Purchasing and Moving Homes found on Craigslist


#1

I have found a couple decent used mobile homes off Craigslist that I would like to purchase and bring into my parks. Pictures and price look good. I am not in the area but am having a trusted friend go and visit to check for water damage (e.g. sagging floors and ceilings). Anything else to look out for when doing an inspection of the home?

What are the logistics of executing the purchase? Do I get the seller to sign over title when I pay the seller?

Finally, has anyone had good experiences with any home hauling firms that they would recommend?
Looking to move homes in Nebraska, Missouri, Kansas, Minnesota.


#2

Here is what I type up:

BILL OF SALE

Date:_________________

Seller:___________________

Buyer: Randy CA

Sold to Randy CA the following mobile home:

VIN: ____________________________

Model: __________________________

Year: ___________________________

Sales Price: $_____________________

Down Payment Received: $ _________

Remainder Due: $ _________________, ________days after Seller delivers clear title and proof that taxes are current to Buyer.

Seller guarantees that:
The home can be moved from the park it is currently in and nothing will be due to park.
The lot rent and taxes on the home are current.
There are no liens on the home.
The home will be cleaned and free of personal property when turned over to buyer. If the home is not clean, seller may deduct $300 from the sales price.
The refrigerator and stove in the home are included in the sale.

Seller’s Signature: ______________________


I have my managers photograph the signed Bill of Sale with the sellers driver’s licence sitting on it. That makes Seller realize I have iron clad proof that they agreed to the sale and all of its terms.

I usually put $1k in cash down. I told my managers to photo the cash with the contract and the driver’s licence but none of them have done it. I guess it really does not matter.

I pay my managers a hefty finder’s fee -$3k, payable after the home is in the park and set up. I know you think that is crazy but it has really gotten my business moving and I came up with that number after reflecting that I would be happy to loose $5k on every new home in my parks. In fact when the 21st mortgage deal was first floated that was what the owner was supposed to contribute to the sale. And it seemed like a great deal at the time. I remember everyone on this board being kind of excited about it.

Maybe I could have lit a fire under my managers by offering $2500 but the $500 really does not matter and $3k is so much more impressive. And they have to work for it. They put together a deal for me yesterday which was a 4 hour drive each way for them. They got the guy,s price down for me and may have to go back there one or two more times. I make them take care of all the details and push to get it all hooked up and the skirting and stairs on. Only then will I cut their commission check. Yesterday’s deal will cost me about $16k by the time I pay everybody for everything and I will sell it for $19,500 with $2k down. I will recover the $14k I am out in 20 months.

It has been a winning formula for me so far.

Nebraska – try Sears Homes.


#3

Thank you Randy, great strategy and super heplful!