Posted by Chuck (AZ) on July 16, 2001 at 20:17:15:
Yea, I know.
So where’s the spellchecker on this thing?
“seedy” neighborhhods - Posted by Steve-Az
Posted by Steve-Az on July 15, 2001 at 04:26:03:
Hi Everyone,
I’m completely new to the idea of buying, rehabing and selling used mobile homes. I’ve order “DOW” a few days ago and I’m anxiously awaiting it’s arrival. In the meantime, I’ve been looking through the want ads, driving through a few MHP’s, looking up MH contractors, Title companies that handle mobile home notes, etc…Just trying to get a general feel for the whole concept and what’s available in my area. I’ve noticed that a lot of the MHP’s that I’ve driven through seem to be rather “seedy”. These homes look pretty old, they’re in very cramped quarters (not much in the way of yard space)and the parks seem to be rather “run down”. Will this type of investing work well in these areas, or should I focus on the more “well kept” MHP’s? Does it make a difference? Any advice would be appreciated. Thank you.
Re: “seedy” neighborhhods - Posted by Chuck (AZ)
Posted by Chuck (AZ) on July 15, 2001 at 13:54:18:
When people first start with this angle of RE, they make one of two mistakes.
-
They look for “nice” homes thinking they’ll make a larger profit.
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They look for “trashed” homes thinking they’ll be cheaper to buy.
You should be looking for MOTIVATED sellers, NOT homes.
What’s a motivated seller? That’s someone who needs to be rid of the home today… or at least sometime this week. They’ve tried to sell it themselves without success. They’re facing another mortgage payment or lot rent they can’t afford… or for whatever reason they just need it to go away.
That’s where the deals are.
Re: “seedy” neighborhhods - Posted by Steve
Posted by Steve on July 15, 2001 at 13:57:50:
Chuck,
Thanks for the insight. I assume that the book DOW
will go into detail on how to find motivated sellers?
Re: “seedy” neighborhhods - Posted by Chuck (AZ)
Posted by Chuck (AZ) on July 15, 2001 at 14:44:46:
It does. There are several ways… I’ll give you a few.
Assuming that you save newspapers… look at last week’s ads. Then look at today’s… is the same ad in there with a lower price?
Cruising the speed bumps is fine. But the fastest way, since your already in the park, is to talk to the PM and see who’s been trying to sell for a while and hasn’t. Deliquent lot rent might turn into a lead as well. You’ll have to deal with the PM at some point anyway (approval of your buyer)… might as well get to know each other now, and see if you can work together (or not).
I’ve even picked-up a few homes (in parks) from motivated sellers, who got tired of their UN-motivated realtor. You need to ask.
Word of mouth to everyone you know will turn up leads as well. Almost everyone knows someone who’s having some problems.
Run an ad… “Need to sell your mobile home today? I’ll pay cash, call me. xxx-xxxx”.
Paint yourself orange and stand on a busy corner with a sign. Assuming they don’t haul you away, you’ll get lots of attention. (Sorry, I couldn’t resist…lol).
In other words, be a motivated buyer. Note - that means motivated, not stupid and desperate to do a deal. If the numbers don’t work, walk away.
Or run as the case may be…
Re: “seedy” neighborhhods - Posted by Steve-Az
Posted by Steve-Az on July 16, 2001 at 02:46:10:
Thank you again, Chuck. It sounds like you’ve been at this game for quite a while. I appreciate all the information. Sounds like very good advice. I’m anxious to get started, but old enough now (47) to know better than to “rush in”. I’ll approach any deals with
“cautious optimism”.
Re: “seedy” neighborhhods - Posted by Chuck (AZ0
Posted by Chuck (AZ0 on July 16, 2001 at 02:55:04:
I’m just glad the forum tolerates my sence of humor.
Dry as the Arizona desert - Posted by Karl (Oh)
Posted by Karl (Oh) on July 16, 2001 at 20:02:58:
Its not so much weather we tolerate your sence of humor as it is your spelling!
Karl