What's wrong with this picture? - Posted by Noelle Ruehl

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by ScottS(NC) on March 06, 2002 at 07:34:50:

Noelle,

You must: know your market,know your market,know your market. With that said what is the market for seniors in your area. Have you run a test add stating, Double Wide $500 down LOW monthly payments Owner Financing SENIORS ONLY. How many calls did you get? Five, then start buying them. Zero, the market for seniors is saturated don’t bother but you learn more about your market either way! Another option would be to Lease Option one or two of these for a month attempt to sell with terms similar to those mentioned above. In my opinion what I think is wrong with this picture is NO CREATIVITY! You can change that and make money if you THINK. Take Care ScottS(NC)

#2

What’s wrong with this picture? - Posted by Noelle Ruehl

Posted by Noelle Ruehl on March 06, 2002 at 02:51:44:

There is a very nice mobile home park for seniors just down the street from me and for months and months there have been dozens of VERY nice double wide mobiles just sitting empty for sale at LOW prices ($2,000 to $5,000). Word of mouth has carried this news all over the place but still they sit unsold. I’m confused! They all seem like great buys, what’s wrong with this picture? How would I do ANY deal with these if no one is buying them now? Thanks.

#3

Re: What’s wrong with this picture? - Posted by Trey

Posted by Trey on March 06, 2002 at 23:06:16:

These homes are probably in need of some repair and the are bank repo’s waiting on someone to bid on them. Find out what bank owns them and make a bid. The park might not allow non- owner occupied residents in the park. Thus. No rental properties. If you are real nice to the park and offer them some money when you sell it they may let you leave it there for a little while.

#4

Re: What’s wrong with this picture? - Posted by Jim Smith

Posted by Jim Smith on March 06, 2002 at 09:44:18:

Noelle,

Does the park even own these units? If not, are they individually or collectively owned?

#5

Re: What’s wrong with this picture? - Posted by Jim Smith

Posted by Jim Smith on March 06, 2002 at 09:35:52:

Hi Noelle,
Have you spoken with the park manager/owner yet? I have a park in my area that will only sell their stock for all cash at full asking price. These are very old units, and with several for sale with additional empty lots, I seem to have found an unmotivated seller/Park manager. Have a Talk with the PM, and find out what their situation really is. As Lonnie says in DOW, ask lots of questions and find out all you can about their situation. They may not be motivated enough to offer financing. Are they burned out? Older? Wanting to retire? You get the picture.

You did say that the park is in your back yard, what kind of neighborhood is it? Have you spoken with any of the residents? What do they think of the park? Are the lot rents too high? Any complaints that keep coming up? Talk to as many people as you can. Keep us posted on your progress.

Best wishes,
Jim Smith

#6

Re: What’s wrong with this picture? - Posted by Jerry Freeman

Posted by Jerry Freeman on March 06, 2002 at 07:42:12:

Following up on what Scott has suggested, if it looks like the problem is that no one wants to move into that park, you might look around for another park where the homes could be more marketable and the park manager will help you. He or she might be willing to pay part of the moving expenses, and you should be able at least to get free lot rent for anywhere from two months up to as long as it takes to get the home(s) sold. Although moving a doublewide is more trouble and expense than moving a singlewide, if the potential profit is high enough, it would be worth considering. If those homes were in my area, I’d buy them all right away and sell them to people who want to move them onto their own land. There are a lot of people like that around here.

Best wishes,
Jerry