New investor needs help - Posted by Richard

Posted by Richard on September 20, 2003 at 15:13:33:

I must admit that I have not had the time to investigate everthing at this time. I know there is a lot on the same road for sale for $4000. It doesnt have utilities though. I have not checked into what it would cost to have unitlities put in and the cost to move a mobile home to the lot. I think I can buy the one I mentioned for around $14K. I would have to be able to have utilites put in and buy another trailer for less than $10K to have a better deal. Maybe I could. I know it would require more hassle on my part to get all that done. My thinking is, I could rent this trailor out for around $450 and pay for the lot and trailer in about three years…after that…profit!

New investor needs help - Posted by Richard

Posted by Richard on September 19, 2003 at 18:12:15:

I found a 1979 3 bedroom 2 bath 1500 square foot mobile home on .33 acres. It is located on a country road between two nice brick homes, ($60,000 homes) The asking price is $17,000. It is currently owned by FEDERAL HOME LOAN MORTGAGE CORP and is listed with a realtor. The home looks good from the outside. I am looking for income producing properties. I think I could rent this house out for $400 to $450 per month. I looked on the Tax data web page and the properties value is listed at $13,740.00.
I would appreciatte any help on how I should go about making a offer and what kind of deal this sounds like to you.

sounds like this would make a very… - Posted by Greg Meade

Posted by Greg Meade on September 20, 2003 at 18:10:03:

good rental for approx. 35% ROI. Is this what you want? a long term rental stream with a lonnie type sale as exit strategy? Or take this same 15k and leverage this into 8-10 lonnie deals each paying you 250 per month cash flow? Only you can answer…mt wife is thrilled getting 1.89% interest on her cd. Drives me nuts, but to each their own…would love to find a deal like this in my backyard …would tie it up and sort out what kind of money and how much money later!
Good Luck!

Re: New investor needs help - Posted by Dan - GA

Posted by Dan - GA on September 20, 2003 at 13:28:00:

How much is land per acre in your area? Do they still allow 1/3 acre zoning. The county I have a park in now requires 1 acre minimum and you have to have public water or sewer to go that small. When you subtract the value of the land, what is he asking for the MH? Could you get a similar home that had to be moved and set it up for less than the difference. What are local area rents?