can i sell a tranportable home?

[Joeyv]

Hi i have purchased a 1000sqm corner block property with an old 3 bedroom transportable home on it. My first intentions were to fix it up and rent it for a few years to build up some equity before i develop it. To fix it up i was planning on doing the following:

- fence around the preoperty as it has no privacy $2500-$3000
- Paint all inside $1000-1500
- flooring $2000
- scrape dirt all around the house as it covered with 3 corner jack prickles $500

- bathroom need some work to $500

As i am starting to add up the costs of fixing it up im wondering if i am better of selling it rather than pouring money into it.

and even if i do all of the renovations the maximum rent it will get is only $230-$250 a week

So does anyone know anything about selling a transportable home? it is of decent size and is 3 bedroom.

thanks

 

[kathryn d]

According to your figures $7K (highest numbers) to fix up the transportable and then get $230 (lower number) a week is not good?

That is break even at 30 weeks.


And you see something wrong with this return????

 

[Joeyv]

7k is just guessing, it's probably more like 10k.

30 weeks seems ok I guess.

 

[Ausprop]

do you want to know 'can you' or 'how to'? you definitely can

 

[HotRod]

According to your figures $7K (highest numbers) to fix up the transportable and then get $230 (lower number) a week is not good?

That is break even at 30 weeks.


And you see something wrong with this return????

What about the purchase price of the property?????

 

[Joeyv]

do you want to know 'can you' or 'how to'? you definitely can

I want to know if I can make any profit by selling it how it is?

And who would organize to sell it ? A real estate agent?

 

[INVSTOR]

I've seen a few for sale on gumtree, which you could advertise yourself for free.

 

[Joeyv]

Thanks!

I have seen them for sale on trading post but the prices vary soo much I'm not sure what mine is worth.

I think moving it can cost over 20k

 

[kathryn d]

What about the purchase price of the property?????

He has already purchased the property.
Sounds like he was going to leave it vacant otherwise.
This way, after 30 weeks, pure profit.

 

[Joeyv]

He has already purchased the property.
Sounds like he was going to leave it vacant otherwise.
This way, after 30 weeks, pure profit.

Correct already purchased it.

 

[boomtown]

More relevantly the holding costs on raw land not put to productive use are not deductible. It's a no brainer from a tax perspective (assuming it is at least part financed).

 

[Tillie]

I would definately renovate the house and rent it out. As already said reno pays itself in 30 weeks and after that the rent helps to pay out the outgoings, mortgage etc. When starting development a couple of years later you can still sell the renovated transportable home and probably get the better price than selling it now without any money spent on it.

 

[kathryn d]

CF+ properties come from cheapies.
We have a few and love them.

Very few vacancies.
Very little maintenance concerns (maybe $500 year)

 

[MsAli]

CF+ properties come from cheapies.
We have a few and love them.

Very few vacancies.
Very little maintenance concerns (maybe $500 year)

Kathryn,
I always assumed CF+ off the bat would be mostly in regional. So how do you get few vacancies AND CF+?
Thanks!

 

[wobbycarly]

Kathryn,
I always assumed CF+ off the bat would be mostly in regional. So how do you get few vacancies AND CF+?
Thanks!

Check the link in kathryn's sig.

 

[Joeyv]

So no body has any experience selling one?

 

[kathryn d]

Check the link in kathryn's sig.

Ours are in canada.
They are also are in a town,close to everything.


Tenants live everywhere.

Bargains are around, if you look.
They are usually the properties that no one wants to be bothered with.


We just passed up a great deal.
It was for a 2 bedroom mobile home on a rented lot (@ $115 month)
Originally the vendor wanted 9K.
Then he wanted $7.5
Then it was $4K
By the end of a 3 days he had it listed for $1500

It would cost about $8-9K to have to back in shape and looking nice.
We passed, because it would take too much time.

If someone else was handy, it is a bargain.
It is right beside a school, convenience store, 2 kms from the town. Good location.

 

[Fourex]

Joeyv,

I would think you would just need to put an ad in the local paper or as already said Gumtree or Ebay looking to sell it.

Put a condition of sale purchaser is to take care of all associated costs (removal, council permits if needed).

I am surprised you are trying to sell rather than rent it (until you go to build on the property).

I would doubt the resale value of a transportable home will be very high (guessing around $ 10 K - $ 20 K).

Reason for that being the amount of costs involved with removal of the dwelling a buyer would most likely be going for a house assuming for a higher floor area and end cosmetic appeal.

I would put a transportable home close to the donga category and would be used for either a site office or granny flat. In both of those cases your end demographic will not be looking at spending big.

I have not sold one but have purchased a house for removal.

Spotted the ad in the local paper.

I was responsible to sort the transport and council fees.

I had my solicitor draw up a document to cover myself with the transaction.

Was closer to buying a car than normally trying to buy a house in the end.

Cheers,

Fourex.

 

[Joeyv]

Joeyv,

I would think you would just need to put an ad in the local paper or as already said Gumtree or Ebay looking to sell it.

Put a condition of sale purchaser is to take care of all associated costs (removal, council permits if needed).

I am surprised you are trying to sell rather than rent it (until you go to build on the property).

I would doubt the resale value of a transportable home will be very high (guessing around $ 10 K - $ 20 K).

Reason for that being the amount of costs involved with removal of the dwelling a buyer would most likely be going for a house assuming for a higher floor area and end cosmetic appeal.

I would put a transportable home close to the donga category and would be used for either a site office or granny flat. In both of those cases your end demographic will not be looking at spending big.

I have not sold one but have purchased a house for removal.

Spotted the ad in the local paper.

I was responsible to sort the transport and council fees.

I had my solicitor draw up a document to cover myself with the transaction.

Was closer to buying a car than normally trying to buy a house in the end.

Cheers,

Fourex.

Hey thanks for the reply!

I was thinking I could only get about 10-20k too. So you are right I am better off renting first then possible selling it later.

I was at the property last week doing some work and a guy next door is keen on renting it! He had a look inside and said it was in better condition than his current place he is renting!

So I may not have to spend much on it at all!