All the more reason to seek advice from an experienced MH dealer, MH contractor and RE broker who's had years of experience in the industry. This is not a difficult industry to invest in. We handle all aspects of purchasing, to getting your home foundation system properly certified to working with your lender and consumating your deal .
Please feel free to contact us anytime. We would be more than happy to show you just how painless and rewarding an experience purchasing, residing, remodeling and enjoying the footloose and fancy free lifestyle a Manufactured Home has to offer.
One more addition to some of the information you've already received is that most lenders, especaily FHA guarenteed lenders wil not loan on a home that's more than 10 years old. Albeit any home built before June 15, 1976 is going to be almost impossible to find funding for.
But that's not the only reason to avoid a MH that old. There are healt issues to deal with as well as many if not most MH's built in that era had issues with caustic and carcinogenic chemicals i.e. formaldahyde and asbestos.
I agree - try to see "regular" homes instead of foreclosure homes. You may have to spend a little more or compromise on getting something that wasn't exactly what you were looking for. For example, I wanted a single-family-home in San Fernando but I had no chance. I gave up and I got a townhouse in North Hills for much cheaper and a nicer home and I couldn't be happier! I do wish I had 3 bedrooms instead of 2 but that could have happened with any home I picked!
By looking at homes for sale by a regular owner - not a bank or a short sale - their homes are going to be priced a little higher and do not attract investors in the same way. Also you are likely to have competition but you will be competing with other regular home-buyers. The regular home sellers will have a heart and would likely want their home to go to a family and not some investor - especially if they have lived in it for many years, made many customized renos, etc. They want to make sure that their home will go to someone who will take care of it, and love it the same as they did. Even though it is not their home anymore you always feel attached to your first home or a home that you spent many years in. Around the valley and Mission Hills in particular you will find many homes for sale by older couples that are in great condition and have been kept up and the sales price will be higher but there will be no work to be done.
Besides, almost ALL of the foreclosures I looked at were HORRIBLE. Best leave those to the investors to fix up and rent out anyway. They all smelled and were falling apart. Luckily mine was in great shape but still needed a few things like paint & all new flooring to replace the ratty old carpet. These things can add up and my next home I plan to buy one that is all ready for me to move in - turnkey.
It also helps to ask to see listings that belong to your agent - they sometimes have a leg up on the listing and can help you to get the house. They can put in a good word for you with the bank (I bought a foreclosure) this is what my Realtor did and how I eventually got my home.... more
The freeway proximity would be a "nuisance" and something that will effect the property values of that house permanently. Right now, there is a huge battle going on, because our 405 freeways need to be expanded to accomodate the traffic..and guess what happens to nearby home owners when the city has to do this?
With the number of homes available right now, there is no reason to take a risk like this. If you were my client, I would advise against it.... more