Mobile homes on private land
Hi Everyone,
I have done some mobile home deals in parks, but none on private land yet. I had someone contact me with 2 different doublewides on private land.
The first is a doublewide, apparently no work needed, on 1.5 acres and the seller wants 40k cash. He says I could sell it 50k owner financed. I have not verified these numbers but he owns a lot of rental properties and so for now I trust them.
The second home is a double wide 1 town over in what looks like a neighborhood of doublewides. He wants 35k cash for it, says it needs 5-10k work, and did not give me an estimated sales price. The last two in this neighborhood sold for 76k (last week) and 60k in June.
I feel like his prices are currently too high. It will take a long time to get the money back for my partner and I. What prices would you pay for these deals?
I feel like if I could get both for 65k I am probably good to go, but much more than that and I am not interested.
thanks for the advice,
Eric