Home Buying in 92648>Question Details

mirab327, Home Buyer in 30458

Does it make sense to buy a mobile home on some land even tho I know they don't have good resale value?

Asked by mirab327, 30458 Fri Jan 10, 2014

I am forever renting because I can't qualify for a big mortgage. So I figure that buying a mobile home on some land may be my only way to have something of my own instead of paying rent forever.

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Answers

9
If it is where you want to live and the land is able to hold a future home when you can afford to build, Go for it.
1 vote Thank Flag Link Mon Jan 13, 2014
I figure I could live in the MH until I could afford to build a stick built or nicer mod home.
Flag Tue Jan 14, 2014
Contrary to popular belief if you purchase a HUD Manufactured Home on a private lot or parcel or in a Planned Unit Development (PUD), Condo conversion or Sub-Division it's considered part of the land home deal and you shouldn't lose money on it anymore than a site built home unless you can't find nearby comps.

That's why we always recommend a MODULAR HOME. They can be comped by using any other site built or Modular Home within reasonable proximity to the subject Modular Home. We work with experience Manufactured Home lenders Nationwide and would be happy to recommend in your area.
1 vote Thank Flag Link Mon Jan 13, 2014
We offer loans on manufactured homes, if you would like to determine how much you can afford. I can also place you in contact with an experienced Realtor in the area, you want to live.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.



Bart Gabe - Lending Nationwide Since 1987

http://www.bartprequalifies.com

email bart@bartprequalifies.com

800 315 8803

NMLS 20743
1 vote Thank Flag Link Mon Jan 13, 2014
Depends on where the land is located, doesn't it and the cost of the land? Have you seen the different models of new manufactured homes, some are magnificently exciting and with professional planning and setup could rival almost any median priced home in southern California.

Go hire a Realtor who has experience as a dealer with manufactured homes to help you explore and determine your options and discover what information you should know about in order to make an informed decision and whether it's sensible or not.

Finally, consider going into business to earn more income and hook up with people that will support you and not drag you down. Earning money is a choice, isn't it and how much you earn is also a choice, isn't it? So, go explore some business opportunities and find a business that you can operate, working smarter, not harder and good luck to you.
1 vote Thank Flag Link Fri Jan 10, 2014
I would agree that it is better then renting. Besides, with a purchase you may be able to fix your payments while rents continue to rise.
Good luck,
1 vote Thank Flag Link Fri Jan 10, 2014
Get started wherever you can. Even though mobile homes go down in value like cars the land will be a secure investment. Or you could buy a small rental property and start building wealth that way. I owned and rented out three small condos before I bought my first home. It's a great way to build monthly income.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Mon Jan 13, 2014
If I understand your question you are asking about "a mobile home on some land". That stated I don't assume that you are interested in a lease/rent park/community. You should never purchase any resale MH and move it from its original site. This is a big no no and could get you into trouble should you need financing or wish to sell it to a person who needs financing.

But most importantly i wouldn't purchase a HUD MANUFACTURED HOME as it may not comp in the neighborhood you plan to place it in because comps are very difficult to find. I would purchase a MODULAR HOME. Then an appraiser could use other site built homes close by in their comps which would get you a much higher appraisal.
0 votes Thank Flag Link Sat Jan 11, 2014
First and foremost a house is your home, secondly an investment. If all you can afford is a mobile home and you really want to life at the beach in the 92648 zip code, wonderful.
However, pitfalls that people forget is that under that mobile home you generally need to "lease" the land (space rent). Each mobile home park operates differently, so I would absolutely factor in an escalating annual space lease into the affordability equation or search for mobiles on "fee-simple" land (meaning you own it).
A single family home traditionally is your best investment, followed by town homes and condos on "fee-simple" land, leased land town homes and condos will have the same issues as a mobile home park with a space lease potentially sabotaging their affordability.
Pam Etem
Keller Williams-Huntington Beach
714-717-6408 cell
Pam@TeamEtem.com
0 votes Thank Flag Link Fri Jan 10, 2014
This is a great alternative to renting, as you do own where you live, and can remodel/decorate the way you want to. Yes, resale is hard, but your housing costs are pretty fixed.
In most parks, you will still pay a monthly rental, but I have compiled a list of homes that are currently for sale that include land:

Click the following link to view the Listings:
http://www.mrmlsmatrix.com/DE.asp?ID=26689924403

I currently have a mobile home for sale in Corona, but it is on leased land.

Please let me know if I can be of any further assistance to you!

Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes Thank Flag Link Fri Jan 10, 2014
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