Posted by Lin (OR) on September 16, 2004 at 12:03:04:
JJ-
Have you talked with the seller? I can’t tell how you discovered the property was for sale. Find out what why they’re selling, and what they need to have happen, and figure out how you can make it happen, using the resources you currently have. The good news is: your resources include other investors who do have the ability to do a deal, if there is one here.
Anyway, you next step is to talk to the seller, find out if they’re motivated and are flexibile on price and terms.
I think you’ll get more responses when you have more pertinent information to report.
Posted by JJ (NC) on September 14, 2004 at 11:23:24:
Ok, thank you for all your advice so far.
I have looked up the tax value, as suggested (online), of the property I told you about and it turns out the 3 MH’s are sitting on huge lots (they are close together though).
He owns 7.2 acres the 3 homes are sitting on which amounts to 4 lots. The homes seem to be valued at $970 all together (yikes! I didnt think they were that bad of shape), because it says the building value is $970 and the acerage is valued at 30K.
The other property (the DW) is valued at 45K and the acre of land is valued at 5K. The asking price is 42K but the home needs repair. The home has been on sale for about 9 months.
Any advice from here?
I have little money and no job right now, but I’m trying to find deals so that when I do, I’ll be ready.