Wait a minute...Is this a deal?

[Reggie Wright]

The seller is an elderly lady who recently lost one of her children to a drunk driver and wants to sell her mobile home (MH) to pay for funeral debt. I want to help her solve her problem and make a profit while doing so. I'm trying to figure out if there's an opportunity for a deal.

Details:

Seller lives outside of Odessa TX city limits

Selling 1969 12'x55' 2 bed/1 bath mobile home. 

Asking price has dropped to $6000

Problems: Title is in name of deceased relative. Home needs to be moved, The home has a few soft spots in the floor, bathroom needs to be tiled, toilet needed, bathtub needs repair, carpet throughout home needs replacing, no A/C. 

I don't know how much the repairs cost or any problems I've overlooked. I'm planning on exiting the deal by flipping it or selling it on payments. I posted a test ad in my area and got good responses for a 2/1 at the $24k price range. Since it is an older model I'd figure discounting it to $20k. An older mobile in that area (within 2 miles of the city limits) can rent for about $650 conservatively. I spoke with a local investor and he recommended that I offer on the condition the home stays on the land or if the land is included in the deal. 

As I mentioned I have no clue what I am doing, therefore I'm sure I've left out important information. Please ask for anything I've missed.

[Kevin Mika]

I have been doing a lot of research on MH and this is not a deal. Not even close.  I think that 20k for this MH is crazy and you will be sitting on it for awhile if you can even sell it.  Is this home in a park? Think about lot rent eating at your profits while you get a clear title. Also moving a MH is 3-6k? Where are you moving it to private land or in another park?  Most parks won't want an older model MH coming in to the park. It brings the values down and makes the park less attractive to other in the park. Then again call around and see if the MH movers would even move a home so old, also there might be possible damage that needs fixed from the move. I would say sorry about the situation but at that price id run. Unless it's on private land and the land value is worth the $6k. Selling on payments brings up so much more with the Dodd Frank and safe akct. Read the past forums on lonnie ldeals.  Also there is so much that comes with buying a MH so old. What about electrical is it up updated? Reach out to me if you have more questions I just bought a 63 2/1 for $700 and it sounds way better shape but then again different location dictate different pricing