newbie questions - Posted by Robin (OR)

Posted by Indiana Bob on March 19, 2002 at 06:45:35:


As you are just starting out, it is worth dealing with anyone that is willing to make deals. My experience has been that homes for sale by a real estate company are often a little higher in price, but dealing with them will give you good experience, and will help you get an idea of what retail price for these homes would be (although you want to buy at wholesale).

  1. I think (not 100% sure) that taxes on the deals have to paid yearly. When you purchase a home, however, you will need to pay sales tax.

  2. As you get more comfortable working with the park manager (talk to them a LOT!), you can start asking what homes are going for. I was looking at an older home (1971) a few months ago. They were asking $5000. Before seeing it in detail, I was throwing numbers around, and was wondering if they would sell for $3000. I took a look at the house and decided to pass on it, but the park manager told me a week later that they accepted a $2000 offer from another couple. So, I have gotten my best information from my park manager.

Good luck and good buying.

newbie questions - Posted by Robin (OR)

Posted by Robin (OR) on March 16, 2002 at 21:38:46:

I have some newbie questions…forgive if they’re obvious…
(1) Lots of the mobiles listed around here are listed by a couple of realty agencies that only carry mobiles…is it worth dealing with them? Or just FSBO’s?

(2) When paying taxes on income from deals, does it have to be quarterly, or just at the end of the year?

(3) How exactly do I figure out what things have been selling for…what they’re listed for? Or just asking lots of people lots of questions?

Thanks…I’m saving up my pennies to have enough to start…