OfflineI'VE BEEN LOOKING AT MANUFACTURED HOMES AS A START. DO THEY HAVE THE SAME VALUE AS SINGLE FAMILY HOMES? WHAT IS THE DOWN FALL OF PURCHASING A MANUFACTURED HOME? THANK YOU FOR ANY INFORMATION YOU HAVE.
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MANUFACTURED HOMES
Posted on: Mon, 04/07/2008 - 06:46
Do your homework on manufactured homes. Some banks won't lend on them. Also, if it is in a community check to see if there are restrictions against renting it out. There are probably several ways to make money with them, just make sure you do your homework. Good question!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Be careful to not buy a Mobile Home in a rental park. If you don't own the land, the mobile is considered personal property. Remember in Real Estate, the land is what appreciates, the improvement depreciates as it gets older. Look for Mobile home communities where you get a deed for the lot that it sits on. You might get appreciation with a deeded property. The mobile home should also be anchored to the ground to consider it as Real Property. In a rental community, the owner of the park can ask you to remove the mobile home, or he can sell the park to a developer and everyone has to move the home. Where are you going to move it? It's not like a travel trailer. I owned a Mobile Home dealership for a number of years and would not invest in mobile homes. - Lee
I was considering this option but I was going to set it on my own lot, however, then I found out that there are other costs associated with this like. How will you move it there and how much will it cost? You need to know that the property has water, sewer and electricity hook ups, these are very costly. In mobile home parts, that is a problem as stated above and you will have the home payment and the pad rental to have the house sit on it and you have to comply with park rules.
Do your home work with financing venues and ask a million questions
I REALLY APPRECIATE THE QUICK RESPONSES. LIKE I STATED PRIVATELY TO EACH, I SEE WHY A FRIEND OF MINE IS HAVING SO MUCH TROUBLE SELLING HIS. "GRANDMA ALWAYS SAID, ALL THAT LOOK GOOD ISN'T GOOD". SMILE
from my experience I have seen that mobile homes decrease in their value. I personally would not invest in them. but I would not mind assigning a individual to a manufactured home to someone that is selling 1. good luck
Hayes Real Estate Investing
There is a good video on this topic in The Edge 2011 Live Event that we received from purchasing the RBBP. It is from Dawn Erling on Disc # 1. I hope this helps.
Les
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things