OfflineOk, first off I want to say that I am new to the site, and this will be my first post. Also, I have been reading Dean's books, which lead me to try out the site as well.
We are working on a possible first deal, but I am hoping to get some opinions and/or feedback, and possibly a little guidance in the first steps.
We are looking at a mobile home for sale at the price of $4000.00. It's part of an estate, so the seller wants the full amount up front.
My first question would have to be, how good of an investment could this be if we were able to purchase this mobile home? It's located in a park of 185 others, lot rent is about $165/m includes garbage. Our first thought was to fix it up, and rent it for a year, then possibly try to sell it for a little more than what we paid.
We were also thinking of what to charge for rent. How would you go about determining the price.
Would love to hear from those that have dealt with mobile homes. Any advice, opinions, etc., would be gratefully appreciated.
Welcome to the DG family and this great site. Mobile homes in general do not appreciate in price, they usually go down in value. the age of the unit would be of concern to me also as far as making repairs and renting in out. Throwing good money into something that goes down in value doesn't get me excited.
Next you have to deal with the park management to see if they will let you rent it out. Some parks require that you the owner occupy it. Check that out for sure. I am not sure of the part of the country you are in, but up here in upstate NY there is always problems with freezing pipes, since all homes are on a slab. Getting back to fixing it up, if you just do some cosmetic things, paint, rugs possible kitchen or bath upgrades you could easily dump another $2,000 into the deal, unless you or someone else is real handy in that area.
Cindy, these are only items for you to consider and I am not telling you to back away from your first deal at all, just giving some options to you.....Jan