Posted by Don NY on August 13, 2002 at 06:12:47:
I am just starting out and doing my third “free” deal in the same park. first two were free next one was $100
Should I take FREE Mobile Homes? - Posted by David G
Posted by David G on August 12, 2002 at 19:00:00:
I just called a MH broker who mails all MH owners in parks a “Thinking of selling? I’ve sold more MH than anyone! …” letter.
I asked him if he ever buys MH and he said “No way! And be responsible for the space rent? Not me.”
Then he says, “There have been a couple of people whose MH I listed and they walked away from their listings. The market is pretty bad - it took 6 months to get rid of a '85 1500sqft for $7000. (A lot of people who own newer homes are $15k upside-down and many walk away.) I know of some single wides in 3 different parks that the managers will give away - for FREE - they just want the space rents. Problem is, the space rents are around $535 per month.”
Is this one of the cases where “It doesn’t work where I live…”?
I’m just looking for hope and all suggestions and recommendations on how to make this work.
Help.
David G.
Re: Should I take FREE Mobile Homes? - Posted by Karl (Oh)
Posted by Karl (Oh) on August 12, 2002 at 21:15:57:
There are a couple mobile home brokers (real estate agents) in my area. They?re a joke. They can?t sell any homes here, either. And their signs are everywhere. They see a FSBO sign in a window, and get the seller to list their home with them. Then the seller never sees the broker again. At least not until the seller takes the broker?s sign out of the window. Then the broker starts asking if someone owes him a commission. This is the same story I hear over and over from sellers.
The brokers have the same problem that the dealers have right now. They need buyers who can qualify for bank financing in order to sell a home. We get around that problem by offering owner financing. That?s what makes this whole business work.
See if you can get your hands on one of those free homes in decent shape, and offer owner financing. Ask the PM if he?ll cut you a break on lot rent for a couple months while you sell the home.
Karl Kleiner
I have two mobile homes for free… - Posted by Bill
Posted by Bill on August 11, 2003 at 14:03:43:
I have two mobile homes on my property that I own and want to give them away to someone who will come pick them up and move them off my land. Who ever wants them can come by and look at them. If you want them there yours just move them off my land and put them on your own land.
These are mobile homes with axles, need wheels and there ready to haul away, for FREE!
Thanks,
Bill
Re: Should I take FREE Mobile Homes? - Posted by David G (OR)
Posted by David G (OR) on August 13, 2002 at 11:30:11:
How does one get the title on MH that people walk away from (in Oregon)?
More specifically, how does one get a CLEAR title?
David G.
Re: Should I take FREE Mobile Homes? - Posted by Joe C. (AR)
Posted by Joe C. (AR) on August 12, 2002 at 21:43:31:
In answer to your “should I take mobile homes for free” question, the answer is probably “some yes, some no”. Karl is right about getting the park to work with you on the lot rent issue. Ask for 60 days to “fix up and market the home” before the lot rent begins. More than likely the home will sit on the lot more than 60 days rent free if you don’t take it. In exchange, tell the PM that you will clean up the exterior, make the home livable and find him a qualified tenant as soon as possible. It can be a win-win for you both.
You decide which ones to take by comparing the cost and time requirements with what you have to invest and the potential return. As with all of these deals, if you can’t get double or more for your investment don’t bother with it. If you get it for free and don’t have to move it, doubling your investment should be easy.
Just my .02
Joe C. (AR)
What state? - Posted by Karl (Oh)
Posted by Karl (Oh) on August 12, 2003 at 22:47:37:
Where are they?
Karl Kleiner
Re: Should I take FREE Mobile Homes? - Posted by Joe C. (AR)
Posted by Joe C. (AR) on August 14, 2002 at 24:22:20:
Abandonment title rules vary from state to state as I’m sure you realize. If no one gives you a specific answer about Oregon, check with the state agency that issues the titles. They should be able to tell you the steps required to get an “abandoment title” from them. You will probably be required to advertise an “abandonment notice” in the newspaper, with some specific verbage. I know this doesn’t answer the question, but I hope it points you in the right direction.
Joe C. (AR)