Help analyzing first deal. What am I missing?
Hi all,
I put a "we buy houses" ad up on craigslist the other day and got a call today from someone who wants to sell a MH on 1/2 acre. I've never done a MH deal and it's been a while since I've read "Deals on Wheels" so figured I'd come here for some advice.
What I know:
1993 MH, 16x80, on half an acre. Needs work, but has new flooring, vinyl siding and shingle roof.
Is not in a park, but what used to be a park. Kind of a modular subdivision now. Lots of MH, etc., but no lot rent.
On city water, but has a septic tank.
Seller is relocating to Florida and wants to sell fast. Her ex-husband offered to buy it on a contract from her, but she wants cash now. I'm thinking about just playing the bank on this one.
Asking price is $10,500, but that sounds negotiable based on her motivation. I haven't talked to her ex-husband yet, but she said he offered $15k on contract ($500 down and $250/month + potential lump sums at tax refund time).
The MH is about 90 minutes from where I live.
Thoughts? What other questions should I be asking? What risks do I need to plan for up front?