Would YOU buy this MH?? - Posted by Chuck-NY

Posted by Joe c. on March 20, 2001 at 21:47:04:

I rehabed a 10 year old fire damaged unit once. I rented it out for $350/mo for 3-4 years and am about to sell (carry note) for $6500. I originally had about $2500 in it. If the damage isn’t too bad, You can make out ok.

I know a realtor who did a fire damaged double wide, put it on private land and sold it. He made over $25k on his deal and got conventional financing for the buyer.

Joe C.

Would YOU buy this MH?? - Posted by Chuck-NY

Posted by Chuck-NY on March 20, 2001 at 18:45:06:

I visited a New MH dealer today and looked at
his older trade-ins. (is that a word??)
Anyway, while we were talking he mentioned he
has a year 2000 14 x 64 that he would like
$6,000 for it…why??..it had a fire in the
front bedroom and the entire home is black soot.
Mostly from the waist up. This home sold last
fall for $26,900. I ran some NADA numbers
and figure it would sell for $15,000 - $20,000
fixed up back to normal. Not much fire damage
as there is smoke damage. My question is
…is it possible to hire a professional
cleaning crew to return this back to normal
and still make good money?? No moving or setup
costs for me…park would take care of it.
Also, I would offer less than the $6,000 he
is asking.

Just looking for advise from those of you who
may have rehabbed a smoker.

the price is the problem - Posted by David S

Posted by David S on March 23, 2001 at 08:34:59:

not the work needed to repair the damage. This dealer is way, way out of line on the price. I would imagine that the insurance company paid the mh off in full, gave it to the dealer, and the dealer hauled it to the sales center so that he could sell the insured another home. It happens all the time.

Here is an example: 2000 model 32x80 with similar damage. The dealer wouldn’t even move the home from the property of the insured (larger homes cost too much to move). The insurance company called me and asked if I would take the home for FREE.

Even more times, the insurance company will “give” the home to the insured (what a deal…) so they (the insurance company) won’t have the expense of relocation or remarketing.

David S

PS: I refused the home, for now… They have had it for 3-4 months without “getting rid” of it. I plan to make the insurance company an offer that if they will pay 1/2 of the moving expense, I will take the home to one of my parks.

Re: Would YOU buy this MH?? - Posted by Jeffrey,IL

Posted by Jeffrey,IL on March 22, 2001 at 09:57:33:

Not too hard to fix the soot problem. I’ve had apartments where my tenants have lit up their beds, sofas, etc. These generate tons of soot, and quite a bit of heat, (so look for melted plastic parts) but usually not much sturctural damage. We washed down the walls with TSP (tri-sodium phosphate) applied a KILS type of sealer and painted.