Hunting the illusive "el cheapo" - Posted by Scott az

Posted by Chuck (AZ) on June 25, 2001 at 20:39:49:

Cheap = Motivated Seller

Hunting the illusive “el cheapo” - Posted by Scott az

Posted by Scott az on June 24, 2001 at 14:27:18:

I’ve been snooping around local parks and classified ads in the mesa, apache junction area in arizona for almost a year now. the problem is I can’t seem to locate the illusive el cheapo. Is there anyone familar in buying el cheapo’s in the phoenix area or similar markets i.e las vegas, palm springs, tucson. any advice is always appreciated. thanks
scott az

Re: Hunting the illusive “el cheapo” - Posted by Carey_PA

Posted by Carey_PA on June 28, 2001 at 13:50:41:

Tony’s advice was great…but I also wanted to add something.

Now I don’t know what the prices are of these homes that you’re buying in the paper, but just because they are asking a certain price does not necessarily mean that if you come at them with a lower ALL CASH price they wouldn’t accept it.

Example, there was a home listed for $8k a while back, I went and saw it and it was a peice of junk! They wanted $8k CASH THOUGH…most people looking for mobile homes DO NOT HAVE CASH. SO, I offered $2k CASH. They said NO. 2 weeks went by, they called me and said they would take $3,500. I said well, I can’t pay you that, I can pay $2k and that’s it. It took them 2 seconds to accept my offer!

What happened in that 2 week time period? Well, they couldn’t find anyone to pay them cash and they NEEDED money to move into an apartment that they wanted. They became MOTIVATED.

BTW, I sold the place “as-is” for $8k with $1,000 down.


Re: Hunting the illusive “el cheapo” - Posted by Dan Ruzica

Posted by Dan Ruzica on June 25, 2001 at 13:56:36:

What is a El Cheapo other than cheap. How do you quantify cheap?

Re: Hunting the illusive “el cheapo” - Posted by Tony-VA

Posted by Tony-VA on June 24, 2001 at 15:47:54:

Scott, several problems jump right out at me here. Perhaps this will help.

Stop looking for the home…look for the Motivated Seller. Anyone can check newspaper adds and drive through a park. Since anyone can do that, you have the entire world as your competition. Competition drives up prices.

Stick to Lonnie’s book. Find the park manager and park that fits your criteria. This may be things such as location to your home, older mobiles in the park, some vacant spots but a decent, family park, etc.

Then begin to work on the park manager. It is essential to gain a rapport with the PM that builds their trust in you. They are an outstanding source for you to find Motivated Sellers. They know who owes them money. They know who they wish would leave the park. They know who is having money problems, has moved and is still paying lot rent, divorcing etc.

You can begin to work referrals from the park residents themselves but be sure to get the PM on board so that once you find a deal, you can act upon it.

None of this should take a year. Doing the same, Unproductive action over and over again is futile. Begin taking concentrated action based upon the successes of others and successes you gain along the way. Don’t keep doing the same stuff that has produced nothing in the last year. You are beating your head against a wall there.

Find the motivated seller and they will show you the ‘el cheapo’ home.

Best Wishes,

Tony Colella