Posted by DougO(NM) on April 03, 2000 at 09:40:01:
CCR, Covenants, Restrictions, etc. If these are individually platted lots in a subdivision, they usually (not always) make these a part of the plat and deeds setting up what can and can’t be done in the subdivision (Types of construction, no farm animals, etc.)Just email me
Doug
Need advice on potential Mobile Home/Lot Development Deals ? - Posted by Earl
Posted by Earl on April 02, 2000 at 18:17:13:
I would like to know what others think about selling land/home packages. I can acquire lots for ~$5K, that have access to city water/sewer and electric. These lots are sold individually to Mobile Home owners. You can not move mobile homes more than 5 yrs. old into the MH community. I have received comps of MHs from realtor for 3BR/2BA homes 16X80, that sold last year for $60,000 - $63,000, and these homes were about 3-5 years old. I have a partner, that can buy repoed MHs for about $(12-15)K. I think we can buy a lot and home, plus other costs for a total investment of $25K, Then we can sell the home and lot for $(60-65)K, for a profit of about $35K.
I would like to get feedback from others on the pros and cons of doing a land/home package like this. Is this just wishful thinking on my part? I figure we have 3 ways to exit out, 1) Cash out with buyer getting financing 2)Just sell the home (easier for buyer to just get financed for home) and rent the lot for ~$250/mo. 3) Sell MH/LOT owner-financed and sell the note for cash.
Any advice would be greatly appreciated.
Thx, Earl
Re: Need advice on potential Mobile Home/Lot Development Deals ? - Posted by tb
Posted by tb on April 03, 2000 at 19:21:40:
Hi Earl,
I too am looking into exactly the type of MH/land development that you are and found a great video here at CREONLINE. The URL for the video is :
http://www.creonline.com/v-101.htm
The video is titled, “How to Develop Mobile Home - Land Investments” and this rookie found it to be extremely informative.
Hope this helps and good luck!
tb
Re: Need advice on potential Mobile Home/Lot Development Deals ? - Posted by Dan (NC)
Posted by Dan (NC) on April 03, 2000 at 10:52:47:
You might look into repo’ed doublewides too. Amazingly they often aren’t a whole lot more than SW’s, but are more expensive to move, set and trim, obviously. In some areas the market for DW’s with land is much more robust than for SW’s. You might consider installing footers/foundation to meet FHA code, which again is a bit more expensive, but it opens up a larger market of buyers using conventional financing, at lower rates. Whether you sell the package or keep the land for income is an interesting choice. Do you need cash flow or cash? There seems to be a synergy between homes and land. Each is worth so much individually, but together they often are worth more than the sum of the parts. So you may be decreasing the total value by splitting them.
Re: Need advice on potential Mobile Home/Lot Development Deals ? - Posted by DougO(NM)
Posted by DougO(NM) on April 02, 2000 at 23:53:35:
All of the above, whichever will work. Of course I think you should just sell the home, keep and rent the lot. If you have need to get your funds out, I find that if you have some local investors, you can work a deal to sell enough of your owner carry note on the house to recover your cost (not profit) in the home, (or land/home if thats what you do) to go do the next deal. Also, check to see if the subdivision has any CCR’s, if so read them!
If you want to discuss this further, give me a shout
Doug
Re: Need advice on potential Mobile Home/Lot Development Deals ? - Posted by Earl
Posted by Earl on April 03, 2000 at 11:01:05:
I have partners, that I am working with on these possible deals. I would like to put cash in my pockets to pay down some consumer debts quickly. After that is taken care of, I would like to sell the mhs and rent the lots for long-term cash flow.
Re: Need advice on potential Mobile Home/Lot Development Deals ? - Posted by Earl
Posted by Earl on April 03, 2000 at 01:08:19:
Doug, thanks for the response. What is a CCR and how can I get in contact with you for more information?
Thanks,
Earl