Check out this funky deal… - Posted by Karl (OH)
Posted by Karl (OH) on March 14, 2000 at 24:15:28:
Check this deal out. I looked at an okay ?87 14X70 in a great park, the seller was an older women who wasn?t particularly motivated. She wanted $6000 and would not budge on the price. I was getting ready to walk, so she asked if I would be willing to pay half now and half in 3 months. I didn?t know what to say cause I?m new, so I said yes.
I run an ?I buy, sell, finance? ad in the paper. Yesterday I got a message from a guy who wanted a 16X80 or maybe a doublewide, which I have neither, I almost didn?t return his call. I called him back anyway, cause I have more time right now than money, we talked a little while, he finally admitted he is outraged at the prices for the newer bigger homes, If I had a smaller home that he could put an expando on he would be interested. So he came out and looked at my 14X70, loved it despite the nicotine wallpaper and dog-pee carpet that stinked, agreed to pay $9000 cash for it AS IS, put down $500, contingent on the park letting him expand the home. I called the park today, no problem with the expando, so it?s a done deal, assuming he doesn?t drop dead tomorrow, or decide to walk away from his deposit.
So here is a MH that probably wasn?t worth me paying $6000 for, but the seller made a creative suggestion that made it attractive. If I sell this home for $9000, I make 90% return on my $3000, because I paid one month?s lot rent of $280. And I get to use $3000 of my seller?s money for another 3 months interest free. I?ll try to turn a couple MH?s with it before I have to pay it back. I?m glad she suggested the half now/half later idea, I would have never thought of it. She has become my partner on the next deal or two without knowing it. It was a creative idea that I?ll hopefully use again in the future.
Also, my buyer originally stated he was looking for something that I didn?t have, after talking with him for awhile, I found out he was hot for something I was anxious to sell. Funny how that worked out. I need to stay with the basics, help the buyer/seller figure out what they really need (and hopefully steer them towards what I have to sell!)
This is a deal that I think just fell in my lap, hopefully some other new guys might get some ideas from it.