Dallas-Fort Worth Real Estate Investor Club

Any interest on a good note lead for a mobile home w/ 1.1 acre land west of the Speedway?

  • 26 Nov 2011 8:58 AM
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    Message # 760100
    Deleted user
    Based on feedback, I will pursue contract.  25k (or less) for 1.1 acre and a 2002 mobile (3/2 with 1400 sf) that has been taken care of, but hasn't been lived in since 2004.  ARV in area is around 50K.  It is located about 10 miles W of TX Motor Speedway, in SE corner of Wise County near Rhome. Clear title.  Anyone interested?  Please call me at (817) 269-9364.  Thanks!
  • 27 Nov 2011 12:45 PM
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    Reply # 760666 on 760100
    Deleted user
    Hey Priscilla! 

    Congrats on the lead. 

    You might consider talking to a title officer before you get too close to your closing date. Title on mobiles is different in Texas than titles on Single Family Residences (SFRs) - especially when there is land AND the trailer involved in a single deal.

    As for price, $25K sounds like a decent deal. The last time I looked at a similar deal to this one it was a REO and we were in the $10 - 13K range with the bank. When the next door neighbor found out about it he ran to the bank and bought it for $17,500.

    Hope this helps!

    -Greg Wilson
    "The REI Mentor" -- (http://www.reimentor.com)
     
  • 28 Nov 2011 12:27 PM
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    Reply # 761313 on 760100
    Deleted user

    Thanks, Greg.  Good point about titles on mobiles.

    I was planning to wholesale it if there was any legit interest; not in my farm area.

    Thx,

    Priscilla

     
  • 06 Dec 2011 10:33 AM
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    Reply # 767125 on 760100
    Deleted user
    That's good to know that you can wholesale this kind of property. 
    I have overlooked a few of these when sending letters thinking that they may not be that great. 
    I will start including those as well, but what's the best way to turn them? Can you do what you do with a traditional house (bandit signs, etc)?
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