@Justin Somersett @Justin im actually thinking of doing something similar. Except i would like to purchase one as a 1st residence at an extreme discount, fix it up a little, save up some money while living in in due to an extremely low mortgage then move out and rent it out. I am fairly new myself but i have some questions i think could you could benefit from.
1. How do you plan of finding a DEAL? are you going to go on craigslist, are you going to market to potential sellers, you plan on using sites like zillow or redfin?
2. Do you know what a deal looks like; what would it cost to buy, fix, hold until it was purchased, and what would it sell for in that market, on that piece of land,
3. How are you going to market to potential sellers and how much does it cost. And would you be ok financially after investing all of this money into the property if it was to sit on the market for 3-6 months after youve fixed it up?
(Few other things to consider.)
Are you going to buy the property in a mobile home park? Is the supply OR demand greater for mobile homes in that area? Are you putting TOO MUCH money into the property? (Ive heard everywhere, nobody can time the market but it seems like were either at a peak or coming close to one.) IF the market were to take a downturn would you be able to recoup your money?
As i said in the beginning of the post,im fairly new myself. So anyone with more experience, please chime in to correct me where every i might be misguided.
