It’s time to get back in the saddle, as the saying goes. I hit a rut over the summer, had two homes that just wouldn’t sell and with the economy the way it is in my neck of the woods I didn’t want to go too far out on a limb. Fortunately I wasn’t paying lot rent on the two, it took 13 and 16 months respectively to sell them. The other nice thing is the park I work in sells and finances them so I get paid in full when the papers are signed and they carry the paper. I make a little less but it’s nice not to have to worry about slow/non-payers. But now I’m getting antsy and need something to do. I looked at an older home tonight, 12x60 2/1 that I can get for $1300.00, put another $500-$700 in it and sell for $5-$6K. They guy is asking $2500.00 but just wants to get enough out of it to pay his lawyer bill. I’ll be signing the papers this weekend, hopefully I can get it cleaned up and sold in a couple months. I have to pay lot rent in this park but, since I’m selling it and it’s the only one I’m focusing on, it will move a lot quicker than the ones the park sells. It feels good to be back at it and I’ll keep you posted.
Dave
A couple things I noticed in your park that I have given some thought to…
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I don’t like to sell in parks where they offer homes with financing. They will obviously try to sell their homes before yours, since they are 99% sure you are reliable to pay your lot rent.
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12 wides are hard to sell, as I just learned. Couple that with it being a 2 bedroom, and you better get a REALLY good price, and be very competitively priced when selling.
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If a seller just needs money to get something done, like pay a lawyer, get their car fixed, etc. don’t offer a penny more than that amount. Get them talking, and they will let you know what they need. I had a guy turn me down one time, then call me back two days later once his motivation level picked up and his court date approached.
Just a couple thoughts of mine, but take them for what they are worth since I have only completed 8 deals so far.
[QUOTE=Dave (WI);882608]It’s time to get back in the saddle, as the saying goes. I hit a rut over the summer, had two homes that just wouldn’t sell and with the economy the way it is in my neck of the woods I didn’t want to go too far out on a limb. Fortunately I wasn’t paying lot rent on the two, it took 13 and 16 months respectively to sell them. The other nice thing is the park I work in sells and finances them so I get paid in full when the papers are signed and they carry the paper. I make a little less but it’s nice not to have to worry about slow/non-payers. But now I’m getting antsy and need something to do. I looked at an older home tonight, 12x60 2/1 that I can get for $1300.00, put another $500-$700 in it and sell for $5-$6K. They guy is asking $2500.00 but just wants to get enough out of it to pay his lawyer bill. I’ll be signing the papers this weekend, hopefully I can get it cleaned up and sold in a couple months. I have to pay lot rent in this park but, since I’m selling it and it’s the only one I’m focusing on, it will move a lot quicker than the ones the park sells. It feels good to be back at it and I’ll keep you posted.
Dave[/QUOTE]
Dave,
if the new park is going to make you pay lot rent why not just look for land/home deals that you can buy? Are there none in your area? If rent is going to be paid then why not own the land yourself? Look at it like a one unit mobile home park that you own.
It is good to see people getting ramped up and back in the game! It will take new approaches and new twists to take advantage of the opportunities the changing market is creating. Thinking outside the box is more important now than ever.
If you see stick built properties going for the price of doublewide land/home proeperties with equal or better rental income then expand your thinking and portfolio into that market. My point being that we need not get stuck in one niche if opportunity in an individual location is present in other niches.
Tony
Great idea Tony. I had a few questions about that, since I am looking to move into land/home deals OR stick built homes. I will start a thread and try to get a discussion going about the different possible strategies.
Do they have your book for sale yet!? 
Wideman, you need to rein in a little bit. You are moving at the speed of light, and its going to catch up with you. Keep doing what you’re doing, and learn from here and your mistakes not following what people say here
That’s what I do -wink-
[QUOTE=widemanb;882668]Great idea Tony. I had a few questions about that, since I am looking to move into land/home deals OR stick built homes. I will start a thread and try to get a discussion going about the different possible strategies.
Do they have your book for sale yet!? ;)[/QUOTE]
I have completed the book and am in the process of having it proof read and edited so that we can have it published and made available here. Busy, busy here so I got slowed down a bit on the editing process but the book is coming. Thanks for your interest.
Tony
Tony, Can’t wait to read the book. Loved the first one, only did not have the capital to make it happen. I am hoping to be able to start on your plan next year at this time as soon as I find out how to deal with the SAFE ACT. (Or I just get fed up and start doing deals until they come and knock on my door with a warrant. LOL)