Posted by Tony Colella on August 26, 2005 at 10:03:37:
Scott and I wrote a book that we have here that deals strictly with Investing in Mobile Homes with Land.
There are many ways to make money with mobile homes and mobile homes with land. In an area that is appreciating and growing as you described, those lots could be a very nice addition to your portfolio. Of course you must get them at a reasonable price and dealing with that non-motivated seller could be frustrating but perhaps worth it.
Your numbers are a bit on the higher side than I would like, especially if this is a singlewide land/home deal.
Doublewides would work well now or in the future as they allow you to get your money back and then some (we use what we call a “Land Bank” approach to accomplish this).
You may well be on the right track and with some strategy you should be able to find a way to not only buy the property but also pull the $20k you mentioned in 12 months so that you can do more deals.