My 1st Mobile Home
Hi everyone.
I am new to bigger pockets and real estate investing. I recently purchased a mobile home because I wanted to start small. I purchased a 2 bedroom 1 bath 1978 mobile home. I was ready to jump on the ball so I ran my numbers and everything looked good. Therefore I purchased the mobile home on a nice lot for $3500 the lot rent is $125. I expected to put $1000-$1500 worth of work into to this mobile home in order to spiff it up a bit. I also planned to rent it out for $550 a month.
After purchasing this mobile home I started to put things in motion to get the home fixed up. I contacted the city in which I purchased the mobile home to get the electricity and water turned on. The lady on the other line stated the home had been moved into their city illegally and I needed to speak with the mayor. BUMMER....
In speaking with the mayor, I learned that the mobile home had been giving a permit to be moved in that city 2 years ago. However the person who gave it shouldn't have. They allowed the previous owner to keep it there because she was given the permit, but he states that he told her once sold it had to be moved!!
At this point I'm in panic mode. How could this happen? The previous owner states that she is willing to refund the $ but she has spent some of it and only has $2500... So in essence I'm loosing $1,000 already. Plus my time etc. you guys know the saying "time is money"!
Has anyone dealt with anything similar? Moving the mobile home would be an additional $2000 + that I didn't expect to spend. How should this be handled?
It was definitely a lesson learned. Call and make sure you can get the electricity turned on before buying anymore mobile homes!!! Lol
Shakiah Hall