Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
iggy407

Interesting dillema need idea's

Recommended Posts

I have finally got my first deal in (jacksonville) and i am running out of idea's on how to market the property. It is a mobile/manufactured home a 3/2 and as I recently foundout in a high crime area of the city. I have posted the rent to own on craigslist and ebay,I have put fliers around the community and nearby appartments and I have a sign in front of the property, although the street the home is in doesn't get a lot of traffic. Is there any specific trick ya'll use to sell manufactured homes ? I do not know if its the price or the asking option consideration along with the other factors that are contributing to a weak buyer/tenant demand.

Share this post


Link to post
Share on other sites

Mobile home in a high crime area?!?! Who would have thought....

Well..it IS a mobile home...so...try just moving it to a busier street....

HAHAHAHAHA!!!!!!

OK...seriously....

I've never done...no..wait...I DID do a mobile home one time but it was on a little .5 acre lot and well kept etc.

Nothing special I did to market it..just the same stuff you are doing. I use our website which feeds out to multiple other sites, and used signs.

IF nothing happens, you MAY need to look to slightly tweak the rent and/or the option fee, just to try to get a deal under the belt.

  • Like 1

Share this post


Link to post
Share on other sites

A mobile home in a high crime area is going to be tough to find any buyers for. Option money, in particular, will be hard to come by. Someone looking at this property is likely going to be light on cash and probably just wants to rent, not Rent-To-Own.

If it were me I'd probably focus my efforts on finding an investor. If there is any value in the deal you have perhaps you can assign it for some agreed to assignment fee.

Share this post


Link to post
Share on other sites

A mobile home in a high crime area is going to be tough to find any buyers for. Option money, in particular, will be hard to come by. Someone looking at this property is likely going to be light on cash and probably just wants to rent, not Rent-To-Own.

If it were me I'd probably focus my efforts on finding an investor. If there is any value in the deal you have perhaps you can assign it for some agreed to assignment fee.

 

Translation from MC..."You may need to get creative on the down payment and start accepting a white powder in a baggie."

Share this post


Link to post
Share on other sites

A mobile home in a high crime area is going to be tough to find any buyers for. Option money, in particular, will be hard to come by. Someone looking at this property is likely going to be light on cash and probably just wants to rent, not Rent-To-Own.

If it were me I'd probably focus my efforts on finding an investor. If there is any value in the deal you have perhaps you can assign it for some agreed to assignment fee.

 

Translation from MC..."You may need to get creative on the down payment and start accepting a white powder in a baggie."

Or a bag of "oregano". . . :ninja:

Share this post


Link to post
Share on other sites

A mobile home in a high crime area is going to be tough to find any buyers for. Option money, in particular, will be hard to come by. Someone looking at this property is likely going to be light on cash and probably just wants to rent, not Rent-To-Own.

If it were me I'd probably focus my efforts on finding an investor. If there is any value in the deal you have perhaps you can assign it for some agreed to assignment fee.

 

Translation from MC..."You may need to get creative on the down payment and start accepting a white powder in a baggie."

Or a bag of "oregano". . . :ninja:

The Crack House L/O; very creative.

Share this post


Link to post
Share on other sites

iggy407

 

I just picked up a property that is in a golf course community, upper end two story brick w/ fin. basement over 2,100 s.f. The seller is out of town and extremely motivated. This is a great area and can bring some major coin. The seller took the day to drive up and we looked at the house.

 

Built in "1970"

 

The exterior looks good. But the interior is still 1970, and has been a rental for the past 6 years, and looks it. It's bad. Smells like a wet basement. Although there was some efforts with new carpet and paint, the wood floors are shot, house is dirty, and the kitchen, well forget it. And of course that is not what I was told on the phone.

 

The seller was in so much need of help, drove all the way, I just couldn't turn him down in person with the deal I put together. I weaseled out of our meeting, by letting him take the agreements to review with his wife, so I could regroup. Well a couple of days later the seller faxed over the signed agreements and is ready to go. There is no way I will be able to move this property with the type of t/bs who will be looking at this house and in this price range. A big waste of time for me.

 

I have this house and now what? Well, I am going to have to be straight with the seller. He knows its crap, I think. After obtaining additional information from our meeting, with the equity I discovered in the house, I know I can wholesale this with a Pure Option. Will the seller drop the price 20% to 30%? Doubt it, at least not at first. But that is what I am going to re-offer. Lemons-to-Lemonade? maybe, but maybe not.

 

L/Os work best with Nice houses in Good areas.

Share this post


Link to post
Share on other sites

A Pure Option is the way to go. Quick and easy to put together, and risk free but for the dollar option consideration. He may squawk initially at your re-offer, but what other solutions does he have?

Share this post


Link to post
Share on other sites

I recently had to drop a property for the same reason. There were no pics on CL or the MLS and I made an offer based on what the seller told me. I get out there and the house is dilapidated and next to a creepy apartment complex. I emailed her and let her know I could not move the property in this condition, she needed to lower the price from 149k to 129k tops! She was not happy but I'm glad I am not wasting time showing and advertising a property that is way out of it's price range; even if I did find a Tenant/Buyer when appraisal time comes around I'm faced with a problem I don't need. She is still trying to sell it FSBO for 155k.

Share this post


Link to post
Share on other sites

I could write two deals a day if I just agreed with the homeowners numbers. If I can't get reality based terms, I'll let the homeowner battle the market. If it turns out I'm wrong, (and really, what's the likelihood of that :rolleyes: ), I'll be happy for the homeowner. But more than likely the market will smack them upside the head and in two months time or so, I'll get a call. Time is a great motivator.

Share this post


Link to post
Share on other sites

I contacted the seller with this property in the golf course community and left the door open for a Pure Option offer. As was expected he said he was "insulted." Well that was not my intention, but reality bites, so I am available should he need help down the road. He knows it's bad.

Share this post


Link to post
Share on other sites
:lol: Thanks MC, It has been a while since I have done a Pure Option and certainly not in the current market conditions, but I have a good price and am in a great area. So, I going to give it a whirl. I would think I would have some who may contact me to do a L/O, so I will leave it open as well.

Share this post


Link to post
Share on other sites

×
×
  • Create New...