Sick Of The RAT RACE!
I have chosen real estate investing as a way to escape living average. I will no longer be held back by working for others.
Please give me some advise on getting off to a fast start. I own a Double Wide I bought for cash to rent and it seems like a great investment. Let me know what you think.
1/2 acre of land and a 1786 sf 1994 model doublewide manufactured home.
Price $14,500 repair cost aprox 7k.
Last tax apzl 1999 for $68K.
My live in girlfriend is the Affiliate Broker on the deal so we are getting a small cut of the commission.
My area is rocking and I will have no problem flipping or renting the property. I think I will just take out a line of credit against it and rent it out. Let me know if anyone has any suggestions.
Thanks,
Ken
[ Edited by kensinvest on Date 03/13/2004 ]
Sounds like you got one hell of a deal. I don't deal with mobile homes but I would consider it if I could have got the deal you had.
You need to think about where you want to go with real estate investing (REI) and why you want to go there. After that it should be easier to develop your plan to get where you want to go. You may find that flipping this property helps you more or you may find that using it as a rental helps you more. I know people who would do both!
Good luck and keep in mind that you are one step above many of the people on this site!
Its been my finding that county tax aprasals are all most all ways incorrect, 99% of the time too low. i suggest you pull some comps in the area and find the homes real MRV. i would venture to say that it is higher then what you thought it was.
Best of luck,
James