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#1

Hey Folks,

First post. I have always been a SFR and commercial type person. I have been really looking at some real long term hold stuff. Not necessary parks in general, but in the land and home side of things. We have a community where each lot owner owns the land and the home. It is an older community (55+) but does not have the restrictriction. There are about 5000 units in the area with a golf course. Looking at the prices of recent sales they have been selling on the low end of 39K-150K. I also looked at some of the demographics and they have a lot that are Free and Clear.

I did a rent study this last week and it seems that the rents are 550-800 depending on the home. Maintenance fees are 60.00 per month.

In my area a 140K SFR home rents for 800-900 per month.

I have only done one Lonnie deal in my life and that was a LOOOOOONG time ago.

Based on the information in regards of doing some long term holds do you think its a viable option. I would have to sharpen up on a business model and figure out the lingo. But I think it might be a good play based on some numbers.


#2

Jonathan,

Welcome. Home and Land deals have been quite profitable for a number of people on this site. I encourage you to use the “search” feature of this forum and get to know Tony Colella - he is a pro in this area, runs a small deals workshop, and has some home study courses available.

Good luck,

Karl


#3

Thank you Karl for the welcome. I have been reading the archives. Good notes here. I did some homework this afternoon on a couple mobiles in the area that I am interested.

Found a 1990 14x80 redline for sale for 85K

Found a rental that was in the same park Don’t know model. Its a 2/2 corner lot with Florida room and new skirting. The home is furnished rental for $725 per month.

I would probably pay 35K for that one. Its interesting.


#4

Jonathan,

What area are you in?


#5

Vero Beach, FL