All Forum Posts by: Donna Gilbert

Thanks Jon; I am finding that it varies quite a bit. I think you're right about the park managers being a resource - especially when it comes to moving homes into their park :wink:

Thanks Marilyn!

I happened to be driving through a family park and saw a FSBO sign in the window. I learned that the owner had just placed the sign in the window the previous day, so it was just a matter of being in the right place at the right time. She was asking for $10k and I offered her $8k, which she accepted. I got possession a week later. I had been advertising in Craigslist and had someone call me the day I got possession. It sounded perfect for them, so I had them come and take a look the next day and they loved it.

I wish all of them were this easy, but I have a feeling that there was a lot of luck on my side with this one. I do, however, believe in the old adage, "the harder you work, the luckier you get".

I wish you both the best of luck in landing that first deal. Once you do, you'll begin to build momentum and it will definitely get easier.

Donna

Sorry if this has been covered already - I looked and didn't find anything. Does anyone have the approximate costs to move and set up a s/w in Colorado? I've heard anything from $3k to $10k. Any info would be greatly appreciated!

Donna

Hi Marilyn,

Thanks for the info! I just started working with a park in my area that was thrilled to have an investor to work with. They told me that they have an incentive that if you move a home into their park, they will either waive the lot rent until the home is sold or will pay you so much towards moving the home (s/w was $4500 and d/w I think was $5500). The park had many vacancies and they are trying to fill them, so it might be worhwhile to check with various parks in your area to see if they offer any incentives.

Donna

Hi Eric,

I understand your feelings of discouragement, but allow me to share a very recent success story with you and perhaps that will make you feel a little better.

I, like you, started talking with park managers and also got very discouraged. I had one park manager show me someting in my price range (also $5000) that he should have paid me to take off his hands.

I then realized that there are many parks out there (at least in my area here in Denver) that buy homes from residents, put a minimal amount of money and work into them and then turn around and finance them to buyers (often at very lengthy terms). So, in essence, I was competing with them.

I recently purchased a 3/2 that was FSBO for $8000. It was in good condition, just needed cleaning and replacement of blinds. I re-sold it to a family 2 days later for $14,900 on terms.

The lot rent for the park was $522 and the family that purchased the home had been renting an apartment for $900 a month, so they wanted to pay less than that. We were able to structure the note so that their payment was $860 a month, including the lot rent, and they will own it in 5 years. They are happy because they will own something and the home has storage sheds and a fenced yard (something their apartment did not have).

It is possible to find homes in your price range. You will have to "drive for dollars" as Lonnie suggests, so that you can buy directly from the owners. And, you will find people that are willing to pay at least the monthly rent that they are paying for their apartment, if not more, since they will own it.

Hang in there. It takes time, however, once you get the hang of it and know where to look, the deals will happen. We are working on our second purchase - a 2/1 for $5500. Also, a FSBO.

Good luck!

Thank you so much G.D. - very much appreciated!

Thanks Dan; I appreciate the info!

Donna

I have been trying to research Colorado tax liens for some time, but for the life of me, still cannot understand them. I've registered with Arapahoe County and, although I know they have their auction in November, they do have County Held certificates available for sale on their site. It appears that you can pick these up for as little as $30 (I can't imagine that these are a good deal) all the way up to $243,000. It looks like almost all of these County Held certificates are for vacant lots (owned by developers?) Does anyone know if these are worthwhile? Any information that anyone can provide would be greatly appreciated!

Thanks Rachel; I appreciate the advice. I have been on your site several times and have found it to be very useful!

Thanks Reid and Marilyn for your words of encouragement and advice.

I met with a park manager this week and she was rather unfriendly, so I am definitely getting the "lay of the land". It seems that the FSBOs is the way to go, since they typically only put a sign in the window.

I am definitely going to keep at it!