I have come across a very motivated seller that keeps calling me back wanting me to come out and see her property and the manufactured home/ trailer she is selling. Her husband just passed and she is looking to move out quickly and head to FL closer to family. So I will be heading out tomorrow to take a look and hopefully make her a fair offer.
I have started looking for comps but can't find many similar units that have sold in the past 6 months. She is out in a rural area on about an acre of land, it's not a park. How would I determine a starting point or ball park.
I am still new to REI and only have experience with single family homes at this point. Any help is appreciated.
My goal is to wholesale or if I can get her down low enough I will pay cash and either flip it or rent it out.
Expand your search criteria to 1-5 miles. Must be a MH on .5+ acreage.
Gee I wish I was doing that appraisal, Not, have already done plenty, Rural location, first expand to 12 months then to 2 years if necessary unless there has been something to make an impact on local market, most likely not the case in a rural location. And expand the radius as far as you need to that has similar locational characteristics. (Distance for amenities) I would rather find a sale that sold 2 years ago, that has a similar size/value site, and a similar sized Mfg Home, then a closer more recent one with a big difference in lot or structure. Don't use a Doublewide as a comp if subject is a Single wide. And make sure you check that well and septic.
thanks for the feedback
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!