Purchasing cheap 3BD/2Bath mobile home…have options
I've wanted to get into MFU investing using creative finance, however life has essentially happened and I need to get a place of my own quick. There is a cheap trailer available for an asking of $1,500 where all conditions are livable (apparently) and the only work that needs done is cosmetic. Has a car port and a shed.
If I buy it, I'm going to do some small cos work to fit my own living needs/wants because I'll be living in it for about a year, year and a half or so. Lot rent runs at $195. Cheap living. No central air - will be using window AC units. It's a 3BR but my old lady and I are the only ones who will be living in it. The park has flooding issues because my mother lives in the same park and when it has rained heavily, 2-feet of water is sitting under her trailer. However, THIS trailer I'm looking at buying is further away, so the flood height will be lower… perhaps 1 foot. Maybe even 6". I'm going to talk to the neighbors and ask how high the water gets on that road the trailer is on.
What are upgrades done to a mobile home that add value to it? Once I'm ready to use an FHA on a MFU I'm either going to sell this trailer and use the lump sum as a down payment or rent it out.
Meeting with the owner/seller tomorrow at 10am and will post more info once I find out more about it.