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Updated almost 8 years ago,
Manufactured home for 18k
There's a manufactured home in a little park near my area in a college town. Listed 18k as-is, priced about 75k below what I've seen these listed for. It's a 2bd/1bath, little rough condition, looks more abandoned and trashy rather than remodeling.
College town rents on 2bds go for about 950-1000, figured for this little manufactured maybe 850/mo.
Now here's where it gets tricky; I'm a college student. I make about 1200 a month and have about 4-5000 lying around to work with. In a couple months I'll have a couple more but that sure doesn't help right now. I've asked family and they're not willing to make an investment with me even though I've shared some number.
With my income only being about 12-15,000 a year and I've only been with my company a month, but have a year or two of work history making about 10k/yr.
What are my options? I've got 5k cash, it's only 18k cash as-is, unsure if there could be any repair costs, what are my options?
Hard money lender is my only idea, any ideas out there?