my real estate agent just listed 5 rental newer mobile homes?
Thursday, June 12th, 2008
that are each on once acre of land with utilities, the owner is selling because him and his wife are retiring and going to travel in an rv. 4 of them are currently rented at $500 a month and the current owner lives in the 5th one.
An acre of land here is currently selling for 30k an acre so doing my math with all 5 rented at $500 a month is 30k a year. He is asking 55k a piece ( i can pay all cash from my 401k, no mortgage ) and figure i would own everythign in 10 years and still have the value of the 5 one acres lots even if the homes are toast.
I could do rent to owns and get a serious down payment plus slightly higher rents and even if someone does complete the rent to own I would still profit.
has anyone done anything like this and how did it work out ?