Is this a deal or NOT?
Hello BP Investors.
Ben Barredo here from Knoxville, TN with a question. I have a friend that handed me some leads for Mobile Homes he didn't want.
I have been talking to a lady who owns a property with her brother in a rural area of Tennessee. There's a Mobile Home built in '92 on the property that is now on permanent foundation (called a Modular Foundation Home or something). It's a double-wide, 3/2 on a privately owned (no mortgage on anything) .52 acre lot just a few blocks from boat docks and a lake. She has 2 half acre lots in the deal. She wants 39.9k for the package but is willing to drop 32.5k (and only after 2 talks and I haven't even plugged holes in her ideas about it's worth yet). She also says that there have been some major repairs and renovation done to the roof, HVAC, plumbing, and stuff in the last 3-4 years (different dates on different elements).
Here's my question, the double wide isn't going to be worth much of anything. She agrees there but she thinks the one half acre lot is worth 30k.
I've copied the assesser's information at the bottom of this post. What's it telling me?
If this land is worth that much, can land be refinanced like homes? My idea was to get her to seller finance, put in some RTO tenants, and then refinance after a year. Is this possible though? I have no idea. This is the first deal I've worked on - EVER!!!!!
| Land Mkt Value: | $14,900 | |||
| Improvement Value: | $15,200 | |||
| Total Market Appraisal: | $30,100 | |||
| Assessment %: | 25 | |||
| Assessment: | $7,525 |