Ok my REI friends, Here we go.
Found a doublewide on craigslist, FSBO, and yes I know that they are not the greatest investment, but as a Buy/Hold deal I thinks it's right. Here are the details
3-4 BR/2 baths, 1 huge one off master Br
Front and back deck
Set up in a doublewide community. (looks in great shape,no junk cars, lawns mowed, no trash around)
Set up on pad, with skirting
This unit looks invery good shape, although roof looks like it needs to be layerd over. POSSIBLE CONCESSION IN OFFER
Here are the figures
Owner asking $34,900 dropped price from 36,900
Unit is paid for,
No taxes, since the park pays them
I already have 3 renters in place @$260.00 each, per month
My Thoughts Are
Go HML for 70% of ARV which is 47,000.
My offer will be 32,900 or Lease option for $600 per month for 12 months, balloon at end for full price of 34,900.
HML cost would be 47k @10% amortized-30 yrs 438.74 monthly + 35.00 ins + 270.00 lot rent= 743.00 monthly cost
780.00 rent- 743.00 costs= 43.00 per month positive
This is as close as I can get with no money out of pocket at all.
There you have my family, tear it apart and point out my faults in this deal. I have until 10/21/08 to make an offer....Jan