Why hasn't anybody touched this?

3 Replies

I've been looking at properties all around the Denver/Boulder area trying to find a cheap place to start a long term buy & hold strategy, and one sticks out. It's been on the market since at least early August, it's gone down in price $6500. By the 2% and 50% rules, this thing seems like a great buy. It should cash flow immediately. But there it sits, unbought. What am I overlooking, why isn't anybody touching this thing?

Sometimes things go under the radar. This one looks like a manufactured home though (is it on its own land or is it in a park?). Those generally go for quite a bit less and don't appreciate very well.

@Dylan Wright :

Dylan, I did some research on the MLS and came up with a good reason it has not sold. It currently has a lot rent of $600/month, this drastically changes the 2% rule. As @Andrew Syrios said it is a manufactured home and is located in a Mobile Home park, therefore you only own the home, no land. Hope his is helpful. If you'd like PM me your email and I can send you the listing straight from Metrolist. Cheers!

Stuart

@Dylan Wright  also you need to check with teh park owner and make sure you could indeed rent it out.. the play is to own the MHP  not the mobiles  :)  MHP are a pain to keep maintained as parts are not right off the shelf in many cases

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.