Buying repos from Greentree/Vanderbilt


#1

Need some advice from people who have done this before.

I need to fill in some spaces in my community and I simply don’t have the time to chase all over the country trying to deal with individuals. So I figured it would be simpler to deal with banks that have these things available. Here are my questions:

  1. I saw the prices on Vanderbilt for my area and they say these are retail with wholesale prices available to dealers. Can I offer less or get wholesale prices even though I’m not a dealer?

  2. How do I know these homes are any good? Should I go out and inspect them?

  3. Should I take along someone who knows about homes or will my eye tell me everything I need to know?

I should say upfront my goal is not to get a huge return. All I want to do is to make my money back at a reasonable sales price and get empty lots filled up. I can pay all cash so I assume this makes things easier when dealing with the bank.

  1. Does anyone know of other entities in northeast OH who would have repos for sale?

  2. What is a reasonable distance to transport a home? Or, another way to put it is at what distance is it no longer cost effective to move a home?

  3. Are these homes sitting on a sales lot somewhere or are they in various parks?

  4. Has anyone ever bought homes on ebay and, if so, what was your experience like?

Any info you can give me is really appreciated. I need 5 homes now and I feel sort of like a chicken waiting to be plucked. Lousy feeling.

Rolf

Post Edited (05-23-07 19:35)


#2

Greentree, vandy, and origen are about the only national entities out there for repos now…used to be a dozen others.

To answer your questions from a FL perspective:

  1. Vandy will accept cash offers on any home from a Park owner…wholesale.

  2. Absolutely…every time!

  3. Up to you…I inspect personally every home we buy, every time.

  4. Origen…my rep Tim Danke

    Dahnke@ofllc.com E-mail

  5. 350 miles for d/w= 2500 in my market (4 per mile)

  6. retail lots (mine for instance, private property, and Parks.

  7. I buy tons of stuff on E-bay…never a home. An interesting aside is a friend of mine bought a bangin’ Park off of E-bay…I kid you not.

Good Luck to you…maybe come to a Bootcamp with Corey and Steve or Tony and Scott for small Parks. Maybe re-read DOW…

Greg Meade


#3

Rolf

I buy homes from Greentree and Vanderbilt all the time ( 6 in April ). My park is in NC and I live in CA. I pay my rehab guy or my manager to go take a look for me. I provide them with a checklist form to fill out detailing the condition of the home. I have had the most luck with Vanderbilt especially towards the end of the month. That seems to be when they want to get rid of old inventory. If you go on their web site VFM.com you can look at all the inventory in your area starting from a 20 mile radious and out as far as you want to go. Asking price means very little in my experience. I know what it cost me to transport , set up and rehab so from there I back into a price I can afford to pay. I know they need 3 bids per home in my area and maybe a certain amount of time on their books before they sell to the highest bidder. I also work with the local dealers and buy trade ins. I havent seen most of the homes I buy until they are fixed up and sold in my park. Everyone has a little different method, but one thing is universal cash talks.

Rick


#4

Rolf

I forgot to post the web site http://www.vmfrepos.com

Hope this helps if you dont already have it


#5

Thanks for the info. I feel better than I did this morning.

Any possibility i could get a copy of your checklist?

Rolf


#6

Check Your e-mail


#7

Rick,

I wonder if I too could get that check list?

Thank You,

Rick


#8

Rick,

Ditto - I’m a “seasoned newbie,” so every bit helps.

I wonder if I too could get that check list?

Thank You,

Carlton


#9

I’d like a copy of that check list too please, thanks


#10

Me too!