Is this worth pursuing?


#1

I’ve rehabbed many stick builts but have never attempted a mobile. I found a 1970 12x65 2 bdrm, 1 ba. Have not seen the inside yet but owner claims it is in good shape. The exterior looks a little above average. It sits in a very nice park in central Indiana. Lot rent is $383/mo. I can buy it for $1500. I have no idea what it may be worth with fresh paint, carpet, etc. The idea is to clean it up and resell it with easy terms. Is this size/age home going to attract buyers and what is a realistic asking price/terms in this area? Thanks.


#2

Chuck, it is really important to read “Deals on Wheels” by Lonnie Scruggs (sold here) to cover all your bases on a deal like this. We got burned most by what we don’t know.

You may have a deal or you may not but by applying Lonnie’s info to this mobile home you will quickly learn if it is or why it isn’t.

Happy Investing.

Tony


#3

Chuck,

I am in Alabama. So, I do not know your market. But, I do know in my area, the 12’ Wide, early 1970’s models are not as easy to sell as the 14’ and wider MH’s. I suggest you be very careful if you purchase a 12’ Wide. The $383.00 monthly lot rent can eat your profits fast.

Hope this helped a little.

DK