my first offer (please help) - Posted by john meissbach

Posted by john meissbachjm on January 18, 2002 at 04:14:43:

well i was trying to answer your questions,however,i did something wrong and,i dont know what…im not that good with computers…sorry to one and all if i offended anyone it was in no way intentenal…

my first offer (please help) - Posted by john meissbach

Posted by john meissbach on January 18, 2002 at 01:02:59:

i placed an add about a week ago as recommended…a lady called me today and heres what i have she needs debt releif help,she is paying $800.00 on her present mortage…she owns a mobile home a 14x76 shyline…the home is paid for…she was asking $10,950 she dropped it down to $7500.which is her current asking price…here are my 3 offers (i have not submitted these to her yet)i have an appointment with her this sunday…offer#1-$7000 cash—offer2-lease option-$500.dn-$600 per month for 12mo.or$270 per mo for 24mo.or $180. per mo for 36mo.offer#3-$1500dn-$465.oer mo for 12mo.offer#4-$500dn-$270.per mo.+275.lot rent for 24mo.or $180.+$275.per month for 36mo.anyone wishing to help me on my first desl please email me at kinda excited,i know were supposed to stick to houses,but,can i help her…basically shes willing to work with me.she wants to pay off some creditcard debt…@$5000.she owns the house…but she has a new house and wants out from under this one…please help me…my hmphone#(830)-964-5579…these are only offer proposals,she ahsnt seen or been told about any of these…i asked her what the least is she would accept,and,she told me $6000…well thats all the information i have call me with any help,or,email me with suggestions…this is my first offer and she does not have the home listed with anyone…so if i can help her i can help myself,and if i can get on contract and i can make some money,maybe i can pay for the help by yall…thanks john meissbach…

Re: my first offer (please help) - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on January 18, 2002 at 20:49:52:

John Meissbachjm------------

You should not be offering her a lot of different options. It will probably just confuse her.

Sit down and ask her how she would like to structure the deal. If she comes up with something like what you already have written here, go ahead and work out something with her. If her ideas don’t work for you, let her know and make a single proposal that you feel is the best for you. If she goes for it, fine. If not, ask what she doesn’t like and try to modify it or present one of the other proposals you have up your sleave.

Oh, and I agree. This sounds very expensive. Check the deals discussed on mobile home forum.

Good InvestingRon Starr***

Whoaa there, John… - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on January 18, 2002 at 06:43:05:

You might be better served by posting this on the mobile home forum. Have you read Lonnie Scruggs’ books on mobile home investing? From your post I can see that you have not. $7000 cash for a 76 Skyline is probably way too high. Now that would depend on your area. Do you know what the mobile home would sell for? What is the lot rent? If you buy the home, you will be responsible for it. Will the park manager even allow you to purchase the home? What is your exit plan on the home? I see from your post that you have lots of plans on how to buy the mobile home, but no plans on how to sell it to make a profit. If the owner is willing to take $6,000 for the home, why would you ever offer $7,000? Depending on condition, I would probably pay around $2,500 for the home. Most buyers of mobile homes do not have adequate cash to buy the homes. They must get financing. Most can’t get financing from conventional sources, so often the owner of the mobile home must carry a note. Are you prepared to do that?

I can’t emphasize this enough, get Lonnie’s books before you make a really big mistake.

Re: my first offer (please help) - Posted by Chris O.

Posted by Chris O. on January 18, 2002 at 03:45:52:

As your inferior, I have a few questions.

First, would you mind quoting your ad, verbatim? Second, if she accepts your offer for $7000 cash, or whichever price cash you finally arrive at, what will you then do with the mobile home, and what do you expect? Same question for the lease option. Third, how did you get or how are you going to get the funding? Fourth, how have you educated yourself on real estate investing? Fifth, and finally, what have you studied to in the forte of real estate investing? Mobile homes? Flipping? Else?

Thanks for being patient!
Chris O.

Re: my first offer (please help) - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on January 18, 2002 at 01:39:28:

Your Offer #1 is for $7k cash, but you have mentioned she would go as low as $6k cash. If the numbers are all good, why not offer her $5k cash?

This gives her the money she needs to pay off the credit card debt, and gets rid of the monthly payment; which is her primary concern. She gets her debts paid and the trailer gone.

Make sure the numbers all work for your exit strategy.