Rehabbing - Posted by Tim

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Posted by Tim on February 20, 2004 at 24:16:11:

Thanks for the help. Im gonna see if I can help them sell it on their
dime.
If not they can keep their problem.

2

Rehabbing - Posted by Tim

Posted by Tim on February 14, 2004 at 08:30:34:

in DOW lonnie talks about rehabbing the home as cosmetic improvements and street appeal.

It sounds like alot of folks here are doing more then that (having to do more then that) to sell the homes they are finding. I know this has been my experiance as well.

I have found a home that needs all new plumbing and alot of new flooring due to a water leak. also needs roof sealed. I can do the work myself but wondering if the costs are worth while on an early 70’s model. Would have to be flipped or sold to a cash buyer due to the park its in. Park sells homes, wont allow competion for lonnie deals. Park doesnt want to buy home. It can stay, but have also thought about moving it to a park that will allow a better leeway for deals.

Thoughts?

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This is how it feels to be unloved? - Posted by Dr. Craig Whisler

Posted by Dr. Craig Whisler on February 15, 2004 at 05:28:03:

Rehabbing isn’t your real problem here.

You probably should pass on this one since the park would be competing against you. This is a warning to you as well as the fact that they don’t allow lonnie deals to compete with them. Even if you buy it and fix it up and find someone else to buy it from you at a higher price, the park probably will refuse to approve your buyers rental application. Then you will be stuck paying space rent on it for the rest of your life, or until you abandon it just like the last owner did. Ever think about that?

You have a third reason to not do this one. The park itself is experienced in buy/fix/resell and they don’t want this one. Their reason for not wanting it (whatever it is) should also be one of your reasons.

Forget this park altoghether. You’ll have nothing but trouble dealing in such parks.

Find a park that WANTS you, this one doesn’t.

Regards, doc

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Re: This is how it feels to be unloved? - Posted by Tim

Posted by Tim on February 15, 2004 at 09:30:10:

Thanks. I guess im having trouble admitting that free isnt always a good deal. :slight_smile:

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Get out of town by sundown. - Posted by Dr. Craig Whisler

Posted by Dr. Craig Whisler on February 15, 2004 at 11:07:48:

Now that you’ve got your head on straight, advertize it for $500 cash, sell it to the first person who can fog a mirror, and get out of town by sundown.

There is always someone who will overestimate its value. Sound familiar?

Regards, doc

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P.S… - Posted by Dr. Craig Whisler

Posted by Dr. Craig Whisler on February 15, 2004 at 11:55:58:

…sell it before you buy it (or accept it free) so the space rent clock will not start ticking in your name, in case you can’t find a buyer quickly.

Regards, doc