I recently joined this site and it is awesome! Super insightful people on here.
So I wanted to get some perspective from the veterans on here on a deal I am considering(my first deal at that!).
3 acres land, with 2 mobile homes on the land. Land is 1/2 mile off interstate exit, with traditional homes around it on both sides. Land can only have 1 mobile, but it is grandfathered to be able to have 2 from here on out. Seller will not owner-finance, and he will not budge from $75K. He opened his checkbook and showed me his expenses for the year, and they come out to $4k. Seems like a no-brainer to me, but I am conditioned to be skeptical. This site is helping me try to get over that!
Specs on the homes are:
1979 Double-wide in excellent condition, 1700sq.ft. (renting for $650)
2005 Single also like new, 1100sq.ft. (renting for $500)
The current owner says those prices are a steal to the tenants, and after looking at the mobile home community 1.4 miles away, where lot rents are $350, I agree.
Please let me know what you all think and thanks in advance,