Need Assistance ASAP!
Ok, check this out....
I found a woman who is divorced and wanting to sell her mobile. She owns the mobile outright with zero liens. She bought the 1987 Palm Harbor 14x76 3/2 in 1997 for 10k. She wants to sell it to me (only) for 4k. I inspected the mobile and found that the bathroom floor is damaged (weak spot) as well as the master bedroom floor. I perceived that I was going to have a hard time with this one although so cheap. MY IMMEDIATE ACTION: Ignoring the obvious, I put an ad in the trading post stating:
1987 Palm Harbor 14x76
3 br, 2 ba
Has floor damage; TLC
$5500.00
Call xxx-xxxx after 6 PM
MY INTENTION: Have this lady sign a purchase option agreement for $4000.00. Hopefully, I'll find a buyer within 30 days.
QUESTION: What is the exact... detailed procedure to assigning this option for immediate cash. I have read books, but they are not detailed. I need 'paperwork' movement examples. I don't want to screw this up!!!
Sounds to me like you don't yet know Lonnie Scruggs, and the first rec I'd make is you make tracks and get and read his book Deals on Wheels NOW.
Secondly, your next step is to clear what you're doing with the MHP management, as, if you can't get along with them, or they tell you NO, you can't buy without signing their MHP lease, what are you gonna do?
THEN, you start finding deals for resale, but not before.
And, as you want, DOW has detailed forms and procedures to follow.
I agree with JohnMerchant. You need DOW. The other thing is that you will want to negotiate with the seller a little. Make her work to get her price so she feels good about the deal. Not to mention, adding to your bottom line.
Thanx for the advice.
Any more?
Also, Check out the local market values.
In Ohio that '87 would easily go for $11K to $14K with financing. Particularly if you fix the floor and the water leak that caused them.
You should also know soft floors in BR are very common and not difficult to repair...but they make a great discussion point when you're negotiating with the seller over price.