I’m about to purchase property to eventually build a house on. There is a 1993 28x64 mobile home being left at no value. It received a few inches of flood water a couple years ago and has been completely gutted. There are a few repairs to make before putting it back together such as a new roof and a couple pieces of plywood on the floor.
The realtor gave me the idea of remodeling this home and live in it for a while but I’m not sure about putting $20k-$30k into it, maybe less depending on how much work I do myself. After looking at comparables in the area, it seems like I could sell it remodeled for around $20k.
My question - is it worth doing or should I haul it off and move another one onto the property that doesn’t need much or any work? I don’t want to buy new due to the depreciation. I also like the idea of a double wide that’s already set up since I have a family of 4. The whole reason behind this is to save money faster. I like the idea of not having a mortgage until I build another house.
Just looking for some opinions. We are looking at possibly renting it out later on if we can’t sell it for much.
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