Posted by d.henderson on October 04, 1999 at 10:39:47:
Thank you for posting. I have both of Lonnie’s books and they are wonderful. That’s why I posted, I know that I can’t do Lonnie deals and just wondering if I was missing a potential deal somewhere.smile
What to do with these Mobiles? - Posted by d.henderson
Posted by d.henderson on October 04, 1999 at 07:11:31:
Hello everyone and thanks for the answers beforehand.
I have a standard ad that I change about every 10 days saying: We buy homes, mobile homes and rental property. CASH! Works pretty well, except I keep getting these people that have 16X66 mobiles 1996 or better that have 27K into them and can’t get out. This one has to be moved. The man sounded like he just wants out and said that his lender would work with someone to just assume the note. The other one has 20 acres with it. The land I could do something with but he wants 30K for the mobile. I keep getting these calls, I really don’t know what to do with them. What do you Mobile Guys and Gals do? Can you treat them like a house and L/O them or are they too hard to move? I would think that the mortage company would rather get a new loan than have to foreclose, but that would make sense and sometimes banks don’t make sense.
Thanks for all of your input!
By the way if there is a way to make money on them I will take them in a heart-beat. smile
Re: What to do with these Mobiles? - Posted by david (az)
Posted by david (az) on October 04, 1999 at 18:03:20:
I run across a lot of newer mobiles in my area too. My solution is to keep all info on all homes and also all callers off of my ads. Since we have to be licensed out here, and I always get more calls than I have mobiles, I try to sell a couple of the newer, higher priced ones with a commission attached, just like a brokers listing. I usually average two a month for a $4000-7000 commission (total) depending on how much room I have in the value of the house according to nada.
Not really a “investor” type solution but cash in da bank is cash in da bank!
Re: What to do with these Mobiles? - Posted by Skip (CA)
Posted by Skip (CA) on October 04, 1999 at 14:19:20:
Would it be possible to take over the loan on the MH with the 20 acres (subject to) and “Lonnie” the MH at a monthly payment that would cover both? Just a thought.
Continued success to you, I’ve enjoyed reading your posts.
Re: What to do with these Mobiles? - Posted by Dan (NC)
Posted by Dan (NC) on October 04, 1999 at 11:49:41:
Depending on how well you know your market, and how badly the lender doesn’t want the home back, you might let the home get repo’ed, contact them and offer to buy it wholesale. Deep wholesale. If it’s in good condition, they’ll laugh at you, since they probably can retail it pretty quickly. But if there’s some problem with it, or if they’ve got too many repo’s on their books, who knows, they might not want to bother with it. They may even be willing to finance it for you. Try to tie it up on an option and then market the heck out of it. If it has to be moved, forget everything I just said and run.
Re: What to do with these Mobiles? - Posted by LennWa
Posted by LennWa on October 04, 1999 at 09:52:34:
First thing why not order Lonnies 2 books. Deal on wheels, and Making money on mobile homes. Around $30 each.
The Lonnie nitch is in the older single wides. say 14x60or70. This nitch works because most lenders will not lend on anything below $10,000. This creates a void for the seller-- who most often needs cash. Which the buyer does not have, but we do. Ok thats a very quick on explantion on a lonnie deal. The books ill explain it so well.
Here is a suggestion that you might try restate in the add maybe an age of 70s to 80s single wide.
Most newer mobiles are buried in a note. You would not want to buy them retail. Don’t see how you could make any money on these that you listed here---- unless you sold them to the Sultan of Brunei LOL.
Hope this helps— I know its not what your wanting to hear. Keep us posted, you just might have a very good lonnie location.