OfflineMy partner and I received a call from our bandit signs about a mobile home. The owner just recently inherited her parents' home and is wanting to sell her mobile home. It is currently in a MH park and does not need to be moved. The lot rent is $110/month. I have an investor who is interested in mobile homes $7k and under. The lady is asking $4500 and she has added on a living room and storage room, its a 2/1.5. After inspecting the MH the only problems seem to be a hole in the ceiling in one of the bedrooms and the floor in the bathroom is warped due to leaking from the washer, the hose on the washer was fixed however the floors she never fixed because she was moving. She's only taking the fridge (leaving the stove, washer and dryer). She is also taking the window unit A/C that was put in for the add-on, there is central throughout the MH, just not in the living room that she added on.
We are unsure how to find the value of the home and all the post that we have read only say that they found cheap MHs and sold them at a mark up but never went into detail about how they figured out what to offer and sell at!! This is going to be our first deal so we are kind of anxious about it all!!!! Any help would be greatly appreciated.
nicoleryane
Working diligently to make that first deal!
This could or could not be a deal.what yr is it and do the owners have a title for it to show ownership.You say it was left to someone...ok is it now in their name.also u want to check the park rules to see if an INVESTOR can own then rent it.what r all the expenses involved? ???? Garbage,snow plowing??? Not sure where it is?? Lawn maintenance,water,sewer,.....any and ALL EXPENSES.
I need to know what strategy u r goingvto use before I answer more....example....u may want to lock up and assign....or buy and hold to rent or buy on lease option and sub lease.......these r questions u have to determine before u structure a deal.
I believe there is some sort of kelly book or website to give u what it is worth but basically it is worth what someone is willing to pay.
just remember if u buy and can't sell in a Mnth .....it starts costing u money!!!! So u should have a buyers list and have it SOLD beforevu buy!!. Just my opinion....good luck....go getum:)
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Thanks for helping us out!!
The trailer is a 1980 New Moon, the seller does own free and clear and has a title. She inherited the home she's moving to, she's moving out of the trailer, but its always been in her name. We spoke with the trailer park owner and she is fine with an investor renting the trailer, the lot rent is $110. No expenses as for maintenance goes, they require the grass to be maintained (we live in Louisiana, snow comes every 5 years lol). As I said we have an investor who is looking for rentals, both trailers and houses, so we are trying to wholesale him some deals. He is looking for trailers $7k and under.Oh and just to repeat the only repairs are a hole in one of the bedroom ceilings and the flooring in the main bathroom needs replacing. Don't have a contractor so I'm calling a couple of them for free estimates, unless someone knows another way to estimate repairs?!?!
Again, my dilemma is I do not know how to find the value of trailers. I googled that but haven't come up with any solid info! My sellers price is negotiable even at her asking price I can make a profit if I can resell it for $7k....but can I??
nicoleryane
Working diligently to make that first deal!
Find out her asking price and u say u have an investor looking to buy 7k and under!!.negotiate and lock it up then bring your investor in to view and assign it to him or lock it up on contract with best price and market it on craigslist and your local paper.IF u need more assistance then pm me with your contact info and maybe we can 3 way call the owner to negotiate the best price for u and I can explain to u how to lock it up and assign it to your buyers.do u have more than one on your buyers list??
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Hey Jay, I would love your help negotiating the price with the seller, I just PMed you more info on the trailer and my contact info. Thanks again for all of your help, it is greatly appreciated!
nicoleryane
Working diligently to make that first deal!