Posted by Michael(KCMO) on February 26, 2007 at 13:46:28:
Welcome aboard, Craig(MI). Keep up the progress and you’ll be posting success tips in no time.
Regards,
Michael(KCMO)
Response to my ad , M/H for sale - Posted by PamJM
Posted by PamJM on February 22, 2007 at 19:27:46:
I put an ad on craigslist that I Buy Houses. I got an email from a man asking if I buy MHs.
Here’s the description of the MH:
Pamela, it is a 1993 Reflections Mobile home. The house has 3 bedrooms and 2 bathrooms, large kitchen with breakfast bar, new deck, utility shed in large yard, corner lot, awning that can be enclosed if anyone wanted to make an enclosed porch, all appliances stay such as gas range, refrigerator, washer/dryer combo. The furnace is two years old with extended warranty and the water heater is 3 years old. The lot rent is $250/mo which includes water, sewer, trash removal. The roof is asphalt, siding is vinyl. We basically want to move out ASAP and into our new house without having to pay on two mortgages. We still owe 8,000 on it so would like to get that to pay off our obligation at the very least. Let me know if you or anyone you know would be interested. It is going to be move in ready when we pack the rest of our stuff up and move within the next two weeks. Thanks for the quick response. Hope to hear from you soon.
I haven’t studied much of MHs, I’ve been doing two rehabs on stick built homes. But I thought I’d ask here whether this looks like any kind of a deal. If it does, I’ll buy Lonnie’s book electronically and get to work on it. Any feedback is appreciated.
BTW, I’m cash poor right now from the rehabs!!
Re: Response to my ad , M/H for sale - Posted by Joe
Posted by Joe on February 27, 2007 at 18:03:29:
I like the buying subject to idea. There’s probably a bunch of different ways to skin this cat. But here’s one possibility.
It sounds new enough that a bank might finance it. Check the prices to see what it would go for - without knowing much, I would guess something that new in good condition could go for double the $8k, so $16k. If so, get an option to purchase the mobile for their existing balance (the $8k). Then shop it around at $16k and find a buyer. Then do a double close and pay off the seller’s financing with the buyer’s financing, and collect the difference. If you can’t find a buyer, you only lose your option money (try to keep that low, maybe just $10).
Re: Response to my ad , M/H for sale - Posted by Don(Tn)
Posted by Don(Tn) on February 22, 2007 at 22:25:15:
If the trailer is as good as your description I think it deserves a hard look. First I would talk to the park manager and find out if he is okay with you doing Lonnie deals in the park. Also make sure to find out if there are any back lot rents or back taxes owed.
Buying Lonnie’s book is a great move even if you never do a mobile home deal. DOW caused me to see things in an entirely different light. The core of the concept of DOW can be applied to many business situations, not just Mobile homes!
Don
Re: Response to my ad , M/H for sale - Posted by PamJM
Posted by PamJM on February 22, 2007 at 21:33:20:
Also, he said that the monthly payment on the loan on the MH is $174, at about 13.86% interest.
Re: Response to my ad , M/H for sale - Posted by PamJM
Posted by PamJM on February 23, 2007 at 08:51:00:
If you had very little money to put into this deal (like me right now!), could you take the home subject to the financing in place, look for a buyer and pay the loan off later? I’ll get Lonnie’s book today, but need to know some possibilities from some people with experience.
Search archives, with my apologies - Posted by Karl (Oh)
Posted by Karl (Oh) on February 23, 2007 at 09:53:45:
Pam,
Do an archive search for “lease option”, you’ll find tons of info on this. I’ve done many of these with mobile homes.
Also, search the internet for Ernest Tew, you’ll find free lease/option agreement downloads at his website.
My apologies for those of you who are infuriated that I’m referring Pam to the archives instead of retyping all the info today.
Karl
Oh, come on. - Posted by Jack
Posted by Jack on February 24, 2007 at 24:35:21:
Quit playing the poor misunderstood genius. You must have really been wounded by my prior post.
You offered helpful advice instead of just typing “read the archives”. Case closed. Get over it.
Re: Search archives, with my apologies - Posted by PamJM
Posted by PamJM on February 23, 2007 at 10:27:02:
Thanks, I will.
Re: Oh, come on. - Posted by Ryan (NC)
Posted by Ryan (NC) on February 24, 2007 at 09:18:51:
Answer was in the first page of results, took me less than a minute to find it… Time is a precious commodity for both the main contributors and the people that need information to make a deal happen (or decide it’s not a deal). The archives are extremely rich with diverse information and different points of view so there is a reason people are often referred there!
Stir the pot one more time, that’s always helpful… Karl has been involved in over 3400 post over the years, didn’t find anything by you. Case closed. Get over it.
Best wishes,
Ryan Needler (who apparently should be doing a deal today instead of posting)
Re: Oh, come on. - Posted by Craig(MI)
Posted by Craig(MI) on February 24, 2007 at 10:50:25:
First I want to admit to being addicted to this site, to be logging on and reading posts once daily if not more often. This has gone on for more than a year and I’m starting to feel guilty for never adding my two cents, mainly because of my limited experience in the mobile home deals. This january I decided to do something about the lack of experience. I still don’t have alot to add to the discussions but I sure do enjoy reading them. I formed an LLC, became a licensed dealer working in western Michigan in spite of the problems we face here. In the last month since starting I sold 1 of the 4 homes purchased and have enjoyed the highs and haven’t had any lows yet(There will be some I know). The sale was not a home run but probably a double and helped a lot with the learning curve. Without DOW,MMHM, this forum and the archives this never would have happened. Please keep posting and maybe in the future I’ll have something to add. Thanks again Craig