Posted by Dan - GA on August 04, 2003 at 07:26:40:
Eddie:
I’ve seen deals like this in several markets in GA. In 2000, I purchased a park in central GA and there were 7 or 8 new MH sales lots in town. My thought was, if this many are being sold, they must need somewhere to live. To a degree that was correct. Since then, several dealers have gone out of business, and there are now only 4 new MH sales lots in town. 2 of the 4 dealers are advertising new leftovers as described. As I stated, every market is different. MI may not have been as over developed 3+ years ago, so the dealers aren’t as desperate to stay in business, plus these homes don’t have the insulation for a cold winter, so moving them north isn’t an option. The A/C can cool 20 to 30 degrees when it’s 90 to 100, but the furnace can’t heat 70 degrees when it goes below 0.
I could have moved these into my park, but would have had to sell them at little or no profit and may have had to still do owner financing. Not a money making formula. Instead, I purchased a repo that was in my park and another one from another park and had it moved in. These aren’t “true” Lonnie deals at 1 to 2K, both sold for over 20K, but keeping and moving nice MHs into my park add to the value and appearance of the park.
Newbie Needs Help in Michigan - Posted by Estate Hunter
Posted by Estate Hunter on July 31, 2003 at 14:27:29:
I have a mobile home lead. Mobile home is in great shape built 1993. 2 bedroom 2 bath. Owner is desperate & wants to have it sold by 9/2003 because they’re closing on their new home. I’m in the process of repairing my credit and don’t think I’ll be able to finance. They’re only asking 15,000. They say the mortgage is assumable. I don’t have any money to put down either. I’ll also have to apply to get in the park. I see this as a great opportunity but am at a loss as to what to do…please help.
Agree. 15K is way to much for a two bed home, regardless of its age. You really need to be looking for homes in the $2-4,000 range, so you can sell them for $7-10,000 on contract, or flip them for cash and make $1-2,000 on the deal. 15K home is not an opportunity, it is a problem. DON’T make it your problem.
The current owners are facing a huge problem that many people are facing in this meltdown of a market. In- park homes are a poor use of your money and credit, and most of the current owners are now realizing they bought a really big car and parked it on someone else’s land. Now, the car has depreciated down below what they owe and they can’t get out from under this big pile of tin and wood, stomping on their dreams of owning Real Estate (You like the picture I painted? I’m really getting good and this metaphor thing!). It is not a problem you can help them solve. Be polite, but walk away and look for a $2,000 home to buy and resell.
Re: Newbie Needs Help in Michigan - Posted by EstateHunter
Posted by EstateHunter on August 01, 2003 at 15:27:03:
Hi Eddie,
Home is in Romulus, MI on the border of Canton, Wayne & Belleville. Email mail me and I’ll send my phone number. We can discuss it if you’re truely interested.
Eddie:
I know every market is different, but I can buy (from numerous dealers) brand new 3/2 SW 1-2 year old leftovers for $16K plus setup. $15K for 10 years old doesn’t sound like a good deal to me.