Sell Stick-Built Home which was bought along with Mobile Home Park?

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1

Hi All,

  1. Is it a good plan to sell a Stick-Built Home which was bought along with Mobile Home Park? The main reason being it will clear 70% of my mortgage.
  2. This home doesn’t have a driveway. Will buyers prefer such home?

Thanks,
Ron

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Yes, you should sell the single family home. Your market will dictate desirability.

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I would sell it without question. Why does it not have a driveway and can one be put in.

The main reason you have for selling however is a terrible reason. If that is the primary reason why bother, you are simply taking dead money from grave and putting it in another. Depending on your loan conditions I would not be using the money to pay down the mortgage. Mortgage pay down is where cash goes to die. It is the least efficient/worst use of cash a investor can use. Depending on your mortgage interest rate most if not all investment vehicles will generate a greater return.
Think like a investor not like a home owner when deciding where to best put your money to use. Make it earn it’s keep. Do not let it die a slow death buried in income generating real estate.

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If you decide to sell it check with your lender to see if they will allow it.