New To MH Buying. Got Some Questions.
Ok here's my profile:
I'm 19 making 13K a year with no major monthly expenses. I have good credit, that has only been established a year. I have about 2K in fix-up cash. I am looking to buy a mobile for less than 15K in decent shape.
Idea here is to buy, fix, and sell. But I have no idea what the resale on mobile homes is. What improvments are going to get me the best resell value? I'm really just looking to get my feet wet in real estate investing. I just don't want to start out with anything big. Thanks in advance.
david
mustanglover32,
First things first,read deals on wheels to get a clear understanding on mobile homes.
do a search for mobile homes forum topics and articles on this website,
having said that,putting in 15k into a mobile homes is quite a lot, i mean a lot!!!
usually you buy a mobile home which is around 10 years old for about 3-4k max. fix it up and sell it holding a note. the key is you hold a note(provide financing!). most of the buyers of mobile homes have imperfect credit so if you were to provide financing you have a large captive market.
But like I said earlier read deals on wheels before you get started in MH investing
Ok thanks.
As far as the 15K goes that was a little low in my opinion. I don't know what the average price for a 10 year old mobile home in the US is, but I know that my mother sold hers recently for 25K in NC. It was a three bed, two bath, double wide in decent shape. I found one here in TX for 9K, not sure how old it is but I figured that was problably as cheap as a decent mobile home got.
thanks,
david