First Mobile Home Prospect

[Ed Ferriter]

Hi All, 

Currently looking at a mobile which would be my first ever mobile home purchase, so im new to the scene.

Property Information: 

1. 3/2
2. 1404 sqft
3. Built in 2007
4. Renovations
   1. Needs New Front and Back Stairs
   2. Needs pet odor removal 
   3. Needs new flooring 
   1. I was going to rip out all carpet and install LVP, if we move forward
   4. Needs some minor Drywall and Paint 
5. While at the home all MEP was on and functioning 
6. Looks like the seller has a cititation posting due to them not taking care of the lawn. 
7. On the market for 40 days 
8. In florida 
9. Listed at $130,000
10. Looking to negotiate down to $110,000
11. If purchased I would own the land and the mobile home, no HOA or lot fees.

So, in saying all above I would be looking to purchase this and do all the renovations myself (I am a GC). There are two simliar homes in area trying to get rents for $1350 and they have been on the market for 7-14 days. 

If I can get the right finance (Looking for suggestions) I would be comfortable renting this at $1150-1200 minimum. This number accounts for PITI, Monthly Maintenance and Vancany % , Utitlies during vacancy etc.

Currently reaching out to credit unions for numbers. 

I Also have a SFH that is a rental in Charlotte NC, if there are any creative ways I could benefit from that, considering financing.