MH Sale In NJ
I doing search for buying a house for rent it out. I came across with one mobile home in Lodi, NJ. The price is about 56,000 which I think it's too high for MH. Is it because of the location??? I know that the price of MB is always drop not like buying a house which most of time go up. What do you think about this deal? It is something I can afford. It's a 2beds 1 bath and about 10yrs old.
MH homes on land (not in a park) do not always drop. Generally it is the land that is driving up the price so expect a MH will also rise.
A 10 year old MH might not be very attractive to many buyers. Condition and the original quality of the build.
What is the rental market like? Could you live there for a while and then rent it out later if you could not sell it? If you were offering seller financing you might find that selling is not a problem.
Some of the logic above is similar to condo's. People prefer SFR. The more you move away from SFR the more you will find the property does not perform as well. Granted this is not true in city centers.
A deal is a deal and if the numbers make sense and you can see multiple ways out on the back end then it might be OK. It is too hard to tell from the details provided if this specific deal makes sense.
John
[addsig]
thongyoi,
Glad to meet you.
Is this mobile in a park or on it's own land?
John $Cash$ Locke
It's in the park and I didn't know the rent fees yet. I e-mail the real estate about it, but didn't get the answer yet. Then I found this forum. I still thinking about it. If the price is about 20-30K then I absulutely will buy it, but I think it is a little high for MB itself not with the land. But the house in my area is skyrock high. The average house around here is over 300k. I'm afraid if I buy this mobile then a couple year later the price will drop due to the economy since the interest rate will go up and the price will go down.
thongyo,
You can go to www.nada.com they have the Bible on pricing mobile homes both wholesale and retail.
I can just about tell you this mobile does not come close to $56K as a value.
Once you find the true value make an offer based on that figure, normally go below wholesale on your offer, mobiles can be purchased all day long for far below wholesale value.
If you are interested in mobiles then study up on how to really buy them right.
John $Cash$ Locke