Under contract!
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Under contract! (by Pat [VA]) Jun 28, 2022 6:47 PM
       Under contract! (by Robert J [CA]) Jun 29, 2022 1:18 AM
       Under contract! (by Hoosier [IN]) Jun 29, 2022 3:16 PM
       Under contract! (by Pat [VA]) Jun 29, 2022 4:33 PM
       Under contract! (by Hoosier [IN]) Jun 29, 2022 7:02 PM

Under contract! (by Pat [VA]) Posted on: Jun 28, 2022 6:47 PM

Realtor dot com #338790 (have to put # in front)

We keep saying last one/no more but not there yet. Bargains are non-existent and I'm not saying this is a bargain but we're investing part of the sale we made 18 months ago and will be able to get same rent at lots less invested.

Now for the risk/downside, we have to have a well drilled. Started procedure today to apply for permit with permission from seller but will not drill until after closing. --216.126.xx.xx

Under contract! (by Robert J [CA]) Posted on: Jun 29, 2022 1:18 AM

I give you credit for trying to expand you holding with a "reasonably" priced project. If I had to drill for water, I would have modified the purchase agreement. I would lock up the sale so the seller has signed away their interest in the property and escrow is holding your purchase funds. If you drill and find good water, the deal will close without any signatures. But if you can't find water or it's contaminated, you can walk away from the deal, only loosing your drilling costs.


Under contract! (by Hoosier [IN]) Posted on: Jun 29, 2022 3:16 PM

Have you owned this type (mobile home/manufactured housing) of property before? If so, you know the ins and outs...but if not...

I was a home inspector for 7 years and inspected about 1500 homes...probably 150-200 of that type. They use very low quality materials that I found fail much more quickly than a standard SFH. Things like faucets, showers, cabinets, shingles, light fixtures, thin paneling instead of drywall, unusual HVAC systems, etc.

As long as you are ok with this then fine...I'm not knocking this type of investment...just wanted to point out that you may have more frequent repairs and will not be able to use "standard" parts in some cases. Hopefully you'll have a professional inspection and find any current issues.

Hope it goes well for you! --99.92.xxx.xxx

Under contract! (by Pat [VA]) Posted on: Jun 29, 2022 4:33 PM

Yes, we are very familiar with singlewides, we have 7 others. We plan to convert the oil furnace to an electric furnace and install central A/C. Nothing we can do about the tiny bedrooms and I know that will keep the rent a little lower but it does have 2 baths and in a good location.

I just saw a 3 bdrm singlewide with only one bath rent for $1,000.00 yesterday in my county. That's just how bad the housing shortage is around here. --216.126.xx.xx

Under contract! (by Hoosier [IN]) Posted on: Jun 29, 2022 7:02 PM

Great! Sounds like you have a solid plan. Hopefully the well goes in easily with no snags. --99.92.xxx.xxx

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