Posted by Tony-VA on November 27, 2000 at 07:42:03:
Hi Les,
I don’t have experience in flood damage but I did want to make a comment on what she owes. If she owes $7,000 on this home, I do not see a Lonnie deal here (if you are looking to do a Lonnie deal.) Especially if this home has been damaged, you are looking at a home that is upside down for a Lonnie deal. I would encourage you to investigate this one but remember that this may not be a deal.
Make your money going into the investment. You would want to look to pay much less for this home so that you can cover carrying costs such as lot rent, advertisement, electric (if it is cold where you are) and still have a nice profit built in. You may only get $800 down and have to finance the rest so you don’t want to have $7K tied up in one deal.
Use this investigation as an education but keep your wits about you. Stick to Lonnie’s plan and you will be fine.
Newbie looking for advice - Posted by Les Jennings
Posted by Les Jennings on November 27, 2000 at 07:13:04:
I’m new at the MH business, I got a call from an owner, as a result of posting a business card in a local park. The MH is an 89 Fleetwood that has been though a flood about 3 years ago. The owner says water did not get in the home but did get up in the belly of the MH to the frame. She did indicate that there are some floor problems. She owes $7-8K on it. I will be checking with the park manager to make sure the MH can stay in the park. Does anyone have any experience with flood damage and would you pursue this MH?
Thanks inadvance for any help.
Re: Newbie looking for advice - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on November 27, 2000 at 14:17:48:
Just a little advice here…
When the owner says “there are some floor problems”, that usually means that the entire floor is gone. If the water reached the bottom of the subfloor, it is likely destroyed. You could crawl under there and have a look if you wanted. If the MH is in a flood plain, I would pass on it. Too much risk for me. The insurance would be much higher too.