Bob Fall

Great question! Historically yes land is a good investment over the long term. Outside of booming market bubbles, land, and real estate give stability to any portfolio of investments. Chat with your CPA on tax advantages and the affordability of the land you are looking to purchase.

Does the property cash-flow? That is the most important question. If the property brings in more than the mortgage, taxes, and insurance that is a huge plus. Then the question is what will the maintenance cost be over the next few years? A good inspector can help you note concerns. If those questions check out and you decide to purchase the property the three most important rules at that point is #1. renter selection #2. renter selection #3. renter selection! Spell everything out on the front end so there is no question as to the expectation from you and from your tenant.

Great question Sam, This is a bit tricky to answer as we are not talking about a specific house and your specific circumstances. In light of that, I will just speak generally. Normally the foreclosure process takes a significant amount of time. Depending on the season and market, it can take anywhere from 3-8 months for a bank to bring a foreclosed home to market. Banks often employ property management companies to secure and prep the home but by the time they get called to do that, the home has sat vacant for some time. Its important to keep that in mind when looking. A good inspector can point out major concerns and help you determine if its something you can tackle or not. For the last part of your question regarding the bank coming back on you. It would be wise to utilize a title company that can insure the title before you purchase the property. This may cost a little bit but could save you from someone coming back and laying a claim to the property. No two transactions are the exact same, so lean into those local professionals that know your market.

You should know that every state and municipality handles mobile homes differently. Some lenders will lend on them some will not. In some states, they are titled like a vehicle and that means you may be required to pay additional sales tax on the purchase of the mobile home. Some states require a brokerage to carry a special license to buy and sell them. Because of all these variables, I would encourage you to reach out to a local professional that can speak to your specific situation. Hope that helps.

Hi Dale! Sounds like a frustrating situation. The answer to your question is... maybe. It all depends on how the contract is written and how your state has interpreted said contracts in the past. Some contracts allow ways to back out of the contract. For example; inspections, appraisals, and the ability to finance are common contingencies in my neck of the woods. My best advice would be to reach out to an attorney that specializes in real estate. They will likely want copies of the contract and ask questions to better understand your situation. Good luck and God Bless!