Suggestions Please - Posted by Nancy(NC)

Real Estate Investing
1

Posted by Nancy(NC) on April 14, 1999 at 21:58:32:

Mike:

Thanks for the thought. I would consider an exchange…

Nancy

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Suggestions Please - Posted by Nancy(NC)

Posted by Nancy(NC) on April 14, 1999 at 06:40:23:

Hi:

My husband and I bought a vacant lot about 6 blocks from the ocean at a tax sale for $5,000. last July. We cannot get clear title for one year after the sale in case the previous owners contest the “process” of the sale. I’ve been told by a local REALTOR that the going price is about $30,000. for lots in that area. At this time the county is in the process of “getting ready” to put in sewer lines.

There are mobile homes in that area and lots with mobile homes seem to bring about $50,000 plus…even very old mobile homes.

I don’t know if it is worth the hassle to do the homework and bring in a mobile and set up doing septic tank so it can be used immediately or whether we should just go ahead and sell this summer as is. I’ve read Lonnie’s books and the work may not be worth the hassle but the profit would be a lot more. Of course there would also be more work and time involved on my part. We have also considered waiting until the sewer lines are in to sell but would like to go ahead and sell and move on.

I would love some advice and suggestions.

Thanks
Nancy(NC)

3

Re: Suggestions Please - Posted by Dan (NC)

Posted by Dan (NC) on April 14, 1999 at 07:44:35:

Nancy,

Figure 2-3K for a home, 2.5 for move and set-up, 2K for septic, maybe some repairs, headaches, etc. When you figure your’re putting in an extra 10K almost to make an additional 10K, I’m not sure it’s worth it on your deal. The profit is in the land, if you can get 30K for it. Improving cheap land with MH’s is profitable, improving expensive land often isn’t.

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Re: Suggestions Please - Posted by Nancy(NC)

Posted by Nancy(NC) on April 14, 1999 at 09:03:06:

Dan:

Thanks for your response. I had thought that also but then saw some rediculous prices for OLD mobile homes set up so started thinking maybe that was the way to go.

Nancy(NC)

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Re: Suggestions Please - Posted by mike

Posted by mike on April 14, 1999 at 21:17:13:

the tax man cometh. think exchange rather than sale