Hello

[Nathan Huzzey]

Hi everyone, new member here from Central Michigan. I have limited knowledge of the RE business as a whole, but have some experience as a landlord. I am to a point where I would like to get more involved in RE.
I'm currently in a situation that i'm not sure what to do. While I was searching the internet for answers, I stumbled across this site. I have to say, I have been very impressed so far. Keep up the good work!
Now for my issue. I own 2 mobile homes on 2 acres of land in a pretty good location. One mobile is in pretty good shape, while the other is falling apart. I mean the ceiling is falling in, flooring is sagging, light switches not working and etc. I would like to tear the bad mobile out, but I would not be able to put anything else in. It was grandfathered in when I bought the place. I would be required to have the 2 acres split and put in a new well, septic, and what not. The cost to get the land ready would probably be about $20,000. What I was thinking was that I could just do a total remodel, but I would have to do it without permits because I am not allowed to do renovations on it. I was thinking it could be done for about $10,000-$15,000. I would then rent it for $375 a month and have it paid for within 3 years or so. I would be able to rent both places for total of $850 a month while I work on other deals. I know mobiles don't hold value, but I would think that it they would hold their value for at least 15 years. Side notes: I would like to sell the property, but probably won't get close to the amount that I want. Also, its hard to find someone that can actually get financed for it. I also only have 2 years left on the mortgage. Any thoughts, advice, ideas would be appreciated. Thank you.