Posted by Mark Haugsten on July 23, 2003 at 22:36:35:
Jon
Reread Lonnie’s articles. You need to get an ad running on this, $7300, with $1800 down and, $157.09 (%12.75 ‘industry standard’) for 42 months. Offer the father $1500 in 12 days, and you are out of pocket the ad.
Don’t let the ‘I won’t negotiate’ ploy work on you. He violated his own rule, did’nt he, you can too.
As to the decent buyers, Lonnie covers that. You resell it. Remember, its free and clear once the father accepts $1500 and you get dp of $1800 to give to him. Keep that PM happy, and you are going to get more MH’s, I bet.
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.