steve eggleston
07-26-2006, 02:55 PM
I didn’t quite know how to begin even though Jim told me how to begin. I was reluctant to believe it was simple. “All you have to do is go out and talk to park managers.” That is the essence, but it does require some skill. However….you never know what you have to know until you know. So I did have to go out to the parks.
I went out to five parks not having a clue what I was doing, but armed with some questions just in case someone would talk to me. They were all small parks…. 26 units to 86 units. I did not have any success. The park managers didn’t have any units to sell or tenants who were in trouble. But they were by no means five star parks. My plan wasn’t working so I decided to change. I needed to increase the size of the parks. I went to several parks 200 units to 659 units. Inside the parks there were some for sale by owners. I looked at the outside of each of the homes and decided if I wanted to own them. I wanted to own all of them, because I didn’t know enough to eliminate any. So I took down the phone numbers and called all of them after I had brief conversations with the park managers.
I only had to call about seven after I eliminated the “park for sale” ones. I found a double wide that the owners wanted to sell for $4,000. The homeowners told me they owed $4,000 in back rent. I saw an opportunity. If I could get the park owner to eliminate the rent or most of it, there might be a deal.
The park manager just wanted to get someone in the park paying. The manager would forgive the back rent to me IF I could get the tenant to move out. I was able to get the tenant to give me the title if I could eliminate the back rent. I paid the homeowner $500 for the home….quite a difference from the $4,000 they originally asked. I have a fix-it man going in now and doing the work for $4,500. I’ll be able to get $425-$440 a month in payments when it is sold.
To help sell the home I put a cheap, hand made sign in the window and I have already gotten three calls off of it. My plan is to convert one of the three to another home.
I am very optimistic about buying the next one soon. It is not as difficult to buy a home as I originally thought, but you have to go out to the parks and talk to the managers. The trick is for YOU to “know” you don’t have to have all the answers….and you probably won’t even have some of them. Good luck on your first deal! Steve Eggleston
I went out to five parks not having a clue what I was doing, but armed with some questions just in case someone would talk to me. They were all small parks…. 26 units to 86 units. I did not have any success. The park managers didn’t have any units to sell or tenants who were in trouble. But they were by no means five star parks. My plan wasn’t working so I decided to change. I needed to increase the size of the parks. I went to several parks 200 units to 659 units. Inside the parks there were some for sale by owners. I looked at the outside of each of the homes and decided if I wanted to own them. I wanted to own all of them, because I didn’t know enough to eliminate any. So I took down the phone numbers and called all of them after I had brief conversations with the park managers.
I only had to call about seven after I eliminated the “park for sale” ones. I found a double wide that the owners wanted to sell for $4,000. The homeowners told me they owed $4,000 in back rent. I saw an opportunity. If I could get the park owner to eliminate the rent or most of it, there might be a deal.
The park manager just wanted to get someone in the park paying. The manager would forgive the back rent to me IF I could get the tenant to move out. I was able to get the tenant to give me the title if I could eliminate the back rent. I paid the homeowner $500 for the home….quite a difference from the $4,000 they originally asked. I have a fix-it man going in now and doing the work for $4,500. I’ll be able to get $425-$440 a month in payments when it is sold.
To help sell the home I put a cheap, hand made sign in the window and I have already gotten three calls off of it. My plan is to convert one of the three to another home.
I am very optimistic about buying the next one soon. It is not as difficult to buy a home as I originally thought, but you have to go out to the parks and talk to the managers. The trick is for YOU to “know” you don’t have to have all the answers….and you probably won’t even have some of them. Good luck on your first deal! Steve Eggleston