What about repos? - Posted by Chrys

Posted by john in texas on March 10, 2001 at 20:39:14:

I would like to know one thing additional. Can on do a flip on a double wide on land. And are there note buyers out there to puchase the own created note.

What about repos? - Posted by Chrys

Posted by Chrys on March 09, 2001 at 17:27:27:

I picked up a paper yesterday, and a thrifty nickel…dang! I can buy a MH anywhere from about $1,000 to $6,000 (of course the prices go up from there) with no trouble at all…MH dealers ads are everywhere selling repos…I have to wonder why the heck they are not doing something with these homes.

I’m in a small town about 40 miles from the city the papers were from and it’s nearly impossible to find a rental here. I talked to a RE agent yesterday…she’s got a list that goes on forever of people wanting to rent, one lady calls her daily looking for a rental, some people, the agent said, have rented dumps just to have a place here…so what gives? How come these dealers are not buying the repos themselves putting them on lots and renting them? Am I about to step in quicksand here? (ie: looks okay on the surface, even inviting, but will suck me under if I take one more step.)

Any thoughts?


Re: What about repos? - Posted by bama

Posted by bama on March 09, 2001 at 23:19:32:

You gotta understand the mindset of the mobile home dealers. Financing has all but dried up in our industry. Repos are everywhere and you can get a very good deal on them. Retailers are biding thier time, trying to stay in business, until the financing comes back and they can sell thier new homes. They are only out to sell new homes and make the quick money.

The residual money from owner financing and rentals isn’t what they are looking for. They don’t have the patience. Getting a check every month for $300 isn’t big enough to get thier attention.

It’s a great market out there right now for Lonnie’s techniques. In my opinion, the best ever. Take advantage of it.