Posted by Lonnie on March 12, 2002 at 09:05:37:
Are all the improvements (well, septic, drive-way etc) in place and the lot ready for a home? Or is it raw land that you will have to develop? Is it zoned for a MH? (Check with your local zoning to see what?s required to place a home on it) Do you plan on renting the lot, if so, how much will it rent for?
We need answers to these questions before advising you. Just because it?s cheap, and good terms, doesn?t necessarily mean a good deal.
One thing to keep in mind. You can greatly increase your profits with lots by placing a nice used home on it, and selling with terms (creating a note). You then have two payments, one from the dirt, and one from the MH, but you?ve eliminated most of the landlord problems since you don?t own the home. Dirt doesn?t give you much of a problem. It’s a great biz.