Questions from a Real Newbie!!!
Ok, I'll give some background information:
My husband and I have about $70k savings. I would like to -
(a) Buy a residential lot. Up here in NJ land is very expensive but we have been preapproved for $100k (includes land - yeah, I know, some mortgages don't allow MH/land purchases, ours does).
(b) Buy 3 MHs. Let's assume for the moment that I buy each one in fairly good condition. The price doesn't matter for this topic because it's just hypothetical.
(c) Put a 3 BR for ourselves and 2 other 2 BR MHs for rent, about $1200/month each ($2400/month total rent, mortgage is $700/month for the land.)
My first question is, am I missing something here???? This idea seems too good to be true, so I'm wondering if there is a catch.
Secondly, this may seem like such a simple question ... bear with me, I'm a total newbie to this MH thing ... but how do you go about finding out whether you can put a MH on the residential lot? Do you just call up the city and ask?
And finally, do you guys recommend any good books or resources to "installing" a MH? I don't mean for buying or moving a home, I mean for the other things, such as putting the foundation down and what & how to hook up utilities, etc.
Thanks a lot!
Maureen
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