Posted by Dr B (OH) on September 28, 2003 at 20:56:29:
a mess. Sounds like its piers are sinking causing settling and uneven floors. Are they on concrete or, more likely, on mud?
The real question is how much could you sell it for? Figure out how much it will cost you to fix it THEN double or triple that because newbies almost always underestimate. Then subtract a hefty profit margin, real estate agent’s fees (if you need to go that route) and maybe septic, you have your final price you’ll pay for it. You might find a negative number in the answer.
Alternatively, if you bought the place and scrapped the home to replace it, you’d want to pay $5000 for the land (gotta make it worthwhile) MINUS the expense of junking that thing.
Some people I know would take $2000-3000 FROM THEM to help them out of their problem.
Is this one worth the trouble? - Posted by Richard
Posted by Richard on September 28, 2003 at 10:13:54:
Still looking for first deal. Went and looked at this 1979 3 x 2 double wide. Needs major repair. Carpet, decking in baths and kitchen is warped and weak, doors busted, cabinets fronts need replaced, paint, plumbing problems…all faucets in home bad, front porch rotten and exterior needs paint and a roof. The decking is not even at the point where the double wide meets in the middle, inside the unit. Range and oven are in bad shape and dishwasher is missing.
Looks like it would take several thousand dollars and a lot of time to repair. They were asking $17,000 for home and land. The land is located on a rural road and worth about $6,000 in this area.
The lot is in a good location. I have just not looked at enough mobile homes to know what I am looking at. Any help would be appreciatted. This may be covered in Lonnies books…they should be here this week.
Richard
Posted by Rick (OH) on September 29, 2003 at 12:52:08:
Hi Richard,
Lonnie’s books will recommend against double wides and his standard “Lonnie Deal” is a MH in the $2000 - $4000 range that you can sell for 2 -3 times its cost and in “AS IS” condition.
I don’t always take his advice, but only when the deal is terrific. I just bought a 1980 double wide last week in excellent condition for $4000 and already have a probable buyer for a sales price of $15000 in an excellent park.
So my recommendation would be to “Let It Be”, a better deal is out there just waiting.
Richard,
I’ve done rehabs like this when I first started out and no I don’t think it’s worth the effort. Not sure how much experience you have but these homes can be the proverbial money pit. There are lots of deals out there that you can re-sell with good profit for less work. We don’t sell the rehab (other than a little cosmetic), we sell the ez financing terms.
All the best, Lyal