Posted by Tennessee Bob on January 09, 2003 at 07:21:23:
Richard,
My opinion is that if you have buyers for the older mobile homes, this may be where you can BUY EXTREMLY lOW and make a fare profit. The newer mobile homes typically come with mortgage loans that are up-side-down (pay off is more then value). I recently posted a flier in a park and have recieved 5 calles within the last 4 days. Every one that has called has a loan payoff that is twice the value of the home they are trying to sell. They range in age from 1993 to 1998.
It’s sad to see good people who have fallen into the trap of 15+ year notes and 12%+ interest rates. They don’t understand that the first half of the term of the note is simply paying the interest on the laon. In short, I would stay away from the newer homes and buy homes that are at least 10 years old or older.
Just my 2 cents.
Good day
Tennessee Bob
First MH deal in Texas, Questions??? - Posted by Richard (TX)
Posted by Richard (TX) on January 08, 2003 at 13:52:11:
Have a contract on a 14X66 MH on 1.301 acres. MH is 1976 model Wayside 2BR 2BTH. Tax value of land and home $12,000. I am buying for $4,000. MH needs A/C replaced,(have bid of $1,500 for new furnace, A coil, and outside unit)also needs new floor in both bedrooms and both baths. Then will paint and install new carpet and vinal. Have about 30 people wanting to buy at $20,000. I work in a factory with 1500 other people and most have been there 20 years or more and have good bank accounts. All cash sell!!!
I have been talking to park managers and owners and have a 55+ and 2 other parks I can work deals in at this time. My question; Both of the not 55+ parks are what I would call run down, MH not under pinned, junk cars sitting, mobils are old… Is it best to stay away from these and work on the better parks where all the MH are new (2 or 3 years old) or can we make money in these less desirable parks?
The better parks are hard to work in as they don’t want older homes and are buying and renting new MH with the option to purchase after you rent for 2 years.
I look forward to everyones replies. This is a great site and Lonnie you are awesome!!!
