Posted by Skip (CA) on April 12, 2002 at 14:05:38:
Hey Steve:
It probably can’t be done in Washington either. Hope you and your family had a great vacation at Disneyland. How are you doing? Did you get my e-mail? Take care!
Skip
Best Mobile Home States - Posted by Rick
Posted by Rick on April 11, 2002 at 12:41:33:
Does anyone really know what states are the best to do Mobile Home deals in as far as prices and licensing requirements and ease of the business? In my state, of Michigan ,and a small village that I live in, there are no deals nearby. Unless you call a 1988 for $16,000 a deal. The pricing is ridiculous in this area. I have DOW but am finding out"Lonnie deals" just don’t exist in this rual area I live. Thanks.
Since noone really answered your question - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on April 16, 2002 at 18:29:20:
I’d say from the thousands of e-mails I’ve received, from nearly all the states and a couple of foreign countries, that FL and TX sound pretty good as well as up and down the east coast. I am even thinking of trying FL myself, next winter. I’d love to have a sailboat access mobile home lot from which I could reach the gulf and do some blue water sailing. A friend in Cape Coral has me convinced that I can get such a lot for about $60k. In CA it would probably cost $3-5 mil for such a lot. At this price I wouldn’t even care if the wind blows my mobile away every 5-7 years (as long as I’m not in it at the time). :~)
Regards, doc
Re: Best Mobile Home States - Posted by Indiana Bob
Posted by Indiana Bob on April 12, 2002 at 08:01:15:
Rick,
The whole premise of doing Lonnie deals is the fact that you are relying on 2 things…
- People that are selling their home want (and usually need) cash for it.
- People that are interested in purchasing a home to live in do not have that cash, and cannot obtain traditional or other financing.
You are the middle man. It shouldn’t matter where in the country (or world) you live, or even if you replace mobile homes in the equation above with other items like cars, tractors, TVs, etc.
I agree that $16,000 for a 1988 mobile home sounds ridiculous. Does the buyer need cash for it? If so, do you think there is someone in your community with that kind of cash that is looking to spend it on a mobile home? I doubt it. It all depends on how badly that seller needs cash. If he/she has purchased a house and has moved already, then they are just throwing their money away for covering lot rent and basic utilities each month, and they will get fed up after a while, and the price will start coming down.
Keep looking, and don’t just rely on the prices in the classified ads or on the window signs. Call every home you can, get their story, and mention that you are willing to pay cash, but that you are limited in what you can afford.
Also, how close are you with the Park Manager? The PM that I work most closely knows my business pretty well now, and sets up a lot of deals for me by mentioning to selling residents that contact her that I am usually looking in the “under $5000” range. That sets their expectations pretty well, and if I do pay them $5000, they feel as if they have gotten top dollar.
Good luck, and don’t give up. Find the motivated sellers.
bob
Michigan Lonnie dealers care to comment? … - Posted by Jerry Freeman
Posted by Jerry Freeman on April 11, 2002 at 17:17:58:
My immediate reaction to your post is that you probably need to dig a little deeper in your own area. I’m in rural New York, and I have to go about 35 miles to the nearest parks to work in. Also, you’re looking for motivated sellers, not mobile homes. Getting to the point where you’re finding motivated sellers regularly may take some time and determination. I’m skeptical about the possibility that you will have to pay much higher prices in your area. Maybe there are parts of Michigan that are like the San Fransisco Bay area in that regard, but I would think that Michigan would be less pricey. Hopefully some of the Lonnie dealers in Michigan who post on this board will chime in with some first-hand information.
Best wishes,
Jerry
Re:keep looking - Posted by greg
Posted by greg on April 11, 2002 at 16:37:28:
In my state a 1988 would go for at least $16,000.00. You need to adjust your thinking to make it work. Look at some that are still liveable in the early '70s. You could probably get one for $4,000 or so and double the price selling on a contract. The NEWEST I have ever found that was priced in the range in Lonnie’s books was a 1979. The cheapest 1980 I have come across was priced at $10,000…after a lot of negotiation. It is all relative…although I must admit, some places have a lot more parks than others. If folks can make it work in California, the concept should be valid anywhere IMHO.
WHAT was that I heard? - Posted by Steve W(WA)
Posted by Steve W(WA) on April 11, 2002 at 13:46:15:
“Not where I live?”
Brother, you need to read a little closer.
Re: Best Mobile Home States - Posted by Terri (MI)
Posted by Terri (MI) on April 11, 2002 at 12:54:06:
Where in Mich. are you?