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Updated over 7 years ago,
Need advice 1st investment on buying a single wide trailer
I'm a new investor looking to make my first deal. My friend's sister is moving and is motivated to sell her single wide trailer for at least $3000 cash in a trailer court. With trailers renting for $650/mo on average in my area it sounds like a great deal. I have never purchased a property and don't know what precautions and processes I should take for title search, contract, ect. to buy it. Also I was wondering if there are any complications with paying lot fees that are $145/mo. I just did a quick walk through and its an older trailer (1972) that just needs some minor repairs and cosmetic work that I could see. I really want to get started by jumping in and get experience and this looks like it would be a good start. How should I go about making this deal? Any advice would be greatly appreciated!