Re: 1986 24x48 1152 SF. $2500 Must Move - Posted by Joe C. (AR)
Posted by Joe C. (AR) on September 20, 2003 at 24:00:08:
I may have to disagree with Doc here, but that’s why this site is valuable, different viewpoints. For anyone with some street smarts and some money to work with, this may not be a bad deal. In my area I could put this in a park and get 3-5k down and 15k to 18k on a note. Total expenses 8-10k with 2k in fix up. I could then sell a partial on the note and put 3k in my pocket after expenses plus the backend payments. 60- 90 days.
Or, I could put it on a stand alone lot, and attach it to a permanent foundation. Same 8-10k plus the lot, utilities and site work. Around 28-30k total. Then,I could sell with FHA financing for 50-60k or more. I’d then pocket a quick (6 months) 20-30k in cash.
I’ve met folks from Texas who claim to average 15-20k on used double-wide land home packages and they’re not buying them as cheap as the one you describe.
You said you’d want to turn it quick, so maybe Doc is right. But if you’ve got some cash,some time, some street smarts and patience, you could easily double your investment, or at least I could. Some cash and time are the key. As far as the land goes, you should be able to buy an owner financed parcel so that would help minimize the cash needed to pull this off. You’d still need 15k-18k cash to put it on land or 8k-10k to put it in a park.
Take the option, like Doc said. while your looking for a buyer, look for a lot as well, weigh your options after you are sure what they are.
Just my .02
Joe C. (AR)