Questions about Buying A Mobile Home

[sloflo]

Hello all I am a late 20ish Customer Service Agent with a dream of finally owning a home and manufactured home seems like a really good idea for me at the moment.
I have a little bit of money saved up and I am interested in buying my own land and the mobile home. I work from home now so I really need a good internet connection.
Sorry I'm not really good at these kinds of things.

I am looking at buying a repo'd home with the money I have saved up and possibly repairing it. I have read the *Buying a Used Home* thread and I have a few questions[feel free to reply to any].

1. Taken from the Purchasing a Used Home thread:

This article was written to give you some insight as to what to look for before you purchase a used mobile home.

So does that mean if I find one of those issues listed in the post that I should seriously reconsider? Or offer a lower price perhaps?

2. How low is too low to offer a used mobile home seller?

3. There was a lot of important issues to look for when inspecting a used home. Out of all of them which one would you say is an absolute deal breaker?

What is your opinion of this:
http://www.mhbay.com/mobile-home-lots/1 ... gdoches-tx


4. I have been very interested in this for the past month or so and I came across this video which leaves me with the final question of how can I avoid living in a place like this?
http://www.youtube.com/watch?v=D91RI7NvRsI

[DaleM]

Not sure what all you are looking to do OR avoid. That home you pictured, is it in a park? Neighborhood? Does it have to be moved from it's location? Moving it won't be cheap. It's sitting pretty low so it will most likely need running gear, axles, wheels, tires, hitches. Not cheap.

[sloflo]

Thank you for your answer.
I am just looking at my options here.

[DaleM]

I think many of your options will depend on the sale of the home and rules/regs regarding it. Many homes where I am at are in parks, some are sold and can stay many are sold and HAVE TO GO!! Taillights is all the park owner wants to see, most have 30 days to get it off the property. Most of those are old and too run down fro the parks to bother refurbishing, too costly. Also are you looking for something to put on your own property, located within city limits, in a park. An inexpensive home once purchased can come with a serious amount of baggage attached. Meaning a good deal may not be such a good deal after all.

[Greg]

Dale has some valid points. You need to find out if the home stays or goes in the park. I am not wild about how low it sits, it would be very hard to do any repairs under the home and may result in moisture problems in the home.

You have to ask yourself how much work are you willing to do? You may very well have a diamond in the rough IF you want to make it one. The guide that Yanita made is just that, A guide of things to look for, you need to deiced if it a deal breaker or not.

Greg

[DCDiva]

HI
Welcome to the group!
Yes, owning a mobile home is a great investment at any age VS renting! And I am a landlord LOL
If you are good at DIY or good at following directions on the internet--where we got our DIY Pro degree--most of the repairs you can do on your own.
The MH you showed listed for 3000 does this include land or in a park listing was confusing as it listed land--but it looks like a good deal either way. Agreed it looks low to the ground?? not sure but it looks like they filled in where the deck is? It needs new underpinning,recommend metal.
As for internet--you can get internet just like you can get satellite TV so you can get it anywhere,I know around here it runs @$ 75 a month.
I say go for it,at 250 a month you can have it paid off in a year,I am sure rent is more than 250.
There is many things you can do the the MH to update it and make it a home.
Good Luck and we can help with anything you need.

[DCDiva]

I forgot to answer about buying the MH question. Never be afraid to be told NO because they usually counter offer something lower. Most people that put a home for sale want to sell it and the price the home a little higher to be able to negotiate the price UNLESS they are trying to get multi offers which can back fire on you if no offers. I have never paid asking price on any of the homes I own, I look at many factors when I do a bid. Repairs needed,curb appeal,time on market,location, why are they selling--many times it is to settle an estate has been my best buys.
Take a camera with you and take photos of anything that is damaged or needs repaired or old like appliances,furnaces,bad wiring,the breaker box, if there are fuses and the electric is off *** most electric company's will NOT hook up service if you have fuses and this is a big cost at east 1,000 for a new panel installed or more***** All of this documentation will help when negotiation of sell price PLUS if you are buying from a bank --they have never seen the property the bank relies on others to set the price or the payoff of the loan and when you send in you bid with photos and estimates of repairs needed and anything that could come back on the bank as a liability the bank will accept your low offer as fast as you will sign the papers.
Just never be afraid of the word NO, and if you do get a no, hand them you business card with all of your contact info with your bid on the back and say my offer stands,here is how to contact me if you change you mind,please contact me. I can not tell you how many times you will get a call back maybe a month or so later at your price,if not, then it was not to be...
I

[Greg S]

As a follow up to DCDiva's posts I, like her, am a investor. As a landlord purchasing a mobile home to rent out, assuming it is not in a park with high fees, can be considered a investment. But to be clear the home itself, much like a motor vehicle, is a depreciating asset. It will likely never be worth the full value of what you invest in it unless you purchase it far below it's real present value. The investment is in the rental income not the home.
As a home owner do not expect to get back what you put in as mobile homes diminish in value with age. Renovations rarely return 100% of the investment. It's value can be propped up some what by insuring it is maintained and upgraded to compete with newer homes but do not expect it to appreciate as with regular stick build homes. Buy it to live in and enjoy not to make money as a investment.

This may vary depending on your region.