Investor in the making · Orlando, FL · Member since 2014 · 201 posts · 49 votes
A big hello to everyone reading this!... I live in the Orlando, Florida area and wanted to meet other local like-minded MH investors. If you are out there, it would be geat to hear from you!... Have an awesome day.
@Orlando Paz I do not currently own any MH but I'm am researching them and wholesaling some. I am very interested in this market. I focus in Polk county, are you looking to come this far West?
@Adrian Smude - Great to meet you. Were both in the same situation, when it comes to mobile homes. I'm focusing on learning as much as I can, while I save up and improve my credit. I actually live in Clermont, so I'm not too far from Polk county. Once I get the ball rolling, I will keep an open mind on location (within 1 hour drive radius).
I'm in the panhandle of Florida where the rental and sales markets are both very strong. I am interested in MH parks but not until I do a couple of SFH flips. The house I need financing for is a 3/2, block house with a metal roof, large fenced back yard, fireplace, and 1-car carport. I can purchase this house for $33,900 and with fix-up approximately $45,000 total. It needs flooring throughout, updated light fixtures, and some kitchen appliances. Fix-up will take 30-45 days after closing. Four comparable homes within a 5-block radius have sold for an average price per square foot (I was a local appraiser here for 6 years) that would indicate a sales price between $87,755 and $89,863. Even if, after closing, the net was only $30,000, that would be a 33% ROI ($15,000 each) for an investment of $45,000. It should be more. If we chose to rent for $950 per month, I would do a 75% HELOC of the appraised value to get the investment back plus cash ($60,000 for an appraised value of $80,000) plus a monthly income of at least $200 net.