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Old 03-31-2024, 10:04 AM
 
Location: Sandy Eggo's North County
10,292 posts, read 6,813,150 times
Reputation: 16839

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Quote:
Originally Posted by Chas863 View Post
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!
NAILED IT!

We have 2 trailer parks where I live. ( you can see in my legend, above.)

1 has the "land rental" deal, and the other, the land is owned by the residents.

The park with the "rental" land has raised the rent from $650/mo, to $3200/mo, in about 5 years. Lots moved out since they can't swing $3200 rent each and every month. Too bad too, as they were seniors on fixed incomes. (If Charles Bronson knew what Jill's kids have done to the residents in his park, he'd be rolling over in his grave.)

The other park has very little "turnover" due to land cost...
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Old 03-31-2024, 09:52 PM
 
Location: Portland, OR
1,455 posts, read 2,496,016 times
Reputation: 2011
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.
Why would you want to change peoples perceptions on poor quality crappy homes which are one step up from a caravan? You are fishing at the shallow end of the pond. Embrace the fact that you are selling to the lower end of society and accept it. No need to try and convince others....
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Old 04-01-2024, 10:18 AM
 
Location: Sunnybrook Farm
4,506 posts, read 2,651,635 times
Reputation: 12990
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.
Yes, and there are companies now that specialize in buying those parks and rack-renting the inhabitants. So people who have exteremely limited means, but were able to live independently, now can't afford lot rent that's many times what it was - they can't afford to move the mobile, so they sell it for a pittance to the park owners, who can then rent or sell it to the next set of people. It's an incredibly skanky and immoral business plan; the guys who started it make no secret of their business model, which is basically "charge more than the market will bear and see what happens, human damage is none of our concern".

So the idea that you can buy a mobile, pay a modest lot rent, and be set, is no longer accurate. Any mobile home park could be the target of these predators next.
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Old 04-01-2024, 12:41 PM
 
369 posts, read 104,089 times
Reputation: 578
Quote:
Originally Posted by timfountain View Post
Why would you want to change peoples perceptions on poor quality crappy homes which are one step up from a caravan? You are fishing at the shallow end of the pond. Embrace the fact that you are selling to the lower end of society and accept it. No need to try and convince others....
That's a pretty bad, and well outdated, take.

Here's just a couple examples of why:

https://www.zillow.com/homedetails/1...62282866_zpid/

https://www.zillow.com/homedetails/1...62286542_zpid/

Quite a bit different than what you're thinking of:

https://www.zillow.com/homedetails/1...68651069_zpid/

Problem with the first two is still exorbitant lot rent that can go up without warning.
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Old 04-02-2024, 10:59 AM
 
Location: SoCal again
20,757 posts, read 19,951,234 times
Reputation: 43156
There are some amazing mobile homes and nice parks and I was considering buying one a few years back. However, my jaw dropped, I had to ask several times if this can be real. The space rent is just ridiculous. If you are LUCKY it is "only" about $1k/month, that's $12k per year and in 20 years that's $240k (not calculating in how much it goes up) PLUS the home itself, that brings us to more than just buying regular real estate.

RIDICULOUS.
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