Posted by Phil Pelletier on March 03, 2003 at 16:26:51:
You did not mention anything about utility services on the property. Do you have electric and water? It sounds like you have some work to do, but you could potentially have a nice income stream set up by selling the homes and renting the ground. You have to watch your permitting and what is allowed on the land. I stick with in-park deals, so my advice is not so much based on experience with land deals. Grain of salt kind of thing.
need advice on possible mobile home location - Posted by jim jr
Posted by jim jr on March 03, 2003 at 06:11:17:
I am 22 and really want to get into REI. I am in the military and am stationed in Turkey right now. I’ve read a few real estate books and have also taken some formal real estate classes in college. My question concerns some land I bought when I was home on leave. I may have made a mistake by buying so fast but I was in a hurry and just wanted to buy something small to get my feet wet. I purchased 4 seperate lots, 9/10 acres each (3.6 acres total) After closing, the final cost ended up being around $14,000. I put $1,500 down and financed the rest @ 12%. I know its a high rate but I bought it through a land company and they offered quick financing and I didnt have to go through a bank. Plus I dont plan on having them long and would like to put some mobile homes on them and sell. The land is in a rural part of South Carolina, but already has plenty of residents all around it. It is located 5 miles from a major interstate. Also, there is a newly built and growing industrial park, KFC, hotel, gas station, and pizza hut in a plaza 10 miles from the land. The lots are in a low income, poorer part of town. My dad is going to manage my first couple of properties until I get out of the military. He has 15 plus years in construction and house work. All of his personal friends are in the business and can give us work at dirt cheap. The land has already been perk tested and my father’s friend is going to clear the land, cut a drive way, and install the septic tank for $1,400. From what I have said, did I make a mistake? Does it sound like it has any potential? I want to buy an older, cheaper mobile home and my father is going to do some fixer up work @ next to nothing. We have an abundance of resources for finding cheap mobile homes. From what I have said, did I make a mistake? Does it sound like it has any potential? Please write back with any comments, good or bad. Any adivce is deeply appreciated. Should I go though with this?