I have recently found out about a property (mobile home) that has been owned for 19 yrs or so, by a family member, is available. I could acquire this home for 34k which is what is owed. Looking at the market in this small town the rental is anywhere between 800 - 1000. The mobile home needs some work to fix up (approx. 5-8K) but it is located on a canal with dock. The taxes are only $400 a year and insurance is $520. At this time it seems the value of the property is 60-70k. I am just looking for some experienced advice. I have a few ideas about funding but would like to hear about your ideas and what might be the best route. Based off the info provided would it seem this is a good deal. I have ran it through the rental calculator and found it to be pretty good on the cash ROI and income but being new, I am probably missing something. I appreciate your help and advice provided. Let me know if there is any other information needed to provide feedback.
Does the land come with it? Or is there lot rent? Lot rent may kill the cash flow.
The purchase includes the land. It is actually located on .43 acres in a community with houses and mobile homes.
If there is a neighborhood association, I would check with them and get the low down on their fees and restrictions. I would then get a few real estimates of the work that needs to get done and see if your relative would just let you assume the mortgage. It sounds like a decent deal on the surface. What year was the home built?
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