Posted by ScottS(NC) on June 25, 2003 at 12:34:44:
Kathy,
In my opinion it would depend on your comfort level for cleaning and fix-up. Do you have any experience or know someone who does. Can you get the park to throw in a month or two of free lot rent while you fix up? Is the market in your area good for older singlewides fixed up? What do you estimate hiring all the work out for? Is that total number fix-up+purchase price+lot rent= to half or less what you can sell the place for in your area? These answers can only be supplied by you because they are market specific. How hard is it to get people approved to rent the spot in that park? Read Ned’s post below for an example of how this can hurt you. I am not trying to scare you away from this deal just show you how to arrive at whether this is a deal or not. HTH Take Care ScottS(NC)
We are looking at a “70s” MH in a 55+ park. It was abandoned by the owner and is for sale by the park owner who is willing to let it go for $500.00-- they just want the lot rented. ($409 a month lot rent)
All the walls and floors are in good condition; no signs of water damage under sinks or in floors; heater and A/C appear to be fairly new; porches are good and storm windows are less than 10 years old.
It NEEDS siding or paint (not sure about roof), new carpet and linoleum, lots of cleaning, landscaping, paint throughout interior, new shower and all appliances. I may have forgotten a thing or two, but for the most part it’s all superficial repair and upgrades.
So, what do you think? Too much for a first time deal?
In Lonnie’s books, he states he rarely does any work on MH’s he flips. Can you find a person looking for a fixer-upper? This way you can get started, and not have to do the fix-up. Why not advertise it as a fixer-upper and see what happens. You can always go back and do the work if that is necessary to sell it. WOuld the park manager give you an option on it? That way you wouldn’t be responsible for it if you changed your mind.