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.
I have noticed how cheap some mobile home lots can be, specifically the 1 acre lots. In my area(Aiken, South Carolina, and also Augusta, Ga.) you can buy 1 acre lots)developed and undeveloped) as cheap as 5,000 dollars, and they will usually finance you with 500 down, and no credit check. I want to buy some of these cheap lots, and have people put their trailers on my lots, or I’ll find my own trailers.
Lots seem to be so cheap that it would take me no time to pay them off. After paid off, the lots seem like they could be real cash flow generators. I’m looking to use the Robert Kiyosaki(RICH DAD POOR DAD) principle of Building businesses, and buying real estate. I want to use the cash flow from the lots to aid me in buying properties. I don’t want to use my own sweat, money and blood that goes into working my job forever.
Lonnie(or anyone else) what are the things to get checked when buying a mobile home lot, and how long does it take to get someone to move their trailer on your lot? Please respond b/c I’m ready to move like now!