Posted by Shannon on February 18, 2004 at 19:10:05:
Howard, I went ahead and posted the details above.
Deal pitfalls? - Posted by Shannon
Posted by Shannon on February 18, 2004 at 15:11:50:
Hi everyone. I posted a message on the main message board and wanted to make sure I get some mobile home investor’s opinions. I’ve come across an opportunity that I’d like to get some opinions on.
Details… - Posted by Shannon
Posted by Shannon on February 18, 2004 at 19:07:15:
I’m sorry, I just didn’t want to annoy everyone by posting this twice.
Ok, I’m going to post this just to get some opinions on my ideas for this deal even though I don’t have all the details.
3/1 1300 sq ft built 1984 on 2 acres of land with 2 additional septic tanks. Asking price - $44,000. I don’t have official comps yet, but I think the 2 acres without the house is worth this. House needs repairs. I did a quick walk through (it was open) and there is a whole in the floor in one room all the way to the outside. Definitely needs paint, carpet, no appliances in house, and the floor fixed in that one room.
Now, having said all that and knowing what I don’t know (exact repair estimate and real comps), here are my thoughts and plans for this property. Buy using hard money (already in contact with one for prequalification letter), repair and rent out the house. Get 2 trailers and put on the lot to rent. The house is on a street with about half mobile homes and half houses. It’s in a great area, best schools in town, but the road it’s on is an old paved road, almost a dirt road now. In the nice subdivions in the area, a lot (half acre or less) to build on goes for $30,000 or more easily. The lady who is selling it says there are others looking, I think this is a great deal. What are the pitfalls, things I should look out for, when doing something like this? I would appreciate any and all comments.
Re: Deal pitfalls? - Posted by Howard Schwartz
Posted by Howard Schwartz on February 18, 2004 at 17:36:05:
I don’t understand. You want our opinions, but you want us to search for your question? Are you sure you are in the right business?
Howard
Re: Details… - Posted by ScottMak NC
Posted by ScottMak NC on February 19, 2004 at 07:31:47:
Shannon,
Many potential pitfalls here, first being two additional septic tanks doesn’t mean two additional homes. The town or county will have many strict regulations regarding the zoning and use of that land. Generally one residential structure on one lot, thats it. Three mobile homes within a certain distance of each other on land all owned by the same entity could actually be considered a mobile home park and now you are subject to the requirements your juristiction has for parks. Good luck with that! The other two tanks could be defective and they left them in the ground.
This deal requires knowledge of land development and zoning issues. Better deals will come your way.
Scott