MH Too Old? Or A Good Oppurtunity?
Mobile Homes in this specific community go for anywhere from 80-120k
i found a mobile home, built in 1976 in this community for 18.5k...im trying to find out the real reason for such a low price but the realtor sais its in good condition..
6 rooms, 2 beds, and 1 bath...aluminum siding
it sits with its back to the woods so its very private
is the age going to effect any possible chance of increasing the value after new repairs are made...
im guessing the homes needs a lot of touch up work
i dont know much about Mobile Homes so some help would be appreciated
~Andrew
What's the lot rent?
[addsig]
its owner occupied...im not sure what other mobile homes are rentings for in the area
probably close to 1100per month
Two or three thoughts here:
First, 18.5 sounds like NO kind of bargain to me, so check out what other oldies like that are going for in your area.
Second, durned few realtors I've ever known would know a good MH deal if it kicked them in the REIr, so I wouldn't pay a whole lot of attention to their opinions...and remember that realtor's primary obligation is to his own client, not you.
Third, the MHP manager would be somebody you should talk to and check the price and local market...heck, that mgr probably knows the scene as well as anybody living.
Not what the place rents for, is there a lot rent? If it's in a community, they probably pay a monthly fee to keep the MH there. 1100 a month for 18k investment looks good to me but I don't know MH's, the lot rent may change the equation though
[addsig]
i forgot to mention...all comparable in the same trailer park are going for 75-125k
and im not sure of the lot rent...but your probably on target, i will find out[ Edited by Young_Inno_Vative on Date 01/13/2005 ]
Another factor to be considered: in my experience a Sr. Park is much slower in moving & reselling than a family MHP.
I learned this the hard way when I bought a pretty nice little SWMH in a local Sr.-only MHP, after which, no matter how I advertised it (and I did all I could via newspapers, window signs, etc.) just got zero action.
This taught me that Srs are not as impulsive as younger buyers, and they're less interested in financing their MHs...both of which traits are much valued by us "Lonnie" folk.
So these days before I buy anything in any MHP I talk to everybody I can, including the MHP mgr to see how much buyers' interest they're seeing, how long their FSBOs and listed MHs are staying on the market, etc.