Posted by Steve-WA on March 27, 2006 at 18:52:09:
she will give you land and a MH for 18K - lot is unimproved . . .
huh?
deal or no deal? land/home package - Posted by Shannon
Posted by Shannon on March 27, 2006 at 18:28:21:
A woman called today off my newspaper ad. She has a 1993 Magnolia 16X80 singlewide that she needs to get rid of. It is vacant but she has already made all repairs. She is living in another city and is willing to give me the land for free if I just pay off her mortgage. This is in a small city outside San Antonio, which is predicted to be #1 real estate market by Fortune magazine. Anyway, here are the numbers, what would you do?
Mortgage balance - 18,000
land value according to county - 15,000
lot is unimproved, I would have to pay coop fee for water, add septic, and put in electric (which should be free)
home is already on foundation but needs skirting
so for 18000, I would get it all. I looked to see what land/home packages were listed in the area - 37k - 60k
this doesn’t include any owner-financed packages, just those with a realtor.
what would you do? and how would you fund this deal?
Re: deal or no deal? land/home package - Posted by TeddyB_SC
Posted by TeddyB_SC on March 28, 2006 at 10:11:21:
Shannon,
Before worrying about any funding I would check out why this home is on a foundation, but the land is unimproved.
You need to check to see if this land is zoned for a MH, will perk for a septic system, cost of running water to the property, impact fees if any, and cost of running electric to the property(unless it truly is free). I would start at zoning, building codes, health dept for septic maybe, and your local water/elec companies.
Once you do this you can begin to a get clear picture of the actual costs and work involved. Then you can run the numbers to see if this deal will work.
TeddyB_SC