All Forum Posts by: Eric Gard

After reading the state website it sounded like I need a LO license... However, I just emailed them to clarify.

What really sucks is in WA you need to also have a dealer license if you do more than 4 per 12 month period. So I'm looking at $1600 in licensing to get started and signing a commercial lease to have a place of business(per dealer license requirements). I'm going to try to find someone that will lease me a cubicle or something, I have to store my files there as well, craziness....

Ok I have 2 new prospects lined up,

The first I found this week in the local paper. The deal is a 3/2 home in a decent park asking $8000. I spoke with the owner and he said he needs to sell by the end of the month, he is looking to get cashed out. So I'm gonna go drive by tonight and see how it looks, if it looks nice I'm gonna wait him out and see if we can strike a better price(around $5000) near the end of the month.

Deal number 2 I found while driving around local parks on sunday. The park owner/manager owns a 2/1 mobile home in a decent park. He normally fixes them himself and then sells them. However he is currently working on 3 so he is willing to sell this one for $3800. From the sounds of it, the home is in good shape. I remember driving by that particular home and I really wasnt expecting the price to be so cheap, so I'm very hopeful on this one. I'm going to look at it on friday at noon, so I will let you know how it goes.

Is anyone doing this? Is it legal? Or would it be considered predator lending or something?

I have been reading a lot about lonnie deals lately. It got me to thinking, why not just advertise to loan someone money against their free and clear title?

Can you legally advertise via craigslist or bandit signs? I dont plan to do this until I have a MLO license of course. :D

lol no he wasnt there and I'm not sure he could pay me enough to take care of that problem.

I just looked at the 3bed /1 bath mobile home for $1000, it was in awful condition.

Carpet pulled up, now plumbing fixtures(they were taken out), no water heater, busted main pipe going to the kitchen, half the light fixtures are missing, and the roof had leaks all over the place, no appliances, only plus part was that non of the windows were broken.

Yea I agree, I have passed on this deal. I was hoping he might be motivated since he just moved out of state, but even if he is motivated and I could buy it for $5k I dont think I would after the better deals I found this weekend :)

I was able to get a copy yesterday, I'm reading it :D

I also just found a 3bed / 1 bath home listed for $1000. I'm gonna go check it out today, it sounds like the roof had a slight leak since they didnt seal the roof well enough when the wood burning stove was installed. I dunno, I will let you all know the condition after I check it out.

I havent read Lonnie's book yet, I'm gonna look for it and purchase it. I'm just waiting for my business account to get set up first before I start purchasing things.

BTW I found a great mobile home park today. We visited 24 mobile home parks in the area today, over 100 miles traveled in all. Found 2 or 3 possible deals that were for sale by owner and or un-occupied.

I'm really having a hard time finding a 3/2 or 2/2 listed for under $10k. I'm hoping the new park I just found will produce something tomorrow, I dont know if the park management will be around though.

6 months huh? thats quick!

I guess I just havent found the right park yet. The ones I have looked at so far (6 so far)have either been really nice and out of my price range, or really run down. I might have to get further from home. I'm spending most of the day tomorrow cruising other parks after I check out the $8k mobile home, which is in a run down park.

I cant thank you enough Terry, I have read a lot of your posts on here and they have been great.

Thanks for the response Terry. I was just in the park where it is located, there is no way this mobile home is as nice as the one you just posted. I have a feeling it has the old metal exterior...

That park even looks nice and clean, is it?

What was their original asking price?

A home like that would be listed above $10k here.

What would you say as a percentage you want as a discount from market value? I'm shooting for 60%.