is there a deal here? - Posted by tom myers

Posted by tom myers on March 07, 2005 at 07:49:45:

Thanks for your input. The previous owner holds the note: $600/mo for 2 years, no interest. He is 9 months into the payback period. I was thinking the same thing: go to the note holder and see about buying it at discount. Any thoughts about re-structuring the note if I get it at discount?

is there a deal here? - Posted by tom myers

Posted by tom myers on March 06, 2005 at 16:16:48:

Guy calls me wanting to sell his 1987 mh, 14x72, 3 br, 1.5 ba with garden tub, lots of renovations, big shed, covered car park, nice yard, nice park (over 55). Wants 15k: 12k to pay back his private loan and 3k for all his renovations. He can’t really keep up the payments: $600/mo for 2 years. I figure it would sell for $18-21k. What do you think?

Re: is there a deal here? - Posted by jp(sc)

Posted by jp(sc) on March 07, 2005 at 16:22:07:

The mentality you describe really bugs me about people. People are always telling me…“Well I payed X for the place, and then I spent Y fixing it up, so I guess the least I can take would be X + Y…” WHAT??? What kind of logic is that? Sounds like unmotivated seller logic to me.

By the way, where you are makes a big difference. I’ve recently bought two late 80’s homes. One was with land and I payed $5k. One was just the home and I paid $1100. If somebody here was asking 15k for an '87 I’d be polite but I wouldn’t give it another thought after hanging up the phone.

Re: is there a deal here? - Posted by Abel B Ramirez II

Posted by Abel B Ramirez II on March 06, 2005 at 23:24:25:

Tom,

there very well could be a deal here if you can explain more about his ‘private’ loan. Does this mean it is a personal loan from a bank to him? or is there an individual who holds the note on this home?

If it is an individual you may want to contact that person and see about a quick payoff. That person may need the money now and not want to wait another 2 years. You could easily see about giving that person $6,000 for the $12k note. At that point you could hold the note and let this guy pay you $600 per month until he got desperate enough to not worry about getting $3,000 for his upgrades.

Ask questions, it very well COULD be a deal.

Abel B Ramirez II
REI Noob
214-529-5626

I think not - Posted by Steve-WA

Posted by Steve-WA on March 06, 2005 at 20:22:03:

you ought to be able to find comparable Mhs from a motivated seller for 5K or less - depending on your market.

are you in San Diego, or Hog’s Knuckle Arkansas?

apologies to any hogs who may be reading

;-)3

Re: is there a deal here? - Posted by NH_Bert

Posted by NH_Bert on March 06, 2005 at 17:06:46:

I don’t smell blood yet. I’d wait him out till he gets in the $6k range.

Re: is there a deal here? - Posted by tom myers

Posted by tom myers on March 07, 2005 at 12:24:14:

Thanks for your input. The previous owner holds the note: $600/mo for 2 years, no interest. He is 9 months into the payback period. I was thinking the same thing: go to the note holder and see about buying it at discount. Any thoughts about re-structuring the note if I get it at discount?

I should know better - Posted by Steve-WA

Posted by Steve-WA on March 07, 2005 at 21:37:46:

One needs to think, “How CAN I?” rather than “I can’t.”

sorry - still a little of the old me inside me.