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.

Medium apartment logoAndrew Syrios, Stewardship Investments | http://www.StewardshipProperties.com | Podcast Guest on Show #121

@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

Stuart Birdsong, Twin Pines Investment Group LLC | 9706726282

@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

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

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