SELL before you BUY???? - Posted by John

Posted by JT on August 19, 2005 at 18:17:37:

Don’t look at me!! I’ve got compassion to spare its these pesky PMs with there silly rules and various other road blocks. Heck, if you can fog a mirror you pass my litmus test!

SELL before you BUY??? - Posted by John

Posted by John on August 18, 2005 at 03:18:31:

How excactly does that work?? What are the steps in doing that? Are there any complications on doing it like that?? I am new to mobile home investing, should i just start off selling before buying the mobile homes?? …another question is the same Info in the book Deals On Wheels is in the DOW study course?? Would i learn more by buying the course? Thank u

Re: SELL before you BUY??? - Posted by Ray (MO)

Posted by Ray (MO) on August 18, 2005 at 14:44:59:

This is how I sell before I buy. I look at the home and bird dog it like Lonnie says in DOW. Then I ask the seller what they are willing to sell it for. I then flinch and say, “that much money will be difficult to come up with since I have 2 rehabs going right now.” "… I do, however have an ad running for those homes so if I find someone who may be interested in your house may I show it. They always say yes. I don’t offer any cash or terms or even ask for a broker fee. Once I show it and the buyer wants it, that’s when I negotiate. Most of the time it’s open and honest. Everyone knows who’s paying what. The best part is each time we have done this everyone left the table thanking us.

Catalyst Karl - Posted by Karl (Oh)

Posted by Karl (Oh) on August 19, 2005 at 22:26:09:

I’ve had the buyer and seller is the same room many times without any problems. I tell the seller that I’d like to walk a possible buyer through the home, please don’t mention anything about price while he’s here, our arrangement is none of the buyer’s business. No problem. I tell the buyer that we’ll walk through the home, but please don’t mention anything about price until after we step outside, our arrangement is none of the seller’s business. No problem.

The seller usually needs cash, the buyer usually needs terms. They both need you to put the deal together.

Karl Kleiner

Most of the time it’s open and honest - Posted by Steve-WA

Posted by Steve-WA on August 19, 2005 at 13:11:43:

just sounds funny

;-)3

Re: Most of the time it’s open and honest - Posted by Ray (MO)

Posted by Ray (MO) on August 19, 2005 at 13:41:58:

What I meant by “most of the time” is I don’t come out and tell everyone I’m buying this mh for 4,000 and selling it for 12,000 unless during the course of the transaction it becomes apparent or if someone asks. If you ask I don’t lie. I have had people ask, “why should I pay you 12 for a house you paid 4,000 for?” My answer is always:
"you can pay $4,000 for the mh and pay me $500 finder fee. This is the cash deal. When can you have the cash for this deal?"
They say, "I don’t have that much cash."
I say, “good thing I’m willing to finance. The finance deal is $12,000, how much do you have for a down payment?”

Re: Most of the time it’s open and honest - Posted by Steve-WA

Posted by Steve-WA on August 19, 2005 at 15:03:40:

Oh, I know what you meant. It just sounded funny excerpted that way.

Re: Most of the time it’s open and honest - Posted by osupsycho (OK)

Posted by osupsycho (OK) on August 19, 2005 at 14:09:00:

Yeah that would seem to work most of the time but what about the deal I am putting together right now.

Buying home for $500, buyer lined up who is buying as-is for $5000 with $500 down (12.5%, $213 month, 24 months). I was planning on just using there down to go and buy the home :smiley:

FYI, this comes from having a good PM and referal system though!

Re: Most of the time it’s open and honest - Posted by Ray (MO)

Posted by Ray (MO) on August 19, 2005 at 15:28:45:

Now I’m funny to you… What am I a clown. Do I look like a clown to you… :slight_smile:

Is it noon yet I need a beer.

Re: Most of the time it’s open and honest - Posted by Ray (MO)

Posted by Ray (MO) on August 19, 2005 at 15:25:03:

This one you may not want to be totally upfront about. I’m only advocating telling the truth when it suits you! Just Kidding. Is the buyer asking what you paid? Again this all goes back to the Sell before you buy thread where you may get stuck with both the buyer and seller in the same room. Otherwise I don’t volunteer this info.

By the way, nice deal!!

Re: Most of the time it’s open and honest - Posted by osupsycho (OK)

Posted by osupsycho (OK) on August 19, 2005 at 15:37:58:

Like funny HAHA or like you think I’m funny??? I oughta…

Love that movie!

Re: Most of the time it’s open and honest - Posted by osupsycho (OK)

Posted by osupsycho (OK) on August 19, 2005 at 15:45:32:

Well its not done yet and I have to jump through a couple of small hoops before it is but it is looking real good. The buyer is not asking questions but he is also not a real high class buyer and he is wanting out of his rental pretty bad (bad neighbors). The biggest hoop I am worried about is getting him approved for the park (but he thinks it will be ok as he was approved there in the past).

Re: Most of the time it’s open and honest - Posted by Ray (MO)

Posted by Ray (MO) on August 19, 2005 at 16:01:56:

This is what we do in our favorite park. It may not work for everyone. We co-sign on most of the leases with the park. The PM requires a 550 credit score if the buyer is in the 500s and we get good feel from them, we co-sign. The reason being we will end up paying if they fall behind. After we repo, we end up paying the back lot rent. If we’re a co-signer the pm calls me sooner. That means less back rent faster repo. Bottom line everyone I want in gets in because I co-sign.

Re: Most of the time it’s open and honest - Posted by JT

Posted by JT on August 19, 2005 at 16:21:24:

What if they need the co-sign of the pardon and parol board??

Re: Most of the time it’s open and honest - Posted by Ray (MO)

Posted by Ray (MO) on August 19, 2005 at 16:53:20:

If he’s on parol doesn’t that mean he served his time and he is now reformed? That is what our correctional system is all about.

Re: Most of the time it’s open and honest - Posted by osupsycho (OK)

Posted by osupsycho (OK) on August 19, 2005 at 16:33:05:

JT got him taken care of (went to another park). This is his son!

No kiddin’! - Posted by Steve-WA

Posted by Steve-WA on August 19, 2005 at 17:39:56:

I just had a PM turn away a guy who just got out of 5 years in the big house for shooting somebody.

“But it’s not like I killed him!”

Geez! Where’s the compassion?!