I am new to real estate, I am looking to buy a mobile home to start, curious on a decent price range to invest on this type of property. Any input will help.
@Derek Freda The price starts from free and goes up from there, depending on age and condition of the moho.
@Rene Owczarski how can it be zero? I understand using other people’s money, or is it something different?
@Derek Freda Basically the owner's own the moho free and clear, and are leaving town/moving to another moho/going to prison/whatever. And don't want to be responsible for the lot rent, or having to move the moho out of the park, if it's in rough shape. So if you'll take over their problems, they'll give you title for free, and all those problems are now your problems to solve.
@Derek Freda Congrats on your decision to get started in REI!
Thankyou very much!
@Derek Freda are you looking to buy a mobile home in a park or on land? Also are you buying for a personal residence or for an investment use?
@Allie Pfannenstiel either, and for renting purposes
@Derek Freda If you buy a mobile home in a park then you can buy them anywhere from 5k and up and resell them on seller finance at higher price with 10-12% annual interest. Otherwise in Arizona you can buy mobile homes on land any where from 150k to 250k, with downpayments at 3% if a primary residence or if you rent it out then you have to put a minimum of 15% to 20%.