Posted by Gary Klos on March 21, 2006 at 21:46:32:
Are you trying to buy two trailers are just one? Is this trailer one of the three siting on the lots. what year is it? give me more details I have had and still do have trialers leased out and have six in one park for sale now generating over $3000.00+ in income now for $108,000.00 for now as of this week. So may be I can help.
Is this a good deal? - Posted by T
Posted by T on March 21, 2006 at 16:11:39:
I was just wondering if someone could give me some advice on this… This is in a small college town but I don’t know how to judge if this is a good deal… I appreciate your opinions.
3 Bedrooms 2 full baths. 1368 Square Feet of Living Area.
$65,000
REDUCED! Trailer Park on one acre, seven spaces, three spaces currently occupied. Includes a 1999 Oak Creek 18’ X 80’ singlewide in excellent condition, largest made! Located within city limits and close to downtown. Convenient to University.
wrong question: - Posted by Steve-WA
Posted by Steve-WA on March 21, 2006 at 22:07:31:
Is this a good deal - - - for YOU?
What do you want to make? What do you wnat to do? Work the numbers backwards - try an archive search for “numbers backwards” and read all posts on the four pages - yes, ALL.
At first glance, I am thinking - WoW!! That '99 could possibly retail for more than half of the 65K, and there are two other (sounds like non-park-owned) homes bringing income, and four empty spaces.
You need to know the income, expenses, and rotten easter eggs in this deal (hidden unpleasant surprises). That’s called Due Diligence - and there’s an article by Ray Alcorn on that subject, as well as groves of archived posts - start your research there, so that you can know what you dont know.
Since you say it is your ifrst investment, it may not be the right one for you. It is important, when you are buying a zoo, that you have some experience with animals. At face value, it DOES seem like a potential smokin’ deal, but there will be more.
Oh, yes . . . there will be more.
Re: Is this a good deal? - Posted by Gary Klos
Posted by Gary Klos on March 21, 2006 at 21:31:48:
Are you looking at buying two trailers and a seven space park with with 3 spaces leased out. plus these two trailers on two more spaces? Gary
Re: Is this a good deal? - Posted by Marty (MO)
Posted by Marty (MO) on March 21, 2006 at 18:30:30:
around here, this would be a great deal. Market rents here for a mh are $600 to $750. We live close by, so the homes we have are fairly easy to manage. Lot rents in our area run between $225 and $330.
You need to do due diligence- how much is land worth? how much do the homes sell for (not the asking price)? what’s your exit strategy- are you going to lonnie the homes and rent the dirt or rent the whole thing? who is your target market? are you even thinking about renting your nice properties to college students?
check the zoning to see if the property’s set up properly.
is the water metered separately to each property?
Do you have any experience managing properties?
Cruise the archives, I know I’m missing a ton of stuff- just trying to get you started.
good luck–
Marty
Re: Is this a good deal? - Posted by T
Posted by T on March 21, 2006 at 17:41:31:
well the one acre of land and seven spaces come w/ the trailer… it says that 3 are currently occupied. This is located in Central Texas…
Re: Is this a good deal? - Posted by Mike (Seattle WA)
Posted by Mike (Seattle WA) on March 21, 2006 at 17:13:57:
You tell us. On the surface, most single wides we buy, in perfect condition, we won’t pay more than $3,000.
But the question is, can you resell this trailor on easy financing terms for $130,000?
Re: Is this a good deal? - Posted by T
Posted by T on March 21, 2006 at 16:49:43:
I thought I better add that this property is located in Central Texas…I guess that would make a difference…
Re: Is this a good deal? - Posted by T
Posted by T on March 21, 2006 at 21:38:51:
Buying the one trailer that is for sale and the 7 space lot w/ the 3 leased out…then I guess try to lease the other spots and rent out the trailer that is included in the purchase…
Re: Is this a good deal? - Posted by T
Posted by T on March 21, 2006 at 18:44:06:
Thanks for all the replies…I’m looking for a first investment property… I definately need to study up some more.