Hello People. Newbie MH investor. Analyze deal


#1

Hello ya’ll. I am from Austin,TX. I hope to learn as much as I can about MH investing. Having said that, let me jump into a deal that I am interested in.
MH with land. 0.94 acres with 2 mobile homes, 2bed,ba, 900sqft (built 1976 and 1985). septic tank with separate meters. Total 3 lots. No HOA. Lot has many trees. Asking price-$335k (ok with owner financing)
What kind of questions should I ask the seller? How do I structure the deal? What should be my next few steps?

I can raise 50k cash and the rest will be financing. All ears for your feedback/comments.

Thanks.


#2

That sounds horrible to me, but I haven’t taken the courses here to be able to tell you why.


#3

I agree with TexasMHP. I haven’t yet done a deal but I can tell you $112k per lot is incredibly expensive. Would be pretty much impossible to cash flow. I’d recommend spending some time on this forum. Great content on here and you’ll learn a lot quickly. There’s also good books you can get through MHU as well as the boot camp, which I’ve heard is fantastic (I’m going to the Vegas camp in a few weeks). In addition, there are a couple great podcasts on MHP investing.
Best of luck!


#4

This would be a land only appreciation type deal. You’re not going to get rich cash flowing it, but lucky to pay the taxes on it and watch land appreciate for 5 years and then sell it.

If you don’t expect land appreciation then I don’t see the angle. If this is not the strategy keep looking. Also get the Due Diligence Manual and read the forum ad nauseum to ask the right questions meeting your investment criteria.

This is a great forum and hope you find it useful


#5

What if there is rent from those 2 mobile homes 2500 total per month.


#6

Is a 4 cap an acceptable return? It’s not for me.