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Old 05-06-2012, 03:53 PM
 
Location: Sacramento, CA/Dover-Foxcroft, ME
1,784 posts, read 1,967,596 times
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cittic10...has some good points too. Heck I'm 60 already and haven't retired yet.

Christinerica...I assume you already know that mobile homes are disposable and unlike a stick built home where there is usually appreciation, in a perfect world anyway.

Personally, I'm going to build a small cabin or two on a lot that I already own outside of town. I may buy a small used mobile and use it until the job site is done. Before any of that, I will put in a well, septic and electricity first. I have advantages as I own my own gravel pit and the manager of it has all the big toys. My cousin in Skowhegan is a home builder too.
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Old 05-07-2012, 08:03 AM
 
Location: In exile
512 posts, read 289,966 times
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007,
Thanks for your reply. I don't intend to try to make a profit, just a home. I look forward to placing some deep roots someplace in Maine during my last 20 years or so. Done all my adventuring; now it's time for slow walks, crisp blue sky's, impending snowstorms and a good book by a fireplace or wood stove.

Thanks again to all for the input..Greatly appreciated!
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Old 05-07-2012, 08:37 AM
 
Location: Gorham, Maine
1,663 posts, read 2,758,074 times
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I am occasionally asked by clients about mobiles and mobile home parks, as it's not something I work with on a day to day basis. I am perplexed by the park fees that are charged, I've heard some in excess of $300 or $400 with seemingly no say by the residents as to how/when they are increased. In a condo or homeowner association, the owner has a direct voice in running the association, but in a MHP it seems this is not the case. If the value of the home is $15,000 (and not building value) and the monthly fee is $300, it seems that the owner is paying the value of the home every 4-5 years in fees. It doesn't seem to be a good financial move to me, but as I said I have very limited knowledge and look forward to seeing responses.
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Old 05-08-2012, 09:06 AM
 
Location: Forests of Maine
21,913 posts, read 28,821,509 times
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Quote:
Originally Posted by WhoFanMe View Post
I am occasionally asked by clients about mobiles and mobile home parks, as it's not something I work with on a day to day basis. I am perplexed by the park fees that are charged, I've heard some in excess of $300 or $400 with seemingly no say by the residents as to how/when they are increased. In a condo or homeowner association, the owner has a direct voice in running the association, but in a MHP it seems this is not the case. If the value of the home is $15,000 (and not building value) and the monthly fee is $300, it seems that the owner is paying the value of the home every 4-5 years in fees. It doesn't seem to be a good financial move to me, but as I said I have very limited knowledge and look forward to seeing responses.
What your saying makes total sense to me.

I remember for years during our travels seeing MH parks, it seemed like they usually charged $100/month for the spot and hookups. We looked at a few MH Parks [with a view toward starting one ourselves]. But the income potential verses the headache potential never seemed worth the effort.

I can see the owners wanting $300 or $400/month; but that does not make sense to me from the side of the tenant.

As you point out, a MH is nice when manufactured. But in 30 years many are ready to collapse.

We have had friends who bought new MHs and thought they were getting a good deal to pay 'only' $80k. It has never made much sense to me.


I can see folks who buy a couple acres, drop a power-pole, well and septic; then set a $5k MH on the property. It is a cheap method of getting into a dwelling. Drive around and you see lots of dwellings like that. After a decade most of them look 'shabby'.
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Old 05-08-2012, 01:32 PM
 
Location: New England
738 posts, read 1,164,855 times
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My Aunt and Uncle live in a small mobile home park and are very happy there. There seems to be a sense of community and they have neighbor's stopping in for visit's and outdoor barbeque's in the summer. There was a lady who's husband passed away and all the neighbor's pitch in and help her out. I am sure that all parks aren't like this, but there out there.
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Old 05-08-2012, 11:11 PM
 
Location: On a Slow-Sinking Granite Rock Up North
3,518 posts, read 3,521,688 times
Reputation: 2354
Quote:
Originally Posted by WhoFanMe View Post
I am occasionally asked by clients about mobiles and mobile home parks, as it's not something I work with on a day to day basis. I am perplexed by the park fees that are charged, I've heard some in excess of $300 or $400 with seemingly no say by the residents as to how/when they are increased. In a condo or homeowner association, the owner has a direct voice in running the association, but in a MHP it seems this is not the case. If the value of the home is $15,000 (and not building value) and the monthly fee is $300, it seems that the owner is paying the value of the home every 4-5 years in fees. It doesn't seem to be a good financial move to me, but as I said I have very limited knowledge and look forward to seeing responses.

$300 to $400 seems excessive unless it's in a town with a high mill rate and/or water and sewage carries a charge paid for by the park owner vs the mobile home owner. If the taxes within a town or city go up, it's reasonable that the park business will raise rents accordingly in order to maintain a profit. Likewise if the fees associated with operating a MHP go up, the rents will go up to compensate for it.

Many people who purchase mobile homes do not qualify for the typical mortgage, but the mobile home is an easier way to get into their own place since they typically get a manufactured housing loan that's less than a house payment. Some mobile home purchasers are older and are downsizing from the family abode and looking to get out of dealing with a larger house, but still want to own something.

A decent mobile home park will be licensed by the board of manufactured housing and will assume costs associated with park management such as public water supply testing (2 basic tests and 1 yearly in depth water battery). Also, roads, electrical entrances, and septics must be maintained and roads must be plowed. If any of those costs go up then it's reasonable to expect an increase in fees IMO.

A well-managed mobile home park is desirable for a lot of people who want to own their own place without the headache of owning the land proper, or if they are just starting out and want a relatively inexpensive way to live while saving to build a house elsewhere. If a mobile home is on a piece of land, it's going to cost more due to the land value in terms of taxes. Additionally, most mobile home parks provide plowed roads, and if the water or sewer fail, the park owner is responsible for repairing and maintaining them. It's also pretty cheap to heat one (that's newer).

If a park is well-maintained from the get-go, the owner can pretty much sit back and collect the rents. Basic maintenance will be minimal, and any landlord who is reasonable (and not overtly greedy) will enjoy having decent long-term tenants. Happy tenants are paying tenants. Most responsible park owners know this. They also will be smart enough to send out a letter (giving plenty of warning) when costs go up outlining a step up in rent incrementally.

The beautiful thing about a mobile home is that when (or if depending on how well the owner maintains it) falls apart, it can be traded in for a new or newer one.

Last edited by reloop; 05-08-2012 at 11:14 PM.. Reason: added
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