You can crank out the cashflow for the next 10 years if you get that home for $4500. Even if you have to put $1000 into it, that deal is potentially a great opportunity. Most of the homes we classic Lonnie dealers are going for are 15-25 year old homes that we hold note on for 3-5 years. You could hold an easy 10 year note on that place and cash in huge if you get a family in that place. I recently placed an ad in my local paper for a 3 bed/2 bath rent to own mobile home and I have received over 100 call so far. Most people are lookers etc, but I know there are at least 2-3 qualified buyers mixed in there. Three bed places are a gold mine.
If you can get it close to your price, pull the trigger and do it. Then I would wait until you can put a family in there with 3-4K as a down payment, and then just rack up the cashflow for the next 8-10 years.
Hopefully, my first one! Opinions? - Posted by Danny Welch
Posted by Danny Welch on March 05, 2003 at 21:31:38:
1999 Oakwood 16x76 3/2 set up in park.PM has ok’d me working in his park.Former owner of home lost this one and I am trying to buy from a Broker.The neighbors I have spoken to advised me that Broker wants 9800.00 cash. I haven’t made an offer yet.Broker told me to check it out and give him an offer.MH is in real good shape for the most part except for a bedroom closet that contains the water heater.It has been flooded and it has ruined the floor and part of the sheetrock on the wall.I haven’t gotten an estimate on the repairs yet,but I was considering offering 4500-5500 to him.Back lot rent is 675.00.Do you experienced investor’s think I can come out on this one?? Or should I go to the next one.MH has been for sale about 4mos.Sorry this was long, I’m just getting started! Thanks for your opinions!!This is in Tn.!