Need advice 1st investment on buying a single wide trailer

[Chaz Heasley]

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!

[Anthony Dooley]

If you have the cash, I would do it. Check with your state, but usually buying a mobile home is not "real estate," but personal property. You can write up a bill of sale and buy it like a car.  This can pay for itself in 6 months. Then, I would buy as many as I could in that park for that price.