Mobile On 10.8 Acres
I had a call today on a '93 doublewide in good shape on 10.8 rolling acres 35 miles from Nashville.
The lady said the property appraised for 129K, which checks out. Motivated to do some dealing as she puts it.
Off the tops of your collective heads, what kind of offer, what method of acquisition and what method of sale would you pursue?
This will be a learning experience for me.
She had it on the market for the full appraisal value with a realtor. Says she's mad at them.
Need more information. What is her reason for selling? Loan balance if any? Does she need cash or will she owner finance? What are your goals with the property. Live there? Rental property ?Flip? I assume property is in great condition? I personally would not buy it but that is just me. If you can buy at a discount and make money then you may want to do it. Make your money buying. It would be dumb to buy at $129,000 and hope some day to sell it for a profit.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
I know it is evil, but I would check very carefully with whatever is the equivilent there of The Hall of Records. Check zoning on the property and see if the 10- happy acres can be divided or lot split.
If so then check your land values. Also research the dear lady are taxes paid etc.
This gives you the strength of the Seller and then start at about 60% of true Market Value.
Best trip is to buy, lot split or quarter whatever. Then start selling the portions off keeping the crown of the highest hill for yourself.
Upon completion start looking around the area, maybe this is the place intended by the gods for you to play king or queen of the mountain. Enjoy.
Advisor to the crown, Lucius
Thanks for the replys.
Ted...I will be talking to her again on the phone and taking a ride out there in the morning. I'll find out all the specifics. I know she's motivated. I could hear it in her voice. The timing wasn't right to initiate the "big" conversation today. I could hear kids screaming in the background.
Lucius...I had considered the dividing of the property. It's pretty far out...but only 4 miles from I-40, and actually 10 miles from my favorite Chinese restaurant, so not so bad. Closer than I am now.