Finally bought a park.. now I need to fill it. - Posted by BJY

Posted by Chuck on June 21, 2002 at 10:00:03:

I (personally) wouldn’t want to hassle with moving and re-setting 42 homes… not even just as the guy who’s paying for it… because it doesn’t stop there.

Now if you can get the lender to move and re-set these repo’s as a condition of their purchase… you might be onto something.

Given their current “glut”… it’d be feasible, and practical.

Finally bought a park… now I need to fill it. - Posted by BJY

Posted by BJY on June 21, 2002 at 03:23:51:

The park I recently purchased has 30 of the 72 spaces filled. My plan is to buy repos from Greenpoint, AHF, etc, then finance them. My target deal would be a 16x80, 5 yrs old, pay 10k cash wholesale,(retail is approx 20-25K), then set up a rent to own or lease option, shooting for monthly payments of approx $300 plus $150 lot rent. That beats the local apt rates by a few dollars. I could do a few of these with my IRA through Mid Ohio, but also have friends and relatives interested in buying the notes. Also, the park manager recommends we keep it as a rent to own, that way if we get it back its an eviction and not a repo which means less than 30 days to get them out instead of 60 to 90 days.(Oklahoma). A few questions:

  1. Any makes or models to stay away from (the repo lists are long - I’m trying to filter them out)
  2. Any bidding strategies?
  3. Which companies are better/worse to work with?
  4. I’m undecided on the amort period for the notes. Longer makes the investment less liquid; shorter could make the monthly payment too high for the home buyer/renter.
  5. Any general comments/advice on my approach?

Thanks,
BJY