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Hello CFD members. I took some time off after my company had a massive lay off. Now I can focus a little on RE before I relocate to Panama. I need some help on this possible deal:
A woman called me about her double wide mobile home. She needs to sell fast. I was leaving town when she called so I told her I would get to her later. I forgot about it and she called again asking for help. It’s a nice large mobile, 1800 sqft, 3 bed two bath and with lots of new things added. It’s also in a very nice park. She was asking 11k the first time we spoke then she asked what I would pay for it. The story is that she bought it for her daughter but now her daughter is leaving the state. She had it sold at one piont for 10k cash but her daughter wanted to wait to move. That was 5 months ago and now she said she is moving for sure and the buyers had already bought something else. So she is desperate to sell and told me she has 45 days left in th park before the eviction. Park rent is $350. She also told me that she “needed” 5k for herself. This was a bit confusing because she was asking 11K. She wants me to take a look asap and wants to sell bad. Any ideas on this deal?
Back owed rent is two months due. $350 x 2. The home is very nice with lots of upgrades. The park manager said she would give me 45 days if I decided to buy it before I pay on the rent. Seller is asking 11K OBO (needs 5k).
Also, while I was there, I found a single wide for sale for $4000 in decent condition… I may offer them $2500 and I was thinking of selling for $1000 down with a three year note to sell for $6000 but I am not sure what to do only because I’ll be leaving the states pretty soon.
I am not sure if Lonie’s “mail box money” will work for me if I’m gone out of the country. Any ideas on these two deals?With all deals, but especially Lonnie type deals, it is better to ASK QUESTIONS to get the price down vs. making offers.
So, for the $4k home, instead of saying will you take $2500, say, I like the home and would really like to buy it today but I don’t have $4k. Is that the best you can do? they will lower the price, maybe to $3000. Then say I just can’t afford that but I’d really like to buy the home today and I can pay the October 1 lot rent. What’s the best price you can give me if I pay CASH today? They will probably lower it to $2k maybe 1500.
Don’t throw out offers. Do the negotiating dance to find out how low the seller will go and never stop with 1 round.
More news…I just found out the double wide has some issues with the title. They said they need to wait for it to come in the mail and pay a fee. It sounded shaddy. I don’t want to mess with a mobile with title problems. As for the sinlge wide…that may still be a great deal. I understand that we as investors should not throw out offers but many times they’re asking me what I would pay. I need to start saying I’ll give them a dollar joking of course. I’ll do better on the negotiating skills. What If I buy it for $2000 then can’t sell it? Should I just option it for $2500 and try to get at least $1500 for selling for them? Even though I can get a good deal on a decent single wide, I want to ensure I can sell it or have some sort of ROI.
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