Investment Questions:
I bought m first Rental property 2 months and all is going very well. I went to a realitor office in my area and signed up for a posting when investments come into the market.
The area I live in has a 4 year university and a community college. Small town, so the possiblity of grow is great. And tenants come by the bus load.
I got a phone the other day of a property for sale about 6 blocks about from the university that has one house on a lot and also own 4 moble homes on another.
I don't know much about the properties other then the moble homes are kinda older.
My question is that if I was interested in this, what questions do I need to ask and how would I go about investigating this property potential?
My thoughts are that I could move a brand new trailer in every year until that old ones are out and sit on them. Considering that I have called around at some of the local trailer rental and they are going for 500-700 a month.
I fiqure roughly that a trailer (single-wide) would run me about 200-300 a month payment and have it rented for 600
making $900 from the trailer... and then also rent out the house?
Anyones thoughts or wisdom?
Thanks
The asking price for the property is $85,000
But I believe there is a lot of protential.... because it is in the heart of the college town...etc.....