Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

Account Closed
  • West End, NC
0
Votes |
10
Posts

Home and trailer on one lot...

Account Closed
  • West End, NC
Posted

Newbie here. Here is the deal:

SFH on a lot, with a trailer on the same lot. Asking price is 95K. Current rent $750 for the home, and $535 for the trailer. Both currently rented. The home is old, and needs some work, but has a lease for at least the next 10 months.. The trailer is old, but should last a while yet with good maintenance. Same tenants month to month for 3 years. The cash flow is very good. BUT - I am not sure that I could sell it and get my money out in 5-10-20 years. I suspect so, but I don't know for sure. Plus, both are old. Eventually need a new roof. Maybe a remodel, even. But there is NO DOUBT that it would cash flow. Yet, people say you make your money when you buy. I'm not sure I can get it for much less than 95K. My realtor thinks that with 15K investment, it'd be no problem to get the money out. Still, she values it about 85K, not 95K. It would probably be a cash deal, at least at first. Then a home equity loan if I can get one on a property with a trailer which is a nonconforming use according to zoning.

Any thoughts?

Loading replies...