first deal - Posted by Miche

Posted by Liam (CA) on January 10, 2005 at 15:28:10:

I suppose it all depends upon how you go about doing it. It seems the
best way to get a delinquent resident to leave is to politely ask them to
leave, or find a way to “re-finance” their home factoring in the cost
plus interest of their delinquent payments, or offer them some money
to help them move.

There are so many ways to get rid of a buyer who’s not paying without
the help of an attorney or other eviction professional, I think the main
issue is what do you do once they’re gone? Can you resell the home
and not lose money? Even better, can you re-sell the home and make
money? I think that’s more the issue than actually getting them to
leave.

Sorry, that’s pretty off-topic.

first deal - Posted by Miche

Posted by Miche on January 07, 2005 at 22:56:16:

Hi All,

I am new to mobil home investing. I just secured a deal with an option to help the seller find a buyer.

The mobil home is built in 1965 with 2 bed/rms and 1 bath. The space rent is just over $400/month. It is well kept and looks nice from the outside. The owner just upgraded the floor, kitchen and appliances. It is single wide. I don’t know the footage as the owner cannot find the paper and she doesn’t know herself. I guess it is about 500 sq/ft.

I had some people interested in, but the problem is the financing part. The owner wanted $25,000 cash sale as she is selling it below the market. I am planning to sell it for $30k. Does anyone have a good knowledge on where my buyer should go to get a loan. Will any lender loan a mobl home that is 50 yrs old?

Any input is highly appreciated. Thank you.

Michelle

Re: first deal - Posted by CA

Posted by CA on January 10, 2005 at 15:15:02:

Miche,

With respect to option, do you have to pay monthly payment to the owner while looking for a buyer, how did you structure the deal, exit strategy?

Re: first deal - Posted by Denise

Posted by Denise on January 08, 2005 at 10:43:41:

25,000 for a 40yr old mobile is way too much it wouldn’t even sell for that much in pricey Riverside County Ca. where i live.

Denise

Re: first deal - Posted by WA(GA)

Posted by WA(GA) on January 08, 2005 at 09:43:06:

Lets recap here, the mh is a 1965 2/1 in a mobile home park. & the owner wants 25k & you want to sell it for 30k? Or is it that it that includes land/lot with it.
Hopefully you ment to say that the owner wants 2500 or less & you would sell it for 4500 or less…
Im thinking that hopefully that is want you meant to type. If not Id suggest you to read the forum more & the archives further to reach more clarity

Re: first deal - Posted by Mike

Posted by Mike on January 08, 2005 at 07:03:44:

Hi Michelle,
I am new to this myself but for a 1965 I think 25k is way to much. In my area IK would pay about 1000$ orless. Where are you located?
Mike

Re: first deal - Posted by Paul

Posted by Paul on January 13, 2005 at 23:31:18:

In North Carolina you could not give this home away, it would be hard to find someone to burn it for you.

In NC most people send 25+ year old homes to the dump

wow big difference in CA if you can sale a 40 year old home for 25K

Cheers
Paul

Re: first deal - Posted by Miche

Posted by Miche on January 08, 2005 at 11:29:03:

I live in N.Ca. I know it is rather high but that is what she want as she did a lot of upgrade to it.

Re: first deal - Posted by Miche

Posted by Miche on January 08, 2005 at 11:47:45:

Thank you for your input.The price doesn’t include land/lot.
I think I forgot to mention that I live in east bay, Northern Ca. The owner wants no less than 25k. That is why I did a option with her. I don’t lose any money but $10 if I cannot find a buyer for her. Like I said I got some people interested in it, but they don’t know where to go to get financing. DO YOU KNOW WHERE I CAN GET THIS TYPE OF INFORMATION? Thanks a lot.

Miche

Re: first deal - Posted by Miche

Posted by Miche on January 08, 2005 at 11:50:45:

I am in Northern Ca.

Re: first deal - Posted by Sgt. Sausage

Posted by Sgt. Sausage on January 13, 2005 at 16:03:42:

Just because “that is what she want[s]”, doesn’t make it a good deal to get into!

Re: first deal - Posted by WA(GA)

Posted by WA(GA) on January 08, 2005 at 12:21:37:

From reading this forum for hrs, unless others can point you in another direction, Its very hard to find financing for single wides with land- Just imagine for a second finding financing for a single wide 2/1 built in 65. There are probably other deals in your area, hopefully you arent to fixated on this one…

Re: first deal - Posted by Liam (CA)

Posted by Liam (CA) on January 08, 2005 at 15:55:13:

Hi Michelle,

Although I must agree that $25k is steep for a single wide, mobile
home prices (retail, anyway) are largely dictated by location. A crummy
home in a park right next to the beach can go for a lot more than a
crummy home in a bad park. It seems to me that people are getting a
little too fixated on the dollar amount, and not focusing on the deal
and on answering your question. If you could tap into some home
equity or get someone to partner up with you and finance the deal with
a note, you could be looking at a pretty nice payday for some time to
come. But then in that situation, you also have to look at the “what if”
situation…what if you have to repo it? Could you sell it again at a
profit?

Anyway, I could go on for much longer. You should be commended for
going out and getting the option, and for only $10 you have not much
to lose and a lot of learning (and maybe some $$) to gain.

Best of luck in this.

Liam

Re: first deal - Posted by CA

Posted by CA on January 10, 2005 at 15:19:24:

Liam,

How much does a repo cost, how to handle it and how long?
I am in SO CA.
Cheers,