Posted by Marty (MO) on April 30, 2007 at 23:33:44:
whatever dept is in charge of zoning would be best! just tell them what
you’re going to do and see what happens.
we would like to refi and pull cash out and hold as a rental, but…
working a deal like this with new mobiles and modulars isn’t an easy
thing. most banks, appraisers, and inspectors aren’t real anxious about
dealing with them. lack of education, I reckon.
Tony’s book is an excellent resource for anyone wishing to do l/h
deals. I would say the book’s been invaluable to me- we’re using many
of the techniques Tony and Scott outline. The financing information is
very sound. These deals are not as easy to fund as traditional real
estate- unless you’re educated.
We’re going to continue focusing on l/h’s and lonnie deals. We’re
closing on 2 more lots May 9th and we have a good lonnie deal
working right now. We’d love to expand into developing new mods, but
our time is already real short. If you get a deal working- definitely post
it!
I’m very new to land/home deals. I am wondering, is it possible to buy a piece of vacant land, where a house has been torn down and put a mobile on it? Something in an older subdivision or city area? The places Ive seen vacant lots for are not the best areas (crime, etc) but it should be easy to find a tenant or buyer because of the money I would save using a mobile. If zoned residential, would I need to have a foundation poured for it? If so, what kind of costs would I incur for that kind of project?
Posted by Marty (MO) on April 29, 2007 at 22:52:24:
should be in the archives. the biggest restriction/headache will be local
zoning laws.
we’re researching doing this with a modular on a city lot…
go to the city and get the answers straight from them.
we’re trying to develop an easily repeatable system. tear down
dilapidated homes in turnaround neighborhoods and put modulars on
basements. Demolition can run as high as $7000 around here.
Basements are $14000 to $17000. utilities may be included by the
dealer.
right now, the numbers aren’t crunching quite enough for my taste.
Thank you for your response Marty. What city department do you think would have the best answers as far as the zoning regulations?
The numbers that you posted seem to be fairly decent, at least at first glance. Are you guys planning on doing a refi to pull out cash then renting it out? That’s what I was thinking. Do you think Tony’s books would be of good reference for a project like this?