Hi all,
I am new to the forum and new to the concept of mobile home investing in general. I have experience in residential real estate, just never dabbled in mobile homes…
Last week some of our marketing attracted a very motivated seller in a 55+ mobile home community in San Diego County, California. She is littlerally 2 days away from being evicted from the park and losing her home entirely, so she is trying to salvage something out of it. Given the low balance of the price, and the ROI involved it’s hard not to be interested. Plus I enjoy learning new things so why not learn and make a bit of money doing it…THE PROBLEM - to stop the eviction I need to complete the sale tomorrow, maybe Wednesday. Here is a summary of the numbers of the deal:
Year: 1975
2BD/2BA 1,100 sq ft
Purchase: $5,000
Back space rent: $2,500 (5 months)
Repairs: $2,500
ARV: $22,000 (for a cash sale based on very recent comparable), $25,000 or more with seller financing.
The park is very well kept, and appears to have a good reputation. It has relatively low space rent for California.
Here are the questions I have:
-
Where can I find a good mobile home purchase contract?
-
What documents do I absolutely need to get signed?
-
Where should I order the title search and can I expect it back quickly enough? CALIFORNIA
-
What do I need to request from the Seller?
-
Any specific advice or things to look out for?
Any help is greatly appreciated. Thank you.
Brian
619-888-4376