I bet this is one of those questions only new people ask… and I am so new I squeak (I messed up my screen name). I have this idea and want to know if it’s feasible or even doable. I live in one of the many small towns out side of Tulsa OK. On a street I have to drive to get to work there is 10 acres of raw land. Over the last 7 years on my way to work I have seen cow pasture after cow pasture getting closer and closer to this 10 acres turned into housing developments. I am wondering is it’s feasible to buy this 10 acres, develop it for mobile homes and set one or two, or maybe even three mobile homes on it, and use the income from those mobile homes to make payments on the land, the tax (that is sure to go up as the housing developments move closer), and insurance until the housing development folks give me a call. Anyone ever try something like that and did it work?
This is actually in the new edition of the land/home book I am finishing up now. Great question.
I think your idea is very feasible if the land can be purchased right and allows for mobile homes. If you can set up a few homes you have the income to hold the land and let them pay for it while you await (and speculate) that the land will later have a “higher and best use” which to you means more money if sold for development.
Check with your zoning department and poke around at the planning commission to see what trends they anticipate in regards to development. Housing is slow now so ask questions about the number of permits pulled now for new development compared to the past few years.
Ask if you can put mobile homes on this land and find out where you would need to get started and what permits etc. would be required.
Tony
[QUOTE=So new is squeek;882455]I bet this is one of those questions only new people ask… and I am so new I squeak (I messed up my screen name). I have this idea and want to know if it’s feasible or even doable. I live in one of the many small towns out side of Tulsa OK. On a street I have to drive to get to work there is 10 acres of raw land. Over the last 7 years on my way to work I have seen cow pasture after cow pasture getting closer and closer to this 10 acres turned into housing developments. I am wondering is it’s feasible to buy this 10 acres, develop it for mobile homes and set one or two, or maybe even three mobile homes on it, and use the income from those mobile homes to make payments on the land, the tax (that is sure to go up as the housing developments move closer), and insurance until the housing development folks give me a call. Anyone ever try something like that and did it work?[/QUOTE]
I have your book
Hi Tony, I got your book the same day I bought Lonnie’s hoping to move up from Lonnie deals to deals more like yours. Their are mobile homes up the road, across the street and down the road from the land I am thinking about doing this with. I tried to get a hold of the real estate agent listed but it went to his voice mail and he has not called me back. I asked in the message what the price was, what the zoning was, and why it had been on the market for over a year with out selling (I am hoping to use that to bargain for a lower price no matter what the price is). What “zone” are mobile homes in? Is it the same all over, or does it vary state to state? Thanks for your feedback.
Not a REA? Then call O
If you’re not a lic REA or Broker then you have NO obligation to even talk to or communicate w the listing REA/REB. This is one of the big rights NON REAs have.
In the past, whenever people talk about developing a park, the smart folks have advocated to buy something already put together; the reasoning being that one can pump thousands and thousands of dollars into a property to develop an infrastructure, then have a great set of empty lots bringing in nothing.
Where I live, forget it. Even out in the country, county zoning is very restrictive, and would choke the developer. HOWEVER, in many areas of the country, outside of city limits zoning is no issue. No restrictions. This boggles my mind, but where my Dad lives and landlords, he has one mini-park and two adjacent L/Hs that are literally one block outside of city limits, and there are no restrictions for development. He could stack 'em in however, if he were so inclined. Of course, there needs to be room for a sewage system of some sort, but no one is checking it against any standard.
That looks like money lying on the ground to me. And rural OK may be the same thing.