Is there a "Blue book" for MH values? - Posted by Michael Murray

Real Estate Investing
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Posted by Dirk Roach on May 02, 1999 at 01:07:09:

Hi Micheal,
Yes there is such an animal as a MH appraiser. However do not make the mistake of taking this shortcut. David S is right on about the Mh Bluebook. It makes a good coaster and then again not really, as you might be tempted to sneak a peak in it.
The only way to really know your MH market is to get out there and LEARN your market.
Drive around, see what homes are going for. Ask questions, talk to people. Learn, learn, learn.
A lot of people who get into mobile homes, look for the shortcut. It isn’t there. In fact the NADA book is a longcut. I do know a couple dealers who use the NADA book, and they make their little commisions, and have their little pay checks.
As far as lenders go, if your thinking on Older, Used Mobile Homes, there are none. That’s why your in business. No competetion. Sure Greentree and GreenPoint and a few others (very few) do loan on Used Newer Mobile Homes, but no one touches the Older ones.
That’s the whole idea.
Good luck to you and keep us posted on your success,
Dirk

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Is there a “Blue book” for MH values? - Posted by Michael Murray

Posted by Michael Murray on May 01, 1999 at 18:28:47:

This has probably been asked a jillion times, but the search thingie is not working now. Can someone tell me how I can find the value of used mobile homes? Is there a Blue Book like for cars?
Thanks,
Michael Murray

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Re: Is there a “Blue book” for MH values? - Posted by David S

Posted by David S on May 01, 1999 at 21:07:38:

NADA has a manufactured home book. Do NOT use this book for placing value on used mobile homes. it is designed as a lender “guide” only. IF you buy even close to the values in this guide, you will have a rental unit for life.

The ONLY way to learn values of mobile homes is to get out and look at as many as possible. Dealers can provide you with a fair “retail” value. All you have to do is look at the trade-ins and get a price from a salesperson. This of course, will be full retail.

David S

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What do lenders use? - Posted by Michael Murray

Posted by Michael Murray on May 01, 1999 at 22:40:53:

Thanks, David,
What do lenders go by when making equity loans? Is there such an animal as a MH appraiser?
Michael Murray