Possible Opportunity need advise - Posted by JJ(NC)
Posted by JJ(NC) on September 11, 2004 at 15:04:17:
I am a new college grad that is looking to invest in real estate as soon as I land a FT paying job. I am looking for RE opportunities while I’m looking for a job.
Since I have very little starting cash I think mobile homes would be a good start, so thats why I’ve spent the last few months reading this board and I bought both of Mr. Lonnie’s books.
Ok here is the opportunity.
My Dad and I drove out to a rural part of the county I live in (in central NC) and found an area with a sizable amout of empty mobile homes, but lots of people living around the area too. This area has alot of trees,gravel road, and a pretty creek that is behind the properties (floods but my dad said not in these areas).
There are 2 SW’s, 1 smaller SW, and one DW on a brick foundation all on the same side of the road on lots and they are all empty. The 2 SW are in abandoned (looks like for awhile) shape with one having the front door missing and some skirting and various other things in need of repair. I didn’t get a good look at the smaller SW but it was in similair shape. There are no for sale signs, just abandoned.
The 3/2 DW is for sale on the MLS via VA realtor ($40k asking) it is on an acre lot with a beautiful view of the creek in the very back of the lot with a small workshop. The porch, parts of the roof, and siding need some repair.
I have not contacted anyone, this is just from being nosey around the property.
That 40K is way too high I know, but what you do next if this opportunity (or similiar ones like it) was in front of you.
Any advice would be great thanks.