All Forum Posts by: Terry Drake

I called and made an offer. She wasn't very excited about it but I explained that I am not trying to pry it out from under her hands and that the main reason for my offer price was holding cost + fix up cost. I used the example of the two months it has been vacant and she has made the payment already.

She wanted to take me to go look at it but I told her that we were too far apart on the price and I don't want to waste her time or mine if we're not even close to a deal and that if she changes her mind to give me a call and we can work out a deal to go look at it. I know that she has dropped the price a few hundred bucks and is trying to sell it herself, but I also know that she will not accept owner financing, CASH only and the property needs some repairs so I don't think she is going to get the action on it she's hoping for.

Also, she has to make her 3rd lot rent payment on her vacant home in a week. We will see what happens. Whether she calls me in a week, or in a month, I would gladly buy it.

Although if they did lay rubber down one night, I would rather get the title back in my name and sell it again then let the park take it.

Just to clarify, I would buy with cash and carry the note $500 down,$200/month when I sold it.

Here is the next deal I am looking at. My exit strategy for this property is to buy it, sell it, and carry the note.

Here's some info:

'85 2 bedroom 1 bath
12' x 60'
black tile flooring
newer appliances
in a Family Park (lot rent $350)

Owners bought a new home and want to get rid of it. Currently listed at $4,500 it has been for sale 2 months, one of which it has been vacant. So far it only needs some small cosmetic things (paint, a few switch covers, clean paint off a couple windows). I was going to offer $1,000 and go up no more than $1,500 which is a little higher than I would like but I am still confident I can double my money. I'm thinking terms of $500 down, $200/month.

Here are a few pics of the property

What do you think?

The only thing I'm able to find is a basic PA for a one time buyer. I'm looking for something with language for due diligence, seller to provide access/keys to unit upon acceptance, subject to approval of partner, ect..

If I can't find one, I was going to add my own terms on the PA.

In that case, which conditions should I add and which are a 'must have' for doing Lonnie deals?

Update:

Like I said in the OP, I offered 11k over 10 years.

They countered 11k over 5 years.

I countered 11k amortized 8 years, small balloon after 6yrs.

Sellers agreed and closing is set for the 19th.

PI = 155/month
TI = $50/month

Rent in this area = $500-575

I was wondering which software you use to manage your rents, notes, or properties? Quicken is the first thing that comes to mind but I don't think it is specific to what we are looking for. Any ideas?

Not yet. I think the holidays are slowing things down a bit. As soon as I hear something, I will update for those interested. :)

-or-

Creating a note on the mobile and rent the land. I was thinking $325 or $350/month for lot rent with an 8yr note that would be about 182/month.