I am new to the forum - great site and forum by the way! I have recently become interested in land development and real estate. I thought about flipping houses as well but quickly realized that is a very risky and costly endeavor that I am not prepared (or able) to pursue.
I was recently looking for foreclosures and came across a mobile home on a good sized (3 acres) lot that grabbed my interest. It was sold in a few days but led me to do some research on mobiles and land/home deals which of course brought me here!
Anyway, I don’t have a lot of startup cash and no lender relationships etc. to start doing land/home or development but that is my goal in the future. I figured I needed to start with the basics so I bought Lonnie’s Deals on Wheels today. I am 1/4 way through and decided to look at Craigslist for any mobiles for sale in my area (NC).
There is a 1986 2/2 on a 1.5 acre lot ($250 lot fee) for $7,500. They are willing to paint roof or lower price and it has access to a fishing pond and has a 2 car garage as part of the rental fee. That price is higher than I want to start out for my first deal but I’m thinking and I can neg them down.
Can I get some advice on if there is some potential in this for a Lonnie deal? I need to do some market research and have no idea right now what a good selling price would be. Any others out there in the NC market that could give me some current market advice?