Posted by Carey_PA on December 18, 2001 at 08:49:35:
You didn’t say in your original post that they had to be moved, or at least I didnt’ see that.
Anyway, if they are in THAT bad of shape and they have to be moved, I would pass! In my area it costs about $1k - $1.5k to move mh’s.
And besides the moving cost, your gonna have to find a park that will accept the pieces of junk. I’m going to think that no park will accept them. I know if I was a park owner that I certainly would not accept them.
Btw, if they have to be moved by the first and if you did have a place to move them to, offer the guy like $25 each! He’s in a pickle if ya ask me and $100 would be better than nothing!
I have never read any books on mobile homes, but I have read several postings and articles.
I called on an ad this weekend. The owner is selling 4 mobile homes all for $2000. Two are 3bd/2ba and the other two are 1bd/1ba. All are early '80s models. They are in absolutely horrible condition.
When do you say, " This is just too much work to make livable" and pass on the deal? What are some guidelines to follow?
I’m not used to looking at something in such bad shape. The whole mobile home park was full of junkers and people were actually living in them. Until this weekend I couldn’t imagine anyone living in homes like that. It really opened my eyes.
Re: TOTAL JUNKERS! What do you stay away from? - Posted by Carey_PA
Posted by Carey_PA on December 17, 2001 at 20:53:34:
I agree w/ Gerry, IF they are TOTAL, TOTAL junkers definitely BEAT HIM DOWN ON THE PRICE.
Ask him “what’s the best all cash offer you can make me?” If I paid you cash right now, what’s the best you can give 'em to me for?
THEN WHATEVER HE SAYS…make a face like he just gave you the wrong answer and be silent…look away from him, rub your chin, think about it, and then offer him half of what he said That’s what I do…heheheh sometimes it works and sometimes it doesn’t…honestly, only 1 time it didn’t work and it’s cuz I let my emotions get the best of me (I have since learned my lesson)
If he doesn’t accept your offer, then figure out if you can do it at HIS bottomline price and either accept it or hand him your card and walk away. (He’ll call ya back in about 2 weeks!)
I have gotten 2 COMPLETE junkers…both of 'em I got for free! yes free…trust me, no one is going to be knocking down his door to buy junkie mh’s!!!
OUt of the 2 I got for free, the first one, I sold as is and didn’t nothing to it (floor w/ big holes, etc. stuck big time, walls coming down) sold it for 2.5k
the 2nd one i had a ceiling put in…sold it for 6k.
so YES, you can make money off of junkers…you are SELLING FINANCING NOT MOBILE HOMES!
Buy the books. They’re cheap. Make them a Christmas present to yourself. You won’t regret it.
There are too many easier deals out there without rebuilding trashed homes. It’s tough, time-consuming work. (This from personal experience).
All the best, Lyal
Re: TOTAL JUNKERS! What do you stay away from? - Posted by GerryH
Posted by GerryH on December 17, 2001 at 14:57:11:
It sounds like they don’t have to be moved. If they are total junkers and don’t have to be moved, I would definately beat him down on the price. If the floors, walls, ceiling and plumbing and electrical systems are a total loss, may want to stay away from this deal. It is possible that you could sell them for $1,000 obo and “as is” as long as they arent totally gone. May want to consider option to purchase and then market them as “handyman specials” to see if they go. If you can’t sell them, then don’t exercise the option. If they are not a total loss, you will be surprised who comes out of the woodwork to buy them.
Posted by Karl (Oh) on December 18, 2001 at 09:20:53:
You need to stop looking at these homes and get some education first. Read the book Deals on Wheels. It explains how to break into this business the right way. If you don?t read the book first, you?re going to make some very expensive mistakes, starting with these junkers you?re looking at. Take this business one step at a time. Jump ahead a couple steps, and you?ll get creamed.
Carey, what are you doing? Don?t advice someone to make offers on homes at any price, when you know they haven?t done their homework yet. New investors don?t realize how crucial it is to spend that $30 first before they do anything else. But we do. Please be careful with your advice.