All Forum Posts by: Marty M.

I thinkall three are metal/metal I said '91, but reviewing te data, I was wrong. It's a '90. One '81, two '84's and a '90.

Troy Fisher, that's a great idea, but the numbers just don't work here. The newest of the trailers is a 1991. As a straight sell, I'm looking at about $1000 per trailer. That's only $4000. He's selling the MH park for $65k. The land only appraises at $40k. I can't imagine a bank going $25k over appraisal value and then taking only a 6.15% down payment. The only way I could see this deal happening is owner finance.

Thanks Tiffany H.! I;ve done a few Master LO's on SFH's. The first thing I offered with him was a LO, but he said I'd be paying him with his own money. I tried to explain the benefits (I admit I'm not much of a salesman), but he wouldn't go for it. That doesn't mean I'm quiting, I'm just walking away from the idea of getting it financed. I will keep up with him. I doubt he will find anyone who will buy it with cash, so as time goes on (with me checking in every now and then), I hope he'll eventually capitulate. If not, he's a nice guy and it's always good to have a new friend. I feel real bad for his situation and he seems to be facing it with courage.

Good idea, Ben. I offered owner finance first and he was adamantly against it. I think I'll make the same offer again in a day or two and see where he stands, now that we've gotten to know each other. Even if he says no, maybe he'll change his mind down the road if he can't sell it. the land appraised at $10k per lot. That's $40k worth of land and the bank will want at least 30% down. I hate to do it, but I'm probably going to have to walk away from this deal. Que sara sara.

Ben Reese- Comps for lots seem to be $275-$300.
Water is county and is paid by tenants.
Don't know about septic. Need to ask.
Homes from '82 - '92. I don't know how old that is in MH age, but I get the feeling that MH years are to SFH's as Doggie years are to Human years. lol
He showed me the leases that place mantenance responsibility on the tenant. I'm not sure how legal that is, but I know it's ok to do that on a LO with a residential.
Insurance is $20 per month.
Taxes are $800 per year.
Taxes are good.
He produced titles to every MH during our meeting.
I think that my biggest reservations are the age of the homes and if it's even worth trying to finance it. It's so enticing because it's only $55,000. Even if it cash flowed $500 per month after expenses, my SFH's only cash flow $100 - $200 per month after expenses.

I agree. I tried to convince him to owner carry, but he doesn't know how long he'll be here and he wants out of it. All good questions. Thank you!

Lot rent seems to be $275-$300 on average, based on the three I just called and the two that had their rates on the websites. I can't find any information on how much homes are renting for, but when I was researching a lonnie deal, I placed an add for on craigslist to gauge response. $350 per month on a single wide 1991 recieved 52 responses in 2 days. I'd need to research this more.

I am in negotiations with a guy who owns a 4 lot mobile home park. He has had no vacancy in the past six month and averages about 3 weeks of vacancy per year. His costs are $800 per year in property tax and $40 per month for water. He owns the mobil homes. He has owned this park for 15 years. He is going through a prolonged illness that doesn't look good. He wants to unload some responsabilities. He owns the property out right and it cashflows $1400 per month.
He wants to sell it to me for
A) $65,000 clear or
B) $55,000 with $10,000 owner finance

Now, I have absolutely no idea where I would get that money, but I'm hoping someone on here can point me in the direction of the right questions and things to think about. If I bought it, I think I would Lonnie deal the homes.

Sharon,
hat's the article I read. I couldn't remember where I had seen it exactly, but I knew it was on BP somewhere. Thanks so much for that article. I would have only sent out one direct mail piece had it not been for your article. :)

Thanks Chad! That's a great rule. I had never heard of that, but it's my new marketing rule. :)