Posted by Steve (MO) on September 07, 2011 at 12:47:03:
Thanks Bill. Just talked to the park manager and going to get some more info from the owner. He was very nice and said he thought it was one of two home. One he wants out of his park, but the other he would maybe allow to keep in with an owner-financed deal.
I appreciate the info.
1982 14x80 value - Posted by Steve (MO)
Posted by Steve (MO) on September 07, 2011 at 10:08:02:
Hello everybody. I’m just getting into the REI business.
Found a 1982 Detroiter 3/2 14x80 for $1500. Haven’t seen, but supposed to get some pics. Says some water damage where fascia has peeled back. Appliances come with (DW/Stove/Fridge).
This seems (on the surface) to be a pretty good deal, but just wanting some opinions. It’s in a park, but unhooked. Waiting on a call from a mover for costs, but might want to just keep it there. Not wanting to pay the lot rent, though, of $145/month.
Called a local MH dealer and he thought this was worth maybe $5k-6k, but that could be sold for $10k depending on how rough it was.
Thoughts?
Re: 1982 14x80 value - Posted by Bill Jacobsen
Posted by Bill Jacobsen on September 07, 2011 at 12:12:37:
I prefer not to move old homes. You need to know whether the park allows rentals and what you could rent it for.
Talk to park management to see if they will forego rent until you find a renter or buyer. They probably are not getting rent now and you would be putting it back on the rent rolls.
Let’s say you pay $1,500 + one month’s rent of $145 + fix up of $1,000. That is probably high but now you have $2,645 in it. Let’s say you can rent for $290 including lot rent. The rent going to you is $1740 per year or 65% of your initial cost.
As an alternative, you can sell in park at about $170 a month for 3 years. Total money to you is over $6,100. You should be able to make money doing that.
Good Luck.
Bill