First Deal…HELP!! - Posted by Mich_Mike
Posted by Mich_Mike on January 28, 2002 at 17:18:48:
I haven’t dealt in mobile homes before, only single family stick built. This one dropped in my lap.
Double-wide, 1996 Layton, 28x48
Conseco agreed to discount to 25K
Seller has a lot to put it on. I offered 3K (60x120).
Lot had a house before, so all hookups are at the curb.
Needs ~5K in repair. (Carpet, linoleum, window, appliances)
I intend to move this unit and mount it on a crawl.
Similar stick builts go for ~100-120k)
My best estimates are:
25K purchase price
3K for land
5K for repair
5K to move
10-14K for crawl and hook ups.
Total 48-52K, ready to move in. I will also have to pay ~$700 for lot rent until I get the foundation ready.
Please advise on whether this is a good deal or not. Also, any exit strategies would be greatly appreciated. I intend on trying to sell it outright for ~80K.
Thank you in advance.