Question on my first deal


#1

Well, this isn’t my first attempt at a deal. I’ve read Deals on Wheels and at the beginning of the month I signed a purchase agreement and gave the mobile home owner a deposit. She took off never to be heard from again. I want to be sure this doesn’t happen again. What steps can you give me to make sure I have covered all my bases this time around. I know now to ask to see the title before I give the deposit- LOL. Any other suggestions that should have been obvious to me? Thanks, Jennifer


#2

Try to minimize the pain:

  1. small deposits- we buy a 5K home, try to put 250 or less down. Most common reason we give deposits is so they can rent a U- Haul trailer.

  2. Signed contracts with ID and Notary.

The best deals for us are all cash all right now with titles. We give three days by contract for folks to remove belongings. We get keys to the home at signing.

If it “feels wrong” don’t do it!!! I can’t tell you how many times I hear this…

Thanks for posting this,

Greg Meade


#3

Thanks for the heads up.

Does this go for buying a used home from a dealer as well? I never thought about a local dealer scamming me, but maybe I need to be where!

I just bought my first home to fill a park…

1996 Skyline 14x60 really56’ 2br 1bath

paid 9k

gave the dealer a deposit of 500

other expenses:

3200 to deliver and set up

2092 new ac 2 tons installed

600 (2) new sets of steps with platforms front and back

700 new skirting installed

Do these sound reasonable for north florida?

Anything else I need to be alerted to?

Most appriciative for your well thought out feedback and experience

CC


#4

the 2T A/C. I use 400 feet per ton usually unless it is in direct sunlight most of the day. Maybe see what a 2.5 or 3T will cost. also in a package unit in N Florida make sure you have 15KW heat strips…it gets cold around Tallahassee in the winter.

We try to never over power a small unit with a huge A/C…you end up with cold air fast with humidity still in it…but a 2T will work VERY hard to cool 840" in direct sunlight. We use 3T always in 14X70’s or 3.5 in sunlight difference in price under 300.

We use Budget Heat and Air for A/c’s. 13 seer 3.5T with 15K sequencers for 1444 out of tampa. 5 year warranty, hard to beat, I love Skyline mobiles…I own a bunch of 'em!

Skirting package for this size home is 303 at 36" high from tri state distributors(352.620.0106) …my 2 man crew can 2 per day including clean up and they do them for 150 per home labor only.

Get down into Ocala call me…lunch or a cold beer…it’s on me!!

Greg


#5

That is very generous of you Greg! Glad to make it my treat. Do you have an email address that I could use to contact you?

Also, have you ever purchased new mobiles for a park? Used ones are either quite pricey or not available, it seems. Is it worth the risk in buying new and perhaps having an unhappy tenant trash it on his way out after a year or less?

Have you found that you are able to charge more rent for a new than a used, or are the rents going to stay about the same depending on bedrooms and baths?

This seems very tricky and unnerving!

Thanks…all comments welcome. The longer I read this forum the less confident I am that I can make the proper decisions without making more dreadful beginner mistakes.

CC

CC


#6

supposed to give you confidence…not make you doubt your decisions.LOL. You WILL make mistakes in this biz or you never have gotten in it. That is a fact.

I rent a 3/2 d/w 1981 model for the same exact price of a 2001…the distinction is is it is easier to rent the 2001. My newer units stay filled.

I have never used new units in a Park or on private land…I can not make the figs work in my area

Sounds like you own a Park and are well on your way in this business. We recently bought a 25 spacer and I’d be glad to show it to you when you come down …

A licensed dealer is required to return deposit less expenses if deal does not close for any reason period.

My forum e-mail is gmeade124@hotmail.com

My home e-mail is gmeade124@embarqmail.com

Greg

Post Edited (08-18-08 12:13)