Currently unemployed and looking at free mobile homes as possible option
As luck would have it, I lost my job a week ago. There are some employment possibilities on the horizon, but nothing sure yet. I feel like my investing ambitions, have been put on hold. My focus has been on looking for work, and working my part time job.
After putting some thought into my circumstances, the only two solutions would be to invest in a small fixer upper residential or look into investing in a free mobile home. With a small rehab, I would have to look into using hard money. Right now such a strategy may not be the best approach. It just seems extremely risky and expensive. I then went on Craigslist, and found some free mobile homes. One of the ads shows a picture, the other does not. I have not seen the homes in person, but the one with the picture is an older 1970's home in great curb appeal (on exterior). The description says that it needs some work, and may need to have the floor replaced.
The opportunity to get the mobile home is there. I am already familiar with the park, as they had offered a free mobile home to me when I first started learning about mobile home investing. The park's rent is about $520, and it is in a 55 and over community. For me, these are two red flags I try to avoid. In my circumstances though, it seems like an attractive opportunity. I know from past experience that the park has offered to waive the monthly lot rent for up to 4 months (with a possibility of 6 months waive).
My dilemma is on what should I do???... Even if I got the mobile home, it still needs work (which costs money). If for some reason I still have the home after 4 to six months, then I face the possibility of lot rent. Hopefully by then, I would have a job to cover that risk. Not sure where to go with this. Any thoughts and advice would be greatly appreciated.