Posted by swwa on December 07, 2010 at 10:43:47:
still working - it could fall apart, but I am nurturing like crazy!!
problem solver - Posted by Steve-WA
Posted by Steve-WA on December 06, 2010 at 18:26:04:
PM calls me about an empty (for a year) 1989 3/2 DW. Greentree has this guy financed, him & his elderly mother on title, 6K back rent, 400 back taxes. Guy moved in with Mom at her MH in another park. PM tells me he can move back, but must pay back rent; but if I get the home, all back rent forgiven, and no rent til sold.
I use master key (putty knife) to gain entry (GT had changed the locks) - looks like a tornado hit, but lots of stuff that would have value to the owner (photography equipment, autographed baseballs, furniture, etc). I call DMV to check for lienholder, they tell me that Greentree wrote it off when the guy moved, and DMV mailed the new, unencumbered title, but the guy did not leave a forwarding address (I know Mom’s address), so it went back to DMV.
Guy and Mom are in arrears with GT - I will take care of it (wink wink), are in arrears with the park - I will take care of it (wink wink), and are behind on taxes - I will pay it. I need a signed loss/release from this guy and Mom, and then for back taxes, I can clean it out and sell easy for 10K cash, or 15-20K on note. Needs furnace repaired/replaced, roof cleaned (repaired? No evidence inside of leaks) and cosmetics. He just wants his stuff, and no financial responsibility for the house.
I am willing to let this guy get his stuff, but Mom’s house is full, and he is poor (as is Mom), so nowhere to store or rent storage. I have an empty garage at a rental, I will hire people and truck to pack out his boxes (HE has to pack), and store his stuff free for 6 mos. He is gone housesitting for two weeks, so cannot get his notarized signature unless I go to him (and I may). Mom is housebound, and has no valid picture ID, so I will trundle her into my truck, take her to the DMV and get a new ID (which I will pay for), and pay for the notary to verify her siggy on the loss/release.
Before the holidays, I expect to have the siggies. After the holidays, I expect to either a) move the stuff he will have packed (unlikely) to my free 6 month storage (already have the state-law storage agreement done up), or b) clean out everything. Either way, I will be doing a cleanout.
I think I have a buyer on the line with 3K down, and will likely pay 300-400 monthly.
I still got it.
its done - well, sorta - Posted by Steve-WA
Posted by Steve-WA on December 15, 2010 at 09:42:17:
Got the releases, title work done, new title is in the mail. Showed the guy the photos of the storage garage, gave him a copy of the storage rental agreement to review (I should have Lin look at this), and when I get back in town after New Years, he was directed to have all of his desire-to-keep belongings boxed and ready to go, or I will do it. And it wont go to storage.
Found an operable, like-new 15 y.o. 16KW electric furnace on CL from a guy who switched to gas - $150. Since this new place needs a furnace (or repair), this is a score. As long as I didnt get ripped off, this saved me over $750.
PM tells me that there is an interested party in the park who has an older SW and wants to upgrade. Trade-in means two notes for the price of one. This house for 15K, the SW for 7K (havent even seen it yet, just guessing), all for under 1000 invested.
PS The 3K down buyer previously mentioned has not returned calls - no surprise.
Deals on Wheels!!!
not tooting my own horn; please focus - Posted by Steve-WA
Posted by Steve-WA on December 07, 2010 at 09:46:49:
the reason I post this story is to encourage. Most of us here are made from Lonnie Deals - there are a few newbies popping in from time to time, but most of us are just lurking on each other; with the exception of Moderator Tony, who keeps poking our brains (ow!) with direct and indirect situations and premises regarding our chosen business model(s). Also props to Bernd, DrB, Jeff, and a few others who are continuing to carry the torch on CRE-MH.
My point is that there seems to be (at least with me) a certain level of apathy, more so now than in times passed (past?) . . . . Tony remarked on this several months ago with a post here, and that hit me dead between the peepers. I recognize that I have a lot of business debt from the good times to climb over, I realize that while the blood is running in the streets, I am in no position to acquire real estate. I have a dozen LHs that are a just-right balance for me in my current situation.
But LDs are still out there, and I do not really see that the economy has affected that model. By using the tools we have developed (how does one find out if there is a lienholder? How does one get $6K in back rent forgiven?), we can still break through and pick up little cash cows here and there.
For less than 1K ($500 I’m hoping), I can make this thing moo. My investment is far more than money, however: relationships, the ability to listen, and knowing what questions to ask are my investment in this particular asset.
Most of us have those qualities to invest, we just need to go back to baby steps and rebuild a little, but smarter this time.
I still got it??? . . . . . . . YOU still got it. Go put it out there.
Re: problem solver - Posted by Michael(KCMO)
Posted by Michael(KCMO) on December 07, 2010 at 08:27:06:
You still go it, Steve! Sounds like an everyday deal from a couple years back, doesn’t it? LoL
Thanks for sharing!
Michael(KCMO)
Re: problem solver - Posted by JeffB (MI)
Posted by JeffB (MI) on December 06, 2010 at 20:56:24:
Very nice, Steve. You can’t keep a creative guy like you down for very long!
IF you were a newbie I’d have lots of “be careful” type things to say, like don’t pay for back taxes, etc until you’ve got title or give the guy money until you’ve protected yourself from him screwing you over. But you’re a wise sage, so I’ll save my breath.
Congrats on some fundamental, old-fashioned creative deal making. Keep that up and there may be a future in check-writing for you! 
Jeff
Re: its done - well, sorta - Posted by shawn sisco
Posted by shawn sisco on December 15, 2010 at 18:17:11:
Well Done Steve! Deals like this one have got to help.
FYI- new 20kw furnace (Nordyne) from the MH parts distributor $439.
focus - Posted by Dr. B. (OH)
Posted by Dr. B. (OH) on December 07, 2010 at 11:51:34:
I’m not sure it is apathy as compared to extreme caution. Yet you are right, there are still LDs to be had. Looked at one on Fri. 1983 2/2 with 3 y.o $4K aluminum roof-over by Dacraft, new skirting, newer 8 x 10 wood shed, brand new oak kitchen cabinets, new counter top, totally remodeled MBA & MBR-well done. New LR carpet, upgrade to 200 amp service, $7000 heat pump. Needs front bath redone, dining area laminate or tile. He’s been trying to sell for 4 mos.
He was willing to sell to an in-park tenant (with no actual money) for $2500 if he took his heat pump and kitchen cabinets with him. When I found out his heat pump would work for the repo SFH he just bought, I offered $1000 if he left the cabinets but took the heat pump. I can put in an elec. furnace and finish the home for $2000 to $2500. This park is rural and there are virtually no buyers. I used to sell the same home for $9-11K with $1000 down, $250/mo. NOW, I can only get $8,500 with $500 dn., $150/mo. I pointed out that I’ve had 2 homes for sale for 2-3 months WITH FINANCING, and still, no qualified applicants (read-no money or job).
Haven’t heard from him but either he accepts the deal my way or I can easily afford not to do the deal.
Steve
Re: not tooting my own horn; please focus - Posted by Glen (OH)
Posted by Glen (OH) on December 07, 2010 at 10:18:00:
It’s refreshing to hear of a home run in these days of doom and gloom. Bully for you Steve!
Glen (OH)