Posted by Steve-WA on July 26, 2006 at 12:48:46:
If I may interject into the buckeye conversation:
as a buyer, the price range should not really be all that dependent on br/ba combinations - this is wholly different from stick-built. A SFH seller can expect to dissect his price by the guidelines of size and br/ba combination, because if you dont want it, theres a ton of guys with bandit signs who do.
But with a MH, you can wait it ouot - our sellers’ motivation is higher, because there’d usually no one else they can go to. Park approval is required, cash is desired, and often, potential buyers who have one, dont have the other.
But a lonnie dealer does.
credit check of me as an investor - Posted by Brenda
Posted by Brenda on July 25, 2006 at 12:23:23:
I am a newbie MH investor, starting out. After talking to a motivated seller in a park, I contacted a MH park manager about if they let people do investing in the park.
The answer was yes, but I have to apply as if I was a tenant, bring her an application,pay a fee, get a residential background check, financial statements etc, let her pull my credit, etc.
Now, I am somewhat willing to do this, unless this is so unusually, you all scream “don’t”!
On the positive side, the park manager (and implied, the owner) seem to understand what investing is.
advice??? BB ps: MH is in suburb in SW Ohio. very desirable area. 14X70 2br 1bath 1988 on a nice lot supposed to not need work. asking $6800. I think I can get it for $6000, will include appliances, if I pay the August lot rent. Also have a lead on a buyer who looked at it, but couldn’t buy it for cash.
Re: credit check of me as an investor - Posted by Karl (Oh)
Posted by Karl (Oh) on July 25, 2006 at 21:44:42:
I’m assuming that this park isn’t off the list of friendly parks in Cincinnati that I gave you last week? Because those parks wouldn’t ask you to submit to a background check, or charge you any lot rent while you owned homes that you had for sale. Its not Compton Hills on Pippin Rd, is it?
But to answer your question, do whatever you need to do to break into your park of choice. I wouldn’t mind it if a park checked me out, especially if I knew that it would come back good.
As far as the 1988 home that you’re considering. If the sellers are asking $6800, I’m absolutely sure that you can get it for $6000. That seller would be thrilled! But a motivated seller would let it go for a lot less. And we ONLY work with motivated sellers. Can you give us some more details on the seller’s situation?
What do you think you can sell that home for on payments? If your buyer who didn’t have cash wants to buy it from you, what kind of price are you going to quote him? If he knew the home was for sale for $6800, do you think he’ll be happy to pay $12k if you provide the financing? That would be a tough sale.
However, if you can get the seller down to around $3k, which sound like a more reasonable price for that age home, then offer it to your buyer for $7k, that would be a good deal for you and him!
Re: credit check of me as an investor - Posted by JohnP
Posted by JohnP on July 25, 2006 at 19:12:21:
Hi Brenda, are you a dealer, if yes, you can tell the park manager I already have gone through this process for my licensing. Sometimes it works, sometimes it doesn’t.
Re: credit check of me as an investor - Posted by Jeff-oh
Posted by Jeff-oh on July 25, 2006 at 13:55:51:
What park are you talking about?
further info - Posted by Brenda
Posted by Brenda on July 26, 2006 at 10:22:26:
I have sent you an email with details, lots of details,
Basically, I think I was thinking 3br/2bath price ranges for 1980’s trailer and this is 2 br 1 bath situation.