Posted by Dirk Roach on October 13, 1999 at 24:23:01:
Good Post Scott,
If I could just add a couple of points to what you are already saying.
There is such an animal as the mobile home appraiser. The gal I occasionally pay runs around 200 bucks a pop. `Thing is I ONLY have an appraisal done when I am financing someone through a traditional lender. Otherwise I really don’t care what the appraiser “thinks” the mobile in question is worth. Because I will sell it providing the financing myself. So if So if potential buyer “x” doesn’t like my price then they can pound sand because I know that there are always people behind them waiting for a deal. Personally I tend to keep a pretty extensive buyers list and in addition to that I have a large advertising machine going constantly creating new potential buyers.
The great thing with mobile homes is that everyone seems to want these big chunks of cash 10k etc. and no one has them, thus the success of the Lonnie deal.
I agree that the PM’s can be insightful. In my market I tend to consistently sell a few grand above the PM’s estimation, but it is a good place to start.
I also agree Get Lonnie’s material as it really illustrates how to play this game.
Dirk
MH Appraisel? Lonnie or anyone - Posted by dick harvey
Posted by dick harvey on October 12, 1999 at 19:45:26:
How do you appraise a mobile home? You can’t
get a CMA from anyone, i talked to a realtor,
he said “we don’t do mobile homes”. I called an
appraser, he said “we don’t do mobile homes”.
How can you tell if one doublewide is worth
$10,000 and another $15,000. They come in all
shapes and size’s. I looked at 3 homes in an
adult park, none were priced the same or even
close. A side from age, is there a rule of
thump to go by? You make your profit when you
buy, not when you sell! Thanks in advance-
dick
Re: MH Appraisel? Lonnie or anyone - Posted by Robert_GA
Posted by Robert_GA on October 13, 1999 at 08:25:46:
Mobile home dealers typically use regional guides that
are available through some of the national appraisal guide books publishers. Perhaps a mobile home dealer can let you have a peek at his book or you can buy your own. One such source is the National Automobile Dealers Association guide to manufactured housing “blue book”. Any well stocked library will usually carry a copy of the NADA guide for cars (same source). You can also contact them on the net.
Re: MH Appraisel? Lonnie or anyone - Posted by Scott Todd
Posted by Scott Todd on October 12, 1999 at 22:21:34:
Every Market is different. As Lonnie explains in his book, The sellers are selling at what they think the price should be, it could be the amount that they paid for it.
Age of the home, condition and motivation of the seller all have a direct impact on the asking price.
What are you trying to accomplish?
If you are trying to buy at “Wholesale” to resell then you know that doublewides in that park can sell for $10K - 15K. So know figure out how much you what to invest in the deal.
If your motivation is to buy and live there, you have a negotiating tool for the more expensive home ("your neighbor is asking 10K…).
One last source of the going rate might be the park manager. The PM should know what homes move for in the park and can tell you the retail value of the homes you are looking at.
One last thing, if you haven’t got Lonnie’s books, get them, they are a must to do MH Deals!! They will pay for themselves on the first deal.
