New to MH RE, found a deal, now what? - Posted by Steve (TX)

import · September 22, 2004, 10:02am

Posted by Steve (TX) on September 22, 2004 at 12:44:48:

Thanks for the info. The MH RE industry is in a lot of ways very different from single-family homes. I keep reading about Lonnie’s books, so I may pass on this property for now and get more knowledge in the industry first.

import · September 22, 2004, 10:02am

Posted by Steve (TX) on September 22, 2004 at 10:02:04:

Hi all. I am new to MH RE, and have been looking around for some deals. I stumbled upon a property recently that seems like a good deal. Its a year 2000, 3/2, 1400SF double-wide on 0.5 acres, and owner lives out of town (property has been unoccupied for a while now - motivation?). The last tax assessment (this past May) has it at $38K for the MH and $30K for the land, which may be high for the area. They are selling all for $36K. I haven’t run comps or physically examined property yet, but barring any major repairs, do you think I could go down in price to say $25K? $20K? $15K? I know little about MH values - do they generally depreciate a lot over time?

import · September 22, 2004, 12:19pm

Re: New to MH RE, found a deal, now what? - Posted by rise2it

Posted by rise2it on September 22, 2004 at 12:19:07:

First, order the book “Deals on Wheels” which you can order from this site. This is your handbook to walk you through these deals, and while I’m sure you are a smart guy, you’ll learn enough to keep from making any really silly mistakes.

Second, you need to find out what he OWES on this property. Is 36K his payoff? If so, it’s much harder to negotiate DOWN from that point.