Un-Motivated seller- Worth the effort? HELP!! - Posted by george from raleigh
Posted by george from raleigh on February 04, 2001 at 05:54:11:
I have a situation on a very old mobile home set up in a park in Wake County, NC. Owner is the park itself, my contact is the PM. The MH is pretty rough; needs hot water heater and HVAC, which the PM will give me, but not install. Flooring and carpets need to be installed, some windows, doors, and general clean-up and painting. The PM is firm at $3,000 on the price.
Here’s the question: the PM, on behalf of the park, does arrange financing. In other words, they do their own Lonnie deals, so to speak. The PM does not have much motivation to sell to me, since they can do the deal themselves. The PM says that deals such as this one yield up to $10-11k renovated, with $2-3K down. I am so new that I don’t know if this is so or not, but in an expensive area (park is only 4 miles from Raleigh) it could well be the case. But, as this is my first deal, I am a bit intimidated by the prospect of doing perhaps extensive renovations right at the outset, without a firm feel for the values in my county.
Any ideas from the gurus?