All Forum Posts by: John Fedro

Great fun post Marc!

Questions: Do you arrange transportation or does the purchasing park?

Is the specific park the home resides in your first though for a buyer? I imagine you know exactly what prices each buyer will pay.

Thanks Marc

Thanks Josh and Bryan! haha, I can't believe topic was already a thread. My stomach is hurting from the hilarious comments - Mitch, Micheal, Tod.

Good stuff! This looks killer Josh. Can't wait to try all the new buttons out. BTW Facebook called, they want their everything back.

John

It is amazing what some people will have the guts to ask. What landlords are giving into these types of concessions that make prospective tenants think they are entitled to ask such rude, lazy, and ignorant questions?! Great post Robin

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.

Best,
John

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...

Awesome Mark! Quite a testament to the site and Josh for building a tribe of followers that learns, grows, and looks for more help all within a tight community of readers.

In LV the cost of traditional SFR is so affordable it competes with higher end mobile homes you're trying to sell. The old phase, "Why would someone live in a mobile home if he/she can buy a SFR (owner financed) for just a few thousand more?" applies here. And the answer is most buyers with money and fair credit won't buy a MH when they have this option. But some good buyers will because they can own the home after 5 years OR you're giving them a very affordable move-in payment, etc.

From what I've seen in the area stick to 3 bedrooms at first and test your market for buyers before you buy anything. Know who your buyers are and what they are willing to pay?

Also consider venturing to Henderson and other areas outside of LV to find lot rents in the 300-400 range.

The short answer is you can make it work, but like all things in RE it takes effort.

Hope that helps.

Best,
John

Hi Larry,

I wanted to let you know my thoughts and hopefully they'll help. By now I would hope you have spoken with the occupants and made arrangements with them to pay or get out. Approaching your occupants logically and allowing them 15-30 days to move out before you begin the legal process is always my route 1.

I hope that these occupants have been paying for years and this is not the first month they are in. Tightly screening tenant-buyers will make this business a pleasure or pain for the average investor.

The method by how you sold/rented the home will matter as to how you will be evicting them, foreclosing, or suing for some sort of non-performance issue.

Who is holding the Title? Does your name show as Legal Owner or Registered owner? Are you holding a lien on the property? What other legal paperwork was signed when they took possession?

I found this info on Ca evictions and thought it may help you. http://www.expressevictions.com/flowchart.php

Best,
John

P.s. This is a duplicate response from another thread you asked the same question in.

Reply to Scott Merritt,

In California most titles are issued with the Ca Department of Housing and Community Development. They can be reached at 916-445-4782. If the home is less than 39 feet long it can be titled at the dmv.

Unfortunately I have never had to personally go through the Ca foreclosure (hooray!) process so I'll defer that area to someone else, but it is always better to stay OUT of the courtroom than look for ways to go in, but sometimes it is unavoidable.

Best of luck,
John Fedro