Real Estate Investor · Phoenix, AZ · Member since 2010 · 155 posts · 16 votes
I am Looking for Help Marketing a Mobile Home I just picked up.
I need it to sell as fast as humanly possible. Like Yesterday.
Backstory:
I picked it up for free but need to sell immeadiately, its in a great park 50 feet from the club and I have been posting constantly on Craigslist since I got it.
I have it up for $3500 cash or owner finance at $700 down and $200 a month for 18 months.
Please help need gone immeadiately. Other Mobiles in Park are going for $5k to 40k.
Lot rent is $470 includes water sewer & trash but no power.
Please help me figure it out so I can get it sold asap. Thanks.
I have pictures if you want to see my marketing efforts.
Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
14y
Hey guys,
Tod R. thanks for using the "@" feature. Now I understand how it works. And thank you for connecting Nick and I. I have already been corresponding with Nick via email for a couple of days and I think his deal can be a great lesson for others reading this thread so I would like to fill everyone reading in on what we have been discussing.
Note to newer investors reading: Before you purchase or make offers on any investment MH you must know your local market and be a local expert. The first thing one can do is test your area for buyers; know where they are coming from and what they will pay and for what types of MH properties. [know this BEFORE you buy] Once you know this you can successfully make purchase offers safely knowing you should find "X" number of buyers and you will make your money back in "X" number of months. In cases such as Nick's this is typically not done (not due to anyone's fault). Realize that even if you are given a FREE mobile home you can still lose money - lot rent can be expensive and buyers (especially senior buyers) can be limited. This is bad spot to be in 1.) because you may lose money and be stressed and 2.) this experience leaves a bad taste in the investors mouth with regards to MH investing.
Back to the thread at hand. Nick, you should see this as a learning opportunity first and foremost. With that said lets sell the thing and make you some money! [As I mentioned in our emails] I would forget about expecting to profit anything up-front. Simply knowing the home may need repairs, there are others for sale in the park, and it is a senior park you have to make this deal drop-dead-sexy for all senior buyers currently looking for a MH in a park. So forget about making anything up-front, but be happy with making cash-flow in a few months. I.e. - Advertise with zero move in and allow the new tenant-buyers to pay just for lot rent for the first 3-6 months, then payments go up to a regular price. This should help increase interest.
Also clean the interior and exterior of the home as best you can and be open to working a purchase solution with all interested buyers.
And of course as everyone else suggested, market, market, market. With bandit signs, newspapers, flyers, networking, anything and everything to reach the masses.
Best of luck Nick and please let us know what happens.
John
p.s. Does this park have any sort of alternative to a senior moving in. Some parks allow for non-seniors to move in the park under certain guidelines. Worth asking the PM...
Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
14y
Hey guys,
Tod R. thanks for using the "@" feature. Now I understand how it works. And thank you for connecting Nick and I. I have already been corresponding with Nick via email for a couple of days and I think his deal can be a great lesson for others reading this thread so I would like to fill everyone reading in on what we have been discussing.
Note to newer investors reading: Before you purchase or make offers on any investment MH you must know your local market and be a local expert. The first thing one can do is test your area for buyers; know where they are coming from and what they will pay and for what types of MH properties. [know this BEFORE you buy] Once you know this you can successfully make purchase offers safely knowing you should find "X" number of buyers and you will make your money back in "X" number of months. In cases such as Nick's this is typically not done (not due to anyone's fault). Realize that even if you are given a FREE mobile home you can still lose money - lot rent can be expensive and buyers (especially senior buyers) can be limited. This is bad spot to be in 1.) because you may lose money and be stressed and 2.) this experience leaves a bad taste in the investors mouth with regards to MH investing.
Back to the thread at hand. Nick, you should see this as a learning opportunity first and foremost. With that said lets sell the thing and make you some money! [As I mentioned in our emails] I would forget about expecting to profit anything up-front. Simply knowing the home may need repairs, there are others for sale in the park, and it is a senior park you have to make this deal drop-dead-sexy for all senior buyers currently looking for a MH in a park. So forget about making anything up-front, but be happy with making cash-flow in a few months. I.e. - Advertise with zero move in and allow the new tenant-buyers to pay just for lot rent for the first 3-6 months, then payments go up to a regular price. This should help increase interest.
Also clean the interior and exterior of the home as best you can and be open to working a purchase solution with all interested buyers.
And of course as everyone else suggested, market, market, market. With bandit signs, newspapers, flyers, networking, anything and everything to reach the masses.
Best of luck Nick and please let us know what happens.
John
p.s. Does this park have any sort of alternative to a senior moving in. Some parks allow for non-seniors to move in the park under certain guidelines. Worth asking the PM...
Bangor, PA · Member since 2012 · 6 posts · 0 votes
14y
Great advice John. I'm going to act on your idea and put an ad out saying that I BUY and SELL mobile homes and see what kind of info I can accumulate. Great idea for all new MH investors.
Real Estate Investor · Phoenix, AZ · Member since 2010 · 155 posts · 16 votes
14y
Here it is. I took advice given from this thread after swallowing a little bit of I don't even know.
The ad read 3 months free rent, Zero MOVE In, Make no payments for the first 3 months. Just pay the park Rent. Month #4 Your payments will be $219 a month for 24 months. Then you OWN IT, FREE & CLEAR.
Here is what happen I got two calls one guy left a number and I spoke to, all is good so far. I told him he has to pay the $475 at move in to the park and then pay it again on the 6th of next month. He was fine with that. I asked when can you move in? He said tomorrow. Now I am thinking wonderful whats the catch. Then he said "Is there a way my wife and I will be approved by the park, we are both 48, with no children, no pets."
I told him I would talk to the park and see if I can create some leverage. I asked him if "would you like to see it? He responded. "I don't want to get my hopes up."
West, MI · Member since 2012 · 674 posts · 182 votes
14y
We run a credit/background checks before allowing people in our parks. Its about a 50% approval rate currently. We require 7 days before a reply. People that move in the next day are concerning.
Real Estate Investor · Phoenix, AZ · Member since 2010 · 155 posts · 16 votes
14y
Ryan, Thanks for responding so quickly, I already found out the Park Manager can get someone approved in about 3 hours at tops. I want the new buyer to move in asap because I don't want to get stuck paying the $475 because it was suppose to be paid on the 6th of this month.
He is in a bad situation and does not have to break a lease. But he is not living in a safe part of town I don't balme him for wanting to move asap.
The park has a 95% approval rating so I am confident about that.
Its the fact that the guy is 48 and the wife is 48. Is there a way to get around this on the 20% rule?
Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
14y
Daniel Infante Try splitting up the ads. Ie: Ones for Buying MHs and Ones for selling MHs.
Nick Abbate Good feedback. Well, you found these 2 potential buyers, try retyping and reposting the ad with a new headline to bring in a few more leads. In addition you may choose to call back any 55+ potential buyers from before (that have already walked through) and tell them of the new move-in terms.
In regards to getting around the 20% rule, its not too likely. Some PMs and owners may say that 48 years old is close enough to 55 and allow them to move in, most PMs will not. Try asking the PM about his/her ages of only 48 and any helpful suggestions they may have.
No matter what do not stop advertising until you have the home sold with papers signed.
In an earlier email I remember you saying that the MHP had a few other discounted mobile homes for you should you sell this one. If you plan on continuing your MH investing career (which you totally should) you can kill 2 birds with one stone by also looking for and listening to what these potential senior buyers want. You may find a tenant-buyer for a different home available by the park that you don't even own yet, but that the park will sell you.
Real Estate Investor · Phoenix, AZ · Member since 2010 · 155 posts · 16 votes
14y
Going forward sell trying to sell this thing. Got about 8 calls all washes, its amazing how people don't read or pay attention in that I have made more than clear that it is a 55+ park. Sell need to sell it running out of time any suggestions.
Please other than John hone in on this and see if y' all could help me sell this thing.
Real Estate Investor · Phoenix, AZ · Member since 2010 · 155 posts · 16 votes
14y
Hey Marc thanks for asking.
Its a 1971 Make its says STAND and Mobile home Manufactuer is Standard Stare its 12x60.
Everything moving right along and should have a contract anyday now. I do have another question.
I got a pretty big question, I got an extension till the 23rd of May on a payment which was suppose to be taken care of on the 6th. How do I make sure this is taken care of? It is $475 any suggestions.
I was told this trailer is worth about 10k but I just don't have the time to take care of it without it costing me a lot of money.