mh loss in value - Posted by william

Posted by Lyal on September 01, 2002 at 08:10:20:

Yes, there are numerous people in my area who have bought singles and doubles for their own use using Lonnie’s techniques. I need to ask, why are you concerned about depreciation. If you want to use this to help you set the price you should pay please DON’T. The only way you should figure out a price for purchase is using Lonnie’s “If I paid you cash today…” routine. Otherwise you’ll pay much more than necesary. You need to look for motivated sellers, not homes. Stay away from the new ones offered as “just take over payments”. Most likely these are upside down due to the liberal financing offered by the pinheads at Conseco. You may be able to buy them as a repo (and let the lender take the loss) in the future.
Read the book (SEVERAL TIMES!!) and use what it lays out. You may wind up with a nice home and decide that you want to buy a whole mess more of these things.
All the best, Lyal

mh loss in value - Posted by william

Posted by william on August 28, 2002 at 02:29:38:

I’m kind of new to this board and have just ordered the “deals on wheels” book. Has anyone out there bought a new double wide for themselves to live in? What is the approximate depreciation rate? I am looking at buying a new double for myself and not having any luck finding the depreciation on them. Does the book cover things such as this? Any info you guy’s could give me would be very beneficial. Thank you.

Re: mh loss in value - Posted by Dave Starr

Posted by Dave Starr on September 08, 2002 at 14:09:10:

William, newer mobile homes are covered by a ‘blue book’ just like cars and trucks. Every dealer in your area will have one… most would show you sample homes and values. The gist of this site and the Lonnie Scriggs/Ernest Tew/et al methodologyis to buy older homes thta have already depreciated. New mobile homes depreciate rapidly in all states I am aware of.

Best Regards