Posted by larry copes on June 24, 2005 at 22:40:09:
i know where a mobile home is that i am interested in that was signed back to green tree can you tell me how to get info on this home thank you larry
Has anyone ever heard of a MH Wholesaler ? - Posted by Newbie in GA
Posted by Newbie in GA on March 16, 2005 at 13:54:34:
I called a ad a couple days ago I found in the American Classified aka Thrifty Nickel the add said something to the effect that they can help investors who invest in MH?s so I called and the person who answered the phone said she could help me purchase repos at a fraction of the price (20k home for 8k) if I buy them in bulk 5 or 10 at one time. So we meet today and I listen to her go on and on about how much money I?ll make if I get in now. She also brings her partner who supposedly owns 5 or 6 parks and is willing to work with MH investors to get homes in his parks. Here?s the pitch, the park owner is willing to offer investors free lot rent for a couple months or until the home you buy from them is sold to an end buyer. So I ask, why don?t you sell the homes and take back notes? There answer was they just want the income from the lot rent (WHAT! And miss all that money from the notes thru the MH sales!). According to the owner he buys the homes from finance companies in bulk 100 or more at a time and only expects to make 1 or 2K per home when they wholesale to the investor. So I ask them to give me the name of some of the investors that they have worked with so I can see how what they have to say about their dealings with your company, her answer was ?I can?t do that they are very busy and wouldn?t like me giving out their phone number?. So I ask are these homes local and can I go by and take a look at them? She tells me no they are in Tennessee and Alabama (were in Georgia) so I ask why buy a home in Tennessee to move to Central Georgia or Florida her answer was we do it all the time at a moving cost of 1k. I then ask them to give me the name of one of their parks they own so I can go by and take a look at it. You would expect a park owner to know the name of his own park but guess what? They didn?t. I?m very green when it comes to MH investing (less that 3 months) and I wanted to see if any of you have had someone approach you with this type of proposal. All thoughts suggestion and comments will be greatly appreciated.
Re: Has anyone ever heard of a MH Wholesaler ? - Posted by Karl (Oh)
Posted by Karl (Oh) on March 16, 2005 at 17:55:17:
You forgot to mention that she was a former minister of the interior from nigeria with $5M in funds that she needed to put into your checking account. Your account number please.
What’s the question? If they won’t tell you where the parks are, how in the world can you make a decision to work in their parks? If you can’t look at the homes, and you can’t look at the parks, this offer is a joke. Run.
That aside, you can get good deals on bank repos just buying a couple at a time directly form the banks. I buy a lot of bank repos, and I would never buy one sight unseen. Some are nice, some are trash, and you don’t know until you check it out.
This business is about increasing your freedom. These folks are offering you none. They control the whole deal. That’s moving in the wrong direction.
Karl Kleiner
Re: Has anyone ever heard of a MH Wholesaler ? - Posted by Jeffery (LCLA)
Posted by Jeffery (LCLA) on March 16, 2005 at 14:58:37:
Hello, Newbie, and welcome to the board. “…she could help me purchase repos at a fraction of the price (20k home for 8k)…” Yeah, this is common for repos. You can even get them cheaper than that but you don’t need someone else to buy them for you. Contact greentree or greepoint or, umm. some of the ohter places that finance mobile homes to get on their bid list. There was one just last month that I passed on go for $5k. The balance on the loan was $22k and some change. It was five years old, but a small two bed single bath with a small kitchen. The good points is that it was already set up in a park. They buyer moved it though.
“…So I ask, why don?t you sell the homes and take back notes? There answer was they just want the income from the lot rent…” Yep, some folks are like that. The first two homes that I bought were from the park owner who didn’t want to rent homes anymore. We have a local dealer that claims to be a wholesaler. His prices are low retail. He buys them from Texas (I’m in Louisiana) and pays a mover $8k a week to run homes for him from sun up to sun down. He’s not interested in financing either. That attitude is probably a result of them seeing the hundreds of homes that get repoed each month. He buys them (I’m sure for about $5k each) changes the carpet, minor repairs and then flips them at “Wholesale prices” for $12k to $18K each. The only thing I buy from him are the homes that he takes as trade in.
“I then ask them to give me the name of one of their parks they own so I can go by and take a look at it. You would expect a park owner to know the name of his own park but guess what? They didn?t.” Yeah, I think I would run from these people. They’re really not offering you anythng that you can’t do for yourself. If you search for repo in the archives, you should be able to find some contact information for those companies. I’m sure that someone else will post some contact info for you here, too.
Regards,
Jeffery (LCLA)