Updated over 10 years ago on . Most recent reply
Help! Should I Buy…...
Hello, I am wanting some feedback on 2/1 rentals- particularly one I am considering buying. The home I currently have a all cash offer on is a 2/1 in a busy city 20 miles from Seattle, Washington. 50/50 mix of white collar-blue collar workers and lots of job opportunities. Property is a 890 sf manufactured home on a private city lot (I would own the lot) in a planned manufactured home community (not a trailer park-just a planned community). The home is an older non financeable, very cute single wide with a nice kitchen and large living room. The issues I am having is that only about half the homes in their community look nice so I am concerned about the type of renter I would attract based on it being a manufactured single wide, small and in a 'trailer park'. Definitely the community is on the up swing and there are two investors heavily working the area but they have purchased their investments at one half to 2/3rds what I would have to pay for this latest listing. One has seven or eight homes here and the other has 12 and also placed an offer on this home but they are all 2/2 or 3/2's. Some have yarded on newer homes so increase their rents. There are only about 105 homes total and most owned by seniors. Cost for this home is 82,000.00 turn key but would be top of the market for this community, surprisingly enough since there is nothing in the Seattle metro you can buy at these prices other than here. Not a gang banger area and crime rate is low to moderate- decent middle and high school and close shopping, access to major freeways, etc. Will rent for between 900-950.00 per month. Thoughts?
Most Popular Reply
Sounds like a good potential deal.
I live in Washington state and I used to invest in stick built houses only.
Now I invest exclusively in mobile homes for pay days AND cash flow.
Not sure of the year of the unit but you can get financing on any mobile 1977 and newer.
I'm 65 and semi retired so in the same boat as you on retiring late.
Yell if you have any questions.
Bill