Posted by Dan Ruzicka on June 30, 2001 at 09:24:51:
I can Appreciate Someone who can see the truth.
Thank You RobertR
Dan
First Deal… - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 25, 2001 at 13:54:50:
May be you can help me think it thruogh.
I looked at this board and got the Idea to do some Lonnie Deals. I have a backgroung in buying and selling many things and think? I may have a deal.
In a senior park in my area La Quinta Ca. Man goes in to rest home. family has charge of mobile home. Homes selling for 29,000 to $8,000 in the park. Owes back rent for space of $1227. 3 Mo. @ 309 per mo. I think I can get it bought for the back rent say $1500.00 They were asking $6000. It needs a good cleaning and that is about it. It is a little used.
1 br with smaller bd living and kitchen.
I am not a senior. They say must qualify credit wise mine is fair with a very good income so I think I am OK there.
Don’t like the senior only park(limits my selling oppurtunity. $309 seems high for space rent. Rents are about $400-$450 in this park. If it was fully furnished it would rent to snowbirds for $750 october thru may.
I would want to turn it for cash or get $2500 cash and a not that I would likely sell or keep?
What do you all think??
Dan Ruzicka
druzicka@msn.com
Re: First Deal… - Posted by Doris - Va.
Posted by Doris - Va. on June 25, 2001 at 15:20:18:
Dan - I agree with Chuck completely. You obviously need to rethink this deal.
I see it as a definite deal but with some different numbers. Order Lonnie’s Deals on Wheels immediately and you will see what you need to do.
You will also see the money making possibilities in buying and selling mobile homes.
Best of luck.
Doris
Re: First Deal… - Posted by Chuck (AZ)
Posted by Chuck (AZ) on June 25, 2001 at 14:35:33:
“I think I can get it bought for the back rent say $1500.00 They were asking $6000. It needs a good cleaning and that is about it.”
It’s worth $3-4k retail.
“I am not a senior.”
Your not going to live in it, so this is irrelivant.
“They say must qualify credit wise, mine is fair with a very good income, so I think I am OK there.”
Sounds like the park is selling it, not the owners or a realtor. If the buyer is paying cash, it’s a moot point. You wouldn’t sell it on contract to someone with really bad credit anyway, would you?
“Don’t like the senior only park (limits my selling oppurtunity.”
Actually, it’s exactly the opposite. Don’t feel bad, most people doing this have no clue there either. Seniors are NEVER late with the payments, and they don’t trash the place.
“$309 seems high for space rent. Rents are about $400-$450 in this park. If it was fully furnished it would rent to snowbirds for $750 October thru May.”
Do you want to be a landlord? Do you want only 6 months of income (from this deal) per year?
“I would want to turn it for cash, or get $2500 cash and a note that I would likely sell or keep?”
Let me put it this way… if you buy it for $1500 and sell it for $2500, you’ll (maybe) make $1000 after the cleaning and touch-up. If it takes you a more than a month to sell it, YOUR on the hook for the lot rent… and you’ll loose AT LEAST $1000 potential profit on a cash sale, about TWICE that (in interest) on a contract sale.
You desperately need to read Lonnie’s book… “Deals on Wheels” or “Making Money with Mobile Homes”.
Re: First Deal…Doris - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 27, 2001 at 24:46:05:
Doris,
What numbers? How do you see it differently? What do you suggest? What would be the best plan of action?
Thank You
Dan
Re: First Deal…Chuck ,I think Your a PUNK>>>> - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 26, 2001 at 22:14:33:
You post with a Smart Alec tone. To someone with out knowlege and declaring it My “First Deal” You may be right, You are a PUNK. Be quality enough to explain your self.
-
I am not a senior so I can’t qualify to rent the
space from the park. -
The park requires you qualify to rent or you move
it out. -
Buyer is not going to want to move it weather he
pays cash or not. -
Get a clue if they had great credit would they
be buying a 4k mobile home -
OVER 55 YEARS OF AGE ONLY, Punk, I mean Chuck.
That means I can’t sell it to someone under 55
unless they move it. Again with a 4K mobile in
they probably can’t afford to move it. -
Well Chuck, This guy missed 4 months of space
payments. He is the ONLY senior to ever be
late. -
Chuck, Hello, This is California, You can pay
$1500 per month for mobile home space rent.
$300 is avg. -
No I don’t want to be a landlord. That one
Smart thing you have said. -
No Ding Dong, I said I would sell it, OR get
$2500 in cash and take a note. OR, Read it again
I never said I would sell for$2500. I thought
you started thinking at number 8 but you dropped
quickly after that.
I THINK YOU SHOULD LIMIT YOUR POSTS TO " READ LONNIES BOOK" from here on out…
Dan
Re: First Deal…Doris - Posted by Doris - Va.
Posted by Doris - Va. on June 27, 2001 at 09:46:04:
Dan - I am no an expert but it seems to me that if you have to qualify as a buyer than no one under 55 could ever buy a home in that park to resell to a 55+ buyer.
Recheck this with the park manager. Maybe the manager is the one buying and selling and wants to keep it that way.
Your personal income or credit rating should have no bearing on doing these deals.
As to the numbers - if you could buy this home for $1500 and sell for at least 4 or 5 thousand, this would cover your holding costs (lot rent, adv. etc.) and give you a good profit.
If not a cash buyer then take a good down payment and hold the note. Lonnie’s book will show you how to do this.
Of course I have no way to determine the market value in that area. It may be much more?? You need to find out by checking the ads in the paper and talking to neighbors and park managers in the area. Soon you will know the values.
Doris
Re: First Deal…Doris - Posted by Doris - Va.
Posted by Doris - Va. on June 27, 2001 at 09:21:03:
Dan - I think you need to back up and re-read Chuck’s original reply.
I could see that Chuck was simply taking your statements one at a time and telling you what was wrong - giving you straight info. This is what we want on this board!
I am a newbie also - working on a deal but have yet to close. I need people like Chuck to tell me there’s a better way to do it than I might have in mind. Chuck is a pro and I value his knowledge.
You cannot have a thin skin in this business. No man is an island. We need each other.
Name calling does not belong on this board.
I think you owe Chuck an apology!
Doris
Ding…And the winner is… Nobody ! (NT) - Posted by k greene
Posted by k greene on June 30, 2001 at 10:12:58:
.
Re: First Deal…Chuck ,I think Your a PUNK>>>> - Posted by Chuck (AZ)
Posted by Chuck (AZ) on June 27, 2001 at 01:44:58:
Your failure to comprehend the answers I gave clearly indicates that you don’t understand the Senior market.
Unfortunately, your attitude indicates that your doomed to fail regardless.
Enjoy the slide.
Re: Welcome to Losersville… - Posted by Chuck (AZ)
Posted by Chuck (AZ) on June 27, 2001 at 01:02:18:
I really hate to say this Dan, but you desperately need an attitude transplant.
If you don’t understand my responses or point of view on an issue, that’s ok. Asking for clarification would have been understood. But to flat out insult someone who’s sharing their knowledge freely is inexcuseable.
Start counting your losses…
Shooting yourself in the foot - Posted by Karl (Oh)
Posted by Karl (Oh) on June 27, 2001 at 24:03:26:
Dan,
Perhaps you don?t understand how it works here. You?re brand new and want to learn about mobile home investing. Good for you, this is a great business. You post your questions. Experienced investors like Chuck will take time out of their busy day to help answer your questions. Sometimes you won?t like the answer that you get. Oops. You just made a terrible mistake and started calling an investor who was trying to help you names. That was stupid.
Chuck is a successful mobile home investor. You want to be. Chuck has experience and credibility on this site. You don?t. Do you see what I?m getting at? Dan Ruzicka just made the ?don?t bother answering this jerks questions? list. That?s not where you want to be on this discussion group.
You should consider apologizing for your comments.
Karl Kleiner
Re: First Deal…Doris - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 27, 2001 at 23:32:50:
Doris,
Thanks for the post. It is a fact to rent the space you must Qualify credit wise. Which includes income enough to make the $309 space rent. So my buyer must be 55+ and not be a credit criminal with about $800.00
in income. with nearly no big credit out goes.
The Manager is about 4 months in the business (which is why I have the oppurtunity. In a year maybe less they would be snapping up deals like this directly or indirectly). I am buying directly from the owners daughter 2 states away with no desire or interest in this MH. It is an investment situation I love. Buying from a disinterested, disgusted or disenchanted seller.
I placed a add in our local paper " Owner-finance No Banks 2brm …$6500 and phone. Have a prospect to see it on Friday. And he’s 55+
We will see.
Dan
Re: First Deal…Chuck ,Obvious;y - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 27, 2001 at 02:29:00:
Obviously, I don’t understand the senior market. “FIRST DEAL” remember! It maybe you just aren’t a good reader. Comprenhend one word “answers” irrelevant, Clueless, Moot, or its worth 3k to 4K retial? what year is it? is it 10, 12, or 14 wide? does it have A/C? Does it have ducted A/C does. it have a shed? Is it on a huge lot? Does it have Grass and Beautiful trees? What do RE APTS and Senior housing sell/rent in Palm Desert, Ca.? It has all of those. Please how you know what it is worth?
Again You insult, instead of instruct, clarify and inform.
I hope you feel bigger in your small little world.
Insult a newbie and be a hero?
Dan
Re: Welcome to Losersville…??? - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 27, 2001 at 01:07:05:
Thank You for the Welcome, but the people on this board aren’t Losers! And I resent you calling the board Losersville. Please clarify your coments there are 8 I don’t understand?
Re: Shooting yourself in the foot - Posted by Dan Ruzicka
Posted by Dan Ruzicka on June 27, 2001 at 24:27:06:
I Thank You and appreciate the your response. I agree with your statements regarding community. And you are absolutely correct regarding a group like this and identifying myself intially as a “jerk”. But do you think Chuck should have read the post or atleast
understood it
befor using words like irrelevant, clueless, moot, or assuming that I wanted to sell for a small profit, to someone with “really bad credit” or be a landlord?
It seems to me the words “First Deal” might come in to play. As with most personal conflicts it is often not what is said but how. Being a successful at anything is not a gurantee or qualifier for solid personal self worth giving one the ability help another up with out talking them down.
Let us know… - Posted by RobertR CO
Posted by RobertR CO on June 28, 2001 at 19:33:12:
…how your first deal comes out. If we (and you) can get beyond out egos for a moment, we might just enjoy sharing your success story.
Good luck on it.
Cordially, RobertR
Re: Welcome to Losersville…??? - Posted by Blane (MI)
Posted by Blane (MI) on June 27, 2001 at 06:47:17:
You’re right, the experienced investors on this board aren’t losers (including Chuck), but your attitude is!! You’re just digging yourself a bigger hole here. Do you want some advice, or not? If not, then go ahead, do it as is, learn the hard way. Just don’t bother us when things go awry (as they can do one way or another). Good luck, you’re gonna need it.
Blane
Re: Shooting yourself in the foot - Posted by lyal
Posted by lyal on June 27, 2001 at 07:09:00:
Dan, irrelevant and moot are hardly words to raise anyone’s ire and the “clueless” reference was actually “most people doing this have no clue there either”. Big difference and I’ll admit I have no clue if there is some technique to make deals in senior parks work.
A little explanation here (or an article) from Chuck would sure help.
While his comments were direct, they were hardly assaultive. Calm down and take the constructive criticizm for what it was.
As the others have said. Do you have Lonnie’s books? If not buy them and read them before crashing around in the market and then coming here demanding (that is what is sounds like) answers. You’ll know many of them after you read the books.
All the best, Lyal