Posted by swwa on October 10, 2003 at 13:51:04:
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Should I buy a Lot not in MH Park? - Posted by Drew
Posted by Drew on October 10, 2003 at 10:51:11:
I’ve seen several 1 acre lots that are not located in a park that only has the one mobile home on it for sale. Is it worth trying to purchase on of these for a good price since only one home will be on the lot. Should I still try and charge lot rent or just flip the land and home package?
Of course its worth buying if the price is right. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 10, 2003 at 11:38:08:
Tony, and dozens of others on this board do this on a regular basis. I do it almost exclusively.
After its yours you can do anthing you want with it.
Its great not having a helpful park manager telling you what you can and can’t do with YOUR money.
You will generally get NO price appreciation in a park. You may get some decent appreciation with your mobile on private land.
I love mobile deals on private land. What would you prefer to live in, a cramped park space with a PM bossing you around all the time or a NICE, BIG, Acre-sized private lot where you could have pets, a garden, some piece and quiet and no nosey neighbors knowing every time you bring you mistress home at lunch time?
Regards, doc
Mob home on Lot - Posted by drew
Posted by drew on October 10, 2003 at 12:09:24:
Thanks for the response. I know the land prices vary greatly but just out of curiosity in your area how much do you usally spend or what do you conside a good deal for a 15 year old home on a 1 acre lot?
Re: Mob home on Lot - Posted by Tony-VA/NC
Posted by Tony-VA/NC on October 10, 2003 at 19:38:17:
Price is a matter of locale.
What does a similar mobile home in a park rent for (include the rent for the home and land).
Typically in my area, an older single wide on private land will rent for $450-$500 per month.
Would paying $40k make that a good deal. Not in my book. Paying $20k or less would.
Lots that are vacant are not likely to be good candidates for bank financing but they can often be bought using owner financing or hard money (with reasonable terms). Vacant land often means you need to develope the lot. This takes time and money. I suggest you stick with the lots with older homes. At the very least, you could haul off the old and bring in a new if you had to (however I would fix up the older one most likely).
As for buying, forget not that we need a Motivated Seller in order to make these “deals” worth our time, effort and investment. Retail or non-motivated buyers will be nothing but a waste of your time.
You ask what you should pay.
I ask, “how little will they take, or what favorable terms are they offering?” That is where you deal is made.
Check tax records, knock on doors, set up bandit signs, send letters to the owners (listed on tax records) etc. Determine motivation level, screen out the waste and target the true deals.
Best Wishes,
Tony
Puh-leeze! - Posted by Steve-WA
Posted by Steve-WA on October 10, 2003 at 12:23:42:
C’mon drew!
Where? Wyoming? Beverly Hills?
Re: Puh-leeze! - Posted by drew
Posted by drew on October 10, 2003 at 13:06:10:
I’m just trying to figure out of it makes sense to buy a lot and home for 40,000 or just buy multiple homes for 7 to 8,000
Re: Puh-leeze! - Posted by Tim
Posted by Tim on October 10, 2003 at 18:19:50:
I can’t speak for anyone else here, but if land home packages were selling for $40,000 retail in my area, I would not pay more than 50% of that for one. Use the same principle you use for buying mobiles, buy at wholesale & sell at retail.
It STILL depends on where, Drew! - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 10, 2003 at 13:46:39:
I’ve got one double lot that I’m paying 660 pesos per month on. Does that help any?
Regards, doc
Right on Tim (nt) - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on October 10, 2003 at 19:20:54:
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