Posted by Chuck (AZ) on July 29, 2001 at 16:52:29:
Actually, they’re VERY liveable. You’d be amazed at the condition of these homes… they’re in excellent shape for their age… look like late 80’s models (inside and out).
It was a big selling point for me when I bought the park.
I know it sounds implausable… 10 wide/40 year-old homes going for $5k+ …but that’s part of what I’ve been trying to stress regarding the 55+ parks… these folks take care of their stuff, and they always pay the rent on time.
In fact, the Aug rent isn’t due for 3 days yet (as I write this), I already have 40-45 lot rent checks in the office as of today (out of 60 spaces)… and I guarantee you the balance of them will be here by Wednesday, it always is.
Maybe I’m in the “Twilight Zone” area of Lonnie-land… maybe I’m just damm lucky.
Whatever it is… I like it.
VW Camper? Boy, that’s the lap of luxury compared to one of my experiences.
We once worked as Caretaker’s for a gold mine in the mountains west of Lake Tahoe, California (what they call the gold country). Two miles of 4x4 trail (all uphill or downhill depending on which direction you were going - about 5000’ differance in elevation) to the nearest neighbor, no electricity (save from the generator when we ran it), firewood or propane (we carried it in) for heat, no phone, and we pumped water directly from the American River to a elevated tank that gravity-fed back down to the house.
Posted by Chuck (AZ) on July 29, 2001 at 13:00:01:
See the thread titled “3 more deals in a 55+” farther down the page.
Here’s this week’s “special”…
Lot #29 - 1961 Marlette 10x50, 2/1, carport/patio, new interior paint and ceramic tile flooring, 2 sheds, fully furnished, all in excellent condition. $6000 cash.
The owner paid for all the improvements, and had it professionally cleaned before leaving (moving to Texas to be with her daughter). I paid $3500 for it.
Posted by Doris - Va. on July 29, 2001 at 12:56:48:
Hi Diana -
A 73 MH is one built before HUD regulations came into play. HUD came on the scene in 74 but actually took effect in 76. Before that many homes were build with 2x3 lumber at greater spans than 16" o.c. and had little insulation. Wiring and plumbing were not the greatest either.
After 74 many construction methods had to improve to meet the HUD standards.
Another problem is that most homes before HUD were 12 wide and today many parks have rules that when a 12 wide home is sold, it must be removed from the park. Finding parks that will take 12 wides is becoming more difficult.
This is mainly a method of getting rid of older less desirable homes and upgrading the park to newer models.
In some resort areas or upscale parks, there are older MHomes that have been upgraded to the extreme. I have seen reports of prices in the many thousands of dollars - even $100,000 or more for very old units. Not only condition but location has a lot to do with it. These are the exceptions however.
On the average, an invester doing “Lonnie deals” is looking for homes in the mid 80’s to mid’ 90’s that can be bought for less than $5000 or less than $10,000.
You need to learn your market and know what a particular home will sell for. Working back from that number will tell you what amount of rehab you can do and what you can afford to pay for the home wholesale.
The answer to your question is “NO - most investors would not want a 73 MH.”
Read Lonnie’s book - “Deals on Wheels” available on this site for about $30. It is must reading for anyone wanting to deal in Mobile Homes.
I’d beg to differ from Doris in terms of looking for homes in the 80s and 90s.
I did a few deals in VA before I moved and the mhs were all around 1975. I had no problem in keeping them in the park and I found buyers quickly - none for more than 2 weeks.
Doris is not wrong, but it really depends on the market.
Posted by Doris - Va. on July 30, 2001 at 20:53:31:
Of course- you are correct - in that the market does vary widely in different areas. I was speaking for my immediate area. Also assuming that this is happening in other areas as well.
Actually there are plenty of older homes around here too. Many are in small parks which do not object to their age or size as they are not able to handle larger homes.
In the larger parks, many older homes still remain but only as long as they are not sold.
If you are in an area that this rule does not apply, you are fortunate. It sure makes it much easier to do low cost Lonnie deals.
Posted by Doris -Va. on July 29, 2001 at 13:37:06:
Right Chuck!! Unless your you!!! LOL
RV’s - Park models! 10 wides! What! No tents! Some models looks pretty livable!!!
That reminds me of an interesting period in my life:
My husband and I once spent 4 months with two young children living in a small campground when we first moved to Virginia from Massachusetts. We had a VW Camperbus and a large tent with double decker bunk cots, a TV etc. and were quite comfortable.
When we finally moved to a 3Brm SFH I had claustra phobia and wished I was back in the campground. LOL
Ever since I have been an RV lover.
