Posted by jim on February 04, 2002 at 22:20:03:
ditto first answer, you’re already ahead. i would just add: get the storage trailer out of there, apply for a loan larger than what you need for the deal, and use the extra money to finance a new or quality used unit that will draw another $500/mo. rent. Now you’re really making cash, and if you CAN add more units you’re only scoring all the more! Good luck.
What would you do with this opportunity? - Posted by Sean (AR)
Posted by Sean (AR) on February 04, 2002 at 13:08:02:
All,
I was recently made aware of an opportunity in my local area. 7 acres, with 3 mobile homes on it. One double wide in great shape, one single wide in good shape, one single wide used as a storage building. The double wide is rented out currently at $500.00 per month. The good single wide is rented at $250.00 per month. The storage one is storing ha ha ha. Asking price on all plus land is 41K.
I’d love to hear some ideas on how to make this a cash cow! Please help.
Re: What would you do with this opportunity? - Posted by GL(ON)
Posted by GL(ON) on February 04, 2002 at 13:23:18:
If you can get a mortgage at 7% the payment on $41000 is only about $325 so you are making money right off the bat. $750 per month rent minus $325 equals $425. How much for taxes? How much for insurance? Are there any other expenses?
Could you put more mobiles on there? Could the storage unit be fixed up and made livable? Is there well and septic or town services?
You could possibly develop a nice mobile home park there. Or divide it and sell lots. Lots of possibilites. You should really take this to the mobile home board to get the experts’ views.