Is this deal worthwhile?
Hi,
I recently found a nice 2bedroom 1 bath with a 10x10 shed and 2 car covered car port in Clearwater Tampa.Its a single wide 12x56(i think) and year is 1972.The house is in very good condition.The owner is leaving everything behind.Its a 5 star park with pool clubhouse and everything but age restricted at 45+.Iam in my 30 So I had the owner check with the park manager to see if i can buy it but sell it or rent it to a 45+ old person.The owner came back saying that he checked but the park managers dont want that kind of deal.
But the owner is motivated to sell and he offered this solution.He says he will give a bill of sale and the title..all i need to do is put the buyer's name on it when i find one(is that possible and legal? he was saying that its similar to a car title transfer) the owner is asking 3500 which I know is a lot and iam trying to negotiate further...but overall how does the deal look?
Thanks for all your time in reading this and helping me.. 
ctually, what he is proposing is called jumping title, which is illegal, at least in Ohio. I would never ask a PM if they allow rentals, they are interested in people with good credit. Instead I would have asked them if they allow banks to finance homes? When they give you that stupid look that means of course we do what do you think I am, an idiot look, I then give them my card that says XYZ finance Company and tell them to refer me anyone who may be interested in that unit. Take the I am the owner attitude out of the vocabulary and think of working for the company. It can make your life easier.
Good Luck,
Shawn(OH)
By the way, tell the seller that you consulted with someone, and they thought the price was a little steep. Then ask them, What is the best price you can give me? And then after they answer say, even if I pay all cash today? Who knows, maybe it will save you some $$$$$$$$$$$$$
Good Luck,
Shawn(OH)
Instead I would have asked them if they allow banks to finance homes? When they give you that stupid look that means of course we do what do you think I am, an idiot look, I then give them my card that says XYZ finance Company and tell them to refer me anyone who may be interested in that unit. Take the I am the owner attitude out of the vocabulary and think of working for the company. It can make your life easier.
--loanwizard--
I love it! Wouldn't it be misleading for a person to say they worked for a bank if they didn't? Substitute the word bank with company and you got a winner! That was a neat little idea though speaking with the pm's from the corporate perspective
[ Edited by Future-Multi-millionaire on Date 06/04/2003 ]
Hey future millionaire
The Loan Wizards idea was right on the money, he never "said" he worked for any bank. He simply asked "if they allowed banks to finance homes". It's the PM that assumes he works for the bank, misleading himself. Now, if he actually gives a biz. card and does not really work for a bank, then it's misleading, mis representation and every other "mis" in the book.
That's like going to a car dealer and ask, "do you allow millionaires to buy cars with cash?" it doesn't mean you're a millionaire or that you have the cash needed to buy.
How you present yourself says alot!
Now, after what I've just told you, don't you agree?
Clif [ Edited by pbodys on Date 06/04/2003 ]
Nobody else is allowed to use bold letters! lol That type of thing is fine if that's what your into. I like everything to be out in the open. I'd feel more comfortable using my corporation than mentioning a bank.
In my area there are two major companies that buy sell and finance mobiles (single wides inc). I was thinking what loanwizard was suggesting should work from the corporate perspective as well. This could be approached from a business to business perspective.[ Edited by Future-Multi-millionaire on Date 06/04/2003 ]
Actually I meant to say Do you allow your customers to have loans on their mobiles and then proceed to give them your card with your name and XYZ finance Co.
Unfortunately, this isn't my idea. It is straight out of Lonnie Scruggs "Deals on Wheels Book" If you want to know how to make $$$ in MH,s Buy the book.
Good Luck,
Shawn(OH)
What do you guys thinks of my proposal to an uncle who just bought this property. He can't really afford to do anything with it and might lose it for not paying.
I'm interested in starting a mobile home park on your site......
Can't have family living in it, or it won't work.
1. need to find the cheapest trailers, preferably 5 at 200/month or 4 at 250
2. need exact cost on well and septic(s)
3. exact cost on moving all trailers from any given location
4. the price of the trailers
5. price of land development for the trailers (drive way, etc)
6. maybe price of some cheap storage buildings (to justify 250/month for 4 trailers)
7. price of laying some grass seed or sod
8. price currently owed on the land (maybe include that in on the financing or keep with the guy you have)....guy might be crooked in the long run somehow.
9. talk deals prior to me going to darlene for money
Everything needs to happen quickly once we proceed. I need a total dollar amount (exact no guesses). It might have to wait until the beginning of the year or April, when I can get my refund check. Probably about 3,000 due to tax free status here. That should cover a down payment for everything.
I'm interested in it and think that land has great potential for a mobile home park and maybe something else later on. If I need to I might go half on the payments, but since Glenn might need to come off the note. Once the trailers are filled it will probably cover mortage costs and leave enough for $250.00 profit for each of us right off the bat. I need figures to confirm that.
Let me know, I think it's a good idea and almost realistic.
I thank all you guys to paitently go through my post and offer such valuable advice...You guys are awesome