Heres A Dusie!

The bank just bought this mh park back at foreclosure for 199000. They put it on the market for 100000. Long story short, I offered 50000 (Yes Fifty thousand dollars) and they countered at 65000. I think well settle on 60000. It consists of 5 mh in rough condition, a 3 family house and a double wide. The house brings in 1100 total,the mh 450 a piece and the dh 525. Im thinking of giving the mobile homes away to a local " Lonnie Scruggs follower"in exchange for guaranteed lot rent and I maintain and rent the dh and the house. This seems like a no brainer to me , but being the pessimistic I am, Im looking for destructive critisimn.Whats your thoughts????ps : taxes are 1000 per year

[ Edited by flocknocker on Date 01/05/2007 ]

Comments(5)

  • d_random6th January, 2007

    "destructive critisimn"
    You really are pessimistic.

  • flocknocker6th January, 2007

    Pessimistic?...Just a little humorous sarcasm!!!
    Seriously, I would be grateful from some advice on this deal from a seasoned investor . This will be a first for me,and am somewhat leary, although my gut says do it and dont look back.
    Thanks in advance!

  • flocknocker6th January, 2007

    [ Edited by flocknocker on Date 01/07/2007 ]

  • wrldplayground23rd January, 2007

    do it. sounds like work though.

  • bgrossnickle23rd January, 2007

    Are you on septic or city sewer? Are you on a well or city water? Does the property have any zoning violations? Is it being used for its specified zoning with the correct number of homes?

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