Hello all! First time poster, so thank you all in advance for any assistance you may be able to provide.
Short of starting out in this sort of real estate investing by buying an entire MHP, I have been pondering starting with a strategy on a much smaller scale. Specifically:
Find a single home/land package for sale (so most likely not in an established MHP) that is having trouble selling. This could in part be due to potential buyers not being able to be financed for the whole thing. Lets say for example the seller wants $30k for the whole thing, and the home is valued at $10k, with the land $20k. My thought is to go to the seller and tell them that if they can instead find a buyer for the house for $10k, I will simultaneously buy the land for $20k. (Note: I would not be involved in the financing of the home.) And this transaction would be contingent on the buyer of the house entering into a lot rental agreement with me. So basically, in theory at least (and absent the new home owner moving the house out shortly after the sale)…the seller wins as they might be able to sell their whole property sooner, the home buyer wins as they can perhaps get in a house they otherwise wouldn’t have been able to, and I win as I now own and rent dirt with a renter from day one (i.e. hard for the renter to damage it, etc.)
That said…initial thoughts/concerns? I’m also hoping for any advice on what it takes to split an existing land/home into separate pieces (i.e. changes to the taxation, deeds, etc.) Also, to try and minimize the chances of the new home owner immediately moving their home off the lot (which might be unlikely just in general), but is it realistic to try and make the initial lot rental agreement a 12 month agreement (as opposed to monthly)??
Thanks again guys!
Brad