Should I buy a manufactured home? How should I finance it? How can I break even after 5 years?

Asked by Rachelle Ortiz, San Antonio, TX Fri Mar 6, 2009

I have 46 acres near San Antonio, TX in the beautiful hill country. We are currently selling our home for $149,000. We would like to live in a manufactured home for 5 years on the 46 acres so I can stay at home with the children until they are in school. Then we would like to sell the manufactured home, move it off of the land, and build a house. Do you have any recommendations on which finance companies to use or what type of loans? What company of manufactured homes has a good resale value? Any tips would be appreciated.

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Dominick Dina, Agent, San Antonio, TX
Tue Mar 17, 2009
Starting off in a negative manner is not the best way to answer your question. However, there are more negatives than positives.

Mobile homes are more trouble than they are worth. Have you thought about the septic system you will have to install?

Mobile homes depreciate faster than you may realize.

Most folks who buy a mobile home want to leave it where it is. This is a problem for you as most lenders wnat the home fixed to the property as "real property" not to mention it mus then be the primary residence of the new owenrs. More negatives.

Suggest you talk with some local agents who have worked with these types of transactions and see what all is involved.

Don't mean to rain on your parade. More issues with this than answers.

Best wishes,

Dominick Dina
Christian Realty San Antonio
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Kathleen Lor…, Agent, Baxter, MN
Mon Mar 9, 2009
In our current MN market, Manufactured homes are not retaining value at the rate that stick built homes are. You can pick up a used one depreciated greatly and move it to your land, but they really are not built to be moved around multiple times
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Bruce Lynn, Agent, Coppell, TX
Fri Mar 6, 2009

Probably better to buy a fifth wheel travel trailer or true drivable mobil home versus manufactured home. That way it is easily removable and may retain some value. You should be able to pick up one cheap now. Manufactured home is probably not a good investment. They really aren't probably made to move around much. Maybe you could put one in the corner of the land on 1 acre and rent or sell it after you build the main house.
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Dana Schuster, Agent, Slidell, LA
Fri Mar 6, 2009
What you need to realize is that mobiles always depreciate,just as a car begins to depreciate as soon as you drive it off the lot. not all lenders are willing to finance mobiles for this reason.
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