My meeting with the PM and mobiles for Free. - Posted by Jacque - WA
Posted by Jacque - WA on March 03, 2001 at 12:15:25:
Well, I went into the meeting with the Park Manager who called me with much trepidation and plain old fear. After 5 minutes of talking with her I realized it was pure silliness ? these people needed and welcomed investors for mobile homes.
Here?s a brief summary of what transpired and some questions:
I was given ? yes, given ? 2 mobile homes absolutely FREE provided I would pay the lot rent. Combining the two mobiles - she was behind on over $3000 in lot rent for these two mobiles. Frankly, and I?m a little embarrassed now ? I opened my wallet and had exactly $87.92 in my wallet - I told her that?s all I had at that given moment and I would not start paying lot rent until April 1st?..I almost fell off the chair when she took the deal. The mobiles are both 1987 models ? and need no work ? they are ready to go and the ads are in the papers for Sunday.
She also wants to give me ? provided I pay the delinquent lot rent ($1500) another home which I wanted to check with some of you on the board about: This is only a 1 bedroom/1 bath, 1955 model. I know it?s REALLY old. However, it belonged to Grandma who was moved to a nursing home 3 months ago and the title turned over to the park. This home is in absolute perfect condition. New carpet, appliances maybe a few years old, etc?. It would also be ready for immediate sale. My concern is the age? Anyone see any problems with this old mobile. It can stay on the lot.
She also had one that was recently trashed by some crazy woman. This home was literally torn apart. The cabinet doors all taken off and smashed. Carpets torn out. All the wires for the appliances, electrical (direct from the Puget Sound Energy meter) cut, windows smashed out. Even the water heater had all the insides removed and wires cut?The decking was smashed to smithereens and all the furniture smashed and thrown outside. Frankly, she wanted to know if I wanted this one too to rehab?I have politely turned her down?.Something about this home screamed DANGER at every one of my senses?.Also, this home has never received permits ? the county has no record of it?all the serial numbers have been scraped with some type of tools and no one seems to be able to find any record of it?no title, etc?
The park has a total of 6 homes it now owns as rentals. They do not want to be landlords and have told me that as they come empty I would have first shot at them.
The Park Manager is relatively new here?only 3 months. The previous Manager had all the tenants pay their lot rent in cash, no receipts given, and then took off with almost 6 months worth of rent receipts (74 spaces in this park at $265/mnth).
The owners have owned this park for 15 years ? inherited it from her parents and are tired of it?.elderly and may be interested in selling it? They are not certain at this point. The owner mentioned a price of $150,000 are not certain. So, they know I may/may not be interested. I think I better get some books/information on what too look for in buying a park. Anyone have any suggestions on good books?
The Park Manger also gave me a couple of leads on some people who have been trying to sell in the past and were unable too so they are now landlords. I will be contacting them within the next couple of days.
All in all it was a really successful meeting. Once they realized and understood what I do ? I barely had to talk ? they did all the talking. Even took a walking tour of the park and met a lot of the owners of the mobiles in the park.
Oh, I forgot?.there?s another home that they someone tried to move into the park and it wound up being too big for the space. It?s now sitting kitty-corner in front of the laundry/rec room taking up a huge amount of space. The owners just want someone to take it so they don?t have to pay for it to be moved. The owner of the park is willing to split the cost of the move only?.Still following Lonnie?s advice and not moved one yet but curious as to what you all think.
Here?s the breakdown:
Mobile Home ? FREE
Moving cost – $600.00 ( park willing to pay $300)
Building permit - $54.95
Move permit ? free, if taxes paid ? already paid for this year.
Set-up ? I was quoted $1200?.(not sure what that entails but have asked for more info)
Electrical hook-up ? called a general electrician and was quoted $595 ? am calling others unless I find this is the norm.
It will need new skirting (14x70 model) ? Is there a place to call for used skirting? Have no cost estimates.
Park about 2 miles down the road willing to accept it?lot rent $274 ? deposit waived due to call from the Park Manger I?ve been talking with.
Fix-up work ? 1 pipe broken in master bath and 1 small window broken.
Possibility of resale price: $ 10,0000.
Anyway, thanks for reading ? I apologize for being so long.