My first rental property.....please help....

[Mubasher Riaz]

[URL=http://s1093.photobucket.com/user/mubacalypse/media/117361X-1.jpg.html][/URL]

Manufacturer: Redman

Year: 1987

Model: Redman

Serial Number: 5864

Size (Estimated): 28 X 44

Acreage (Estimated): 0.00

Bedrooms: 3

Bathrooms: 2

Range Type: Gas

Siding Type: Vinyl

Roof Type: Shingle

Furnace Type: Gas

This is the property I'm interested in renting out, however, I do not know if the price tag is what it is. Never invested in mobile homes, but do have three single family rentals. Rehab is going to cost $4500 with labor, is the price decent or too much? Any advise would be highly appreciated. I also uploaded a video on youtube about the property inside out. Thanks.

https://www.youtube.com/watch?v=TO8VlyhjaEQ

[Ned Carey]

Mubasher Riaz I don't do mobile homes so hopefully someone with more experience will chime in.

What I have heard is that investors can pick up mobile homes for $5K-10K so it may be a little overpriced based on what a savvy investor can get. However I would base it on a cash flow basis. Another number you left out is how much would it rent for? You would be all in for $20K that pretty good for a rental if the rents are decent.

NOw when I say investors buy them for $5K, they have to figure in moving costs to get it to a park. Are you buying the land? Is it in a park where you can leave it and rent it? Would you have to move it? All these things factor into how good a deal it is.

If you haven't herd of Lonnie Scruggs, you should check out his materials. He invented the "Lonnie Deal" where you buy a cheap mobile home then sell it with owner financing. Sadly Lonnie passed away just recently. Good luck - Ned