Mobile home Deal
Hello everybody and thanks in advanced for any assistance. please let me know what you think.
Lot with 5 mobile homes on it.
two are rented for a total of $600.
The other three need lots of work.
the asking price is $30K
it is in a higher demand area with good schools
I will not be allowed to put new homes on the property
after fixing up the mobile homes I believe I can get $400 for 4 of the trailers and $500 for the other one.
I think it will take about $10k to fix each of the trailers to MY standard of rental.
What do all of you think? Should I do the deal and if so what types of terms should I shoot for?