Posted by Mark W. on June 23, 2001 at 24:23:44:
Sorry so long in getting back to you. I’ve been pretty busy this week.
Thanks again I need all of his help I can get!
Sincerely,
Mark W.
Value Of Palm Harbor MH > And need good advice - Posted by Mark W.
Posted by Mark W. on June 19, 2001 at 07:05:00:
Hi, I currently post on the main newsgroup and I’m almost ready to start investing. Got to get some final things in place first. I’m planning on purchasing Lonnies “Deals On Wheels”. I am going to start with L/O’s and study on MH’s and Wholesaling in the process. But MHI sure does look good! Just don’t have the cash it takes to do it right now.
I have not had a chance to gain much knowledge in this area of investing(Mh’s)other than printing all of the how to articles that Lonnie has submitted along with Mr.Tew. Just thought I would give a little info about myself before getting to the point.
O.K. heres the the situation:
My Grandmother is going to move in with my Mother she can’t wait to get out of the MH and get back to the country. We lost my Grandfather a year ago and she wants to sell her Mobile Home. Its paid for and she would like to sell it for all cash.(what most sellers want of course)The reason being; she is planning on doing some remodeling to my Mothers house and would like to use those funds.
I have several questions and have had very little sleep so please bare with me :o)
I know that most people that buy mobile homes don’t usually have all cash.(I used to sell em’) She lives in a park where there are mostly senior citizens,lot rent is $235.(I heard they were going to go up again soon)She has lived in this park for 35 years.
Where would be the best place to find the FMV of this MH? Bank,Internet,Dealer. I need to know because my Grandmother has it in her mind that she’ll get close to what they paid for it and she needs me to help her get the process going. I know NADA publishes a MH pricing guide but I can’t afford it right now. What’s your opinion of its value?
Details> 1992 Palm Harbor model 610,16 x 80,2Br 2Ba,Masonite wood siding. Paid $32,000 new. Also installed an awning over front for $3,200.Needs new carpet. From what I learned while I was selling MH’s Palm Harbor homes hold there value well. True?
What would be the best way to market this MH? Newspaper,Park Manager,Internet,Dealer. I would think all of the above.
BTW I also handle some commercial property for my Grandmother. Back in Sept. I negotiated a deal for her to get paid yearly in advance on one of her stores. I received 10% of the yearly advance for doing so and taking care of the lease. She was thrilled with the deal. The reason I mention this is she does not mind paying me because she knows I’m very thorough and knows I’m trying to get into RE investing. But she still believes (as most people do) that this creative stuff cannot be done!)Bless her heart.
Therefore I would appreciate anyones input on how I might be able to help her sell her MH and receive a decent profit for myself.
Or preferebly, is there a way I could structure a deal where she could get her cash but I would be able to use the MH as an investment. I only have medium credit and no cash. Not working right now because I have had to put allot of my energy into helping her and my mom since my Grandfather passed.
I have also thought of trying to do something where the MH could be mine to live in. I had to move from GA to live with them when my Grandfather passed in order to do for them what I needed to. And I really need some space.
Its been a tough year.
How long do you guys think it would take for me to find a buyer that could qualify to buy this MH. Maybe I could live in it until I found her the right buyer. And she could go ahead and move in with my mom. I would really like to be able to do this because my mom stays here as well(won’t leave my grandmothers side and I don’t blame her she’s 85 )and has had to neglect her home since way before my Grandfather died. And this would give them some space from me as well.
I know there is something possible here I’ve just got to figure out what it is.(Can’t think right now I’ve been studying to hard)
Fellow Investors Please Help me out on this one, if I can work something out here it’s going to relieve ALLOT of STRESS for everyone involved,plus I would love for my Grandmother to get where she wants to be;at my moms house. I mean she is 85 and she’s my favorite person in the world, I want her to be happy. She deserves it if anyone does.
If someone that is experienced is willing I would really like to talk about this over the phone not only because I’m such a “hunt and peck typer” but more because it’s of a personal nature. This will be on my dime of course.
Thanks so much to everyone that responds.
Peace & Prosper
Mark D. Wilson
Re: Value Of Palm Harbor MH - Posted by Leanne
Posted by Leanne on June 22, 2001 at 21:24:47:
NADA will give you a free “quick quote” online at http://www.nadaguides.com
you should give it a shot, as the state the home is located in influences the retail value
for a general idea, I put in the details you gave on the home and came up with the following retail margins:
low: $19,343 average: $26,498 high: $28,088
hope this helps 
Re: Value Of Palm Harbor MH etc. - Posted by Doris - Va.
Posted by Doris - Va. on June 19, 2001 at 15:34:21:
Hi Mark -
It is heartwarming to hear how much you care for your grandmother and her wellbeing.
A Palm Harbor does have a good reputation as a quality home and should keep it’s value more than some. However it still depends on the look and condition of the home as to what someone is willing to pay for it.
Of course most buyers are really more interested in the down payment and the monthly payments; not the total price or the interest rate.
You might explain to your grandmother that most people will not have cash or large down payments. If the home needs carpet and some repairs that reduces the value considerably and most (retail) buyers would not pay more than half of the original cost, even if it were in A-1 shape.
I don’t know what the NADA book value is but even that is not something you can really go by.
Now if you want to live in the home yourself, which might be the ideal plan for you and your family, why don’t you ask your grandmother to sell to you and hold the note. She will receive regular payments(income) from you and you can always sell it later if you want.
She won’t get a lump sum up front but probably wouldn’t get more than $500 or so from anyone else either. Maybe you could borrow or scrape up that much for her up front.
I would get back to work as soon as possible and make this happen.
Just my thoughts on the matter.
Sincerely,
Doris
God Bless you Mark! - Posted by John
Posted by John on June 19, 2001 at 12:18:47:
God Bless you Mark!
Thanks Leanne! - Posted by Mark W.
Posted by Mark W. on June 23, 2001 at 24:49:46:
That was allot of help!
The only things that need to be fixed are the carpet and a couple of holes in the “wallpaper type boarding” That is in the kitchen and small bath.
She had a hole fixed not long after she bought the home and the fellow said the only way to repair a hole in this type of wall was to replace the whole sheet. It cost $75.
Would you repair these things or just allocate a discount of the purchase price for these repairs?
Thanks Again!
Mark W.
Thanks Doris! - Posted by Mark W.
Posted by Mark W. on June 23, 2001 at 01:00:19:
Everybody really has great advice on this site! Keeps me coming back!
Shes set on selling for ALL CASH. I informed her that it may take longer to sell that way but if thats what she wanted to do I would help as much as I can.
The home only needs new carpet and some small holes repaired in the “wallpaper type boarding”. Please read my post to Leanne. Otherwise its in excellent shape. The home is located in Tenn. I tried the NADA site for value and it gives a rough value. Since you would not rely on the NADA value how do you go about pricing MH’s? Or will it just be what someone is willing to give for it?
BTW the homes exterior is very clean as I have pressure washed it for her every year that she has had it and kept the gutters cleaned out twice a year.
Thanks for all of your help!
Mark W.