Help please!! 1st Purchase - Posted by Sandee S.
Posted by Sandee S. on February 07, 2001 at 14:48:33:
Any information to my questions are greatly appreciated as I am new to mobil homes. Sunday I am going to try to contract a 1997 Patriot that was represented to me as a 16’ x 80’. Today I measured it and it was 15’9" x 76’4". Is this normal? This home is already set up on a lot and is in good condition. It has upgrades including a composition roof, bay window, vinyl siding, vinyl skirting, etc. and is located in the Houston area. Can anyone tell me what they think the range of fair market value should be for the trailer alone? I’ve heard maybe $20,000. Does this sound close? The owner owes $33,000 so I am assuming they are upside down. I just don’t know by how much. The reason I am intersted in the mobil home is because they have about $7000 equity in the lot which has all utilities. The separate payment on the lot plus the separate payment on the mobil total appx. $565 per month. I believe it will rent easily for $800 per month.
I have done four land trusts on single family houses and plan on doing a land trust on this deal. Is there anything special I should look out for? Thanks in advance for any responses.