alexmorrow
02-02-2008, 05:14 PM
On Friday, I mapped out all the parks I wanted to visit using Google Maps. It really helps when you want to save on gas. I also searched on Craigslist for homes that were for sale that the owners were asking 10k or less for. I figure I shouldn't even mess with the homes that are more than that. Plus, the less I spend the more I can buy! I woke up pretty early yesterday so I had a lot more time to visit parks. I visited 4 parks in all. The first parks I visited wouldn't budge on giving me free lot space rent. He said I could contact their management company but it wouldn't be worth the effort. Here's a tip! Homes that are privately owned are better because they are more willing to work with you on free space rent or the rules & regs. However, with these parks that are owned by corporations...they would rather have a lot sit empty than give free space rent for a month in order to resell the home. Ridiculous! Any way, Jim told me they would be sticklers, but I wanted to see if there was any room to negotiate. None. Argh. Any way, while I was talking to the park managers and getting some info on some homes that may be for sale, a man that was selling his home came up and invited me to check out his mh. I rode with him over to his mh and it was pretty nice (1994 single wide 3/2). Here's the killer: He wants 15k for it. Yea right! I told him that I couldn't pay that price, but if he decided he could sell it for less please call me. I left that park feeling a little down that I had not yet found a good deal. Well, the next park I went to was just down the road. I visited with the park manager, Avery, and I liked him right off the bat. He was direct, honest, and sharp. He told me that they finance homes, but when he was listing their requirements...I knew their terms were too strict for the average mh buyer. As we continued to chat, he told me about a couple homes that may be coming up for sale and that there are a few abandoned ones that need a title. He said that he was willing to work with me on the space rent if I did the legwork in getting the title to the abandoned properties. In addition, he told me about an investor that may be selling his homes because he hasn't done any work on them yet. It turns out that the investor is Jim's contractor who I had met earlier that week. What a small world! Any way, I think we're going to come to a good deal on those two homes. I'm supposed to call him on Monday morning to see what we can work out. One of the homes is abandoned so technically, I'm only buying one home. It's the person who gets the title first that owns the home I believe. After I left that park, I was feeling pretty good because I had maybe two homes that I was going to get for less than 1k.
After driving for about 30-45 minutes, I came up to a park that was in a small town. The park doesn't have that many homes...maybe 35-40. However, the park managers and I now have an arrangement that they will contact me any time they find out that a home is for sale in their park. They actually put my number in their cell phones and offer me a drink while we were chatting. Even though I chatted with them for a good hour, I felt it was well worth it. Now, any time they have a home that is for sale, it'll be mine and they'll negotiate the price FOR ME! I'm really starting to enjoy this side of mh investing. Plus, they were really nice people. It's essential to build rapport with the park managers! They even told me if they had known me a month ago, I could have bought a couple mobile homes for less than 1k that were pretty new. Oh well, more deals will come along. In addition, they provided me with some solid information that I passed along to Jim. They told me that the owner is looking to sell her other park and that it is hardly full. This information could earn me a finder's fee if Jim ends up buying the park. Here's another thing that really proves that they were really comfortable with me. When I first started talking with them, I asked to see the lease and the rules & regs. The park manager, Karen, said that it was private. 30 minutes later, I again asked to see it and she gave in and gave me a copy. And right after that, they gave me a tour of their home. Now that is trust! I left that park feeling awesome and knowing that they would definitely call me if something came up for sale. I still have to talk to the management company that oversees the park, but that should go well I believe.
Next, I visited a park that was just a couple miles away. It was completely full, but once again, in the future, this might be a great resource for me. And, if I don't have the money to purchase, maybe I'll tell Jim about it and he'll provide me a finder's fee? :SM039: Who knows! I think mh investing is the business of building relationships (networking). I couldn't find the office so I asked an old woman in the park who the park managers were. Well, she was nice enough to go inside and get the number for me. So far, the stigma that everyone has about mobile home parks is complete BULL. Everyone I have met thus far has treated me very nicely and they are always willing to help. Sure enough, she came out a few minutes later and provided me with the name of the owner/park manager and his phone number. I called up the park owner, Tim, and met him in the park to talk in person. We chatted for awhile and I could tell that he was first a little suspicious of me. However, after chatting with him longer, he soon was laughing and joking around with me. He even had a cigarette while we were talking. I asked him the typical questions about the app fees, minimum requirements to live in the park, etc. He doesn't do a credit check which can be good or bad...cheaper but more risk! The main thing is...he's a no-bs kinda guy and I like that. I provided him with my information and he agreed to call me if a home went up for sale in his park. Also, he gave me the name of the owner of a big mh dealer and suggested I talk to him about getting in on their deals. We'll see how that goes. I'm going to talk to Jim about this dealer and see what he thinks I can come up with that would work to my advantage in mh investing.
I've decided that I am going to get business cards because too many park managers are asking me if i have them. I always tell them that I am more of a people person, but I seriously do need to get some business cards. Also, I formed a company that day too because I want to make sure I'm protected. My company's name is Morrow Real Estate LLC.
After driving for about 30-45 minutes, I came up to a park that was in a small town. The park doesn't have that many homes...maybe 35-40. However, the park managers and I now have an arrangement that they will contact me any time they find out that a home is for sale in their park. They actually put my number in their cell phones and offer me a drink while we were chatting. Even though I chatted with them for a good hour, I felt it was well worth it. Now, any time they have a home that is for sale, it'll be mine and they'll negotiate the price FOR ME! I'm really starting to enjoy this side of mh investing. Plus, they were really nice people. It's essential to build rapport with the park managers! They even told me if they had known me a month ago, I could have bought a couple mobile homes for less than 1k that were pretty new. Oh well, more deals will come along. In addition, they provided me with some solid information that I passed along to Jim. They told me that the owner is looking to sell her other park and that it is hardly full. This information could earn me a finder's fee if Jim ends up buying the park. Here's another thing that really proves that they were really comfortable with me. When I first started talking with them, I asked to see the lease and the rules & regs. The park manager, Karen, said that it was private. 30 minutes later, I again asked to see it and she gave in and gave me a copy. And right after that, they gave me a tour of their home. Now that is trust! I left that park feeling awesome and knowing that they would definitely call me if something came up for sale. I still have to talk to the management company that oversees the park, but that should go well I believe.
Next, I visited a park that was just a couple miles away. It was completely full, but once again, in the future, this might be a great resource for me. And, if I don't have the money to purchase, maybe I'll tell Jim about it and he'll provide me a finder's fee? :SM039: Who knows! I think mh investing is the business of building relationships (networking). I couldn't find the office so I asked an old woman in the park who the park managers were. Well, she was nice enough to go inside and get the number for me. So far, the stigma that everyone has about mobile home parks is complete BULL. Everyone I have met thus far has treated me very nicely and they are always willing to help. Sure enough, she came out a few minutes later and provided me with the name of the owner/park manager and his phone number. I called up the park owner, Tim, and met him in the park to talk in person. We chatted for awhile and I could tell that he was first a little suspicious of me. However, after chatting with him longer, he soon was laughing and joking around with me. He even had a cigarette while we were talking. I asked him the typical questions about the app fees, minimum requirements to live in the park, etc. He doesn't do a credit check which can be good or bad...cheaper but more risk! The main thing is...he's a no-bs kinda guy and I like that. I provided him with my information and he agreed to call me if a home went up for sale in his park. Also, he gave me the name of the owner of a big mh dealer and suggested I talk to him about getting in on their deals. We'll see how that goes. I'm going to talk to Jim about this dealer and see what he thinks I can come up with that would work to my advantage in mh investing.
I've decided that I am going to get business cards because too many park managers are asking me if i have them. I always tell them that I am more of a people person, but I seriously do need to get some business cards. Also, I formed a company that day too because I want to make sure I'm protected. My company's name is Morrow Real Estate LLC.