Posted by Briton Post on October 11, 2002 at 16:05:22:
I think you need to read some Lonnie articles. One particular talks about how you take other peoples problems, into your income!!! Your point of veiw would loose TONS of money over the years. I am a very rich person for my age, and think you are a negative person, that needs to learn to take problems, and turn them into money! Briton
Please advise on this deal - Posted by Briton
Posted by Briton on October 10, 2002 at 11:07:36:
HI, I just bought a mobile home park, and there are two mobile homes for sale in the park. One is a 1959Travel Light, in Great Condition. It has nice old wood walls, New Carpet, linolium floor, Blinds, which was all done in 2 years ago. It is only a summer home, so there is not much damage to those modifications done 2 years ago. Also they painted the outside Baby Blue this year. I know it is very old(witch will help me buy it cheaper), but it is very well kept, and looks cool because of its age and great condition. I do not mind if it stays in the Park, but I was wondering if you guys think i should buy it myself. They want 3,000 and seemed like they would take less. They do not even stay there anymore, because they just bought a new lake cottage. So they are paying 200 a month rent, and dont even use it anymore. Now i know its old, but should i buy it? Also a Frig comes with it that is only 5 years old. I think i could sell it for 5 grand, because its so cute, but will the age scare everyone off? I am goin to wait till they get very desperate, because in the mean-time i am collecting 200 a month rent from them. They said they paid 3000 for it, plus they put about 50 hours of work, and a grand into it! So do you guys think i should pay 1000, 2000,or what. Please advise, and tell me any thing you can about those old trailers, ect. Thank you for your time, Briton
Re: Please advise on this deal - Posted by Steve W (WA)
Posted by Steve W (WA) on October 10, 2002 at 14:17:21:
Have you read DOW? There are all kinds of negotiating strategies there. THAT is the place to start.
As far as the age, I would try to find out from the sellers if the electrical and plumbing is up to current standards. That is what will be a turnoff for potential buyers - if the condition is as good as you say it is.
How long have they been paying lot rent for it sitting empty? does it seem that the $200/mo is hurting them? You may offer to just take it, and forgive any future lot rent. - that’s easy 15 months of rent.
Basically, I recommend that you stick with Lonnie’s formula - figure out what it will sell for, and get the seller to less than half. In the end, what is anything worth?
What someone will pay, and not a penny more.
Re: Please advise on this deal - Posted by Briton
Posted by Briton on October 10, 2002 at 22:40:08:
I have read DOW, and talked to lonnie on the phone today actually. I called him to thank him for writing such a great book. I will check the electrical, and plumbing, thank you for your advise. But do you still think the age will limit the price it would be sold for? I am thinking i will try to get at least 5K for it financed. It has been empty for 4 months or so now. I think i will give them another month or two to think about it(hehe). So you think i could get this mobile home for free then huh? I would love to hear more from anyone, thank you also steve, and please respond if you would, thanx, Briton
Re: Please advise on this deal - Posted by John Abbott
Posted by John Abbott on October 11, 2002 at 14:27:35:
You WILL get it for FREE! NOBODY else will want to buy it AND pay YOU $200 a month for it! At least THAT is what you want the sellers to think.
I agree that if in 4 months they have paid you $800 and NOT used it-they will KEEP doing so! So EITHER way, KEEP charging them LOT RENT or offer to FORGIVE the lot rent for the next (or current) month and will take that “Old dinasaur” off their hands!
Let us know how it works out!
John
Re: Please advise on this deal - Posted by Briton
Posted by Briton on October 11, 2002 at 15:40:39:
Thank you for your response John. One thing i think i may want to do is offer offer them 1200 in a few months, because i know these people have put alot of money into it. I think that if i tried to get it for free, they would at least find someone to pay 900 bucks or something! I will try to wait them out, and let them pay rent for the next few months though.
Re: Please advise on this deal - Posted by Steve W (WA)
Posted by Steve W (WA) on October 11, 2002 at 15:52:44:
do not make their problem your problem - you will die a poor good guy