Posted by terryr on March 12, 2002 at 22:05:55:
translates to almost 23% per year until paid off - if you have the extra cash and will not need it - go for it - i belive you would have a hard time mortgaging these spaces if your finances changed and you had to have the money out
Should I be buying these MH lots? - Posted by Brian, WI
Posted by Brian, WI on March 12, 2002 at 20:18:40:
I know in DOW Lonnie talks about buying the lots that are for sale in MH parks. In his example he talks about buying a lot and the MH on it. He got a rather good deal because the seller was motivated. Well here is what I’m looking at…
There has been an ad in the paper for a “Retirement Community” in the next county and they are selling the lots for $21,000. I don’t know if this is a new park or not, or if I can just buy the lots then rent them out myself, or if I would have to put a MH on the lot first, etc. I was thinking however that if I could just buy the lot and get a discount on it, maybe I should buy 1, 2, 3, or more. If I can get each one for let’s say $17,000 the rent in this area is at least $325/month, I would have my money back in about 5 years then after that, it’s all profit for “renting dirt”.
Anyones thoughts, concerns?