Buying mobile home off friend for my first rental

2 Replies

Considering on buying a mobile home off my best friend. It’s a 1997 Oakwood 3br 2ba. He is the second owner with his aunt being the first. He currently lives in this mobile home and I actually lived in this mobile home with him in my bachelor days. He has offered it to me at 7k. I called the PVA office which has it listed for 16k. I will be taking a HELOC. The mobile home does sit on a lot which is $150/month and my HELOC payment would be roughly $105. I am new to RE investing but trying to get my feet wet.. The roof has been resealed last year. Trying to figure out my ROI. Any advice would be greatly appreciated.

@Danny Hinkle Depending on your exit strategy, be sure you have everything in writing. Since your friend is living in the home, I'd be clear on the terms of vacating and your possession date. Regarding repairs, be sure to check everything including the floors, air conditioning and heating unit, plumbing (look underneath all sinks and run every faucet), and the condition of the siding outside. Good luck! 

@Rachel H Thank you for your response and I will be sure to check everything I can. What would be the best way to get the appropriate paper work completed to finalize the deal once that time comes?

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