Category Archives: manufactured home communities

6713 Point North Dr, Austin TX 78724 – SOLD

6713 Point North Dr., Austin TX 78724

Picture of the front of property

 

Sale Price $75,000

 More Pictures of the property

Property description

 This property is a 4 bedroom 2 bathroom manufactured home that has a fenced back yard.   It is in a subdivision of other manufactured homes and comes with the lot.   It is not a lot rental but the price includes the dirt.   It is 1792 square feet according to the Travis Country Appraisal District and has a carport.   The fence was constructed 2005 and it has had a new HVAC compressor installed.   It comes with the refrigerator, stove, dishwasher, garbage disposal.    This property is most ideal for a new investor or a family looking for their first home.

 There is a new middle school being built around the corner and it should be open in 2008.   The elementary school is not far away either.   The lot is one of the larger lots in the neighborhood.    Take a look at some of the other properties on the market.   The list prices for those propertiesare both in the $90K range or about 15K more then this property is listed at ($75,000).    There are several new subdivisions being built in the area and this should cause the value to go up as those new properties come online and pull the value of this property up.    

The area has been growing tremendously over the past few years.   Please click the following link for a demographics study.

 

 

Property History

 The property was purchased as a foreclosure by the current owner and has been a rental.   It has been kept in decent shape and is now ready to received the attention that it needs to make it a wonderful home.   Now the owners have bigger and better projects to work on and want to find the right person who can love this property the way that they used too.   In the past it has gotten people who have occupied it but never loved it the way it needs to be loved.

 If you are the right person and want to make a cash offer the owners are willing to consider taking a discount on the property in order for you to be able to make it work.   Just submit your cash offer and it can be considered!   We are investors and will are offering owner financing on the property.

 If you need owner financing we are looking for someone who can put down at least about 10% and who can afford payments of at least $750 per month with a 10% interest loan.   That sounds easy enough and it is!

 

Repair Analysis

 Our back of the envelope analysis included:

     

Flooring

1000

 

Painting

500

 

Misc

400

 

Total

 

$1,900

 

 

 

 

 

 

These figures are only estimates and you should hire a professional to fully investigate.

  Many of the figures are very rough and include paying professionals to do some if not all of the work.   It may be possible to get the numbers lower but you would need to investigate that possibility on your own.

 

Rental Analysis

If the property were purchased and repaired and turned into a rental my analysis indicates that the property would generate a 21% average annual cash on cash return and a 30% total return if held for 5 years and sold for $75K.   The rental rate that was used was on $950 per month.   For a four bedroom two bath house that is cheap, but the property is a manufactured home and that has to be taken into consideration when factoring the rental amount.   If the sales price could be achieved before the 5 year term the return would rocket skyward!

To see the analysis please click for link for the Property Analysis. 

 

Flip Analysis

If the property was flipped quickly without doing any repairs just remarketing the property the price could probably be bumped up by $10K for a total of $85K.   If the new seller owner financed the property for $6,500 down and payments of $850 per month and a 15% interest rate then the return on investment would be $1,200/$1,000 = 120% per year!  

But for analysis purposes lets assume that the initial investment is $3K and then the underlying payment on the first note is $750.   The cash flow generated would be $100 per month or $1,200 per year.   The return on investment would equal $1,200/$3,000 = 40% return per year!

If the property was given a cleaning and trash removal then the flip price could easily be pushed upward as the property would appeal to a wider range of potential buyers.  

10502 Cherry Hollow Xing – SOLD

Picture of the front of property

Sale Price $30,000

 More Pictures of the property

Property description

 This property is a major fixer upper.   It needs everything!   Well just about everything.    A/C work, Doors, Electrical, Flooring, Landscaping, painting Plumbing roof patching, trash removal, tree trimming, Windows.   I am talking A-Z on the list of repairs.    Lots of the jobs appear to be small jobs that someone who has moderate rehab skills could tackle.   But make no mistake about it this is not for the faint at heart!   This is a rehab!!

 The value is in the lot.     The property has the lowest list price in the neighborhood.   Take a look at some of the other properties on the market.   This property could easily be cleaned up and turned into a small rent house or replaced with a home in better condition.    It is on a culdesac so there is no thru traffic and sits at the top of the hill with good views of the surrounding area.   There are beautiful houses going in just off 1431 and the growth is moving toward this property.   The area has been growing tremendously over the past few years.   Please click the following link for a demographics study.

 If the property was closer to my other investments I would consider turning it into a small rent house and renting it out for $500 per month to $650 per month and holding it for a couple of years while the growth continues then selling it for $75K or so.

 

Property History

 The property was purchased as a foreclosure by the current owner and has been sold and repo’d several times and has never received the property attention that it needed to make it a wonderful home.   Now the owners have bigger and better projects to work on and want to find the right person who can love this property back to health and productivity.  

 In the past it has gotten people who have occupied it but never loved it the way it needs and consequently the lack of love has shown!

 If you are the right person and want to make a cash offer the owners are willing to consider taking a discount on the property in order for you to be able to make it work.   Just submit your cash offer and it can be considered!   We are investors and will not be offended by a low offer.

 If you need owner financing we are looking for someone who can put down at least about 10% and who can afford payments of at least $250 per month with a 10% interest loan.   That sounds easy enough but doing the 10% down and 250 a month is the easy part it is the fixing of the property that will require hard work and money to get it done.

 

Repair Analysis

 Our back of the envelope analysis included:

A/C work

1000

 

Doors

500

 

Electrical

1000

 

Flooring

1000

 

Landscaping

1000

 

Painting

500

 

Plumbing

1000

 

roof patching

500

 

trash removal

1000

 

tree trimming

500

 

Windows

500

 

Misc

4000

 

Total

 

$12,500

 

 

 

 

 

 

These figures are only estimates and you should hire a professional to fully investigate.

 

Many of the figures are very rough and include paying professionals to do some if not all of the work.   It may be possible to get the numbers lower but you would need to investigate that possibility on your own.

 

 

Rental Analysis

 

If the property were purchased and repaired and turned into a rental my analysis indicates that the property would generate a 21% average annual cash on cash return and a 30% total return if held for 5 years and sold for $75K.   The rental rate that was used was on $650 per month.   For a three bedroom two bath house that is cheap, but the property is far out and that has to be taken into consideration when factoring the rental amount.   If the sales price could be achieved before the 5 year term the return would rocket skyward!

 

To see the analysis please click for link for the property analysis.

 

Flip Analysis

 

If the property was flipped quickly without doing any repairs just remarketing the property the price could probably be bumped up by $15K for a total of $45K.   If the new seller owner financed the property for $1K and payments of $350 per month and a 15% interest rate then the return on investment would be $1,200/$1,000 = 120% per year!  

 

 

But for analysis purposes lets assume that the initial investment is $3K and then the underlying payment on the first note is $250.   The cash flow generated would be $100 per month or $1,200 per year.   The return on investment would equal $1,200/$3,000 = 40% return per year!

 

 

If the property was given a cleaning and trash removal then the flip price could easily be pushed upward as the property would appeal to a wider range of potential buyers.  

 

 

Owner Financing

If you would like to purchase the property with owner financing I have attached the following documents for you to fill out to submit your information to us as part of the contract.   

Application

I have also attached some examples of the note and deed of trust and other documents that will be a part of the financing package.    If you have any questions about them please don't hesitate to ask, but note that in no way, form, or fashion should any information be construed as legal advise.   If you need legal advise please consult your attorney.

Please click the link for a copy of the sellers disclosure notice

Please click the link for a copy of the Survey

 

If you have any questions about the property please email me at Ron@theseaygroup.com.

 

  Please join our linkedin Network at Linkedin.com www.linkedin.com/in/ronseay

7512 Compass Dr, Austin TX 78724 – SOLD

7512 Compass Dr., Austin TX 78724

Picture of the front of property

Sale Price $30,000

 

Property description

 This property is a lot for a manufactured home.   It has a concrete drive way and all the utility hookups.   There used to be a home on the lot but it has been moved.   The cars belong to the neighbor who keeps the lot cut for me in exchange I let him park his cars on it.   It is in a subdivision of other manufactured homes.   This property is most ideal for an investor who wants to put a house on the lot or a family looking for a lot for their manufactured home.   http://jm117.com/ is a link to a development right around the corner from this lot that has lots starting at $40,000!   

 There is a new middle school being built around the corner and it should be open in 2008.   The elementary school is not far away either.   The lot is one of the larger lots in the neighborhood.    Take a look at some of the other properties on the market.   There are several new subdivisions being built in the area and this should cause the value to go up as those new properties come online and pull the value of this property up.    

The area has been growing tremendously over the past few years.   Please click the following link for a demographics study.

 

 

Property History

 The property was purchased as a foreclosure by the current owner and has been vacant since its purchase.   It has been kept in decent shape and is now ready to received the attention that it needs to make it a wonderful home site.   Now the owners have bigger and better projects to work on and want to find the right person who can love this property the way that they used too.   In the past it has gotten people who have occupied it but never loved it the way it needs to be loved.

 If you are the right person and want to make a cash offer the owners are willing to consider taking a discount on the property in order for you to be able to make it work.   Just submit your cash offer and it can be considered!   We are investors and will are offering owner financing on the property.

 If you need owner financing we are looking for someone who can put down at least about 10% and who can afford payments of at least $250 per month with a 10% interest loan.   That sounds easy enough and it is!

 

Development Analysis

 Our back of the envelope analysis included:

     

Manufactured Home

15000

 

Painting

500

 

Misc

1400

 

Carpet

1500 

 

Lot Costs 

30000 

 

Total 

 

 $48400

These figures are only estimates and you should hire a professional to fully investigate.

  Many of the figures are very rough and include paying professionals to do some if not all of the work.   It may be possible to get the numbers lower but you would need to investigate that possibility on your own.   

If you then sold the house for $85,000 you would generate a profit of roughly $36,600.   If you use the owner financing on the lot for $3K down plus paid cash for the other development costs your return on investment would be $36.6/$21.4 = 171.02% if you got a cash buyer.   If you had to owner finance the sale to a new buyer then your annual return would be different.   If you got $8,500 down and $700 P & I per month then your return would be calculate as follows.   $700 – $250 lot payment = 450 cash flow x 12 = $5,400 / $(21,400 – 8,500=) 12900 = 41.86% per year!!!

 

Rental Analysis

If the property were purchased and developed and turned into a rental my analysis indicates that the property would generate a 21% average annual cash on cash return and a 30% total return if held for 5 years and sold for $75K.   The rental rate that was used was on $950 per month.   For a four bedroom two bath house that is cheap, but the property is a manufactured home and that has to be taken into consideration when factoring the rental amount.   If the sales price could be achieved before the 5 year term the return would rocket skyward!

To see the analysis please click for link for the Property Analysis. 

 

Owner Financing

If you would like to purchase the property with owner financing I have attached the following documents for you to fill out to submit your information to us as part of the contract.   

Application

I have also attached some examples of the note and deed of trust and other documents that will be a part of the financing package.    If you have any questions about them please don't hesitate to ask, but note that in no way, form, or fashion should any information be construed as legal advise.   If you need legal advise please consult your attorney.

Please click the link for a copy of the sellers disclosure notice

  If you have any questions about the property please email me at Ron@theseaygroup.com.

 Please join our linkedin Network at Linkedin.com www.linkedin.com/in/ronseay

6812 Breezy Hill Dr, Austin TX 78724 -SOLD

6812 Breezy Hill Dr., Austin TX 78724

Picture of the front of property

 

Sale Price $30,000

Property description

 This property is a lot for a manufactured home.   It has a concrete drive way and all the untility hookups.   There used to be a home on the lot but it has been moved.   It is in a subdivision of other manufactured homes.   This property is most ideal for an investor who wants to put a house on the lot or a family looking for a lot for their manufactured home.

 There is a new middle school being built around the corner and it should be open in 2008.   The elementary school is not far away either.   The lot is one of the larger lots in the neighborhood.    Take a look at some of the other properties on the market.   There are several new subdivisions being built in the area and this should cause the value to go up as those new properties come online and pull the value of this property up.    http://jm117.com/ is a link to a development right around the corner from this lot that has lots starting at $40,000!

The area has been growing tremendously over the past few years.   Please click the following link for a demographics study.

 

 

Property History

 The property was purchased as a foreclosure by the current owner and has been vacant since its purchase.   It has been kept in decent shape and is now ready to received the attention that it needs to make it a wonderful home site.   Now the owners have bigger and better projects to work on and want to find the right person who can love this property the way that they used too.   In the past it has gotten people who have occupied it but never loved it the way it needs to be loved.

 If you are the right person and want to make a cash offer the owners are willing to consider taking a discount on the property in order for you to be able to make it work.   Just submit your cash offer and it can be considered!   We are investors and will are offering owner financing on the property.

 If you need owner financing we are looking for someone who can put down at least about 10% and who can afford payments of at least $250 per month with a 10% interest loan.   That sounds easy enough and it is!

 

Development Analysis

 Our back of the envelope analysis included:

     

Manufactured Home

15000

 

Painting

500

 

Misc

1400

 

Carpet

1500 

 

Lot Costs 

30000 

 

Total 

 

 $48400

These figures are only estimates and you should hire a professional to fully investigate.

  Many of the figures are very rough and include paying professionals to do some if not all of the work.   It may be possible to get the numbers lower but you would need to investigate that possibility on your own.   

If you then sold the house for $85,000 you would generate a profit of roughly $36,600.   If you use the owner financing on the lot for $3K down plus paid cash for the other development costs your return on investment would be $36.6/$21.4 = 171.02% if you got a cash buyer.   If you had to owner finance the sale to a new buyer then your annual return would be different.   If you got $8,500 down and $700 P & I per month then your return would be calculate as follows.   $700 – $250 lot payment = 450 cash flow x 12 = $5,400 / $(21,400 – 8,500=) 12900 = 41.86% per year!!!

 

Rental Analysis

If the property were purchased and developed and turned into a rental my analysis indicates that the property would generate a 21% average annual cash on cash return and a 30% total return if held for 5 years and sold for $75K.   The rental rate that was used was on $950 per month.   For a four bedroom two bath house that is cheap, but the property is a manufactured home and that has to be taken into consideration when factoring the rental amount.   If the sales price could be achieved before the 5 year term the return would rocket skyward!

To see the analysis please click for link for the Property Analysis. 

 

Owner Financing

If you would like to purchase the property with owner financing I have attached the following documents for you to fill out to submit your information to us as part of the contract.   

Application

I have also attached some examples of the note and deed of trust and other documents that will be a part of the financing package.    If you have any questions about them please don't hesitate to ask, but note that in no way, form, or fashion should any information be construed as legal advise.   If you need legal advise please consult your attorney.

Please click the link for a copy of the sellers disclosure notice

  If you have any questions about the property please email me at Ron@theseaygroup.com.

 Please join our linkedin Network at Linkedin.com www.linkedin.com/in/ronseay

 

 

Mobile Home Investing

Over 100% Yield On My First Mobile Home Deal

I have been reading everything posted on this site for several months. Last month my wife became upset because I was not doing anything with all the information that I was getting off the site. She said she wanted to have another child! I said not until we do our first deal. So she went out in her zeal and tried to find us a deal. We almost bought a mail store, but I figured that we wouldn't have time for our real estate business. Continue reading Mobile Home Investing

The End of a good thing

Today an investment fund that I manage is scheduled to recieve the last payment on an owner financed house that was sold a couple of years ago.    The deal was a good short term deal and it paid for the most part like clockwork!   I hate to see it go, but alas the end is the end or so it seems.    Continue reading The End of a good thing