Posted by Art on July 04, 2001 at 20:14:59:
Hi Doris.
A different slant but the message is there. Great info. 1st MH deal - yes NOT.
Thanks and Happy 4th.
Art
1St. MH Deal - Posted by Art Stange
Posted by Art Stange on June 28, 2001 at 20:27:58:
I am looking into a 1999 RedMan single wide 14x66, model unknown. Been told it’s worth ~ 23k. Motivated seller’s loan balance is ~ 30k. She will take a loan to makeup the difference between loan balance and sale price. Other info. the trailer is in a park already, tenant is a deadbeat - hence seller’s motovation. What is a good offer? Or what other info. do I / you need to help me see if there even is a deal period?
Thanks a $Million.
Art
Re: Watch this one - Posted by Dan (NC)
Posted by Dan (NC) on June 29, 2001 at 14:50:26:
and those like it. The others have given great advice - right now this is someone else’s problem - don’t make it yours. Wait for the banks to get it back - it will take them about six months after the woman stops making payments to figure out they’ve got another repo on their hands. The home then becomes their problem. Remember - if it looks too good when they finally come around to inspect/appraise it, it will go on their retail list and you’re out of luck. But if it stinks, if there are dead animals inside (drag a few in??), if the windows are broken, the carpet soiled, and the appliances stolen, they’ll wholesale it and then you can get a good deal. I just heard there are currently 23,000 repo’ed MH’s in NC. I don’t know if it’s true, but there are a bunch of them, and the lenders are motivated. So keep your eyes on these types of homes because although it’s not a deal now, it may be in 4-6 months, and if you make the right contacts with Conseco or Greenpoint, you’ll be first in line when the home comes up again.
NO OFFER on this is a good offer! - Posted by Carey_PA
Posted by Carey_PA on June 29, 2001 at 09:37:40:
PASS…this is NOT a lonnie deal.
Re: 1St. MH Deal… PASS - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on June 29, 2001 at 06:19:28:
This type of deal will come your way many more times. People with almost new mobile homes finding out about the depreciation on a new home. There is no deal here. If you have been told it is worth $23k, why on earth would you pay that much for it? IF I were to buy this home (and that is a big IF), I would probably pay no more than 9 or 10K. Remember the Lonnie formula to buy at wholesale and sell at retail. But the Lonnie formula does not apply well to newer homes. It is not meant to. This is really too much money to put in one deal. For that same $10K, you should be able to buy 3 or 4 wobbly boxes, not one.
Just my .02
Re: 1St. MH Deal…not - Posted by Blane (MI)
Posted by Blane (MI) on June 28, 2001 at 20:43:19:
Art,
As seen many times before, this woman is likely trying to make her problem YOUR problem. What do you mean, she’ll take a loan to make up the difference between loan and sale price? That you would pay say 20, and have a loan with her for 10 (30 total?)?
Loan 30K, value 23K, deadbeat tenant, I see no deal here. Wouldn’t touch it. Hope this helps.
Blane
Re: Watch this one - Posted by Art (NC)
Posted by Art (NC) on June 29, 2001 at 19:53:40:
Hi Dan and thanks. You and all the others have been a great help. I hope I can repay soon.
Take care, all of you.
Art
Re: NO OFFER on this is a good offer! - Posted by Art
Posted by Art on June 29, 2001 at 19:47:02:
Hi Carey and thanks, your right.
Regards.
Art
Re: 1St. MH Deal… PASS - Posted by Art
Posted by Art on June 29, 2001 at 19:35:29:
Hi Tim and thanks. The numbers are starting to make more sense. What I do know is that I havn’t seen enough to know the numbers but I do remember Lonnie’s seminar at CRE.
Art
Re: 1St. MH Deal…not - Posted by Art Stange
Posted by Art Stange on June 28, 2001 at 21:44:15:
Thanks Blane.
What she ment about a loan is that she would try to find a lender ( NOT ME ) for the difference between what I might offer her and the balance. I know the her problem -> my problem deal - not going to happen. Deadbeat tenant-evict, evict, evict.
Any more feedback, send it my way.
Art
Re: 1St. MH Deal…not - Posted by Doris - Va.
Posted by Doris - Va. on July 04, 2001 at 10:33:38:
Art - An investor I know has been buying 80’s used homes for rehab and resale.
Now some parks around here do not want homes over 10 years old without personal inspection by the manager.
He is now buying early to mid 90’s homes for not much more than the 80’s homes. He has found them just as easy to sell in the 10 to 20 thousand range.
I think it depends on the type of parks you work in and what homes they will accept.
Working with the repos from the lenders is a great source of homes at the right price. Ask them what homes are going on the wholesale list and you may get to the ones no one knows about yet.
Doris