First property

[Alexander Forrester]

I was just told by my grandparents that I could have the trailer in the lot that they just bought. The only stipulation is that I would need to pay for it to be transported and fixed up in order to start renting it out. I have absolutely no experience in real estate but I have been waiting for something like this to happen for quite some time. I am ready to begin my journey in real estate and am not sure how to get started with this. I don't think I have enough saved up for the costs it will be in order to get this unit into a move in condition. Any replies will be very much appreciated. Thanks.

[John Arendsen]

You didn't indicate how old the home was. If it was built before June 15, 1976 it's considered a PRE HUD Mobile Home and many MHP's won't allow them in their communities because they're too old and only serve to further blight the park.

Additionally, moving a MH, especially a multi-section MH can be a very costly undertaking. All that stated I'm talking California speak right now not knowing what the zoning ordinances are in Indians which is where I'm assuming you'll be attempting to relocate it.

What's wrong with just leaving it there and trying to sell it? You could then take the proceeds from that transaction and apply it to another one. Not knowing what the net yield is you may have to partner with others for a deal or two the generate enough capital to go off on your own. But then that could be a win win as it will be a great learning experience for you.