Looking to get my feet wet; MHP purchase
Good morning, I was recently stationed at Ft Bragg and it appears locally that mobile homes are a better way to make money over hard structures. I came across a guy selling his 4 units on 2.5 acres for $40k. The income is $1410 per month. Tennants have been leasing from between 2-5 years. It is close to a large chicken processing plant. There is room to add 3 more mobile homes, just need to install septic. Underground utilities, county water.
Would this be a good way to get my feet wet? I expect to be here for several years. I have cash to pay for the deal. What do I need to look out for? How do I value a mobile home property?
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Our homes that come back if financing fails, cost on the low end a couple hundred, and on the high end a three'ish thousand. The big items are roof leaks, flooring, bathroom repairs. The average, probably $2,000.
I want to be clear- I do not work on the homes myself. We hire out all of our work- so I am a zero sweat equity guy...