Mobile/Manufactured Homes (Good or bad investment?)
I'm thinking of buying a mobile home as an investment, it's for sale by owner. The seller is asking $50k for the home. The current mortgage is around $500/mth and the lot rent is another $500/mth or so. In total the payment for the home is just under $1100/mth. I'm trying to figure out a clever way to acquire this property that benefits both the buyer and I, looking for a win/win situation. I don't really want to finance this myself if I can help it. The property is a 3 bedroom, 2 bath home. Another property in the same mobile home park is renting for $1495/mth. Does anybody have any suggestions? Is this a good buy? Looking for suggestions or advice on how to acquire this property.