At least go look at it, make notes, go eat lunch or whatever, study your notes, go back, drive neighborhood to determine future value like if the area is a mess you may have cash flow(sometimes) but don’t add much for appreciation. Find some mobile owners in area renting lots to see what they rent for. Determine what taxes and other expenses like water and sewer will cost, and find out if a mobile with skirting can even be placed on lot and if there are any EPA concerns. Now go back to the property, get out and walk it, inspecting condition of physical items: electrical(size of box), water(well), sewer(septic), natural gas(propane).If it still looks like a deal but your feet are numb from the cold email me.
I have the opportunity to puchase a 1/4 acre lot out of state,I am in Ohio. It would be about 500 miles from my home. The lot has utility hookups as it did have a mh on it at one time. The lot is now vacant. Prior owner lost the property. I may be able to purchase very inexpensively.
My question is this. Due to the distance I do not know if it would be practical for me to travel there to find a home I could move to the property, then try to find a buyer,show the home etc. Land/home packages in my area are readily not available at a affordable price, so I have been looking in some neighboring states.
I have done 10 of the traditional Lonnie deals in others parks over the past 4 years. Is there any ideas on how to make this a work without me spending substantial time out of state finding a home/buyer etc. I am pretty open to flipping lot/lease purchase/carrying a note or leasing the lot etc. Any advise from the experienced investors on the site would be appreciated. I do admit I am in the buy mindset just to say I bought a lot. Not a good place to be when making investing decisions. So I am not totally trusting in my judgement right now. Any advise would be appreciated.
Thanks,
Bruce