Like the title says, I'm looking on Zillow in a certain neighborhood that has a property listed for $35,000, but is estimated to be worth $212,000, with surrounding houses listed around 200K. Is this legit? Can I trust this?
typo? Bait and switch? Spam?
Contact seller for confirmation
OK so I contacted the seller and he confirmed the price but it’s a mobile home, not a house. (The map wouldn’t show a picture of it)
zillow.... there's your problem haha
Sounds like the value of the land... unless you have the team in place to build new and make money, might not be a deal.
If you also weren't able to see inside, I'd see a big red flag, that it might need a lot of fixing up on the inside. If this is a mobile home, from what I'm beginning to understand, you might put a lot of money into fixing it. I think mobile homes earn steady income, but might not have much, if any, equity accrual. If you paid $35 and had to put $25 into fixing it, how long would it take to earn that money back, and start making a profit? Would it be easier to demo the mobile home, and build new, or just sell the land at a profit, minus the (probably trashed) mobile home?
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
Join the Largest Real Estate Investing Community
Basic membership is free, forever.