Questions?
What are the benefits of owning mobile homes vs. sfr? Do you prefer mobile home parks vs private lots?
I would not normally even consider manufactured housing, but I am currently looking for a way to start building passive income.
Is getting homeowners insurance difficult? What would be the average age you look for?
We have been doing sf for a few years now. Bout a year ago, I started mobile homes. In my opinion, buying, fixing and flipping mobiles is easier, faster, and less risky than sf. If you finance them, the potiential for massive passive income is huge. I know this is the way to financial freedom for us.
We have been doing sf for a few years now. Bout a year ago, I started mobile homes. In my opinion, buying, fixing and flipping mobiles is easier, faster, and less risky than sf. If you finance them, the potiential for massive passive income is huge. I know this is the way to financial freedom for us. [ Edited by Jemecky on Date 08/03/2007 ]
We have been doing sf for a few years now. Bout a year ago, I started mobile homes. In my opinion, buying, fixing and flipping mobiles is easier, faster, and less risky than sf. If you finance them, the potiential for massive passive income is huge. I know this is the way to financial freedom for us.
We have been doing sf for a few years now. Bout a year ago, I started mobile homes. In my opinion, buying, fixing and flipping mobiles is easier, faster, and less risky than sf. If you finance them, the potiential for massive passive income is huge. I know this is the way to financial freedom for us.
The area has no restrictions on rentals, and has been rented for 3 years. I must speak to the current tenant and make sure they want to stay.
Rent is currently $700/mo, and after taxes etc. positive cash flow will be approx $125/mo.
Repairs should be quite low, as the AC unit is one year old, and the roof looks new. I will do another more detailed inspection before I purchase to make sure there are no issues that need to be dealt with. After looking at the interior, everything looked pretty good.
I will be doing a buy and hold on this property, waiting for appreciation on the land. If I sold in 5 years the trailer will be pretty much worthless in my eyes (couple of thou tops?) Maybe able to lease purchase trailer to current occupant with rental on land, or stright lease purhase entire property/trailer.[ Edited by whitebb on Date 08/15/2007 ]
What is the purchase price?
Knew I forgot something. Subject to his fiorst mortgage of 52K and second of 7K (these are his actual amounts owed and are supposedly current)
I have not seen any documents yet from him, and must see everything before I venture forward. (ie. All mortgage docs, tax bills, lease documents, plat map etc.)
Something smells fishy here. Why is he willing to simply hand it off and walk away. There has to be a reason and not just, "I have no interest in RE".
Working the numbers, 525/mo + 14.25/mo insurance(as per my agent),+10.50/mo for property tax= 150.25/mo positive cash flow.
Seller decided he did not want to be creative in getting rid of it and wanted to get it out of his name. I am moving on and have found some better deals out there.