You’r right, $25000 would have been a good price. I just finished a land home a month or so ago. I paid $12000 for the DW on a repo lot and I’m still looking at about $20000 total cost and thats not counting the land since I already owned it. Its amazeing how fast the cost can add up when you start counting surveys, septic systems, moveing and set up cost, plumbing, electical, mecahnical, and the list just goes on and on. When I finish the little single wide I’m working on now I’m going to concentrate on something already set up and prefably not too much rehabbing that needs to be done. If you’r not carefull by the time you do the rehab you’ll be at about what you could have bought one almost ready to go. Especailly since the price of building materials have skyrocketed.Yeah, you made a good hustle on them lots you bought. Around here, the east side of wilson, a raw acre of land will cost you about 20K.And on the other side of town the sky’s the limit.
Rikki, Did you ever go look at that DW that was on Temperance hall road I believe. It was on the market for a long time.It had a blue tarp pulled over one end. When I was looking at it they were asking about 20K I think. Thats land and all and I think it was a four bedroom. The catch however is that I guarentee you’ve never been in one in that bad of shape. I was told that the folks kept five dogs in the house for several years and never turned them out. Not ever. I Went in the house with a contractor who gave me a price of about 15K for his part of the fix up. But it would have taken another 6k or so atleast. The contractor told me it might have to be rewired because of the way the wireing had been ripped out from underneath. I had thought about offering them 10k and just junk the DW and move in a SW. But I didnt know how much it would take to junk it and then I got busy and never followed up. Well i saw on Bertha Pines web site where it had been sold for around 9K. Someone did okay if they’ve got a good way to get rid of the trailor or are willing to try and fix it up. It was on about a one acre lot, with a nice car port in the back… Guess I should have pursued it…Theres another over your way right down from Triangle service station thats been empty for a year or so. Wonder whats the story on that.??
Hey Mike. This will be a little long, but here it goes. My brother actually submitted an offer of $11,000 for the one on Temperance Hall Road (after they lowered the price) and he was told it was already under contract for $9900. He asked how someone else got it for a lower bid than his. The lady at Bertha Pyne stated she didn’t know. My brother finally figured out that one of the salesman at Bertha Pyne and a relative of his were buying it after a conversation with the salesman earlier. My brother thought it was unfair that he offered more, but an insider (the salesman) was able to scoop it up for less. Those are the breaks I guess.
Currently, there is a singlewide in Temperance Hall. Vinyl siding, shingles roof, looks nice. Fenced in lot but the grass is about chest high. I’ve been planning on following up on that but haven’t had the time. Been empty for a while.
Finally, it’s funny you should mention the empty doublewide by Triangle (I’m assuming you mean the white one on the end). I actually knew of the people that stayed there. It was foreclosed on. I actually asked the husband about buying the place about 3 months ago. He told me “I sold the land. I got a pretty penny for it so I can’t complain.” Now, I was standing there knowing he was lying, but I didn’t say anything. I figured it must have been hard to admit the truth. I saw the foreclosure notice in the newspaper 3 weeks ago. The land was foreclosed on and sold at the Court house steps 2 weeks ago. Only one person was there, and his highest bid was $850. The guy that submitted this bid was the guy that foreclosed on the couple. I was working that MOnday that it sold at the court house, but I went the next day and talk to Lawson Anderson (the Clerk of Court). I actually saw the file, and was simply amazed that the land was foreclosed on because the couple did not pay the grand total of $585 owed. You are reading that right. They only owed $585 and didn’t pay it. They had been there since 1996. Mrs.Anderson explained to me that someone could submit an upset bid on the property and, if no-one counter bidded within 10 days, the upset bid would win. The land is actually 2 lots, one of them .99 acres and the other is .82 acres. I submitted a counter offer of $2500. I had until 5:00 today for someone to upset my bid. I called her at 4:55p.m. and she told me she had 2 calls about it, but noone upset my bid. So, I’m the soon to be new owner of 2 lots (barring any unforeseen circumstances)!! $2500 for the lots. $1780 in back taxes, plus lawyer fees that I expect to be around $500. Once I have the deed, I’m going to work on the doublewide (its owned by Conseco/Greentree). Plan on charging “storage fees” This is proof that deals are out there. I have the upset bid sheet to scan and fax to you if you care to see it. Sorry so long, but cheap properties for unlimited income gets my blood pumping.
Im learning more and more that by doing the rehabbing myself that I’m really costing myself instead of saveing $s. Just read the two above post between Rikki and myself. Both the properties I’ve actually stoped and looked at and have been in one a couple of times. But I’ve been so busy trying to rehab two that I’ve already bought that I just didnt take the considerable time it takes to track down owners, lawyers, and such. I’ve about come to the conclusion that when I’m rehabbing that instead of saveing myself a couple of hundred dollars I’m really costing myself several thousand…
Mike, just to illustrate your point. There was a doublewide on a 3/4 acre lot outside of Pinetops near SouthWest Edgecombe High School. Bricked under, nice lot. My brother and I went in and looked at it. Absolutely beautiful on the inside. The only thing I saw that needed fixing was the trim around the island in the kitchen had come loose. That’s it. My brother called Donald Britton (Greentree Field Representative out of Greenville). My brother made a low-ball offer of $12,000, was declined then offered $16,000. Mr.Britton laughed and said they would “have to get at least $25,000-$26,000 for it. $36,000 was owed on it but we know we probably will not get that.” This home was about 2100 square feet. Needed NOTHING but the island trim reglued and the yard cut. The next week someone bought it and was moving in. I’m still kicking myself over that one. That’s something already setup and in move-in condition that is cheaper that what Tony and Scott can put together (no offense guys).
Re: Too busy to make money!!! - Posted by Tony Colella
Posted by Tony Colella on July 02, 2005 at 18:32:28:
No offense taken!!!
Man, feel free to offend us more by buying deals even better than we teach. No greater compliment!
Lonnie always says “you don’t steal in slow motion.”
Now I don’t know what your land/home deals would rent for or sell for but at $25k you have to be looking at less than cost to create.
Motivated buying can occur if your not careful but if they are willing to accept less than your prefered buy price, then you have to make quick decisions or risk loosing the deal. We have all lost some but the one’s you do get make up for it.
This is proof that deals are out there. I have the upset bid sheet to scan and fax to you if you care to see it. Sorry so long, but cheap properties for unlimited income gets my blood pumping.