Land Contract v. Subject To

[seanmathes]

Gotcha, I thought you were talking about a search method  of what they have purchased "toys" to find sellers. But this is more of an indicator once you get to the presentation right?

Aside from a fixed rate mortgage, do you try to search by certain geographic areas?

[$Cash$]

seanmathes,

Remember when I said I could drive a street and tell you who is most likely to be in trouble?

A student of mine asked me to close a deal for him in a fairly new subdivision, the new owner put $10K down with an interest rate of 6.2%.  Basically all I had to do was have them sign some paperwork.

It was later in the evening and the sun had already gone down, when I pulled up to the entrance to the subdivision the first thing I noticed was the street lights were not on.  Brought out the flash light and started checking street signs until I found the street the property was located on, however the street numbers on the houses were not lit up.

Thinking about what I learned from previous deals about who needs to sell, I did a little experiment rather than check street addresses  I checked driveways for Toys.  As I was driving I notice this new "Bubba Truck" and SUV in the driveway of a house, I thought this must be it.  Got out of the car walked up to the front of the house and shined my flashlight on the front entry way and low and behold the house numbers matched the house I was looking for.

The kicker is after I knocked and went in, there on this brand new monster Sony wide screen TV was the Monday night football game and an owner watching who bought to many new toys to go along with the house.

Not particularly interested in any certain geographic area.

John $Cash$ Locke

 

[herbster]

HI John,
Thanks for your reply to my SitexData question, I'll have to check them out further because they tell you the price right up front.
Anyway I think you wrote a book on this post so lets add another chapter.
Have you ever done a Sub2 on a mobile Home in a park with or without the land?
thanx again Herbster

[$Cash$]

Mobile Homes…A few years back I was running my $Cash Now$ - We Buy Houses – Call $Cash$ Now!!! newspaper ad 7 days a week.  Just thought I would slip this in:  Back then I was doing it more for name recognition than trying to purchase houses.  There were only about 3 of us serious investors running daily.

Then the Guru Circus would come to town and when they left there would be 20 we buy houses ads the first week, the second week it would be down to 5, then the third week it would be myself and the other 2 investors until the next Circus came to town.  However, I would receive calls from Mobile Home owners and I always politely said I was not interested.

Then I received a call one day off my newspaper ad from a Lady that owned a Mobile Home and she started telling me about her 7 year old daughter who needed to go to Denver for treatment at a clinic there and would I please help her.  Her presentation got to me and I said, “I will drop by.”

She had a newer Mobile in very good condition and I thought what the heck, let’s find out if you can make money with Mobiles.  So I took over the payments and even gave her more money that I was giving people for their houses.

Now I found out about Park Managers, believe me they are trained at the Supreme Being school of park management.  If you want to talk about a tough crew to do business with these folks take the cake, in my opinion.  So I knew I would have to Juice them if I wanted to sell in their parks.

I started visiting the Park Managers of the park I purchased the mobile in, told them what had expired with the lady I purchased from and I would like to have permission from them to sell the mobile as they must approve everyone prior to purchasing in their park.  A few dinners for two tickets, etc. and we were friends, of course the perks continued.  Found out the majority of Park Managers love those perks and you can buy and sell mobiles in their park all day long.

Here are some pluses with working with Mobiles, the owners know that a mobile starts depreciating from the day it is purchased, so you do not have to go through that as you do in today’s market or even back then with house owners who think their house is worth more than they purchased it for.  Never gave the Mobile Home Owner more than $10 Bucks for their equity, except the Lady going to Denver and don’t ask.

I found you can only make around $8K to $12K a month with mobiles with a lot of work compared to buying houses.  Mobile Home buyers are in a league of their own, that is what they want and that is all they want, you could offer them the same down payment and monthly payment for a house and they will still go for the Mobile Home.  About all you make is on the Down Payment, however you can receive $3K to $5K down on them.

How I handled it was, I had a Bird Dog who worked with me and he was a hard worker and did his best at all times.  So I trained him to do mobiles and wished him my best.  He does very well and still does just messing with mobiles.

Anyway Herbster, does this help about investing with Mobile Homes.

John $Cash$ Locke

[melrealtor]

John

Have you written any books? if not which ones would you recommend for subject 2's

[herbster]

Thanks John,
I'm visiting a very upscale MHP on a popular 2000 Acre lake this weekend, and I needed to hear this.Thanks, herbster

[kdhastedt]

John

Have you written any books? if not which ones would you recommend for subject 2's

http://www.subto.net/

Keith - and it's not my site!

[seanmathes]

Upscale and mobile home park, you don't hear those two combined very often 

[melrealtor]

kdhastedt,

Thanks so much for the link.

[kdhastedt]

You're welcome...

Keith

[slipring]

$Cash$,

Would you be willing to share your cognovit form?


Thanks

[$Cash$]

slipring,

Here is a link to a standard Cognovit Note.  Make sure the Warning: is in Red print just as outlined.

http://tinyurl.com/585byc

John $Cash$ Locke