Real dilemma, hope someone can advise me
Sorry so long, want to make sure I share all the details.
I have a 3/2 1987 single wide mobile home on 1.5 acres land in South Carolina. My tenant reported to me on June 25 that a large limb fell on the end of the trailer and poked a hole in the roof and cracked the ceiling in the master bathroom. I immediately told him to get all his belongings out of the master bath and not go back in there (he has another full bath). Had it tarped that night and I started looking for roofers but couldn't get anyone to come out until after July 4 week. Had several roofers come out the following weeks and they all said the whole roof needed to be replaced for about $6500. In the meantime, found out that what the insurance company will probably do is total the mobile home and probably give me next to nothing as it is a cash value policy. Worried about putting $6500 cash into a mobile home this old. I am thinking of giving it away/trashing it and getting a much newer model in there. My tenant has been very cooperative, as he usually is, probably because he has been living there for cheap (in actually a very desirable neighborhood) for about 7 years and I've never raised the rent. So first question, how do I find out what my legal responsibilities are to my existing tenant? It has already been almost a month since the damage. He is on a month to month tenancy.
Second question, what would you guys do? Here are my options I'm considering I found a 10 year old home in very good condition that would could cost me about $75k cash total to buy and set up there. Could probably get $1800 rent (no current mortgage on the property). I currently receive $575. Option 2, give my tenant the mobile home (if he wants it, he's a handy guy and may be able to patch the roof), then charge him lot fee of ????, here's what I don't know. The mobile home park near us get near $600 for a sliver of land and of course a bunch of troublesome tenants there. Land plus this new mobile would probably be worth about $225k, versus $100k, for just the land right now. I guess I'm looking for the highest ROI long term, but really don't know how to compare apples to oranges. And again, I have to consider my existing tenant and SC law. Would gladly hire an expert in all of this for a fee based consultation. TIA