Posted by Dr. Craig Whisler CA on April 01, 2002 at 20:06:08:
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Repos - Posted by Curtis - FL
Posted by Curtis - FL on April 01, 2002 at 18:37:35:
I have kept my eye on two repos in one of the parks that I am working. It took 4 months of occasional calls to the rep on the window before getting through to her. The details are:
99 Redman 28x50 3/2 needs appliances but in great shape otherwise for $28k. It’s been vacant at least 8 months.
98 skyline 14x70 2/2 needs new carpet, fridge and a little paint and patching for $20k. Vacant for at least 4 months.
I’m thinking of putting in an offer for $10,800 for both. Would this be about right or am I still too high?
Curtis - FL
Re: Repos - Posted by ScottS(NC)
Posted by ScottS(NC) on April 01, 2002 at 19:48:21:
Curtis,
Most repo deals like this in my market would never even consider this offer. The dealer will attempt to sell these homes as a “Take over payment special” but if the can’t get any bites on that they will haul them back to the lot and sell them there.
Some people may have had some luck with repos but I would argue that the amount of time invested and the large initial expenditure of capital makes these deals unattractive to the average lonnie dealer.
If I were going to invest $10,800 in a deal I would want the land as well as the home. One land home deals would probably give you the same (or close) Income as the two repos. I like buying the lots because they never payoff. Figure your yield on something that will pay you for the rest of your life like the land under a mobile home will.
Curtis find yourself some wholesale lonnie deals and you could buy 4-5 of them with that $10,800 earning you $1000-$2000 monthly instead of two deals earning $400-$800. Not to mention five checks from five diffrent sources is much safer than two checks from two sources. HTH Take Care ScottS(NC)
Re: Repos - Posted by Jim Pack (FL-GA)
Posted by Jim Pack (FL-GA) on April 02, 2002 at 13:23:58:
I agree with Scott. Check out my reply to SURVEY, fulltime income from Lonnie Deals? This stuff really works if you keep looking.