Posted by Ryan (NC) on May 05, 2008 at 19:00:21:
In Reply to: Trouble in Indiana posted by Alex Williams on May 04, 2008 at 08:43:08:
Alex, I'm sorry to hear of the problems, there is no easy fix to this problem other than to follow the guideline that Lonnie has laid out for us in the future... I'm not sure if you've read Deals on wheels or not but I would highly recommend it!!!
"I bought a 1997 14x70 2br2bt in Portage, Indiana, last September for $2,500." Ya did ok here, 2.5k purchase should allow you to sell as-is for 5-7.5k fairly easy so long as the home wasn't structurally trashed.
"I've put about $5,000 worth of work into it to make the interior nice. There's maybe another $1K to be done" This is where you made your mistake, 5-6k would buy at least 2 more units to LD. Instead you have a half finished unit that you have a high likely hood of loosing because you are to deep invested, you haven't really tried to sell from the sounds of it, and you don't have any other exits or ways to cover holding cost. I'm not saying this to be mean or rub salt in your wounds so to speak, this is where most new folks go wrong and get burned! The homes we sell DON'T have to be mansions, our folks are looking for decent affordable housing, not necessarily in that order.
my only suggestion is to try to sell it to another park owner to move into their park, this is where most cash sales happen in my area... If you talk to every park owner you can find within 30-60 min. you should be able to sell it at a wholesale price or find a offer to move it somewhere else.
Best wishes,
Ryan Needler