Posted by Philip on August 20, 2003 at 18:18:52:
they will need the address.
Like the other posters have said make sure you reach an agreement with the PM about back lot rent and other issues. I have had PM’s raise how much back lot rent they wanted after I bought the mobile.
Philip
'85 Mobile home Perfect Condition 4Grand - Posted by Jonathan MD/DE
Posted by Jonathan MD/DE on August 19, 2003 at 20:54:11:
Greetings
This may be my first deal and I am seriously out of my comfort zone!! Today was my first opportunity to talk to park managers. The first visit went great! (thanks to much advice from studying this forum) The PM was very receptive to me doing deals in his park. He even reffered me to a few sellers - one of which I met with this evening. The seller wanted 6 grand but I was able to talk her down to 4 (Very motivated) She is also willing to finance 2K at $100 per month! 2k down, 20 payments of $100.
The home itself is practically flawless. 2 bedrooms 2 baths. 14X70 Very nice park
I’m just afraid I won’t be able to sell very fast… lot rent is $265 My piggy bank couldn’t stand much of that! 
Any and all advice is greatly appreciated!
Thanks!
PS. I’ve read DOW and I’m reading the second book
Re: '85 Mobile home Perfect Condition 4Grand - Posted by Greg Meade
Posted by Greg Meade on August 20, 2003 at 06:43:01:
Hey Jonathan sounds like you have a motivated seller! Why not tweak the deal alittle…say ok to the seller’s terms but ask that first 100 payment not due for 6 months (three?) abd why not ask pm for reduced rent (storage) for 3 months? This way you have bought some time to find a good buyer. If this would be in FL, i would jump all over it! I’d run an ad will finance 85 2/2 immaculate for reasonable down payments like rent 0% interest financing. Work with a motivated buyer to get at least 1500 down and maybe 350 per month for 36 (40) months. If rents in area are not comparable, tweak the # to make it work. I find clean homes sell fast. minimize your exposure and get it on!
comgrats!
Re: '85 Mobile home Perfect Condition 4Grand - Posted by Kurtis
Posted by Kurtis on August 19, 2003 at 21:18:51:
Doesn’t sound bad. Why can’t you rent the MH out. If you can’t afford the lot rent than it’s not a good deal unless the park will let you rent the home out. Rental homes provide very good cash flow.
Re: Any back lot rent owed? - Posted by Jonathan MD/DE
Posted by Jonathan MD/DE on August 20, 2003 at 15:53:57:
Its a mighty good thing I asked this question today, I learned a lot! I found out there is back lot rent–$1400 worth! PM was very helpful. There is a law here in MD that when you evict a mobile home owner (of an older mobile I guess) you must move the home and install some kind of a footer! (very expensive) The PM is working on the eviction process and will have the sherrif there in 3 weeks or less. If the back lot rent is not paid, the home will be destroyed, and like I said, its in perfect condition! So it’s a very interesting situation… I may still be able to get the home before eviction. We’ll see!
Jonathan
PS. Thanks for the great advice!
Gracias - Posted by Jonathan MD/DE
Posted by Jonathan MD/DE on August 20, 2003 at 18:03:00:
I just wanted to thank-you for your encouragement and advice!
Now we’re talkin’! - Posted by Jonathan MD/DE
Posted by Jonathan MD/DE on August 20, 2003 at 07:06:26:
A thousand thanks for your very helpful ideas Greg! I cant wait to get the ball rolling!
Re: Any back lot rent owed? - Posted by Dr. B (OH)
Posted by Dr. B (OH) on August 20, 2003 at 16:34:02:
Jonathan,
I’d negotiate with the seller to reduce the price by $1400 (or close to it)so you can pay the back rent. Then negotiate with the PM to pay some portion of the back lot rent. I have one park that is happy with paying 2 mos. back rent no matter how much is owed.
That business about moving an older home and putting in a footer sounds a bit extreme. Check with another MH park in the same area. Maybe your PM is not your friend after all. Be cautious. You’re asking good questions-keep it up. Good Luck.
Steve
Re: also check back taxes nt - Posted by Jonathan MD/DE
Posted by Jonathan MD/DE on August 20, 2003 at 17:46:32:
Who do you ask about back taxes?