Investment Opportunity
I have learned of a property that might turn out to be a good investment for someone in the Columbia, TN area.
It is a mobile home on some land. It is being sold because of a divorce, so the seller may very well be motivated.
The asking price is $65,000. My son-in-law was going to sign today to purchase it, but declined because there is a problem with the foundation. As it is explained to me, the concrete blocks under the trailer is supposed to be sitting on concrete slabs set into the ground, but instead they are sitting on just the ground itself.
If one were to fix the foundation problem (or get someone else to do it, or buy it as is), it might be a profitable investment.
What would be the proper way to use this forum to go about finding an investor for this property?
I live in Oklahoma, and I don't think a property in Tennesee would be a good one as my first investement endeavor, but I thought perhaps it would be a good one for me to BirdDog on.
If anyone is interested, I could find out more of the specific details. Just let me know what you want to know.
Thanks for your advice and suggestions.
$65 K sounds like absolute top dollar price for a mobile home, especially one with some problems. You may want to run some sales comps and find out the FMV for it. I'd begin there.