I’m new to the forum. I have recently read Deals on Wheels and am ready to start. I went to check out a home this past weekend where I live (Sacramento, CA) and found one in the “Lonnie deal” price range. It’s a single wide 10x57 I believe. It’s in fairly good condition. I checked it out, following the book’s guidelines and didn’t find much wrong with it besides cosmetic stuff.
The seller wanted $5500. I told him I’d get back to him. Without actually buying the home, I went ahead and put an add out on craigslist to see if there is any interest at all for a home for, let’s say 8K, 500 down, 250/month for 36months. I got a number of calls of people that seemed genuinely interested.
I called the seller back and told him that $5500 is a little steep, especially since 10 wides are harder to get rid of. He told me he would drop the price to $4500.
So, here I am. I think I can get him down to 4K, but not sure he’d go any lower. It sounds like I can make it work if I get it for $4K and sell it for 7-8K on terms.
This leads me to my questions:
This sounds like a good deal to me, but is there something I’m overlooking? Any other pitfalls someone can think of that would make this a bad deal?
There is some talk about getting a dealer’s license to avoid taking on title and paying taxes up front. In california, are there any rules and regulations on this? Do I need a dealer’s license, or can I do a few of these as a private party without having to get a dealer’s license? Anybody out there that knows? I have been trying to find this stuff out, but information about this seems fairly difficult to find.
Thanks in advance.
Post Edited (03-27-07 18:34)