Wait a minute...Is this a deal?
The seller is an elderly lady who recently lost one of her children to a drunk driver and wants to sell her mobile home (MH) to pay for funeral debt. I want to help her solve her problem and make a profit while doing so. I'm trying to figure out if there's an opportunity for a deal.
Details:
Seller lives outside of Odessa TX city limits
Selling 1969 12'x55' 2 bed/1 bath mobile home.
Asking price has dropped to $6000
Problems: Title is in name of deceased relative. Home needs to be moved, The home has a few soft spots in the floor, bathroom needs to be tiled, toilet needed, bathtub needs repair, carpet throughout home needs replacing, no A/C.
I don't know how much the repairs cost or any problems I've overlooked. I'm planning on exiting the deal by flipping it or selling it on payments. I posted a test ad in my area and got good responses for a 2/1 at the $24k price range. Since it is an older model I'd figure discounting it to $20k. An older mobile in that area (within 2 miles of the city limits) can rent for about $650 conservatively. I spoke with a local investor and he recommended that I offer on the condition the home stays on the land or if the land is included in the deal.
As I mentioned I have no clue what I am doing, therefore I'm sure I've left out important information. Please ask for anything I've missed.