Before I post my question, I just wanted to let everyone know that I have already read most of the articles and much of the questions on the forum before I even posted on this site. My goal is to not ask questions that have previously been addressed so as not to waste your time. If I do so, please forgive me.
The link below is for a HUD MH in Prescott Valley, AZ. It is being advertised for $31k. I checked the Tax Assessor website and the assigned value is $44k ($6k for the lot which is approx 0.13 acres, and $38k for the MH). I did a quick check on Craigslist under housing for rent, and the asking rent for similar MHs in this area is approx $500-600. Would this be a property worth considering? My hesitation is that the MH will continue to devalue and the property will be worth less over time. Or would the $500 per month rent offset the depreciation of the property?
I have saved a fair amount of money in order to buy rental properties. I am a serious buyer and plan on buying something within the next several months if a reasoble deal comes up. After careful research I am considering a MHP, MHs, multi-family, and residential housing (in that that order). The one that appeals the most is the MHP where all the units are tenant owned. MHs in general are appealing due to the return on investment.
I currently live in the Denver area, but would consider moving to any part of CO, NM or AZ. I plan on being a hands on manager and would either live at the MHP or very close to any individual MHs I owned.
I should also sign up for the boot camp and get some help from one of you in reviewing the property(s) with the most promise (two heads are better than one). I would be willing to pay for your help.
If any of you would like to contact me directly, my email address is email@example.com
I am impressed by the way people on this website answer questions. I’ve seen lots of good, common sense advice.