Home Buying in Myrtle Beach>Question Details

Quilt, Home Buyer in Myrtle Beach, SC

mobile home is safe and it is good investment for the future

Asked by Quilt, Myrtle Beach, SC Tue Aug 4, 2009

wy assurance is lot money my closing is the 7 this month l still can find on please help

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My daughter thought the same as you and purchased a mfg home 10 years ago. It has been nothing but a nightmare for her and her husband. She paid $39,900 for it and also had to pay lot rent of $250 a month. It was in a mfg community but was a nice large lot backed up to a lake. Even though they had a good credit score their interest was 14%. Two years later she purchased a home and tried to sell the mfg home. No one would purchase it for what she owed. She tried renting it out and every renter destroyed the home so every year she had to remodel once again. She ended up selling it for $20,000 and says she lost about $25,000 paying off the mortgage and fixing up what the renters destroyed.
On the UP side, if you are going to stay in the mfg home for as long as it takes to pay off the mortgage, you will be a head of the game. Then you can sell or rent at a profit if the home has been kept up.
0 votes Thank Flag Link Wed Aug 12, 2009
I can not believe the prejudice on here! But then again, realtors don't make much money on a mobile home. I have a story to tell y'all. Back in 1972 we were married and ordered a new 1973 $4500 12 x 50 mobile home with a bedroom and a bath and used the other bedroom for a den. We paid it off in 3 years. We used our own new furniture paying on it when engaged. We never placed any money down. Our credit was outstanding. We paid off our cars as our lot rent was only $15 raised to $40 during Pesident Carter recession years of price controls, high gas prices where we had to go even and odd days and hope there was gasoline, it rose from 25 cents a gallon to 75 cents. We were told by the federal government to keep our heating thermostats at 65 degrees in the winter and 80 in the summer for the air. That recession was horrible for most, but our living in our mobile home saved us bundles. My husband even had a job loss for 2 years during that time but everything was paid off. After the home was 12 years old, we had it transported to VA. for my husband to go to culinary school after 2 degrees moving to near Quantico Marine Base. Lot rent was $85 a month. I didn't work. My bank loaned me $1000 for the move as a personal loan. Then he was hired to the other end of PA. in 10 months to obtain the job he had worked so hard to get. Again, I got a $1000 personal bank loan to move to Eastern PA. I worked part time 2 jobs to pay his $500 a month tuition plus a 3 year loan on his part. After 5 months, I ended up in a wreck in that area not far from Washington, D.C. where I had no health insurance, but it was the person's fault which the traffic court agreed. One job paid me worker's compensation for 2 months while my doctor sent me to a lawyer to sue for my totalled car with pain and suffering and hospital care and a concussion. I dropped the case as soon as we moved away to get it out of my mind and the time it would have taken. Our home was 13 years old then. We decided to start a family after being married nearly 14 years thinking we would place the home on our own property since we were paying $85 a month for rent in VA. and $100 in a nice park in PA. after looking at stick built homes for many months in Eastern, PA. We thought we'd place the mobile home there and rent it out to pay towards our mortgage new house that would be built. My home was now 16 years old! I kept the small home up, and we did minor remodeling spending about $500. I wanted house type doors instead of those old steel doors and a new sink to wash dishes in. We both decided after 3 years there we wanted to be down South part way from his parents and part way to mine in Florida having a baby. Still I didn't work as my baby needed me. I wanted to be there for the first's and totally nurse him 1 and 1/2 years. I bought a telephone with answering machine, placed ads in all newspapers, rented a storage unit for 1 month for our junk and baby stuiff we no longer used, and placed ads in laundromats and grocery stores. I decorated up like country from sea style things as the people there liked country making my own drapes for $30 for all rooms. I found out what it would cost to pay for all utilities for the year plus taxes and paid for 2 lp gas tanks ($20) and a full tank of kerosene for heat at $150. I told people who would begin to call what it would cost to live there plus had a lender ready to talk to anyone in person at my home. That first week my phone rang off the wall. Remember it was a 16 year old home with 16 year old furniture. Three days later on a Saturday, I had 2 families fighting over it. There were 2 bigger homes next to me for sale and 2 on the top street much larger cheaper of 100 homes. I asked for $17,000, and I got it! They had down payments, but I chose the one who would care for it more. The lender came to the home to turn it over to the new owner which gave me $14,000 left to pay me. So don't tell people that these homes depreciate, will be in a huricane or tornado and die, or are cheap! Give me a double wide or triple wide anyday from Southern Living, Oakwood, Champion, Palm Harbor, Norris, and similar ones any day, BUT NOT a Fleetwood. Buy these homes and rent them out for extra income especially near or at the beach. Today they are outstanding homes with Wind Zone. God was in the details all the way. I would have made a good seller and landlord over the years, but I decided to raise children and place them in Christian school, inner city schools to learn to be friends with everybody, and then homeschooled middle school to graduation earning all kinds of major awards and national academic rewards working at a better pace than schools do for their learning one on one. One is a MAPPS and TIPS honoree from Duke University pre-paring for medical school as a dream since 10 years of age. They are all winners and academically gifted.
0 votes Thank Flag Link Wed Aug 5, 2009
"Whatever Floats Your Boat" but if your looking for future investment return, this is not the way to go. There are literally thousands of mobile homes in the Grand Strand area and for many people this is what fits their needs or pocketbook. My personal advice would be to sit down with a reputable lender and discuss what your financial capibility will allow you to do. After this, if all works out, first contact a professional agent who has the resources to dig down and come up with a stick built home or at least a modular that will fit within your budget capibility. I assure you, in the long term you will be much more satisfied as well as have made a much more sound investment for the family. If after walking thru all the steps and you still prefer a mobile home, let me know and we'll do whatever it takes to satisfy your wands and needs. One last thing, be prepared to having a difficult time arranging for financing than you would by going the other route.
Check out my property search site: http://www.FindYourMyrtleBeachHome.com
0 votes Thank Flag Link Tue Aug 4, 2009
Its all about what you are buying. The location and potential for future appreciation, also if it needs any remodeling work, and the price you are buying it for, will all will influence if it is a good deal or not.

I would highly recommend getting a professional home inspector to do a full inspection on the property with any offer to buy. With an inspection report you will get a better idea of the condition of the property you are buying. You can then determine if you will need any additional work needs to be done and if you are getting a good deal.

Just let us know if we can assist you in any way.

Jerry Pinkas Home Selling Team - is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to inform our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. Award Winning – Top Ranked – Highly Recommended – Call The Pros - Google or call (843) 222-1926; Put our team to work for you today.
0 votes Thank Flag Link Tue Aug 4, 2009
Hello I myself would not buy a moble home. They do not hold their value like a single family stick built homes does. Also when you go to resale it no one might not be able to get a loan on property. If you can buy a house do so. Thanks Rose
0 votes Thank Flag Link Tue Aug 4, 2009
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