Posted by Jordan (MI) on June 02, 2006 at 07:35:54:
In their course, Tony and Scott say they are able to put them together new, with a smaller doublewide (24x44?, 3bed, 2 bath) for under $50,000.
These are new homes! Now, they are smaller, off brand, and they have worked out a whole sale deal with the dealer because they are buying more then one.
I was looking at a forclosed doublewide in my area which was listed at 44,000! I’m sure the bank would have taken less for it. I’m a noob and I couldn’t find the financing in time before it was gone.
You can figure out how much it’s going to cost by making a few phone calls. You need to find out how much a small lot of land costs. This needs to have enough room for a septic system & well if no city hookups are available. Then call some mobile home dealers, find the decision maker, and try and negotiate a cash price on one of their smaller double wides. After that you need to try and estimate setup costs, moving costs, septic & well, electric hookup, decks, and foundations. You need to investigate foundations in your area because you want to go with a house foundation. You want to be able to retire the title of the home and convince the bank that the home is attached to the real estate. A lawyer should be able to help you with this. Then after a year of seasoning you can get the bank to appraise it and refinance it for more then you put it together for.
So, the ratio of land to home, is that the home is more then the land usually, but not a whole lot more. 70/30?
How I envy you for having the chance to go to Ed’s workshop! Wow. Enjoy that!
Have a great day!