6 space lot - Posted by Richard

Posted by Kurtis on September 19, 2003 at 08:09:05:

Joe hit the problem areas on the head. Definetly tie it up today subject to inspections for the items he listed. Small park but price is great. Don’t let it go.

6 space lot - Posted by Richard

Posted by Richard on September 18, 2003 at 23:55:20:

Just saw an ad in the paper to sale a six space mobile home lot with older mobile homes. They are asking $21,000 for land and homes. Located in small town about 30 miles from where I live. What questions do I need to ask owner to determine what property is worth.
I am interested in creating cash flow. Ad does mention owner financing as an option. Any help would be appreciatted…looking for first investment.
Richard

Re: 6 space lot - Posted by gary

Posted by gary on September 23, 2003 at 15:14:00:

You let apprearnce get in the way of making money on this one. If you can replace those junk mobiles per zoning and the utilities can be repaired serviceable condition. Offer a no/low down on a contract and tie it up today. This one investment worked right could replace many decnt paying jobs.

Re: 6 space lot - Posted by Joe C. (AR)

Posted by Joe C. (AR) on September 19, 2003 at 24:14:37:

Water system, sewer system, legality of operation (proper zoning, etc) would be my major concerns. If those were in reasonable shape and it were in my my market, I’d tie it up (purchase/sale agreement) with the best owner finance terms I could negotiate as soon as possible. I havn’t seen good MH spaces under $4k/lot in quite some time. Fill it with Lonnie deals and it should net you some good cash flow.
I’ve been looking at a six space park in my area, most lots empty, city water, sewage, gas. Asking $50k and I think that’s a bargain.
Joe C. (AR)

Re: 6 space lot - Posted by Richard

Posted by Richard on September 23, 2003 at 19:05:37:

You may be right. My hesitation is not the condition of the homes or the land. My concern is the location of the lot. Old run down area of this small town. Old mobile homes and run down houses all around. The lot is also not very big. Six small old trailers are lined up close together. Location doesnt bother you? I appreciatte your opinions.
Richard

Re: 6 space lot - Posted by Richard

Posted by Richard on September 19, 2003 at 16:59:25:

Update. Inspected property today. Mobile homes are worthless and the location of the lot is in a bad area of town. I will keep looking.