Posted by Ron Thompson on January 23, 2000 at 10:14:18:
Sound to me like you need a finders fee agreement, then take your money and step out.
They’re not Lonnie Deals, but… - Posted by Karl
Posted by Karl on January 22, 2000 at 21:57:42:
I’m driving the parks and I’m running into many homes outside of my buying criteria because they are priced too close to retail. They have loans, some assumable, and although the owners aren’t flexible on the price, they just want someone to payoff or take over the loan. (So they can move into that house they just built. Sound familiar?) They’re not Lonnie Deals, so I pass and go to the next one. At the same time, I’m getting plenty of calls from buyers who are willing to spend that much if they can get financing.
For example, I looked at an '86 14X70 today, extremely nice condition, owner wants someone to assume or payoff his $14k loan, and he’ll be happy. An hour later a buyer calls me, is looking for an extremely nice 14X70 home, looking to spend about that much.
Is this a gift from heaven or what? I want to get these two folks together. I don’t want to assume a 14k loan, in hopes of selling it for $15k or $16k. I want to get it under contract, with weasel clause, and assign it to the buyer. I’d like to make a few phone calls, maybe show the home, take a $2k or $3k cut (buyer’s down payment) for putting the deal together, and move on.
Is anybody doing these kind of deals with mobile homes? This isn’t quite what I had in mind when I started this, but I want to take advantage of any opportunities. Are there any problems with doing this? What do I say or not say to the buyer and seller? Should I be upfront with buyer and seller about what I’m doing, and what I want to make for my efforts? Or should I handle it more discretely?
Another seller called me today, saw my “I buy, sell, finance MH’s” ad, he has a newly remodelled '86 doublewide way out in the country an hour away on his property where he just built a house, wants someone to give him $8k and take it away. The very next call I made was to a FSBO with an old 12X65. He was selling his little MH because he’s buying a couple of acres out in the country, and by the way do I have a doublewide for sale that he can move out there? Okay, similar question. What kind of markup can I get away with for just getting these two guys together? How would you handle this?
Karl
Re: They’re not Lonnie Deals, but… - Posted by PeteH(NYC)
Posted by PeteH(NYC) on January 23, 2000 at 13:17:43:
I’d also think you might have room on the second deal you mention to tell the seller, “hey, I can’t give you the full $8K cause I’ve gotta pay a couple grand to haul it away,” thereby getting him down to, say, $5500; then you turn around and tell the buyer “I found one for $9K, so long as you’re prepared to spend for hauling it over.” Bingo: there’s your profit margin.
Re: They’re not Lonnie Deals, but… - Posted by Bill K. - FL
Posted by Bill K. - FL on January 23, 2000 at 10:52:28:
Karl,
Someone once asked, “how do you fall into these deals” the answer is you have to be falling. You are getting good leads and you can do these deals. Is the loan assumable? Yes: Get an option to buy and sell the option. No: Put under a net lease with
option to buy for the outstanding loan balance and sub let to your buyer with a sandwich lease. Just because a deal doesn’t fit into a certain senario doesn’t mean you can’t make money on it. This is where educating yourself on different finance techniques pays off. You get paid for your knowledge not your sweat.