cheap 1 bedroom worth it??? - Posted by Bob ,Or

Posted by Steve-WA on May 10, 2007 at 16:33:46:

many markets are different, but I just have a devil of a time trying to sell 1 bedroom homes. Your area may have a niche market for singles, young couples, or seniors that would love this - find out. Let your ads tell you what the demand is.

cheap 1 bedroom worth it??? - Posted by Bob ,Or

Posted by Bob ,Or on May 10, 2007 at 13:33:51:

I just sold my first 2 bedroom , found a decent 1 bedroom can buy for 500 plus lot rent of 340.00 needs carpet and some paneling which i can do really easy myself no 2 bedrooms around right now so do i do this deal ? not sure if it will sell or not . i can have it fixed up in couple of days what should i expect??? Park is ok not the cleanest around manager very easy to work with wont due 1 month free. 2 bedrooms sell for 8000 from what i see in this area i figured should sell for 5000 on terms. Am i missing something here thanks again .
This group is great did my first deal 2 bedroom bought it remodeled it and sold it in 4 weeks. have about 3400 into it sold for 8000.00 800 down 300 a month

Re: cheap 1 bedroom worth it??? - Posted by Lin (NC)

Posted by Lin (NC) on May 13, 2007 at 14:18:56:

I just rented a 1 bd as fast as any other home I’ve ever had - tons of response, and lots of qualified people. I priced it at $500/mo (about $50/mo more than I expected to get.)

Get a $10 option on that home, run your test ad, show it to those who qualify and see if you can sell it before you buy. (BTW, I just got ANOTHER phone call of at least 30 total since Tues, on the 1 bd I had while I was responding to this post!)

Good luck!


Re: cheap 1 bedroom worth it??? - Posted by Keith (OH)

Posted by Keith (OH) on May 11, 2007 at 14:29:02:

I have a huge market for 1 bedrooms but I wouldn’t advise you to jump in unless you ran a test ad first as Steve suggests. It could be very different in your neighborhood and in general is not recommended. However, I specifically market these smaller homes to people on SSI and SSD. Their income is secure and they pay like clock work.

Just don’t expect too much of a payment each month. I get around $150-$175 for 4 or 5 years. AND I don’t try to sell these as fixer-uppers. They need to be in good working order for anyone on SSD to be interested.

Run a normal Lonnie type ad and add in “SSI qualifies”, see how many hits you get.

Good Luck,

Re: cheap 1 bedroom worth it??? - Posted by Michael(KCMO)

Posted by Michael(KCMO) on May 10, 2007 at 23:18:17:

A one bedroom, huh? I just bought one of those - my first 1-bed. I don’t see many of them around. Of those that I do see, most of them are older. Mine is a '74.

It’ll probably be harder to sell than a 2-bed but I bought it for several reasons:

  1. Work needed is only one door & one window replaced, plus a few minor, minor things.
  2. I only paid $890 for it.
  3. I recently had an older ('76) crappy little 3-bed for sale. Wanted to blow it out quickly so I ran an ad for $5,950 financed. I got a GREAT response at that price point. I just closed the sale of that 3-bed this evening.

So I figure if I can blow this 1-bed out quickly for about $6,500 (it’s in better shape than the crappy 3-bed) at $500 dn & $200-250/month then it ought to be a pretty safe bet. Not the greatest deal in terms of total profit but quick, simple & stress-free.

If there’s no interest in a 1-bed I have a couple of options:

  1. It’s a front dining room which was being used as a bedroom by the seller I bought it from. It works fairly well for that and would be an easy enough concept to sell to a potential buyer,
  2. (and this was really the main point of my whole post, before I got distracted) It used to be a 2-bed. They took out 2 walls to make an extra large living room. If buyers REALLY have a problem w/ a 1-bed I’ll just put 2 walls and a door back in and, Presto!, it’s a 2 bedroom again and ought to move very quickly at that lower price point.

Bear in mind, this is in my pet park where I’ve been working for over 3 years now. I’m very familiar with the market in this park. If it were somewhere new I might not have bought a 1-bed.

Hope something in there helped,