Posted by Chuck (AZ) on July 06, 2001 at 20:23:54:
Personally, I think your probably aiming too high, meaning your only looking at nicer homes in nicer parks (a common newbie mistake).
Your aim needs to be on homes with distressed sellers, and buyers who can’t qualify for conventional financing.
Your advertising is right on tho.
One last comment. Your not a tree. If it TRULY doesn’t work were you live, move to a more favorable market… or apply Lonnie’s techniques to something that the current market will support, like SFH.
Deals on Wheels not effective in all areas - Posted by Officer Dibble
Posted by Officer Dibble on July 06, 2001 at 19:43:45:
Some areas such as the Wash DC suburbs DOW techniques are not effective. My experience and a few others I have spoken to have found that MHs being sold for $2 or 3k is practically nil even when distressed. Some problems I have found in this area are some lot rents are almost $500 per month in nice areas. Given that fact if I were to find an old MH to resell working the terms out to be a minimum of $200 per month. Adding up the $500+$200+other fees such as heat and elect, water, insurance another $150 to $275 depending on the season would easily bring the month purchase cost at least $1000 per month. With todays interest rates thats pretty much a mortgage payment for a small brick house. The few parks that do reside in the DC suburbs are fairly nice but a few others are total dumps in which should be avoided at all costs. I am not saying it is impossible to find a deal in this area but the deals will be rare and far between, not enough maintain or establish a profitable business or lifestyle. I have also duplicated the ads from DOW and have run them in various papers in the area such as military papers, Penny saver and Thrifty Nickel papers and have gotten hardly any response. I have also placed similar flyers on MH community bulletin boards.