I have a long term tenant moving out of a property in January. Their rents well below market. But I don’t have to do anything. They’ve painted, replaced things, upgraded, etc. prolly best the place will ever look. I redid the roof… it’s multicolored… used up shingles I had laying around… but still a new roof.
Trying to decide if I should sell it. Neighbors interested.
It’s a double wide trailer. 1980s. I just don’t know what the long term play is with these. I was going to split the lot and build two houses on it but Covid hit and I got into other things. I paid 90ish. Likely worth $250ish.
- being all cash in it bothers me but isn’t end of the world I guess. Just better returns elsewhere. My new business is still cash starved but I’m making it fine so might be safer leaving the funds there
- I don’t know where trailers tap out. I’m amazed they’re going for what they are these days. Or how long they last with upkeep do they just end up needing full replacing? And I hear there can be financing issues.
- If I keep it rent can be $1500-$1800. It’s currently half that or less. Property taxes are $1100. I don’t currently insure it as the cost was four times my home. Think $300 a month.
- if I sell funds either go into stocks/back up funding for being less cash poor.
or there’s a six acre lot nearby my home for 150ish. Land locked, so would need to get a right of way off someone. At some point I want to build a 5000sf metal building to work out of instead of renting. I have 2.5 acres but would have to be by the road. The six acre parcel is in the woods. And maybe let mum build herself something on it. Prices have gone up too much post divorce and she can’t afford to buy back in now retired.
If I’ve tapped out most of the appreciation on the rental trailer then the six acre is a large value add (or any land around my home area). I bought my place with a trailer on it for $75 I think 8 years ago spent 475 putting a house on it five years ago now worth a million
