Posted by Don-NY on January 06, 2003 at 08:53:31:
Option it!
No Buyer’s List - How long to sell? - Posted by cathlin
Posted by cathlin on January 04, 2003 at 18:32:02:
I found a potential first deal (MH deal, that is, I’ve done other types of REI)and I have a couple questions. I have read DOW I and II, and Get Rich Helping Others
'79 Fleetwood in great shape, though it could use updates. It’s a 2bd 1 ba, and I don’t plan to pay more than $2500. It sold in 2000 for $11,000. I’d sell for around $9000.
The current (out of state) owners tried to rent it for 4 months, but no one qualified.
There are several other trailers in the park that offer owner financing according to their signs, though they don’t have ads in the local paper or Pennysaver. Those homes have been for sale for 5 months - one is very comparable (it’s same make and year, but a 2/2) and they’re asking $10,900 with $1k down @18%.
I’m concerned that there’s not enough demand and that if I purchase, my trailer could sit empty for months. I have plenty of money for holding costs, so it won’t kill me.
I had planned to talk with the manager on Monday, but since they allow rentals, I don’t anticipate any problem with doing deals there. It’s a tidy park, few lot vacancies, and a swimming pool, but it is in the less desirable part of town.
The other thing is that the rental market for SFR’s is softer than I’ve ever seen it. I’ve been a landlord here for 9 years.
A test ad last summer pulled 8 calls in two days, but that was last summer, with several well-qualified buyers. I’ll be putting one in the paper next weekend.
How long does it take to sell a MH (especially an older 2/1, which I assume has lower demand) without a buyer’s list, given the current conditions listed above?
Should a newbie (with savings) make a purchase without a buyer’s list?
Should I take it as a warning sign that this home and other homes are sitting empty for so long?
How does the rental market affect or mirror what I will experience trying to sell a MH?
Am I just getting cold feet 'cause this is my first deal?
Thanks for your help.
Cathlin