A mobile home for first investment?!
Hello everyone, this will mark my first post on BP! So I’ve been doing a lot of research on different properties in my area but I feel I’m analyzing myself into paralysis. Therefore I felt I should just come up with a plan and go for it so here’s what I’ve got.
There is an opportunity to buy a small plot of land within the city that is zone residential and will allow for a mobile home. I figured if I just purchased the property and put a mobile home on it, I could rent it out until the property was paid for and once I’ve got all of the note paid off on the home I would either continue to rent it until the market picked back up or just attempt to sell it and get out what I’ve out into it.
The owner is asking 32k for the land which I would attempt to get a better deal on, a nd I could purchase a new or newer single wide for around 40-45k. The land is in an older part of the city were mobile homes are visible but there is still some foundational homes in and around the area. I have about 30k to throw down on everything. Good/bad idea?
My market is influenced by the oil and gas industry and we’re in a slump right now. There are currently two other mobile homes that are flanking the land that are showing to be worth around 130k on Zillow. I also have a partner and we could put extra towards the principle to pay it off quicker and get out of the deal if need be.