Posted by anon on January 16, 2003 at 10:57:27:
I bought a new home in 1999 for 29k Clayton 16x76. It
was nice. the lot rent was $175 with pool, and the park
ran background checks on residents. Most people were like me
where they had some disaster (i had a fire) or they were
just starting out and saving rent. In 2002 it was assessed
at 14k. Basically they depreciate like cars.
This was is the Dallas, TX area.
MOBILE HOME NUMBERS LOOK IMPOSSIBLE - Posted by jerry-IL
Posted by jerry-IL on January 15, 2003 at 21:52:50:
I’m a year into investing, but a total newbie/know-nothing with mobile homes.
A seller offered his mobile home for sale in June for 26k. It was supposedly worth 52k new and is 25 years old. It’s a 14X70 with 2 BR, 2Ba, central air, pretty deluxe, lots of extras and is in a quiet well-kept park. I never investigated because he told me two things that made me move on: 1. No renters allowed and 2. Monthly park fee of $600. That includes a pool on the premises, tennis courts, clubhouse, snow removal, taxes, etc.
Now he called me back 7 months later saying he’s desperate. He’s paying the $600/month + utilities, etc. and his wife has moved with his kids out of state waiting for him to sell it. He can’t move until he sells it and she’s bugging him daily. Motivated, right?
Someone wanting to rent an apartment in the area can pay as little as $800 for a 2BR, so that’s a factor. Since I have no idea whether or not this is worth messing with, I’m trying to imagine this scenario: He GIVES the thing to me just to get rid of the monthly bleeding of probably $8-900/month. So now I am the one with the bleeding. If HE couldn’t sell it in the seven months since I found out about it (and probably longer) will I just be taking over his problems? Or is the advantage of getting it free enough to force this into a “should-do” situation? I can stomach the $800/ month for a long time, but I am so lacking in knowledge of the possible dangers that I’m concerned about getting involved. Is a 25-year-old unit undesirable just because of it’s age, etc.
Thanks for any guidance on this.
Jerry
Re: MOBILE HOME NUMBERS LOOK IMPOSSIBLE - Posted by Chuck-NY
Posted by Chuck-NY on January 15, 2003 at 22:54:41:
If someone wanted to give me a 1978 D/W for free I would first verify no liens on the home, no back lot rent due, and I would find another park that would help me move it that would have less expensive lot rent OR…I would locate land to put it on…