1 acre with a pre-HUD mobile home

[Eric Mcginn]

Listed $109k purchased $90k

I bought it for my handyman of 4 or so years. He's been trying to move out of his rented home in a park for years. 

A beautiful acre of pasture surrounded by woods, in Shapleigh Maine. Previous owner, an old couple had a little mini farm with a small barn and some mature landscaping. 
Mobile home is in decent shape and has a couple large additions, all metal roof. Completely filled with junk. 

I refinanced a duplex I own to buy it, rate is rough at 8.6% (it’s commercial mortgage) but they did a 30 year amortization which helps with cashflow. 

Handyman will pay $950/month after a month or so of repairs. 

PROS:

A cashflowing deal in a tough market (southern maine) 

Equity gained

Potential for a second rental unit on property 

Helping a friend

Cons:

Pre HUD mobile home leaves equity less accessible

Dependent on handyman’s help