Buy or Pass??? - Posted by Dave_in_IN

import · November 12, 2000, 4:37pm

Posted by Dee-Texas on November 14, 2000 at 11:36:57:

Will Finance will NOT work in my area. It looks like the Mobile Home Dealers ads that pepper my paper here in town. I have to put $700 moves you in…to own your own home…(figure out your numbers)…That gets the phone ringing off of the hook…That’s just the first month, then figure what your payments will be on your home. Let them know what their payments are for the second month and that in 3-5years they will own, not be paying, but own their own home. I sometimes have to take less down to get a mobile or SFH filled, but I check and recheck the type of person I put in them.
Try the new add and then let us know.
Good luck,
Dee-Texas

import · November 12, 2000, 4:37pm

Posted by Dave_in_IN on November 12, 2000 at 17:37:23:

I looked at a mobile home this week. It was a 79 Commodore so the owner says. I could find no decal, plate or sticker to say what it was. It is a 3BR 2 BA unit with windows that I could throw a cat through just about anywhere. Owner had taped plastic up at all the windows but it was ripped and coming off. Kitchen cabinets have been re-built by someone with 10 thumbs. Floor has weak spots in all the usual places. No sign of roof leaks but from the outside it looks like a recoating is long past due. It can stay in the park no problem.
I did a check off list on this one and pulled come costs out of the air and came up with at least $3,000 to fixed up to be livable (sellable) In my opinion this is not much better than one of the tarpaper shacks Ray said MH’s replaced.

I?m paying lot rent on one I can?t get sold and another $300 a month is stretching my pocketbook. What do you think? Should I buy this? How can I flip it quickly so more monthly lot rent doesn?t cause my wife to kill me in my sleep?
Dave

import · November 12, 2000, 5:35pm

Re: Buy or Pass??? - Posted by Dan (NC)

Posted by Dan (NC) on November 12, 2000 at 18:35:23:

It depends on your local market conditions, but having said that, I’d pass! Spend your time finding a much better deal than fixing up a mess. It may take you several weeks to months to get the home fixed up, and in that time, how many low-ball offers could you make for other, better homes? I know lots of folks can sell old beaters as handyman specials, but again, it’s a market thing. There are some areas where you simply can’t give a fixer away. I’ve tried! But market one that’s nice and clean and it sells fast, to good customers, at top dollar. You have to know your market backwards and forwards before you can know for certain if there’s a deal here or not, but I think it’s easier to find a good one than fix a bad one. Good luck!

import · November 12, 2000, 4:54pm

Re: Buy or Pass??? - Posted by Carey_PA

Posted by Carey_PA on November 12, 2000 at 17:54:39:

Dave,

What’s the problem with the other home that you’re trying to sell?? Are you putting OWNER WILL FINANCE in all your advertising of the home or what is going on??

I understand that you’d probably be a little scared to take on another $300/mo. because you haven’t sold that other one yet. But it sounds like you may have a deal here.

How much does the guy want for his home??

Why are you going to put $3000 into the home anyway to fix it up? Why don’t you just sell it as-is with owner financing…sell it as an “inexpensive opportunity to own a home, a handyperson special” OWNER WILL FINANCE!

This is just a suggestion on my part and remember i’m FARRRR from an expert, but get the home under contract at a VERY VERY reasonable price and maybe put that you guys will go do title work etc and he’ll be moved out say within 30-45 days or something like that SEE if you can strike some kind of deal like that with the guy, then run an ad in the paper like i mentioned above and see if you get a buyer before you actually BUY the home. Don’t you have a buyers list from ads you’ve ran before??? IF SO, CALL EVERY SINGLE ONE OF THOSE PEOPLE and also if they are NOT interested in the home ask them if they know anybody that would be, tell them you WILL PAY THEM a referral fee if the person they refer buys from you. ($100 or so)

OH and if you don’t have a buyers list you should! START ONE NOW with your next ad, just take down what everyone is interested in, area, how much down, how much monthly, etc etc and keep it in a file. (I use a simple spreadsheet on the computer for this)

Oh and my two cents about the year and make/model of the home is: WHO CARES??? For the most part people don’t ask that info, that’s what i’ve noticed and EVEN if they do ask I’ve never had anyone say OH that’s a Hallmark or that’s a Redmond well hell i don’t want it! Nope they say “how much down, how much per month!”

I hope some of this helps ya out,

GOOD LUCK,

CAREY

import · November 14, 2000, 5:20pm

I’m with Dan here - Posted by Dirk Roach

Posted by Dirk Roach on November 14, 2000 at 18:20:16:

When I got side tracked and began to rehab mobiles, I started losing hair. It’s a pain, and unless you are totally set up with a good crew, that you trust and have been proven to be problem solvers and can take the initiative on all the myriad of little things that WILL come up, that you missed, it is a long, dull road.
It’s not that it is difficult to fix a mobile home, and most of us partially educated people can do it, but let me ask you a question…IS IT AN EFFECIENT USE OF YOUR TIME? While your out replacing sub flooring, you could be doing other deals, as Dan says nice ones to nice people for top dollar.
Also he is totally correct in that you have to know your market.
Of course the Lonnie sell (as is, you do the work) works very well.
The last home that I planned on fixing up, I was over there with my particular partner on that one, people drove up and we closed the deal in like a half hour.
I was into the home for 4k, needed about a grand in repairs, after repaired I could sell for 15k. I knocked the price down to 12k and took a 4k down payment and 275 a month payments. As Lonnie says good enough, and no hassles.
Next deal…
Dirk

import · November 13, 2000, 4:51pm

Re: Buy or Pass??? - Posted by Dave_in_IN

Posted by Dave_in_IN on November 13, 2000 at 17:51:54:

Thanks for your input.
I have been advertising the other one as “Will Finance” weekly since May. I think this is one of those “Bad Actors” that everyone seems to run into now and again.