Mobile Home Question - Posted by d.henderson

Real Estate Investing
1

Posted by Ken on November 30, 1999 at 12:27:55:

I don’t know? How much would it cost to Raze the properties and how long to recover the investment? Figure the yield and see if the money would be better spent somewhere else? Good Luck.

2

Mobile Home Question - Posted by d.henderson

Posted by d.henderson on November 30, 1999 at 08:54:04:

Hello to all and thank you for your time.
I’ve found that the city has approx. 10 properties that are condemmed. Houses not worth rehabbing, having to bring them up to code, etc. So, I was thinking what about, tearing everything off and letting someone rent it as a mobile home lot from us. yes, it is zones for mobile homes. Has anyone done this, the outcome, bad idea?
Thanks,
dee-Texas

3

Re: Mobile Home Question - Posted by phil fernandez

Posted by phil fernandez on November 30, 1999 at 18:23:41:

Hi dee,

As we speak a good friend of mine is doing something quite similar.

The details : Old house that had an arson fire about five years ago. Insurance company ended up with the title and tried through realtors to market it. No buyers out there. The house, with a little stretch of imagination maybe could have been rehabbed and saved. City condemned house and wanted it torn down.

My guy ( with my help LOL ) made the insurance company an offer they couldn’t refuse seeing that the City wanted the house down by 12/1/99. My guy would take the deed if the insurance company gave him $7,000. The insurance company said ok.

Now my friend has a house that he will take down and use some of the $7,000 to do it. My guess it will take about $5,000. He still will end up with $2,000 cash plus a building lot. His game plan is to sell the vacant lot to the neighbor for $7,000.

So when the dust settles he has made a total of $9,000, not bad. And if the neighbor doesn’t have the entire $7,000 he’ll create a note and get his payments in monthly payments.

Sounds like he could just put a mobile on the lot or sell it to someone to put their mobile on it.

Dee sounds like there is money to be made in what you purpose. Keep us posted.