Posted by Ernest Tew on September 27, 2003 at 05:18:13:
I concur with Dr. Craig Whisler’s comments. One additional thing: If you plan to move it into one of the local parks, I would first call some of the park managers to verify that they will allow a 20 year old mobile home to be moved into their park. Many park owners and managers set a minimum age for homes that they will accept.
would this deal work - Posted by Dave
Posted by Dave on September 26, 2003 at 23:17:15:
I found a 1983 14x70 3 bed 2 bath. must be moved, in excellent condition. moving costs are $1200 and my purchase price would be $2000. my plans are to make it in the agreement to leave it on the lot that it is on right now for 45 days to find a buyer, then I can move it in a park of buyer choice. this way I don’t have to deal with the pm, which is another plus. In my market it would sell for around $10500 financed with $2000 down. would this be a good deal or not. and any other advice would be great. thanks Dave
Oops, I forgot to mention… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 27, 2003 at 11:27:29:
…if $2k was the asking price, I would offer $500-$1,000 first to see what happens, especially if local parks won’t accept something that old, as Mr Tew indicates in his post. Always try to negotiate.
You might have to go to private land. Even then, there could be some age restrictions so check that too if you think you may having a problem getting it ito a park.
If you plan to move it into a park, ask the park OWNER for a $1,200 move-in allowance for filling one of his empty spaces. You must do this carefully though. You don’t say "I have a mobile home and I NEED to put it in your park, will you pay moving costs’? Once the PM or owner knows YOU have a problem he will make YOU pay for it. If you approach him more carefully, you could comment about his vacant spaces and ask him how much it might be worth if you could find a mobile and move it into his park, so he could get the space rent going. Many parks will give you this allowance if they feel that they need to, to get their empty spaces filled quickly. It all depends on how you talk to the owner (or the one who can make this decision).
You deal is excellent now. If you could negotile a grand off the purchase price and get $1,200 more for the move in allowance, you would be $2,200 ahead of someone who doesn’t read CREonline.
Good luck and keep us posted on your progress, especially if you have any problems. Maybe we can help solve them. If you don’t have any problems maybe we could supply some.
:~0
Regards, doc
It depends. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 27, 2003 at 24:03:07:
If you can find a buyer within that time frame it would work nicely. If not—maybe not.
The numbers are fine but why limit yourself to 45 days, if you are paying the space rent. Ask for NO time limit as long as you cover the space rent.
Have a back up storage location and toter lined up (at a preagreed price, in writing) just in case you need them.
I like this one. A deal without some risk, hardly exists.
It is the risk vs reward ratio that you want to watch.
You would take a bigger risk if there is more profit in the deal. Plenty of profit here. It gives you a nice margin for error.
Go for it.
Regards, doc
Re: Oops, I forgot to mention… - Posted by Dave
Posted by Dave on September 27, 2003 at 19:35:31:
I called the park that it is located closest to and that town ordinances only allow you to move in 10 year old or newer mhs. It is on private land now and the owners built a new house. since its the weekend I couldn’t get ahold of any other mhps. i’ll have to call parks in other towns on monday. I must live in a anti-MH area, most areas around here you can’t even put a MH on private land. Dave