Need opinions on a possible first deal. - Posted by Jon
Posted by Jon on July 23, 2003 at 20:07:26:
Just got off the phone with the seller of an 88’ 14X70 3/2 that’s in fairly decent shape.
The owner is the father of the son and his wife who live there. He’s getting a double wide for them on a private lot, so he wants this one off his hands. He originally told me that he wanted $2500 and sounded like he meant it when he said that his price was not negotiable. I spent some time talking to his daughter-in-law today when I went to look at it(even told her how much (little) money I had and that I’d probably have to borrow to be able to buy it). Her father calls me and tells me he’ll finance it- half down and $100/mo for 12 months. We talk for a couple minutes and he tells me that I can have it for $2000 if I can come up with the cash.
I haven’t thoroughly inspected the home yet, but guess that it will be under $500 worth of materials and perhaps a week and a half of work to make it nice.
The park is (hesitate to say kinda slummy), but not the nicest. I don’t doubt that it’s safe, but the manager doesn’t seem to do much to encourage people to keep up the appearance of their homes and yards. Lot rent is $150 (H20 and garbage included).
Do these numbers seem pretty workable? I’m far from an expert on prices here locally, but it feels like it’s a good buy for a 15-yr. old 14X70. My biggest concern is if I’m going to be able to find decent buyers that will pay month after month.
I’d really appreciate any thoughts/advice anyone can offer. I’m really excited at the moment and worry that my objectivity is becoming compromised.