All Forum Posts by: Jason Evans

Thanks for the insight @Mark Gruetzmacher.

Im considering selling on my own.

@Ricardo G. Thanks for the advice!  No the interest isnt that high. I only got two more years also, it seems to make sense to wait it out.

@Mark Gruetzmacher Its a 2000 1232 sq ft and its on a brick foundation.

I checked out craigslist and zillow and similar properties are around 1100 mark.

Thanks for the responses, I think I will do some more research to see if I can find a better ROI with the 44k return before I decide

Does anyone know if mobile homes hold value?  Another fear I forgot to mention, was if I rent it out will the mobile home lose its equity down the road? 

I bought my first home (mobile home) 3 years ago with the intentions of fixing it up and selling it a few years later to make a profit.  I bought it foreclosed on for 53,000 (424 a month) and put 2000 down.  Over the years I put $15,000 in it and did all the updating and repairs myself.  Its fully updated now, hard wood floors, porcelain tiles, new windows, fresh paint, new front door, updated bathrooms, etc.  My intentions were to sell this house and use the capital to buy a buy and hold investment property and find another house to live in and repeat the process.

My realtor said I could sell it quick for 100,000 ( hoping for 115000).  I owe 48,488 and i figured after commissions and fees I would net somewhere around 44000.  Then pay some other debt off which is 15650 (600 a month 26 more months to pay off), which would leave me with 28,350 to invest with and find another home to live in.

My other option is to rent it out,  on rentometer ( not sure if reliable source) it said the average rent would be 1100 which i figure i would net around 550 a month, 6600 a year.  Which seems good compared to other houses in the market.

Im a newbie and I just can't seem to wrap my head around which would be the best choice.  If I rent it out all my profit goes to paying down debt for the next two years.  If I sell it I start fresh but have the fear not finding as good of a property with that monthly income. Any advise?

@Chris Martin Thanks for that link, glad to see its below national average and steadily getting better.

@Dmitriy Fomichenko Thanks, its been great so far.

@Michael Jobe Yea thats my only concern about Durham, is trying to avoid those bad areas, and trying to find areas that are trending up. I feel the same way I rather have more for the money and if I was to pick a place to live it would be Durham rather then Raleigh.  

Well Ima try to see if I can make some of the TREIA meetings,  I saw they had some for rookies so Ill start with those.  

Thanks @Brandon Turner ! Glad to be here.

@Matthew Hux Thanks! Good Luck to you and I hope to see you around.

@Michael Jobe Yes!! I do work at Leland Little Auctions, glad to hear from someone that has been by!  Was it the cougar you came to look at?  I think i may remember you looking at it.  I believe your right about the Durham area especially near the downtown, would love find a buy and hold near there.  Ive been wanting to go to some of the TRIEA meetings, hoping to go to one soon. Have you been to any?  Thanks for your post and your willingness to help. I hope to see you around.

Thanks for the responses!  I will definitely have to check them out.  Just now set up my Keyword Alerts.

Jason