Posted by gary on December 05, 2003 at 07:41:21:
follow up to phils post on carried down payment. I write the carried down payment as being waived so long as no more than three payments are made past the due date and the grace period, five days with me. if three or more payments are late i can void the waiver and call the unpaid down payment due and payable within seven days and can reposess the home if not paid. it seems to be a good carrot, keeps 'em payin and stayin
Starter Deal - Posted by jean
Posted by jean on December 04, 2003 at 19:47:00:
Hi,
I am new to mobile homes and I wanted to know if I should buy a singlewide 14x72 from a dealer. It was a trade in from a buyer. The cost is 4,000 and it still needs lots of work. Will I make money on it if I pay someone to complete the repairs.
thanks
jean
yen37@excite.com
Re: Starter Deal - Posted by Phil Pelletier
Posted by Phil Pelletier on December 04, 2003 at 23:48:21:
You may want to consider advertising it as a “fixer” and tell people you need at least $3,000 as a down payment against a contract amount of $12,000. Then when they frown and say they don’t have $3,000 down, tell them you will “carry” $2,000 of the $3,000 down payment ON TOP of the loan if they take it “as-is” and fix it themselves. They give you $1,000 in cash against a contract of $13,000 ($12,000sale price, plus $2,000 carried down payment, minus $1,000 cash down payment). Sounds complicated, but it really doesn’t matter most times. These folks just want to be able to afford the payment and have something to work on to call their own. REALLY effective marketing strategy. Now, it will REALLY work well when you buy that home for $$2,000 from that dealer. Remember, he made a killing on the home he sold the person he took that trailer in trade on. The home probably cost him about $800 in moving and teardown costs (his people, his trucks, etc.). It was a “Gift” from that last guy who bought a home from him. What ever he gets is many times pure profit for the dealership. Buy it for a grand and make a killing on it!
Remember, it only takes one person to buy your home, so get all you can out of it. There is no sense creating a situation where you have 57 people who want to buy your home, because you only got ONE to sell.
Buy it right, and sell it as a fixer with a “Carried” down payment. You will do just fine.
Phil Pelletier
Re: Starter Deal - Posted by grannyguru
Posted by grannyguru on December 07, 2003 at 11:32:49:
Question:
Given a situation like this, at a dealer, after a signed agreement from the seller(dealer), would you then bring buyers to see it at the dealer’s lot?