new to the site and mobile home investing and wondering if this is a good deal. 2 single wide mobile homes on separate lots. one 1.1 acres, the other 5.61 acres. I think I can pick up both for around $55k. current rents are $750 & $550. taxes are low and it's on its one well and septic. so no other monthly expenses to me other than taxes. kicker is one of these trailers is in rather rough shape and to bring I new one in Id need a variance and the maybe a new septic. thoughts?
You don't mention the value of the land alone. Do you know the comps in the area for the land. If the land is worth more than 55K and the zoning gives you plenty of options than you might be able to start to think about trailer values. A trailer in rough shape where I am located goes for under 5K. Then you need to rehab it which could be another 5K or more. It is true yours is in place but at those rental rates your margins would be tight for a MH investment.
I meant to put the values in there but for got. the 1.1 acre property has a Zillow estimated value of $139k (which I see as worthless data). tax assessment is $61,000. The 5.61 acre property is Zillow est at $133k with an assessment of $48,400. Id estimate the lots to be worth $20K & $35k respectively w/o trailers. I do have the means of getting rid of the trailers for a decent price when that time comes as I have many friends with excavators and will just crunch it up and haul them away when the time homes. However, i think they can generate income for 10+ years. thoughts now?
anyone else have comments :(
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing