Funny you should ask about that. Larry Adams and I are going back and forth on it this evening. Just got back from OH this afternoon and haven’t even had a chance to have a beer yet:-)
First of all, I gave my Lonnie books to my manager and told her about your and other’s success in the business. I may have created a monster. She wants to jump right in and start doing LDs with me putting up the money and her doing all the work.
Larry, I, and my manager drove a couple of hours south to check out the home. It was only 10 year old, 14 X70, 3/2, Skyline but it needs a lot of work plus it is down a very windy road with switch back turns. No roof leaks and vinyl siding that needs cleaning but the inside was rough. Front steps and porch in good condition. Mold behind the master bath tub. No skirting and A/C unit gone. Furnace in place but don’t know if it works. 2 X 4 walls with particle board floors. We could only find 2 soft spots by walking around but there could be more after we pull up the carpet. No pet waste. None of us really knows how to assess the amount of time and money needed to fix this place.
Larry made an offer to Vanderbilt of $500. Keep in mind we had originally offered $7,000. We figured we could do OK if we got it for this price or at least not lose too much were we to sell it for $15K. Have a park and a buyer for it about 1.5 hours north of its present location.
Vanderbilt came back and said $1,000 plus back taxes which are, if I remember correctly, $1,500. I am going to hold to my price of $500 because I don’t care if I get it or not.
No matter what Vanderbilt says, we are still stuck with no knowing how to assess the time and cost required to turn this place around. We’re going to see if we can get someone who knows about rehabbing to come with us to check it out even if we have to pay for their time.
So that’s where we stand. I’ll keep you posted as we get more info. I’m willing to go into something like this just so we can learn about the process as long as I can sell it for what I have in it. I’ll make a little money on the financing.
On a related note, there is a 14 X 70, 2/1.5, metal siding, pitched roof (not shingled), home for sale just up the road from me. Probably late 80s. Didn’t think to check the maker. No roof leaks and actually in good shape inside and out. The problem you ask? The entire home is completely covered inside in dog and cat droppings. I had to wash all my clothes to remove the stench. My manager took one whiff and refused to enter. The mover is asking $3,500 and I can probably get it for less. This may actually be the better of the two homes.
I’ll keep you posted and feel free to comment. We need all the help we can get at this point.