Posted by NLadner_AL on October 17, 2000 at 10:29:57:
Thanks for your input Michael.
Glad to hear that there is someone from this area visiting this website. If you happen to run into such a home as I described could you let me know? I’d like to check into as many as possible before I settle on one. I am also looking in the low end housing market as well (40,000 to 60,000). Most of them are not in the most desirable of locations though. You get what you pay for I guess. Thanks again.
Buying a mobile home with land in B’ham, AL - Posted by NLadner_AL
Posted by NLadner_AL on October 16, 2000 at 12:48:35:
I have enjoyed reading through this site. Have been reading for about a month trying to learn as much as possible.
First off, I think my first deal will be something for me to live in. For one reason or another I will probably have to move out of the house I am currently living in (long story) and need to find something for my wife and soon to be daughter. Here in the Birmingham, AL area I have seen several mobile homes being sold with the land for $30,000 to $45,000 with acreage of 1 to 2 acres. In all cases the homes are only 2 or 3 years old and single wide (maybe a double wide among them). I know that in Alabama this would be considered real property since the trailers are attached to the land and also know that you can’t exactly tell me if that is a good deal or not since you don’t know the local market or the condition and locale of the homes.
However, I was hoping that you may be able to give me some ideas as to how I can get into these homes with no down payment?? So far, all the homes/land I have seen are been sold through realtors. I just need to get into somthing cheap for now and hopefully in 5 years (hopefully less) I can get rid of it. (kinda considering selling the house in the future and renting the dirt)
Is there anyone at this website in the Birmingham, AL area?
Any advice that you can give will be much appreciated. If you need anyother information I will do my best in giving it to you.
Re: Buying a mobile home with land in B’ham, AL - Posted by Michael
Posted by Michael on October 18, 2000 at 20:51:22:
Hey, Nathan,
I’m way down here in Mobile, AL. I thought you might want to look at the main message board for som ideas. You might be able to find some property in preforeclosure and by it ‘subject to’ the existing mortgage, assuming the notes of someone who’s in a more desparate situation than you.
Re: Buying a mobile home with land in B’ham, AL - Posted by Michael
Posted by Michael on October 16, 2000 at 14:40:08:
Hi Nathan, I live in Trussville. I believe if you look around enough you can find some homes on land for sale by owner, in which case you are much more likely to obtain favorable financing, (no or low DP) since a realtor doesn’t have to be paid.
Why not try this: look for ordinary single family homes for rent (not mobile homes). Call and ask if you could rent and possibly buy later, not offering anything for that option, but ask them to credit 100 or 200 of each rent pmt toward a future down payment. So many homes around for rent, you should find a good deal.
And considering you can buy an acre of land for as cheap as $4000, what is being offered may not be much of a deal.
Something that may interest you Michael - Posted by NLadner_AL
Posted by NLadner_AL on October 17, 2000 at 10:41:54:
I don’t know if you are investing or not but in looking around I saw something that looked interesting and may interest you. Here is what the ad said.
4 rented mobile homes on 1.7 acres monthly income of $1200. I think the price was $59,900 (although it may have been $69,900) I think the former is correct but not sure. If you are interested in it I can get you the contact info on it or call them for you and get more information. It looks like a good candidate to sell the wobbly boxes and rent the dirt. Let me know what you think. I am not in the position at the moment to get into something yet (baby on the way in a couple of months, not enough knowledge, and a small vending business that is losing money that I am trying to sell)