Posted by Mark (WV) on February 22, 2002 at 10:49:40:
nt
cheap double - Posted by Mark (WV)
Posted by Mark (WV) on February 22, 2002 at 08:37:42:
This is out of my comfort zone so I will post here for some input,
Found a New 28x70 double that was used as a office a a new home lot. It’s a 1999 and shows no sign of wear for it’s use as a office.Lot went belly up and the owner of the property has taken the home for past due rent.
I have land I could put it on,set up value would only be around 45k I think but that could be low. Cost to move and set up turnkey would cost 6k.
The guy wants 25k for the home and won’t budge on the price as he said he had to take it for a 58k jugement on the old lot .
So what think yee ? Is there a deal here for a investor or is it to much trouble ?
Mark
Re: cheap double - Posted by lyal
Posted by lyal on February 22, 2002 at 10:30:42:
Mark,
I personally would not put that much money into one deal. You could do a bunch of Lonnie deals with 31K and if one goes sour it’s not a big problem 'cause the others will more than support it. With it all in one deal, if there’s a problem you’re in trouble.
In additon, moving a home (especially a double) is a real pain. There are always things you forget and it always costs more than you thought.
As to his price, the value of the home is based on what someone will pay and the 58K judgement or the truck he wants to buy with the money or whatever is irrelevant. Leave him your name and number and tell him to call you if things change.
All the best, Lyal