the mistakes you’re bound to make as a newbie.
If the deal pencils out, does it really matter how motivated the sellers were?