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I spoke with a mobile home owner/landlord who is motivated to sell but wants what the neighbors got for their mh ($20,000) and I don’t want to pay that much. He owns the mh free and clear and it is move in ready. He rents it to a tenant at a mobile home park and he (the owner) pays the utilities and lot rent out of the tenant’s rent. After that, he clears about $100 a month after expenses (utilities, lot rent,etc) so its not much. I was thinking my options are to help him do a HBSale and collect half of anything above say $12,000 or offer to do a Master Lease where I collect the $100 each month for my time. But he would rather sell it outright needing money himself. It might be worth $20,000 on a seller finance deal but he already said he doesnt want to do that even if he got $10,000 down. Or offer him $8,000 and wait for him to get back to me down the road. Thoughts?
I’d say figure out your maximum allowable offer and if it is lower than your seller desires, apologize that your offer is lower than they want, but tell them it is all you can offer. You have to make sure the deal is worth doing, so your max allowable offer bakes that in.
Anyway, leave them a card or something with that offer and ask them to call if they decide that they want to accept it later down the road. The seller may eventually call you and accept the offer.
I think you have to pass up the opportunities that aren’t worth doing. This seller has enough of a profit motive to question their motivation. For now, you should probably move on.
By the way, I have such a situation going on now on a mobile home. Mobile home is sitting vacant and requiring grass to be mowed and lot rent to be paid. All the while the seller is holding out on a cash price. Their holding costs may eventually wear them out and perhaps I’ll get the call.
Thanks for your advice William. At least your situation has a seller who is losing money instead of mine who has his rented out. You are right, I will just offer my max offer in these kinds of situations and let them call me back down the line if they want to. For your seller, perhaps you can list out the expenses they are losing each month and show him/her how it puts more money in their pocket if they dont wait?
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