Bought 2 homes for less than $500! - Posted by JB -Fl
Posted by JB -Fl on August 10, 2003 at 11:09:52:
I have previously rehabbed houses, but was also interested in MH. Drove through a MH park and talked with the manager. Park has swimming pool (just resurfaced) and plans to “upgrade” with gate, etc. The PM had partially read DOW, so knew what I was talking about.
He had deserted homes in his park, and showed me some. I flat turned down 2, which he is going to have junked, but I bought 2 for less than $500 (together) to fix and re-sell. He just wants more rental income, but has given me 2 months free rent while I try to move these homes.
First 1979 Comm (what is the make, anyone?) 2/2. It took 2 truckloads to get the trash out, but no bugs! AC works, once I found the wire that was unattached. Washer and dryer are there, don’t know if they work yet. Fixing floor now, and need to re-carpet and put linoleum, outside needs painting. Have already re-sealed roofs on both, although there were no apparent leaks.
Second is 1985 SAND (make, anyone?) originally had 3 BR, but they removed wall, and made giant living room. Will put wall back. Needs air conditioner and other cosmetic things.
In your opinions, having done these deals, what would be good prices to ask for them? I am planning to Lonnie-deal them, and the PM is fine with that. Lot rent is $295/month. I had been thinking $5,000 and $6,000, but after reading some of the posts here think maybe that is not enough.
Thanks for any answers! This lot has others he is willing to sell me, and I have already talked with PM in two others in the area, and they are ALL willing to let me in!