Possible Trailer on Land wholesale deal

[Andrew S.]

I'm newer to trailers so I'm here for advice. I have a 1984 trailer on 1/2 acre land on a quiet street. It's within 5 minutes of nice shopping centers, a mall, and other retail shops. I cannot find any real comps as the street is mixed with trailers and block homes with not much as a recent sold on the trailer side. This would be a landlord special though. It is currently rented for $500 a month with no lease and tenant has been there for 7 months. The inside has recently been renovated and looks nice. It's just under 80 sqft 2 bedroom 1.5 bath with a back wood deck/porch. New well. small metal shed. Roof is not new but does not leak, was sealed a few years ago. Taxes are just under $400. The seller doesn't want to take less than 18k, so I was thinking to try and sell it for 25K. If it wasn't an hour from me I'd think about keeping it for myself but I self manage and do not care to drive that far as of now. It's in Lake Wales, FL.

If I can't wholesale it I was thinking I could buy it with my cash and owner finance it to a retail buyer but I don't know if I want to tie up that much capital at this moment.

Any advice on this property or trailers with land in general is greatly apprecieated.

[Curt Smith]

Hi There, Our main model right now is buying doublewides on their own land typically from banks REO or at auction. We only bid up to $25k for a mid 2000's doublewide in good condition and offer down to $14k for mid 1990's and not so good condition. We never buy older than 1996. Several reasons: older homes usualy have single pane windows, masonite for wall board instead of plasterboard, flimsier doors and cabinets etc.

We then fix up then rent to own and seller finance.  All of our deals are over an hour away.  This is why we moved to 100% rent to own.  Buyers are less maintenance and more trust worthy than renters.

I don't know your MH market and how well received real old homes (80's) are received by buyers?

Our deals rent for $825 on up.  Use rentometer.com and craigslist.org to look for nicer rental rents.   $500/mo would keep me out of that deal.  If a bit of fixup, offering rent to own, seller financinng, could get $750/mo and $40k or more, I'd be interested.