All Forum Posts by: William Pickett

I currently own (pay) for a mobile home that I rent for 500 a month. In this area thats about topped out. The bank foreclosed on the surrounding property which would add to my current rental property almost a full acre yard.

On one side of this foreclosed land is also including the neighbors plot. This spot is about .4 acre and did have a mobile home set up on it but the bank sold it and moved it off. This spot is already set up with water/ electric and sewage. All I would need is to find a decent but cheap mobile home and I could rent that spot out for around 425 I believe. It is a smaller, not so nice yard.

They would not take any less than 7k for this entire spot.

So recap. Parcel of land surrounding my mobile rental now. Would make my rental almost a 1.5 acre yard with mobile home. A .4 acre lot sits ready for mobile home to be set on it and rented probably around 425 a month.

Cost would be 7k for land. Not sure what I could get a mobile for. Ive seen them everywhere from 10k up to 30k. plus moving it and hook up.

Could someone explain how to obtain the properties or how to find out when or if sold off for taxes?

Been a long tome posting but been reading these forums and blog post almost everyday. I have the opportunity to purchase the land beside mine for I think around 10k. This is a rental mobile home that I do own the property of. If I purchase the land it will make the entire land there about 2 acres.

I currently rent the mobile for 500 a month. The land would not raise that but If I ever sold I believe it would raise its value. Also the lot may include a spot that had a mobile on it that does not have one currently. I thought of buying a cheap mobile and putting it in the spot then renting It out.. Just wanted to throw this out there and get some ideas from others..

Thanks!!

So understanding this, If I was to purchase a property and the rent was 550 or 600 I can do better on cash flow if I put more money down? Is the target to get cash flow looking better each month even though I may have to put more down initially?

What is 70 and minus repairs?

I have been reading non stop for awhile now and also out looking at properties in my town. I live in a small town south of Nashville, TN. most homes I would be looking into are older, 1970s, 50-70k homes. 3 bd. 1 -1.5 baths. Most rents in this town are 450 to 600 a month. How in the world does the 50% rule come out on a home that is 50k and 550 rent?

When I run the figures it does not look like a deal and should be passed on. I know people that are buying these homes but how are they making money? Again I know what the 50% rule is and how to figure it but for a 50k home and 550 rent I just dont see making money.

When the market was up these same homes would go for 70 to 80k if that helps.

Anyone care to clear it up.

Thank you again for all the help. Still learning.

Thank you all for the replies, I have found out I owe 21k at 9.875%.. Im going to keep it rented out and pay it off. I have pretty much fixed everything on it so might as well keep when it is paid off. Curently rented for 450 a month.

Just will have to wait before I can buy something else.

The mobile home is a 90 model, I have done upgrades and repairs over the years. It was my home for 3 years. rented for 5. left empty for a couple cause I was dumb.

Metal roof 2 years old. Laminate floors in living and one bedroom. Both bathrooms floors replaced and upgraded. New air unit installed few months ago. Virtually needs nothing except uunderpinning. Sits on a quarter of and acre which is also mine.

tax card is for 18k currently owe 23k , land and mobile together. Pretty sure bank will finance getting approved now. In this market and area I believe it might sell for 25k or 30k. Am going to call my realtor this week and get a rough estimate.

I just cant decide, I would pay it off earlier and keep if it is going to make me money. Trying to grasp investing and my future, so far what I have read and talked with others real estate is the way to go. I am too stubborn to give up..

Thank you all for your help!!!

Im currently trying to get refinanced at a lower rate. My new rate would be 20k, 8.5% 15 year fixed. Rent for 450 and i can make additional payments. Im curious as to if I should hold on and pay it off then try to get something else or try my best to sell now so I can free up to buy another property? I still have a lot to learn but trying to plan early.

Thank you for your response also. I had not thought about swapping.

Hello, first time posting and have been reading a lot on these forums and will continue to do so. I closed on a home earlier this year. I bought it for 87k and put down 20% So my cash and borrowing is over for awhile.

Now I do have another property which is a double wide mobile home which I still owe 22k on and have rented it out for the last few years at 450 a month. My question is this, Im eager to buy another brick home to rent out, so should I try to sell my mobile home or work my butt off and pay the note off so I can purchase something else?