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Just wanted to share. I bought a double wide trailer about 2 weeks ago that needed A LOT of work. You can see a couple of interior photos on my blog http://www.simplifiedhomesales.com.
Anyway, the price on MLS was $9999 and I bid $10000. I found out at closing that the next guy under me was at $9999 so I won the bid by $1. So I go and start cleaning up (dumpter $350, labor $300). My closing costs were about $1000, however I did get a $1250 commission. I did buy some roof sheathing ($250). So I guess I am in it for about $10650.
The interesting part is that this guy comes over, as I am knee deep in messing with my cleanup, and asks if I want to rent or sell it because I had put a For Rent sign in the window. Recognizing the amount of work involved I am saying to myself that I would just like to unload this thing. I ask him if he can put $10k down. No, well how much? “I can put $7k down” he says. “Ok” I say “well how much can you pay per month?”. “How much do you want?” he says. “Can you pay $400 per month?” I say. “I can” he says. “For how long?” he says. I tell him 60 months and he doesn’t bat an eye.
Interesting side note; he and his significant other had cash on hand from the RV that they were living in burning down.
I put a stipulation in my note that they had to get the roof fixed and septic system put in within 6 months and that they had to make sufficient repairs in order to make the place insurable within 4 weeks. The risk is that something happens to it while it is uninsurable (nobody would write a builder’s risk policy on this trailer because of the roof and no electricity).
So I had a great big learning experience and I stand to make some cash flow. I don’t think that I would have bid on a trailer had I not went to Lonnie & Jackie’s MH symposium. I know that Jackie will read this and I hope that Lonnie does too.
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