$16K to $10K

[Ed Barton]

Thank you Kathryn. You took it how I meant it, friendly banter from the other thread. I watched in horror as it looked like it was heading another way, so I'm glad you took it the right way.

And I actually am amazed at your deals, being able to repay a purchase so quickly that continues to pour money into your pockets from then on.

I reckon if we could easily do those sorts of deals here we would all be fighting for them. Sounds like easy money (apart from the management - which you do by choice, like we do).

apologies i must have mis understood.

 

[Pa1nter]

Does this come with land?

 

[kathryn d]

Does this come with land?

This mobile sits on a rented lot.Water is included.

There is another 3 bedroom mobile on 1/4 acre which is listed for $17K about 10-15 kms away.
Depending on the condition of the mobile, we would most likely offer it as a Rent to Own. Last year we bought a similar mobile on its own land for $20K.The tenant pays $750 month for 10 years and then we sell it to him for a $1.00. (one dollar) ...so about $65K profit.Tenant is responsible for all maintenace and repairs. If he walks away before the 10 years is up, he owns nothing of the mobile. He just rented and the it never increased for this time period.

 

[kathryn d]

Contracts signed.
Closing is July 22.

 

[kathryn d]

update

Signed the lease with our new tenant at $650 month.

Costs:
$1924 Install new oil tank, clean furnace,install new thermostat
$ 631 New fridge delived and took away old one
$ 125 Plumber to fix kichen drain
$ 100 misc..paint,doorknobs,lightbulbs etc
------
$2780 total

Very pleased