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Started By
Message
Value of rental property
Posted on 9/22/17 at 12:05 pm
Posted on 9/22/17 at 12:05 pm
I have a 2.5 acre tract of non flood zone property with 3 mobile homes in the French Settlement area.
Double wide rents for $1200 ( 6 years )
2 single wides bringing in $850 and $900 each.
Everything has been paid off for several years, long term tenants.Concrete covered back porches the entire length of the homes, Lifetime medal roofs on 2 of them.
Anyone have any idea about how much you would ask for a property that's bringing in $2950 a month?
Double wide rents for $1200 ( 6 years )
2 single wides bringing in $850 and $900 each.
Everything has been paid off for several years, long term tenants.Concrete covered back porches the entire length of the homes, Lifetime medal roofs on 2 of them.
Anyone have any idea about how much you would ask for a property that's bringing in $2950 a month?
7
Posted on 9/22/17 at 12:19 pm to BigD13
How much would you pay for it? Why only 3 mobile homes? Are they on a acre lot each? Can you fit more?
Personally, I don't think its worth nearly as much as you are getting in rent. I'd never trust someone else on how good their mobile home tenants are. So to me there is a lot of risk there. I don't have a clue how much that land is worth? Your value may be 90% in the land.
Personally, I don't think its worth nearly as much as you are getting in rent. I'd never trust someone else on how good their mobile home tenants are. So to me there is a lot of risk there. I don't have a clue how much that land is worth? Your value may be 90% in the land.
Posted on 9/22/17 at 12:22 pm to BigD13
Why are you looking to sell?
Posted on 9/22/17 at 12:34 pm to BigD13
What's your net cash flow? What's the market like?
Posted on 9/22/17 at 12:39 pm to CorkSoaker
It's difficult to say without knowing the year of the homes and quality of the homes and areas. I think there is good value there to an investor but by selling to an investor you probably won't get as much as selling them individually to a occupant.
Let's just say it can be subdivided into 3 properties. I'd search realtor.com for mobile homes in the area on an acre of land. That'll give you an idea. My guess would be in the 50-85k range each if they have their own acre of land and it were to be subdivided.
As a whole you lose some value because an investor will want to buy at a discount. The risk for an investor is if it's in an area that will continue to produce quality tenants and the land holding long term value.
Let's just say it can be subdivided into 3 properties. I'd search realtor.com for mobile homes in the area on an acre of land. That'll give you an idea. My guess would be in the 50-85k range each if they have their own acre of land and it were to be subdivided.
As a whole you lose some value because an investor will want to buy at a discount. The risk for an investor is if it's in an area that will continue to produce quality tenants and the land holding long term value.
Posted on 9/22/17 at 1:04 pm to CorkSoaker
quote:
Why are you looking to sell
Really don't want to. I may have a 2 year job in Trinidad coming up and it may be too much to deal with.
Yes it's subdivided into 3 different lots, all utilities are in each tenant name.
They pay their utilities, garbage
I pay a $200 a month for yard work 8 months a year.
Haven't made my mind up to sell, I was just thinking about it.
French Settlement has one of the best public schools in the state and people are always trying to get their kids in.
This post was edited on 9/22/17 at 1:24 pm
Posted on 9/22/17 at 2:08 pm to BigD13
quote:
Really don't want to.
hire a property manager. they charge about 10% to handle everything for you.
Posted on 9/23/17 at 7:51 pm to BigD13
I'll give you 75k for it just by your description, email me at rustcohle365@gmail.com and give me an address and I'll make a better offer
This post was edited on 9/23/17 at 8:07 pm
Posted on 9/24/17 at 3:45 pm to BigD13
Worth about 85k. I live right down the road from you and I also have numerous rentals.
Posted on 9/24/17 at 3:49 pm to BigD13
People are paying between $850 and $1,200 per month to rent a trailer in French Settlement?
Posted on 9/24/17 at 7:09 pm to RedStickBR
quote:
People are paying between $850 and $1,200 per month to rent a trailer in French Settlement?
All day
Posted on 9/24/17 at 8:02 pm to BigD13
BigD are you entertaining offer? probably could do 90k if its a decent area
Posted on 9/24/17 at 8:11 pm to BigD13
Damn. I'd give you 100k for that tomorrow.
Posted on 9/24/17 at 8:51 pm to RedStickBR
Guys I really wasn't looking for a sale. I spoke with a appraiser and he found a double wide on 2 acres that sold for 112k a year ago. 2 wooded acres on my street sold for 65k. A single wide on 2 acres sold for 87k.
The purpose of my post was to find out what people should ask for a property that brings in $2950 a month every month. I have no idea bc there are no properties like mine in my area for a appraiser to compare with.
I have a Aerial photo off of google earth but I have no idea how to post it!
The purpose of my post was to find out what people should ask for a property that brings in $2950 a month every month. I have no idea bc there are no properties like mine in my area for a appraiser to compare with.
I have a Aerial photo off of google earth but I have no idea how to post it!
Posted on 9/24/17 at 8:57 pm to BigD13
Rental income is easy money...sometimes it can be a headache but overall it's money in the bank
I have one rental house and it afforded me to retire early...
I have one rental house and it afforded me to retire early...
Posted on 9/25/17 at 5:56 am to BigD13
quote:
The purpose of my post was to find out what people should ask for a property that brings in $2950 a month every month
As said, I don't think the trailer rental income is where you would get your max value. You would be much better off trying to sell them individually. It's really no different than a single family home. You will get much more selling to someone wanting to live their themselves than an investor, 20% or more potentially. So not just a little, a lot.
Using the 1% rule, $2950 in rent is $295,000. No way in hell I'd pay that for 3 trailers on 2.5 acres. I really don't know trailers and I'd think the only way to truly know is put it up for sale, but I agree with the others somewhere around $75-100k to an investor seems right.
You are likely to get somewhere around $40-60k or more depending on the market for each trailer on .75 acres. A lot of it depends on the shape of the trailer, where the land is, etc.
This post was edited on 9/25/17 at 5:58 am
Posted on 9/25/17 at 6:52 am to BigD13
quote:
The purpose of my post was to find out what people should ask for a property that brings in $2950 a month every month. I have no idea bc there are no properties like mine in my area for a appraiser to compare with.
I'm not sure you will in that area. The amount of rental $$$ you are talking about is typically reserved for a house and acreage using the 1% rule for rentals. Being these are trailers that will only go down in value (unlike most homes) It's harder to give a correct number.
If you do want to sell, I'm right up the road and can meet you there in the drop of a hat and would be very interested.
Posted on 9/25/17 at 10:21 am to BigD13
Fwiw OP, I see trailer foreclosures for sale all the time for $20- 40k on multiple acres. I'd love to pull the trigger, but none of them are close enough to me or with large enough tracts of land 6+ acres or land that is useful to me. I don't want to drive 45 minutes each way for a trailer on 2-3 acres.
Imo there are just too many cheap ones out there for someone to buy top dollar for rentals.
I believe banks hate to have them on their portfolio and usually try to fire sale them pretty quick in foreclosure. Let's be honest, there's a reason trailer financing is much higher than mortgages and that's because people default a lot so there is a good bit of inventory out there at any time .
Imo there are just too many cheap ones out there for someone to buy top dollar for rentals.
I believe banks hate to have them on their portfolio and usually try to fire sale them pretty quick in foreclosure. Let's be honest, there's a reason trailer financing is much higher than mortgages and that's because people default a lot so there is a good bit of inventory out there at any time .
Posted on 9/26/17 at 8:15 pm to baldona
Where do you see foreclosures at? People sell trailerparks at 10x net 350k. People buy parks at 60 months rent. (170k). Might be gross not net. It wouldn't make sense to sell it for less than 4 years earnings or120k. That's why it's worth more!
This post was edited on 9/26/17 at 8:20 pm
Posted on 9/27/17 at 7:53 am to baldona
quote:
I see trailer foreclosures for sale all the time for $20- 40k on multiple acres.
If I see multiple acres in a good area, non flood zone for 20k I'm buying
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