Hi Everyone! I’m sorry I haven’t had the chance to post that much this week, I’ve been really sick the past couple of days.
I thought I’d make a quick post here to let everyone know that I won’t be able to post much this week and maybe next since I’ve been sick and I’ve really got to start taxes, it’s coming due soon. For those of you who did them early like my pal, Shae, now I wish I did them earlier!
In any case, I thought I’d give everyone a quick update on things. The deal where the buyers got approved is pretty much a done deal – the buyers signed the park paperwork along with the deposit for the park and first month’s lot rent. Now, we just got to do my paperwork for the home and they’ll be ready to go. They plan to move in by May 1st.
I’m working another deal in the park I made this last post in. It’s a family I’ve been working with for 2 years now. They’ve been looking around for a new home, they finally found one and are waiting on financing. They’ve agreed to sell me their home and told me all they need from the sale is the deposit for the new home. It’s a mid 1990s, 16×80 home. (Note: There’s no sign on the home, no one knows it’s even for sale. Most of the homes I work are a direct result through my network and word of mouth).
Other than that, someone asked if I’ve had any luck with the banks. Honestly, I haven’t had much luck working with the banks. I know first hand when these homes come up in the parks because it’s the park managers that call me telling me about them and how the bank owes them lot rent. It becomes a routine exercise for me calling the banks, and seeing what’s going on with these homes.
I’m seeing a lot of these homes just sit there, the banks are waiting for their price. In the meantime, the lot rent fees are adding up.
I did come close to buying 2 last year from a bank. They were both in a park, late 1990s models, 16x80s. The bank was willing to let them go for 3k each. Though, when I checked with the park owners about them the owners told me to hold off on them and advised me not to buy them as the park was being bought (this was more of a low end park, over 60 units).
I’m glad I took the time to establish a good relationship with the park owners beforehand (as I do with all parks), as they told me the new owners of the park had plans to turn the park into commercial and all the residents would be asked to leave. (This park was very close to a highly commercialized area).
At the time, I was thinking of moving the homes if the deal went through. Though, I did not have a park I felt comfortable moving them to (i.e. high end park). So, that has been my experience so far with the banks.
Who knows, I may have some luck with the banks this year. It’s good to keep in touch and see what they’ve got from time to time. I’m finding a lot of auction companies contacting me about their upcoming auctions. There have been a lot of park closings (mostly low end parks) and the inventory needing to be liquidated.
For now, I do have 2 main parks (i.e. high end) that have some spaces available (singlewide only). They’ve agreed to pay for moving costs should I have some homes to move in. So, we’ll see.
In any case, that’s it for now. Just trying to get over the flu, and hopefully start and finish taxes soon.
Have a great week!
p.s. If you have Facebook, I now have a Facebook page. Feel free to connect with me here and post up questions and/or comments on the wall. I will be updating the page with the latest posts and mobile home news. Looking forward to connecting with you!
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