Looking at a Mobile Home tomorrow

[Andrew Otten]

Tomorrow I am looking at a mobile home in my area, west michigan, and it is incredibly cheap. The seller seems to be pretty motivated and the asking price is <$5k. The pictures show it needs some work but the seller says all it really needs it paint and carpet, she has updated alot of the other stuff recently. Im wondering what kind of things I should be on the lookout for? Im hoping I can buy it and rent it out but havent checked with the park management yet if they allow renters or not. If they do it would be pretty tempting to buy it and fix it up but not sure if its worth it to throw money at it. I am currently unemployed otherwise I would just buy a duplex. Mobile homes seem like a good way to get into 'real estate' without having tons of cash/credit.

[Marc Faulkner]

I didn't see if you mentioned how many bed rooms and baths there are or the size- regardless-you can throw away the KBB or any type of book value when it comes to mobile homes. Books don't buy them-people do!!! If the owner will not allow subletting (and most won't unless they know you) then you are sunk I would say. The reason being is that now you are looking for a cash buyer. Most cash buyers are going to want a newer unit so they can move it to their locations. To limit yourself to trying to only sell to someone that wants to live in an uncooperative park would be a BIG mistake. Being a 1980-it's just too old to mess with.