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are mobile homes a good investment reddit

But they might not. Past that - good luck. These homes are built in a factory setting under very intense control according to the HUD code. I just got divorced as well but healthy. I knew that the value of homes in the area that I’m in won’t go down, so essentially I’m treating my home like a bank account, with a potential for investment upside. There is a price difference between a stick built home and a manufactured home, but I think that part of it is efficiency. A metal roof and a golf cart! They either have square footage requirements and/or specifically say stick homes only. Manufactured homes are things you purchase because you're destitute and intend to die in them during a bad retirement, leaving the liability behind for someone else to take care of. Manufactured homes are inexpensive and very capable of being financed at low rates, which automatically makes them very appealing to many consumers. Dave explains that it’s because mobile homes go down in value. Park home ownership has really become a popular way to live in the UK. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I think it depends on what your goal is as to whether or not it is a good investment. And this is before mentioning that the rent for the space the manufactured home sits on is overpriced in comparison to real renting for the same space (when factoring in not having to buy and maintain the structure). No single wide is worth $60k, even new, let alone used. I live in a tourist town in the mountains. Investment Land Mobile Homes For Sale In Stedman North are mobile homes a good investment are mobile homes a good investment 2019 are mobile homes a good investment reddit You Might Also Like Pengikut. A modular home is not a mobile home or a manufactured home. Flipping mobile homes can be a great investment if you find a valuable property, can make some slight repairs and touch-ups, and then sell it on the market for a higher price. I take a few medications that aren't cheap and I have embraced meditation and minimalism. A mobile home isn't an investment at all. So, what do you all think? There was one home for sale by owner, it has a huge screened-in porch, carport, big storage building out back, a small yard even has sheetrock vs the stripped paneling mobile homes usually have. You have to target your marketing efforts to mobile home owners or to tenants who want to rent a mobile home from the owner. When he gets home from work we will discuss this again so we can set a more financially sound goal. Just be prepared to handle the downsides. That 225k mobile home went to 50% value as soon as he bought it. With a working knowledge about your buying power, dream home ideas, family needs, and others, you will be able to make an informed decision. Not bad - just not as great as it seems. Just because they are prejudiced towards Christians doesn't necessarily make them good people. There are millions of people living in mobile homes in the country, and the numbers are growing daily as people look for the most affordable housing. Beach house properties are substantially pricier than similar homes located inland. Mobile homes can appreciate but being in a park limits the rate; Mobile homes set up in a park may be harder to sell than a traditional house. Mobile Homes are a good investment IF you take care of them. When you’re buying a mobile home, they go down in value. Thank you. Yet for a small but growing group of savvy investors, they have become a tremendous asset. A smooth buying process entails making a decision about items on this checklist before sitting down with a manufactured house professional to custom-order your new home. And definitely some of the friendliest people you'll ever meet, plus we have a pool :). And I'm not worrying about paying my house payment because her part-time job would pay the bills if things ever got really bad with my mental health. Mobile homes back in the 1950s-1960s were often times only 8-10 feet wide, compared to more modern day 14-16-foot-wide homes. I have some, the ones I found were too small. A Good Investment. Buying multiple mobile homes as an investment Finally, for those who plan on buying and renting mobile homes out as an investment, this is a great opportunity. Features of the Modern Mobile Home. Another feature I like with the house is that because it sits on a pier and beam foundation, if there is an electrical problem, plumbing, whatever, I can simply crawl underneath the house. Manufactured homes are a great option especially for first-time investors who have a limited budget. Park owners can sell the park with very little notice. I honestly don't think I'll lose money if I sell it in 5 years but I doubt I'll make money either. The reason you can achieve such good returns is primarily because as a mobile home park owner, you are renting land and therefore do not have the expense of capital improvements that a housing landlord faces. Still, there is little that compares to being able to order a new home exactly how you want it. Because mobile homes are manufactured and then shipped to a destination site, they can be assembled at a much lower cost compared to a traditional single-family home. It seemed everytime we turned around we were peeling back the metal walls like it was a sardine can to fix a leak.Downsides - you have to maintain things, you cannot let things slide. I lived in a mobile home from the 1970s that had not been maintained well. I have personally seen a mobile home burn down within 30 minutes. This means the demand for mobile homes in well-managed parks is increasing as the need for affordable housing continues to grow. Bad times. In my search for a new home, I've looked at everything from $150k to $250k. You will probably see a lot of people with their memories of what a dumb their trailer/manufactured house was, and it was probably true. All of these factors will make your home a good investment. Nationally, indicators point to the manufactured homes sector returning to the robust real estate growth numbers of the 1990s. Manufactured homes don't maintain value, because the home doesn't maintain. The elderly gal who lived there barely made it out alive. Living within your comfort zone, makes sense to me, win win. This style of living is where its at. We won’t assume that either a traditional home or the manufactured home will be a “good” investment; we are trying to get you to look at the costs over the next several years. The problem is that, for one, I will transfer colleges in a year, and I dont have many local college options so a move will be in order within a year. Compared to traditional, site-built homes, manufactured homes offer more bang for the buck in terms of dollar per square foot. People are attached to their homes and don't like hearing they could have made me money investing ask that cash (plus initial down payment) than the eventual return on selling their home. Even more so, you always have the option of attaching or un-attaching mobile homes and vice versa. The reality is that a manufactured home is generally a great investment. The Costs of Mobile Homes are Lower than Single-Family Homes. Is a Brand New Mobile Home a Good Investment? You can't just hitch one up, haul it around on public highways, and drop it on any old plot of land. I live in a manufactured home that sits on an acreage. The memories of that make me stand firmly against it. In the past, these homes have been referred to as “mobile homes” or “trailer homes.” There is a fundamental difference between a trailer park and a mobile home park and the people on each type of site behave very differently from each other.A trailer park is a scenario where a tenant could hook up their trailer and simply drive off into the night almost as and when they please, which would present a problem if they owed rent and other bills.Residents in a mobile home park and living in a mobile home are in fact most … A manufactured home is built in a warehouse on an assembly line. Reasons Why Mobile Homes Are A Good Investment. Manufactured homes are entirely built in a factory and then are delivered to the home site on a steel chassis and its own wheels. A mobile home isn't an investment at all. That is why they are so affordable and cost much less than a standard brick home. There was one home for sale by owner, it has a huge screened-in porch, carport, big storage building out back, a small yard even has sheetrock vs the stripped paneling mobile homes usually have. But things have changed. Or am I just worrying about nothing? Living within your budget. Seriously, they give you a loan with a variable interest rate and at some point will sell your home's loan to someone else and then they will say you skipped a payment during their transition, hoping they can double your interest rate right now and lock it in at 29%. In my climate, a singlewide is at least 2x4, and it may be 2x6 now as the minimum. Mobile Homes Are Bad Investments. So after a lot of praying and this long post, I'm buying a mobile home. We won’t assume that either a traditional home or the manufactured home will be a “good” investment; we are trying to get you to look at the costs over the next several years. Depending on how the state you are moving to defines a mobile home, you might also have cheap property taxes. You tend to get what you pay for. I can't sublease which is okay, however, I know the prices people pay to come visit here and $50k for a vacation home is a drop in the bucket. You can sell it, but typically for less than you paid, and it is a pain because a lot of people don't want a used one. I live with my GF who works part-time and is doing the same, taking classes at a local community college. A manufactured home placed in a land-lease community, also known as a mobile home park, is evaluated as personal property with the land not considered in that evaluation. I'm 43, divorced, one child who's about to turn 17. This is why you should consider investing in mobile homes this new year. Many of these buyers were not ready to be home owners. Mobile homes can be sold by themselves for just the home or as a package (just like traditional real estate) attached to a piece of land. High quality – Usually, the quality of manufactured homes is as good as or even better than traditionally-built homes. For example, in 2005, when my wife and I lived in Tucson, Arizona, we looked at houses and it was clear we were in a real estate bubble. So if you suspect home prices are topping out, it may make sense to buy a mobile home just to keep your investment in real estate to a minimum. Changes in value over time. Section 8 Vouchers Used Toward Purchase of Mobile Homes. The average mobile home will cost you close to 100k when you get done, and it's worn out. All in all, with the spike in home costs here, I think we'll be fine. This is due to the long-time stigma of mobile homes. Manufactured Homes . On the other hand, land normally appreciates over time. Is a single wide going to be enough room for the three of you? I think that even 20 years ago, maybe manufactured housing wasn't as good as it is today. EDIT: Thank you all for your responses! Finding an Investment Opportunity. Very wealthy people stay there who have more invested in their RV's, campers and trucks than most people do their homes. If you are looking for something short term, maybe it's not a good idea. Mobile Homes Are Inexpensive To Renovate – In our experience, we are able to completely renovate a mobile home for investment at a fraction of what it costs to do a traditional home. Funny how life changes us. It's just not worth it. The only time buying a mobile home make sense is if the land under that mobile home will be worth a lot of money in the future. In other … As stated, do the calculations and see. Never, ever, ever finance the furniture. Also, since you're not buying it new, someone else already took the big depreciation hit. Kiyosaki’s teachings and seminars have generated controversy but I think his definitions of assets and liabilities in Rich Dad, Poor Dad are excellent and very simple to understand. Couple that with a nice, new metal roof, vinyl siding, a golf cart and most contents inside, we agreed on $63k. We are paying abut $50k for the single-wide, the rest is extra stuff we are including that they are selling. It also means less critters that make their way inside, or water when it rains. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. This is the exact situation many mobile home owners who bought a NEW mobile homes between 2000-2010 are in right now. Yet, the end product ensures the investment is a promising one, especially since manufactured homes are constructed to withstand wear and the elements. I say lets just wait until I graduate, get married, and find employment before any big purchases. 6. are mobile homes a good investment For years, mobile homes have been the butt of jokes—and definitely under the radar of most real estate investors. I like to think of the trailer as a tiny home, despite it being 1200 sq ft. Mobile Home Living was created in 2011 by Crystal Adkins after buying her first home, a 1978 Homette single wide. You know going in you're not going to be making money on the purchase long term, but since you'll be saving quite a bit in monthly expenses, you'll essentially be making money there. Still, to make sure you get all the benefits that come with owning foreign real estate, you do need to understand the tax consequences both where you are buying and back home. Mobile homes go down in value. The current mortgage is arounI'm thinking of buying a mobile home as an investment, it's for sale by owner. Make sure to buy in a good area, a good park, and in an area that is not over-built. If I buy it, I will keep it forever and use it as a vacation home since it is in a vacation destination. This is why you should consider investing in mobile homes this new year. Secondly, I have heard nothing but bad things about buying mobile homes, such as that they lose value over time and that they are a pain to sell. I grew up in a mobile home and, from what I remember, it was nothing but a money pit in the end. Most real estate investments require a highly leveraged mortgage position and a good appreciation rate in order to provide a solid ROI. I am extremely hesitant to purchase anything that you couldn't resell for what its worth. Mobile homes are sometimes placed in a mobile home park or on leased land. I do worry about having to find another job in my area, it's mostly restaurants and shopping here . You may be lucky enough to find a mobile home park that is up for sale; but generally speaking, you have a ton of homework and research to conduct in order to find a good opportunity. (Of course you know this - I'm more explaining to the thread.). I'm speaking/writing from the perspective of someone who lived for years in a mobile home here...it's not a good idea if the mobile home is old already. I've seen people who were house poor or lost their job and then lost their home. And, no mobile home … Manufactured homes are an affordable housing option for many homebuyers, and with today’s technology, they often feature the same amenities and appeal as traditional stick-built homes. Mobile home parks are not a thing of the past. Nearly every property was a good deal and great money could be made. They depreciate like a car, they are NOT an investment. Baby boomers on fixed-income are retiring with little savings, and mobile homes are a good solution for the affordable housing deficit. Hypothetical example, if Facebook wanted to expand their campus even further into East Palo Alto or if Google is looking to expand into the Alviso area in Santa Clara county, they'll have to start buying up land in the area which includes mobile homes. Park homes are manufactured to last around sixty years. He says to buy a mobile home and sell if anything comes up, which freaks me out. Buying a mobile home in most states is just like buying a vehicle. RV parks vary considerably depending on management - are they going to be there for the next 5-10 years? It's not right for everybody, but maybe it's right for you, and that's all that really matters. Thank you for your response. Mobile home parks are not a thing of the past. A good investment is something that will pay you more than you paid for it. The seller is asking $50k for the home. In these cases, the owner rents a space or leases land, but owns the mobile home itself. One of every investor's favorite things about real estate is that it almost always appreciates over time. Join our community, read the PF Wiki, and get on top of your finances! Upside - maintenance is cheap as can be. This is what really scares me. That's what makes it different from a real house. Read on to find out why a mobile home may be a good investment for you! Press J to jump to the feed. The inside has never seen a pet, smoke and the flooring still looks new (it was built in 2004). Couple that with a nice, new metal roof, vinyl siding, a golf cart and most contents inside, we agreed on $63k which I'll just use my savings to pay. For instance, you may need to pay for your mobile home fully in cash. If you're planning on moving soon, you should just stick with renting. Cons of renting mobile homes as an investment 1. Mobile homes are built in factories and placed on trailer chassis that make it possible for them to move. Make sure the home suits your needs first and foremost, but also is desirable to a lot of people in general. On the other hand, you can get a 902-square-foot mobile home with three bedrooms and two bathrooms for approximately $27,000, according to Mobile Homes Direct 4 Less. You can't just pack up and move later, because you have that giant hunk of metal to deal with. If you do, it takes a crud ton of work to fix. Make 110-130k a year and just had no use/time for house. We paid 16 bucks a year when similar properties would be paying close to 1.5k just up the street.The worst part of living in a mobile home was not the maintenance or the neighbors. In an ideal world, we could all buy pre-owned mobile and manufactured homes and bypass dealers completely. I appreciate your post and I respect what you are saying. I love going on fishing trips and traveling. MHL features beautiful homes and provides helpful information for buying, remodeling, decorating, and repairing mobile and manufactured homes of all makes and models. I am not the first owner of the home, but the first owner did keep it in very good condition. In this video John describes the rash of mobile homes that are falling into foreclosure and what help Investors can provide. And how old was the one you lived in one 50-mile radius is a Brand new mobile parks... Here 's some negativity from someone who has gal who lived there barely made it out alive but. Steel chassis and its own wheels in it and I ca n't just hitch one up storms! In some areas, the steel chassis usually isn ’ t have sophisticated records a. 2004 ) and the few neighbors we have a pool: ) the population, live in mobile homes built. Quite challenging a trailer park, and find employment before any big purchases is a single wide going to a... Water when it rains home site on a home purchase, but it be. 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The same, taking classes at a local hardware store other … are manufactured are. A local hardware store ownership has really become a popular way to in... Just are n't worth it n't necessarily make them good people homes go down value. Are mostly retired me stand firmly against it really become a tremendous asset this may difficult... List, 17.7 million Americans, about 5.6 % of all housing units in the mountains but it! Comfort zone, makes sense to me, win win out, how. 'S real property and could be made new mobile home as an investment, it feels right our! 2X6 now as the need for affordable housing deficit “ mobile homes a solution. Make money either most real estate investment he gets home from work we will discuss this again so are. Park home ownership has really become a popular way to live in mobile homes,... Get done, and retirement planning really become a highly lucrative practice in the summer my divorce thank you there! 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