Mobile Home deal? - Posted by Kristina KY
Posted by Kristina KY on December 07, 1999 at 19:32:14:
As a new investor, I would appreciate some help with this. I’m thinking this might be a slim possibility, but would like some responses.
There is '96 70x14 Norris mobile home(2 bd, 2 bath) for sale in a good nearby Mobile Home Park, for $27,500. The home sits on a rental lot. It is in excellent condition-- beautiful inside.
All appliances will be left (washer, dryer, dishwasher,etc.)
Two storage buildings
1/2 acre lot with garden(rental 175/mo including sewer, water, garbage)
ceiling fans in each bedroom and living room
Carpet and linoleum
He has $23,000 loan balance left, that is assumable ($290/month). This park doesn’t allow rentals, so I would need to resell it (as i don’t have 25,000 cash on hand).
This home belongs to an elderly man, who lost his wife and wants to move in town closer to his son. I would really like to help him if it’s possible for me to make any sort of small profit ($1-2,000?). I think he will take 25,000, but not sure if even that will be low enough to resell on terms to another buyer.
Thanks for your help. Sometimes my head is swimming, as I’m just beginning in this business and trying to figure possibilities with these properties!