Re: Should I buy mobile that far out of town? - Posted by Paul Stryer
Posted by Paul Stryer on August 25, 2005 at 14:19:54:
First of all based on your question I am making an assumption that this is your first deal or one of your first deals. And being so there are going to be many lessons you learn and mistakes you make on your first few deal. And as one of this mistakes you are going to have to make more trips to the location then you will as you get more effecient with making these deals.
Second, you did not mention what state you live in but as we all know there are some states that are better for dealing in MHs then others. NOt taht you can not do it in any state because you can, but the rules are different. But I would assume there are many home deals within a 60 mile radius of your home that you would no need to venture any futher then a 60 mile radius of your home.
Thrid - Again I am assuming this is your first or one of your first homes, I have found that it is much better to buy a home that is 3 bedrooms and 2 baths min. I have done some 2br homes but I don’t like to. Here is why - It is much easier to sell your homes as a 3x2 then a 3x1 or 2x2. Now I never buy a home unless I have it sold first and I always talk them into a 3x2 even if they want a 2x2. Here is why. When it comes time to take to repo the home you are going to have a much easier time selling a 3x1 then a 3x2, and you are going to have to mark down a 3x1 to sell it.
Fouth. I will not take a home older then 1990 if it was given to me. Most parks will not take anythign older then a 1990 or newer, and if it is older then 5 years most likly the park owner will have to see it first to approve it. And when he does approve it get it in writting. Never work on a hand shake, always on paper with a notory if you can.
Fifth. Like I said I would not take this home if it was free, let alone pay $3900 for it. All of my homes that i have done are 1998 and newer some are even 2002s and I have never paid more the $5000 for a home except for one 2000 double wide that I got for 10K, but I try to stay away from doubleswides but I had it sold for 40K and he put 10K down so it was paid for when the deal started. Now he has paid me for 2 years on a free home (Dam I love this biz - do the math on that one - As lonnie says you can not do the math on that one it is infinity)
So long story short just the travel time is to much and everything else is wrong with this deal as well
If this is your first deal or so, do not worry about it as you get out there deals will fall in your lap.
Just today a guy called me that I sold a home to 1 year ago and he said my next door nei just called me and he need to get rid of his home. I went to see it was a 1995 14x80 in great shape, he gave it to me with the deal tht it has to move by this sat. So I ahve 2 days to get it out of there. I called a park 2 miles down the road, rented a space, called my mover he said he would move it for $1400 with setup. That was 4 hours ago and it is on the road as we speek. I just went into my databse and called a person that is looking for a home in that town, and they are on the way over to look at it right now, and he said he would pay me $2000 down if he can move in by Fri of next week. So now in the matter of 4 hours I just put about $500 in my pocket and for the next 10 years this guy will be paying for the home (Dam - I love this Biz - THANK YOU LONNIE, I could not have done it without you)
Good luck, drop me a line if you need help in the future