Manufactured Home- Possible Buy

[Patrik Kathee]

I recently came across a Manufactured home (1000 SF). Seller is asking for $34K. Property needs a little attention (carpet, paint, evap/swamp-cooler) and a few other cosmetic items. I did the math and I’ll probably end up spending $6-7K on repairs/rehab only.

I have been able to negotiate the price down to $30K. Property values in this particular community have been going for around $45-$60k depending on the overall condition and total square-footage of course.

As I am currently searching for a hard/private money lender, I thought I could set the ball rolling with the little cash that I have instead of waiting on a $100k+ property that I would need some sort of funding resource.

I am this close to pulling the trigger on this one but would appreciate some input if there is something I am overlooking.

Thanks.