Man, I can't tell you what a great feeling it is to get up in the morning, check your email, and find an offer for a property that will provide you with an instant $30,000 in equity!
That was what I found this morning when I checked my email. The same person who sent me the offer yesterday (which another investor snatched up before me) sent me another one that he was passing on. It looks good to me, but the only issue is that it is a mobile home. I've got no experience with those yet. I've spoken with my Realtor friend and she mentioned that I should find out if the land is included with the sale. She hasn't sold a mobile home in years, so she wasn't sure of any other "gotchas" I should watch out for. Anyone have any experience with mobile homes they'd like to share?
Luckily, the seller had a professional appraisal done in December and I've got a copy of that. I don't see anything out of the ordinary on it except that the unit was a single wide that had an addition built on. The addition apparently covered up the HUD certification plate. (HUD certifies mobiles home are built to certain standards.) My Realtor says this may be an issue if a buyer is getting an FHA loan, as that certification will be wanted by the lender. However, she said with a conventional loan, it probably won't be an issue.
I'm going to call and talk to the seller today. The appraisal for the property valued it at $108,000 and the seller is willing to take $75,000, giving an instant $33,000 in equity to me. Average selling time in the neighborhood is 120 days.
Update: I spoke with the seller a bit ago. She is currently living in the mobile home and wants to sell ASAP. She can be out in 2 weeks. Her son is in the National Guard in Alabama and has been called up, so she's heading out that way. The property is a single wide mobile home that was gutted and had an addition built on to it. She owns the land and there is no HOA or mobile home park fee. She says there is no HUD certification plate - the unit never had one. She does have the VIN number though. There are no age restrictions in the mobile home park. The unit has a real roof and attic, not a mobile home roof. The unit has a septic tank, so in addition to the sales contract, we'll also need to sign a On-Site Wastewater Treatment Facility Addendum. This document basically instructions the seller to get the septic system inspected by a licensed inspector and make any needed repairs or the contract is cancelled. I'm heading out tomorrow afternoon to check the place out and, if all goes well, sign a contract.