Posted by mike on May 22, 2002 at 21:35:03:
It never hurts to make an offer, you never know how desperate a person can be. If this is your first deal, I would keep your first purchase as easy and low as possible.
newbie question - Posted by Matt
Posted by Matt on May 22, 2002 at 19:40:00:
I have a quick question for anyone out there who could help out at all. Thank you in advance for any help given. I am very new to this type of investment but have done a lot of reading through the posts and have appreciated the advice given.
I just got back from looking at a 1969 single wide, that I think is about 14x60 and has 2 bd, 1 bth. It looked to be in good condition, inside and out for the age, and well taken care of. The lot rent in the park is 280 and they are asking 16,000 for the mh with seller financing. Obviously I would not take the mh for that price, but I am wondering if anyone has any advice or experience they could share in what would be a good low ball offer. Also, about 8-9 of the 20 or so mhs in the park are for sell. Park is in a decent part of town. Is 4,000 to low to offer in this situation? Does it just vary by state? I live in Utah. Thanks again for any and all advice. I sincerely appreciate it. Matt
Re: newbie question - Posted by Shawn Dostie
Posted by Shawn Dostie on May 24, 2002 at 06:43:17:
If they want a high price and will accept terms, they are probably doing what you should be doing. Buy low sell high. Now if it were advertised, Need to sell now, or please make offer, etc… that might be a sign of , like Lyal said, a motivated seller. You will get more out of your time if you don’t waste a whole lot of time on a low percentage deal like this and ferret out the gems for $500.00 -4000.00
Good luck,
Shawn(OH)
Re: newbie question - Posted by Lyal
Posted by Lyal on May 22, 2002 at 22:21:30:
Matt,
You’re lacking the most important component of any profitable deal here, a MOTIVATED seller. The price you need to pay varies greatly by area but in most areas, 4K for a 1969 home is way too much to pay. Lonnie’s books are cheap and they’ll lay out how to figure out the level of motivation of a seller. If they don’t need to sell NOW. Move on, there are plenty more down the road.
All the best, Lyal