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Old 03-06-2024, 07:24 AM
 
369 posts, read 105,240 times
Reputation: 578

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Quote:
Originally Posted by Threestep2 View Post
No matter how you market it - it is a trailer.
Really?

https://www.zillow.com/homedetails/4...62287118_zpid/

https://www.zillow.com/homedetails/2...80957744_zpid/

I was all about these until I saw the lot rent of about $700/mo...
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Old 03-06-2024, 07:38 AM
 
Location: Savannah GA/Lk Hopatcong NJ
13,400 posts, read 28,717,395 times
Reputation: 12062
Quote:
Originally Posted by H8PJs View Post
Really?

https://www.zillow.com/homedetails/4...62287118_zpid/

https://www.zillow.com/homedetails/2...80957744_zpid/

I was all about these until I saw the lot rent of about $700/mo...
Yep some of those lot rents/HOA fees in mobile parks are nuts, I've seen them over $1K in parts of Fl.
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Old 03-06-2024, 08:04 AM
 
369 posts, read 105,240 times
Reputation: 578
Quote:
Originally Posted by njkate View Post
Yep some of those lot rents/HOA fees in mobile parks are nuts, I've seen them over $1K in parts of Fl.
Yeah, I had been looking at those since they were around $200k, which means a good mortgage cost for a retiree on a fixed income and a pretty nice home to live in. Then I saw the lot rent and nope'd my way right out of the listings. Add that lot rent and it's the same cost as a 300k home, and there's no guarantee that lot rent won't go up.
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Old 03-06-2024, 11:58 AM
 
Location: Homeless...
1,408 posts, read 749,061 times
Reputation: 3869
Another difference I see in these parks is whether the park or the city/county owns the roads. If the roads are private people can drive golf carts on them. Not so if they're gov roads. In the parks where they're allowed, almost everyone has a golf cart for getting around.
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Old 03-23-2024, 09:53 PM
 
567 posts, read 787,294 times
Reputation: 675
WaPo quotes the census that states that nationwide, 5% of the population lives in MHs. It's 7% in AZ.
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Old 03-24-2024, 07:27 AM
 
577 posts, read 662,807 times
Reputation: 1605
Quote:
Originally Posted by LagunaMom View Post
What's the attraction of buying a home when you can't own the land? Historically how have these appreciated over time considering land isn't included.

While appreciation only is beneficial when you're selling the property, Lending Tree quotes a study that found that MH prices are rising faster than single-family home prices. It's mostly dependent upon condition of the home and location:

https://www.lendingtree.com/home/mor...-values-study/

Many are refurbished/redecorated, and if it's set on a lot in a beautiful park (many with mountain or desert views), with a pool, tennis court, fitness center, and a golf course, you can bet it's going to hold or exceed its original value if it's kept up-to-date.

MHs could be a good solution, even on a temporary basis, if you're interested in moving to the Phoenix area and want to try it out. (Or you want to come out for spring training or golf.) Apartment rents average over $1500/mo. for a bit over 800 sq. ft., but many are above $2k. Lot rents are generally $650-950. If you want a place of your own, don't have the best credit score, but have a steady job and maybe $5k to put down, you very well may be able to afford a mobile/manufactured home of your own. Some older homeowners don't want to mow anymore. They want to downsize. Many may not be able to drive as far safely as they used to and simply want company around. My husband's aunt used to live in a beautiful park and couldn't wait for the potlucks. She'd been a homeowner previously, her husband died, and she didn't want to take care of the lawn. Totally understandable.

We're receiving more and more calls for MHs set in family parks now. Single-family homes are out-of-reach for some people, and they want a safe, gated environment for their kids. Again, understandable.

Per the weather:

I've lived in Phoenix for over 50 years. Yes, we have dust storms on occasion (only in the last few years did they start calling them haboobs, BTW), but they've really gone down in frequency. Sustained high winds aren't a problem, and neither are tornadoes. We've lived in the same house since '75, and even with double-pane glass, we get dust. Nearly 5 million people live in the Phoenix metro area, and we're rife with concrete, grass, and trees, but we still live in a desert. There's going to be dust.

Someone mentioned heating/cooling problems. My hubby and I lived in a couple of mobile homes when we were in school in the late '60s/early '70s. We were in downstate Illinois. Even though it was cold, I don't recall ever having problems with a drafty living space.

I've attached a pix of the living room of that beautiful home with the 80" TV that we're selling in a family park. Does that look like it's a tin can?

Mobile/Manufactured home living is not for everyone. It's a niche market, but there is a market. As a newbie to this, I was trying to tap into the collective mind on how best to reach it. Thank you for your thoughts.'
Assuming you can get a loan on a mobile home at rates similar to real estate mortgages, your monthly payment on $220,000 would be about $1,500, plus ,on average, $800 lot rent. You are looking at $2,300/month, this is comparable to what you indicate rents are. If I rent, I can leave if rates rise next year. In a mobile home park, I'm stuck if I can't sell right away.

The article you referenced indicates MH prices are increasing, but does that include the land? Is it just the price of a new home? Without these answers, the data is worthless.

Has someone who bought a new home in your park a few years ago now sold it for more than they paid? That would show an increase in value.

Homes, whether MH or traditional construction depreciate, it is the land that appreciates.
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Old 03-24-2024, 10:26 AM
 
Location: Ocala, FL
6,471 posts, read 10,335,572 times
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Quote:
Originally Posted by Threestep2 View Post
No matter how you market it - it is a trailer.
As someone who lived in a manufactured home for almost 21 years, the expression I still use is "lipstick on a pig". Don't get me wrong, some of the modern ones are beautiful and that I would still live in a modern one in the future, there is still a perception about them that still persists. I have also seen mobile homes built in the 1970's that I feel that I need a tetanus shot just looking at them.
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Old 03-25-2024, 02:45 PM
 
302 posts, read 176,506 times
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I like manufactured home on land because they're less scary to look under and maintain. Stick builds often come at a premium, but if you buy a double wide on land they're almost as easy to finance as a house. Contrary to popular belief they're very solid, typically you won't hear creeks in the floor like you would many houses. They can also be renovated or refurbished like a house. I've been in one from 1972 that was completely modernized and looked like it was two years old. You are often raised up off the ground you have the protection of being elevated from the ground.

I had a lender telle me lately they finance them but the land they're on has to be worth less than the actual home. I don't know the reasons but I assume it's so they are sure to be financing a home instead of land which may possibly go down in value (ex. Home on 50 acres). Most people want the home, not necessarily the acreage.
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Old 03-25-2024, 03:01 PM
 
5,969 posts, read 3,711,573 times
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Quote:
Originally Posted by LagunaMom View Post
Seeking opinions here:

A couple of months ago, I became a licensed sales agent for mobile/manufactured homes in Phoenix with a company in which I started investing years ago. (Their investments earn 14%!) It started providing affordable housing to vets and seniors and then expanded into the family market.

While some of the older ones are what you'd think of as typical mobile homes and have a lower price tag, many are virtually indistinguishable from traditional homes. One we're repping has 2 fireplaces and comes with 3 TVs (including an 80") and an 8-camera security system. It's set in a gorgeous 55+ park with a couple of 9-hole golf courses and a fishing lake and is in upscale Scottsdale. It's offered at $225k, which is the same or more for which you'd be buying a home in some areas of the country.

Since I'm still new at this, the question is how to change people's perceptions of these homes. No, they are not low-cost housing when you've got to have a down of at least $5k and be able to afford financing (in most cases) and lot rent ($650-$950), but they do make for a solid alternative for people who either are downsizing, can't afford to buy a traditional home (median in Phoenix is $460k) or want amenities they can't afford. (Family parks tend to be pet-friendly and have basketball courts and playgrounds.)

Other than on Zillow, Craigslist, and MH (Mobile Home) Village, they're difficult to market. As an old post stated, many people think of them as "tin can" housing in rundown parks. My kitchen should look at nice as some of the ones we've got in inventory.

What would you suggest? Thanks.
It's not the cost of the mobile home OR the perceived stigma of living in a mobile home that bothers me. It's the EVER-RISING LOT RENT that's the deal killer. People who buy a mobile home in a mobile home park like you describe will see their investment DECREASE in value every year and their lot rent INCREASE. This is a lose-lose combination.

If someone wants a mobile home, and I have absolutely nothing against them, they should buy or put one in a mobile home park where the land is owned by the mobile home owner. Yes, this makes them a bit more expensive to buy initially, but your investment then INCREASES in value rather than decreasing. Your investment works FOR you instead of being a drag on your finances.

When you own the land AND the home, your investment nearly always increases every year. When someone else owns the land, you continue to pay more and more in lot rent every year and your home becomes worth less and less every year. Why make someone else rich by paying lot rent? Own the land and benefit from inflation!


.
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Old 03-25-2024, 03:12 PM
 
5,969 posts, read 3,711,573 times
Reputation: 17019
Quote:
Originally Posted by heySkippy View Post
They lose me as soon as lot rent is brought up.

I've got a couple sisters-in-law that live in a 55+ mobile/manu park in Florida. They own their land and their houses are nice. I could live in one.
Absolutely! I owned one in Florida about 23 years ago where I owned the doublewide mobile home (3 BR, 2 BA, + Fam. Rm.) AND the land. I used it for 2 years as my winter home. Then, after serving its purpose at a very low cost to me, I sold it for a nice profit 2 years later.

I've nothing at all against nice mobile homes, but I'll never buy one that's set up on someone else's land.

BTW, that double-wide that I owned 23 years ago has now almost QUADRUPLED in value compared to when I owned it. Try that with a mobile home on a rented lot and you won't like the outcome.


.

Last edited by Chas863; 03-25-2024 at 03:32 PM..
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