third lonnie- Help!! - Posted by Greg Meade

Posted by Philip on August 22, 2003 at 15:53:46:

Don’t let all that “legend” talk go to your pony-tail!
Man, you turned 20? You are getting old! Before long teenagers will be saying…“yeah, old man Bob Marley Briton owns half the mobile homes around here”…to bad he is soooo OLD…he is…22!"
Best wishes,

third lonnie- Help!! - Posted by Greg Meade

Posted by Greg Meade on August 21, 2003 at 15:58:26:

Me and my new buddy joe were kicking it today and called on a person who responded to an ad i run. 2/2 14X52 immaculate. central A/C, block skirting, carport, utility shed. Set up in over 40 park. Rent is 342 per month. Pools, lakes, shuffelboard,square dancing, keggers (these old folks know how to party), rec center, etc. Tlaked to her later and stated the high lot rent and move in requirements were tough for me.
Joe and i went and ate and what we discussed was this. Tie it up on a 90 day option. I am fully on the hook for 342 per month in lot rent for this 90 days. If i pull the trigger on the deal i give her 1,000 for title and then turn over to new owners with this scenario:
1500 down
157per month (thanks Briton) for 48 months 0 % interest
The only comparable unit for sale in the park is 11,500.
This approach will minimize my exposure and if i can sell quick steal the unit/ Can any of you old-time dealers see where i can do something better? Different? Thank you

Re: third lonnie- Help!! - Posted by Briton (IN)

Posted by Briton (IN) on August 22, 2003 at 02:27:41:

Why thanks to me? Briton

Re: third lonnie- Help!! - Posted by Tony-VA/NC

Posted by Tony-VA/NC on August 21, 2003 at 17:58:51:

It may have been understood without your stating as such, but be certain the PM will allow you to purchase the home, in whatever capacity (I don’t know if you are over 40 and qualify).

Yes the Option will protect you but you may wish to cover your bases just in case. Plus you want to be certain of the usual details (lot rent current, home can stay on the lot etc.).

As for the Option, why do you wish to agree to pay the lot rent? I would not want to be on the hook for a grand on a home I may not buy or be able to sell (that is what the Option is intended to prevent).

Re-work your thoughts on the Option. If you wish to be fair, may the option non-exclusive (meaning the homeowner can continue to try and sell). I don’t know about the senior parks, as cash buyers in theory may be more readily available, but in traditional family parks they sellers sometimes are worried that I may tie up the home for 90 days and not buy.

By allowing them to market the home, they have nothing to lose. By tying up the purchase price via the option, I have nothing to lose. The seller remains on the hook for the lot rent.


Re: third lonnie- Help!! - Posted by Greg Meade

Posted by Greg Meade on August 22, 2003 at 09:19:12:

Briton… you posted you sold three homes using an ad with payments of 157 per month. The problem was you could not raise that amount if people were willing to pay more. I read everything you post and you are becoming a legend here in FL. 19 years old and own a park, do lonnies,erect storage bldgs and all with long hair and a pony! I have grand kids your age and i don’t5 have storage blds (yet). Keep up the 'tood and the good work!!! Greg

Re: third lonnie- Help!! - Posted by Greg Meade

Posted by Greg Meade on August 21, 2003 at 18:57:25:

Tony…this is a 459 space park and their qualification packet is over 11 pages long. The park is full so i fig yhey do let people in there but qualifying a new applicant can take come time. If I outright buy the home (wants 3k will take 1800 cash) I have to qualify, pay i month rent deposit (refundable) and a full mo rent plus a pro-rated 350 per year homeowners association fee. The sellers mom just passed and the Park allows a 90 day bridge time for relatives to sell or otherwise dispose of property. When i talked to seller this morning her first words were “we paid the funeral with a credit card and my first thought this morning was how are we going to make this month’s lot rent.” Tells me this is what is the motivator. I want to not have to qualify myself and pay these costs until im sure i can qualify an applicant. Kinda chicken on my part but i have read some great (scary) posts on adult parks. If nothing else, i would pay rent for 3 mos. hopefully, find a great tenant. Park charges 50 app fee per person!

thanx man, and i turned 20 last week :slight_smile: NT - Posted by Briton (IN)

Posted by Briton (IN) on August 22, 2003 at 13:35:55: