What to pay (newbie question) - Posted by Marc

Posted by Steve-WA on August 13, 2003 at 22:13:20:

be patient - good for you for scoping things out, but you are looking for mobile homes.

you should be looking for motivated sellers

What to pay (newbie question) - Posted by Marc

Posted by Marc on August 13, 2003 at 22:09:41:

Thanks in advance for being kind to the new guy! :slight_smile:

In my area I have been looking at repo’s. I have found several but the banks (or whatever) are asking anywhere from $17,000 to $35,000 for 1997’s and up. Some I have looked at were in need of TLC, others were just fine as is and some needed considerable rehab. My question is this. Is there a standard amount you offer a bank based upon condition vs. asking price? For example; if it is good the way it is you offer 50% of asking, or if it needs TLC you offer 40% or if it is rough you offer 25% (random numbers here for example only). I’m looking for advice from the experts here as I look for my first deal (need to make sure it’s a good one so the Mrs. will support this effort going forward).

Am I looking at the wrong market? All of these properties are located in MHP’s and one of the MHP’s will give me up to 3 months no rent and erase the back lot rent due if I fix the places up and don’t move the trailer. That said, should I bypass these deals and look more for the 20 year old homes that can be had for a couple grand (haven’t found any yet but only have 4 hours invested in actively looking).

Thanks for the feedback everyone… by the way, DOW is on order so feel free to give advise in the meantime.