Posted by TALK TO THE PM FIRST!!! on January 17, 2003 at 14:12:28:
Regardless of the possible profit, if the PM wants to freeze you out, they can. Take them a box of donuts, and kiss some @$$ (well, not REALLY, but you know what I mean). Show them how you are helping them - good tenants, continuing the rent stream, etc
NEWBIE FIRST POTENTIAL DEAL…ANY ADVICE? - Posted by Tamara Winstead
Posted by Tamara Winstead on January 17, 2003 at 09:17:13:
I met with a lady the other day. She has a 1980 mobile home for sale in a court. The lot rent is $132 a month. It comes with washer,dryer, and airconditioner.It also has a fireplace in the corner. Physically the home is in good condition except the smallest bedroom floor will need redoing because of dryrot.She wants to sell this $2900 cash only quick sale.We have cash to buy this. She has already moved out of the home and I think she is quite motivated considering she is still having to pay lot rent.We looked around and said we would discuss it and call her back if we liked it. I have yet to call her back. I have no idea what to offer her. I am nervous because this looks like my first potential deal and I don’t want to let it slip away. I’m just kinda looking for a little help/guidance.I live in VA. Personal emails are appreciated!
HOW MUCH FOR REPAIRS TO FLOOR - Posted by TENNESSEE BOB
Posted by TENNESSEE BOB on January 17, 2003 at 10:23:55:
Tamara,
You mentioned the floor in one room needs to be replaced. Will you have to hire this done or can you do it? What is the cost for repairs? Do you know what similar homes (size & age) sell for in your area? Have you talked to the park manager to see if they will allow you to do deals in the park? Are lot rent and taxes current? Have you negotiated on price at all? After answering these questions you will have the answer to your question. If you decide to make an offer on the home, have cash in hand and be sure to flash it to the seller. This will usually help the seller know that you are very serious, and ready to deal. The first deal is the hardest, even if you dont make alot from it you will have gained good experience.
Good luck, and let us know what happens.
Tennessee Bob
Re: HOW MUCH FOR REPAIRS TO FLOOR - Posted by Tamara Winstead
Posted by Tamara Winstead on January 17, 2003 at 13:53:19:
MY husband is able to do the floor work. There are mobile homes in the paper today (used) 1980-1991 priced $10000.00 We have not even mentioned a price yet to her we just left saying we would discuss it and get back to her. I didn’t want to put my foot in my mouth without seeking advice. I don’t know about the lot rent and or taxes and I have not spoken with the PM…Those will be my next steps, thanks.