Should I take a risk and get this mobile home?

I m 17. And have enough money for a mobile home 3500. Its carpet has been ripped up. It looks about 800 sq footage where the carpet is needed. That s the only thing it needs. I m thinking about after I fix it up is to rent it out or to sell it. What s your opinion?

Additional information
The lot would be 275 a

I m 17. And have enough money for a mobile home 3500. Its carpet has been ripped up. It looks about 800 sq footage where the carpet is needed. That s the only thing it needs. I m thinking about after I fix it up is to rent it out or to sell it. What s your opinion?

Additional information
The lot would be 275 a month for the lot.
It has a fence
As well as a decent looking porch

Best Answer:

Cortney: in my state, you are not old enough to legally do that, unless you are an "emancipated minor".

It would have to legally be owned by your parent or guardian until you are 18 — this involves setting up a trust for your benefit, etc. As to whether the owner of the property it sits on would be ok with renting to a trust is anyone's guess.

btw, you MUST verify [get it in writing] that you will have the right to keep it where it is. Frequently, these things go on very cheap sale because the owner has been told to move. If you buy it and that's the case, the order to move applies to YOU and failure to comply would mean that the land owner would have it towed — at your expense — to where ever your jurisdiction permits/requires. whether you are there to protect your asset or not is not the land owner's problem.

also — local ordinance may require that it be in habitable condition at all times — meaning electric, heat, and water/sewer service paid for and working. Those would be at your expense and the providers thereof may require reasonable cash deposits to secure against failure to pay in the future. [if they will do business with you at all.]

Other answer:

Cortney:
You need to be of legal age to sign documents. Keep saving until you are old enough. Also look into property laws and rent for that trailer. Also look into insurance. Buying rental property is an excellent way to progress through life if you have the ability to do the repairs and have some good repairmen that will work for you quickly when there is a problem. You, as a landlord, have responsibilities to your tenants. I haven't looked at lot rent for years and years but if that is cheap, why is it cheap? There is so much you need to know to safely rent out property. Not sure if I would start with a trailer or anything that only bought in one rent. It usually takes one rent to pay the taxes and insurance and another so that you can make repairs and another to give you some type of income for your efforts. Do the math carefully to see if it works for you.
Amanda:
Most states don't let you do this until you are 18. Mobile homes aren't necessarily bad, but this one sounds like it could have a lot of problems! But ABOVE ALL, being a landlord sucks! The house is already crap, and you'll have to fix everything that goes wrong. Also this would be for low income people, and do you really want to deal with them???
john:
personally I wouldn't buy a mobile home. Lot rents are high and the asset (the mobile home) depreciates to quickly, unless you can find some of your friends to rent it from you for some high dollar amount. However at $3500 provided you got money and skills to fix it up you might be able to flip it. Also depend on the demand for the market.
Equality 7-2521:
You will need to wait until you are 18 to make the purchase in your name. Also, do you have a job that will cover the lot rent in addition to your other living expenses? You have to assume that it may go unrented for some time, or there will be gaps between tenants, or you have tenants that are slow to pay you (so you have to pay the lot rent out of your pocket until you can collect the rent from them).

It sounds like you have not had a professional inspection done. Something that cheap that only needs carpet makes me suspicious. Pay the fee to have it inspected by a professional (not one recommended by the seller). You may only be seeing the cosmetic defects, where there could be plumbing or electrical or structural problems that will bleed you dry to fix. Consider it insurance against making a bad purchase.

realtor.sailor:
Real estate prices are localized so we can't say if that's a good price or not. What you have to look at are the cost of repairs then the ARV – after repair value. Let's say the repairs are $500, is the unit worth more than $4,000 after repairs? What can you rent it for? If the lot rent is $275/month will the market support a total rent of $675.00 per month.
tro:
you are going to pay $3500 for it and buy carpeting probably another $1K and will pay $275/mo to leave it where it is, if you don't have income to pay that rent and live on there would no point
to rent it out you don't have any idea(unless you have done some initial research) it it is even a viable rental unit
and at 17 you are not able to sign legal documents so even if you rented it out those people have you over a barrel and can really hurt you financially because you have no defense
hold off until you are legally viable
coraann:
No mobile home park will allow a 17 year old to rent any park lot. You cannot
register any property in your name at 17. It is not legal.
Hunter:
It takes a risk sounds like you have not had a professional inspection done. Something that cheap that only needs carpet makes me suspicious. Pay the fee to have it inspected by a professional (not one recommended by the seller). You may only be seeing the cosmetic defects, where there could be plumbing or electrical or structural problems that will bleed you dry to fix. Consider it insurance against making a bad purchase.
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