Investment Property Questions....

Discussion in 'Homesteading Questions' started by emulkahi1, Jun 5, 2006.

  1. emulkahi1

    emulkahi1 Well-Known Member

    Messages:
    346
    Joined:
    Apr 21, 2006
    Location:
    Central MT
    Hello All--

    Question for those of you that might be more experienced at this sort of thing than hubby and I....

    In an up-and-coming town (i.e. real estate prices are still reasonable, but is a very nice, busy mid-sized MT city that is an attractive place to live) hubby and I might have the chance to buy a 1 acre property w/ a shop and several junkie mobile homes on it for a very reasonable price. It is right on the edge of town, but just outside the city limits, has septic, well and all that. No liens or back taxes. It is vacant because the old couple that lived in one of the less-junky mobile homes passed away, and their 6 kids don't want the property.

    The realtor says it looks rough...has lots of weeds, etc. And, of course, the old mobile homes (1974, 1958) need to be hauled off. But we can do work. LOL. Hubby is very handy (can fix just about anything...roof, foundations (though don't want to do that again, after dealing w/ our place-lol), plumbing, electrical, etc). And I am happy to help in whatever way I can. Sweat equity is no problem.

    Our intentions would be to fix this place up (w/o putting TOO much into it) and then resell it. Probably as an acre, w/ shop, no house. I have a call in to the realtor, with hopes that we can look at it soon. We don't intend to commit to anything yet, or rush into it. But I just wondered if any of you might know what some good questions would be to ask? Any thing in particular we should be on alert for, etc....

    Thanks for any and all advice. Hope this wasn't too rambling...I'm typing in a hurry....

    Erin
     
  2. emulkahi1

    emulkahi1 Well-Known Member

    Messages:
    346
    Joined:
    Apr 21, 2006
    Location:
    Central MT
    Ack. Just talked to the realtor and we are meeting her tonight! LOL...So any and all advice would be appreciated....and even more so if it is quick (hehe :eek:) :help: .

    I am guessing the anticipation of all of this is the most nerve-wracking part. Or I hope so anyway!

    Erin
     

  3. bare

    bare Head Muderator

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    So much can factor into a step like that. Where in Central Mt? I wouldn't even consider it in Browining, but then Lewistown might be a good bet.

    Will you be paying cash or making payments.

    How long can you wait to cash out?

    Don't know that I'd figure on a septic tank if it's like many old ones I've seen in Montana. Chances are, someone rolled up the windows on an old sedan and buried it.
     
  4. Obser

    Obser "Mobile Homesteaders"

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    Feb 13, 2006
    Location:
    Highly Variable
    Erin,

    Points to consider:
    Is your motivation only (or largely) to make a profit in resale?
    Is the purchase price “discretionary” money or do you have to “dig deep”?
    What indication is there that what you do will increase value of the property?
    What can be “fixed up” to enhance resale value?
    Junk mobile homes can be difficult to get rid of in some areas and can be costly to have hauled.
    If it is a “steal” and you can solve its problems you may find a buyer who will reward you handsomely for your efforts. On the other hand . . . . .