What return on my investment could I expect if I purchased a lot and placed a good used mobile home on the lot. I would like to build up some passive income. I would pay cash for the mobile home and lot, would sell on contract. Could someone on this forum provide me with some real figures based on actual deals you have done?
I bought a doublewide and 1/3 acre lot last year on a foreclosed (bank owned) property in N. Augusta for $15K that I am selling for $40K. Carrying paper @ 7%. Have had a full year of $500.16 payments.(Works out to $60K over the 10 years of the contract. Never a day late. Have not even visited the property this year.