I Need Help with VA Vanderbilt Repo


#1

I went to an event on Saturday and Lonnie told me to look at the repos online. I have identified a doublewide from the Vanderbilt site and looked at it on the inside today. I am new to mobile home investing and have no idea of how to or how much to bid on this home. It is in Newport News, VA, Ami the rep said it was still available. Stock # OA0893

1996 Oakwood 3bed, 2 bath 28 x 60

Can someone please help me. I would like to make a bid.

Thanks. Vesty (vestyshirk@gmail.com)


#2

Ok, you heard Lonnie, did you read him? Have you read DOW? You MUST know what you can sell or rent this thing for before bidding.

Simple formula: Retail sales price divided by 3, MINUS additional expenses e.g repairs, back taxes, back lot rent, moving & holding costs.

If it is in a park, don’t bid on it until you’ve talked to the park manager. If it comes with land, the simple formula is too simple.

Steve


#3

I agree completely with Dr. B.

Your question is answered in the book. You need to know that book well before you buy anything so as to best protect your deal and your money.

Tony