MH Cashout or sell it?!?!
I have a mobile home that I am getting close to finishing up and I am trying to decide if I should find someone that will cash me out on it or if I should sell it to build my capitol. I would much rather cash out because the rent on this thing looks good and I am just starting out and need to build capitol. My local guy will not cash it out and I haven't found anyone that will on a MH. Any advise or recommendations would be greatly appreciated!!
The mobile home is 1997 1,300 sq ft 3/2 on a 1/2 acre in north Panama City
Took a 2nd in my single family rental to buy it for $30k for a $260 mortgage on it.
Insurance is $1,400 a year
Property tax is $128 a year
Rehab will be around $10k doing all the work myself
Will rent for $1,200-$1,300
Comps have sold between $90-105K (I personally sold a MH to a client 5 miles from my place for $120K with a pool and detached garage)