Re: Double Wides??? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on April 16, 2003 at 06:42:05:
Please understand that I do not do mobiles. But I have read the mobile home forum a lot. Here is my perspective.
I would think you don’t want to get involved with this one.
Just because people are eager to sell does not mean there is a good deal in the offering. DO NOT take on other people’s problems.
I suspect you have not read Lonnie Scruggs “Deals on Wheels” book. I recommend you pass on this offering and buy the book so you will know what to look for in the future. It costs only about $25-$30.
This house is too new. It probably has a huge loan on it. Yes, they depreciate. And rapidly when they are this age. They probably owe a lot more on the loan than the property is worth.
You can probably find out asking prices of similar properties on realtor dot com for that zip code. Just restrict the search to mobile homes.
The time on market hints that there is no shortage of housing available in the area.
Good Investing*******Ron Starr**************