Finally, my first purchase!
I finally snagged a mobile home a couple days ago! The hardest part so far has been finding a decent deal and I think I got one.
1971 single wide
Purchased for $1460.00
Trashed!!!
Lot rent $300 due on the first.
There was only one other MH for sale in the park and it was similar to the one I bought, the lady has it listed for $7K!!
I know it sounds crazy, but 30+ year old homes sell for about $6K-$12K!! around here.
I go to work on it this weekend, I will repair as much as I can with out spending anything and then put together a small budget and replace a couple things in the bathroom and kitchen. Already has newer water heater and furnace.
I have been running ads and already have someone interested!
Any tips for my first investment property are appreciated!
John
Most Popular Reply
Great!
Will you rent it? How much?
Sell it? How much? Will you carry the note? How much down? Payments will be...?
Will you or your tenant/buyer pay the lot rent?
Have you read Deals on Wheels?
I know this is a bunch of questions, but you should have all the answers.