Update on my Friend & her new start! Long post - Posted by John/Indiana
Posted by John/Indiana on March 04, 2001 at 02:49:28:
A while back I wrote about my friend making a new start after 2 bad marriages totalling 24 yrs,her abusive life and how she was starting over. First,I would like to say a great big THANK YOU to everyone who posted a response (Tony,Bud,Marie,Andy,MAC,dirk,cantrell,Lonnie,Ernest and everyone else,you know who you are,I’ve lost much of my e mail messages due to my own stupidity)and please forgive my failure to respond before now.
AN update : My goal,when first starting this,was to help her out as much as possible without investing any of my own money.It was to be her pulling her up by her bootstraps.Well,she’s erased the debt her last hubby stuck her with,except $479(out of several thou on various cards) that remains on a charge card.In the year she has been here in Indiana,she now has a reliable car of her own,furniture,clothes etc and its all paid for and she owes no one,except the one credit card & it was in her & her ex’s name.She’s got $2,000 to work with,also.I must admit,this will be a long post and perhaps confusing. Her goal was to aquire a MH of her own,and then more for the “Lonnie Deals”,and she’s about ready to buy the first one.This is against everything I’ve read,taught her,Lonnies advice etc…but she’s fixated on buying a 1989 Skyline that a lady has for sale(she got stuck with it after her kids divorce,has been paying lot rent for nearly a year).Her goal was to live in a safe MHP and to branch out from there.It’s located in the country,It’s safe,it’s only $170 a month for lot rent,but the lady wants $15,000 for the 1989 Skyline.Now,please,I’m not knocking those of us who do this for a living,please don’t take offense.The lady has offered her no down payment,$80 a week for 5 years and the red flags went off in my head and even after all the deals we’ve pursued,all the learning process ,all the time i’ve spent,I feel as if i’m talking to a wall.The trailers immaculate,on a nice space,ready to move in 3 br/2 ba and I figure worth about $11,000 due to its condition.Theres more…she’s kinda upset with me because I’m saying thats too much,we’re doing Lonnie deals,remember?
Should I just ‘let’ her go ahead and make this mistake???
She and I have nearly made 4 “deals” in the past 2 weeks,on MH’s in less desirable areas.We’ve been researching for months,seriously looking for a month,and have passed up at least 10 MH’s we could have got for between $1000 and $2700 which we could easily have tripled our investment.Problem is,every darn one required moving/set up & after investigating that I strongly advised against it as it’s $1,000 to $1,500 around here for move/set up/elec/plumbing etc…If the MH was worth it i’d say ok,but they weren’t that new,lol.Her big dileama,shes got $2000 cash to work with,and while she’s had no problem with the cheapies we’ve looked at,finding a park to take an older trailer has ben a problem.Yes,we’ve looked at many already established in parks and are being hard lined by park managers who are either making their own deals or in cahoots with Conseco/Greenpoint/name your local realtor,lol. This is in no way meant to disrespect ANY OF YOU. Theres a HUGE market here for what we’re involved in.The dilapedated ones by owner we’ve passed so many because she wants the first one to be the right park,right trailer because it will be her home.Then she’ll do the “deals”.She’s not stupid,but even after all she’s read/learned and my persistence,she’s got her head in the clouds over this MH…okay,I’ve talked too long.Should I just mind my own business now? Or should I continue as sage/advisor? The lady selling it had it listed with a realtor for a long time until last month for $13,000 and the realtor said she’d probably sell for anything $9,000 or over.The listing expired Friday & lo & behold it’s in Sat morn’s paper!!! Now she wants $15,000…I said offer her $11,000 because she likes the lady,doesn’t want to offend her and she’s offering no money down(sound familiar?).I said you won’t offend her,she’ll make $2,000 plus no realtor fee’s more than she was willing to accept before.Unfortunatly,we just found this one as the realtor listing expired.
AM I NUTS? Have I wasted my time? Does this sound good?
BTW,I’ve learned so much about this myself,I’ve decided to do it myself.I’ve put so much of my own time in it,I could have been making some decent money by now…I just wanted to help a friend.
More on my dileama later,sorry for the long post! Am I just stupid? Time to mind my own business??? Please,beat my head against a wall for me!!! John.