Value


#1

Anyone have any thoughts on how much to offer for a 1985 Oakwood, 14 x 70, 2 br, 2 ba already set up in a park (Virginia). It is in good condition and has a nice spot i(end of street) in a clean, quite park. This will be my first Lonnie deal.

Thanks,

Greg


#2

The first question you need to answer when you are trying to buy the mobile home to do a Lonnie deal is are you talking to a motivated seller? If you are then let them name the first price (a must never never name the first number). If the buyer is motivated then what is the source of that motivation? Did they buy another home and need to stop paying lot rent, are they behind with the park, did thier son, daughter grandchild etc live in the home and they just left it sticking your seller with the lot rent? You get the picture.

Many of the deals Lonnie Investors do are call 60 day deals. This is when we talk to someone firm at their retail price 60 days prior and then after a couple of months of lot rent their motivation increases and you buy for your price. This is very common so if you do get a person who is somewhat motivated and you can not agree on a price just make sure they know you will still be willing to buy the home if their price changes.

If you have read DOW at least 2 times (which you really need to have done prior to trying to buy your first Lonnie deal) you know that you buy for at least 50% of what you can sell for. So question number two you need to answer is what could you sell the home you are looking at on a note?

If you do not know the answer to these two questions or if you have not read DOW a couple of times stop and educate yourself prior to going forward. If you have the answers then you have everything you need to negotiate for a price that works in your area.

Good luck with your investing.

Ruben D. Flores

816 918-9041

P.S. If this is a repo home just figure out your number and offer it or a number a little bit below it. If you can not buy the home move on to the next one. There are enough homes out there that you will find one that works.


#3

Amen brother! Preach it!