Toms River, NJ · Member since 2014 · 1 post · 0 votes
I am a first time investor a "Family Park Unit" unit just came up. I need some help. Iit's a double wide 2bdr, 2bth, New roof new carpet. Lot rent is $529.24 mo. yr. built 1991. Water $30.00 Mo or less. Their asking 65,000
Are you buying land with the home or just the home? I am not sure exactly what you're asking but I am interested.
$65k is WAY to much to spend for a 25 year old mobile home, if that is all you're getting. Probably 5 or 6x what you can really buy one for. I own a small park and would not pay more than $10k for a home that old, and only then if it is in tremendous condition.
Insurance $500/month? I assume you mean $500-$700/year?
Again, I don't have enough information.
* Are you buying land AND home?
* Are you buying in someone else's park?
* Are you trying to flip or hold and rent?
* What does a 2/2 apartment rent for next door?
* Sewer or Septic?
* Who pays Utilities? What utilities? (gas, electric, oil furnace)
Are you buying land with the home or just the home? I am not sure exactly what you're asking but I am interested.
$65k is WAY to much to spend for a 25 year old mobile home, if that is all you're getting. Probably 5 or 6x what you can really buy one for. I own a small park and would not pay more than $10k for a home that old, and only then if it is in tremendous condition.
Insurance $500/month? I assume you mean $500-$700/year?
Again, I don't have enough information.
* Are you buying land AND home?
* Are you buying in someone else's park?
* Are you trying to flip or hold and rent?
* What does a 2/2 apartment rent for next door?
* Sewer or Septic?
* Who pays Utilities? What utilities? (gas, electric, oil furnace)
@Diane Albano I 100% agree with @Celeste Fackrell it is too much for a mobile home in a community. If you buy the land as well, it is a different story.
Welcome to B/P. Does not sound like s great deal but then I am guessing without compatibles. Get a CMA of the area, are you working with a real estate agent. Is that cash you would be paying? Like to advise but do not have that much info to g on. Is this your first investment? I personally would stay away from mobile homes. I have been spoiled and do not deal with tenant and toilets, I invest in vacant land.
Definitely talk to the park manager. Get to know them. By far, park managers are in the know on the values of homes and rents in the park. If they get to know, trust and like you, they will tell you loads of information not found anywhere else. Best of luck!
Thought it was high myself. I am looking at a 1 acre land with two MH on it for 15k. Of course it is off market and a "brother in law" deal so to speak but never would we pay that much for a MH here. Texas is far different the NJ though on rents.
Thanks for the vote. It sounds like you might have a winner down there with 2 MH on an acre for $15k. If you're serious about that deal let me know, I have been looking at similar deals for a few months and about to pull the trigger on one.
You need to respond and answer the questions others have posted.
You also need to figure the value based on comps. Mobile homes are park specific. An identical house can sell for $25,000 in one park but $75,000 in another park 30 miles up the road. No exaggeration.