Why not buy mobile homes instead of overpriced traditional homes?

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jcar
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by jcar »

I'VE owned and rented mobile homes in the past. I always purchased the structure used and always on a deeded lot. I did quite well with them and found collecting rent was much easier than with a traditional house. The number one thing to do for longevity is to maintain the roof which is quite easy. I've sold in past and in a couple cases the New owner took down home and just built a house. The land still appreciates and in my case were excellent investments.

quote=fatFIRE post_id=5177605 time=1586625304 user_id=157519]
I live in a HCOL area. The cheapest 1-bedroom (700 sqft) I can find cost $300-400k. I've heard that people spend $1mil on their homes (2-3 bedroom). I'm balking at that number.

Yet, I occasionally find mobile/manufactured home listing for $100-200k, this is for 3-bedroom (2000 sqft). The price differential is ridiculous.

So... why aren't people buying mobile/manufactured homes instead? Please help me understand what I'm missing.

I've figured out a few things by reading around:
1) Desirability - Usually associated with trailer parks "ghetto" environments, there's social stigma to it. Honestly, I don't care about "social stigma" if it will increase my net worth.
2) Safety, related to the first point and probably the only legitimate concern - I've seen mobile/manufactured homes in my town (although its very rare), which is where all the middle-class to upper-class people live. Also, the other option is just buy the land and buy the mobile home, so I can live in a nice/safe neighborhood, it will still end up to be cheaper than buying a normal home.
3) Poor Quality / Limited Shelf Life / Poor Re-sale value - This is a legitimate concern. But as a forever renter, I'm basically comparing the two. If the mobile home has a 20-year "expiration date", it's fine if it reduces my rent for 20-years, and if it's so much cheaper than the million dollar mortgage.
4) Predatory Land Ownership Practices - I've seen articles of how you don't own the land, only the home, so effectively you are paying mortgage + land_rental. But even if that's the case, that still works out to be cheaper than a $1mil home mortgage payment. Also, why not just buy the land outright so you don't have that problem?

What else am I missing? Am I misguided, or do you agree with me?
[/quote]
bighatnohorse
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by bighatnohorse »

So... why aren't people buying mobile/manufactured homes instead?
You can't get a mortgage on pre-1976 mobile homes.

I bought a "mobile home" on a one acre lot.
Paid cash.
I own the land.

The existing dilapidated mobile was junk. I replaced it with a newer 2006 manufactured home that I purchased used from a bank and then had it moved and installed on my land after giving away the junker.

But First, I had looked at building a stick built house - found it beyond my budget allowance.
Then I looked at "Palm Harbor" manufactured homes - Wow! are they nice. And expensive. Same cost as building a stick house.

Cheapest method during a depression/recession was to find a bank owned property - where the bank owned the mobile and paid rent on the land.
Banks HATE that.
The bank has to pay. . .as their "asset" depreciates.
You can get a good deal. Really good deal.

Property taxes are very low. . .
Freetime76
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Freetime76 »

I would take choice C: get out of the HCOL area and move to a cheaper location. Hands-down the best thing we ever did (twice now). HCOL was a good start to career, but living arrangements were much more sensible...and later permanent in a more reasonable area.

That said, if you’re comfortable with the idea, do the math: all costs to rent vs costs to buy/own the single family home (or condo or whatever) vs all costs for the mobile home.

Also: We know a young man (single at the time) who many years ago, bought a super-cheap older trailer home (as were called at the time). Rented at a super-cheap place. It was crap, but homey. He saved every dime, sold it for the same amount he paid, and moved to a better location to build what he wanted. He made out like a bandit because his housing costs were virtually nil. DH tried to get me to do this, but I told him no - we’d just have to save money the normal way. :D
Please spell out new acronyms. Thank you.
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quantAndHold
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by quantAndHold »

Drovor wrote: Sat Apr 11, 2020 10:28 pm
quantAndHold wrote: Sat Apr 11, 2020 8:24 pm The biggest thing is that you’re still renting, with all the disadvantages that go with renting (landlord controls the property, rent increases, etc), with the additional disadvantage that you can’t move unless you sell the house, which depreciates like a car.

And I’ll echo someone upthread who said that in a HCOL area, there’s the constant risk of the landlord selling the property for redevelopment, and you get nothing except a date to move. This did happen to a friend of mine.

Honestly, if you’re just looking for ultra cheap housing and you’re not opposed to renting, why not rent a mobile home instead of buying?
- Technically, you could pay to move it.
- Dependent on the area it could appreciate
- There is risk that the park is sold
- Not sure about other areas, but the home cannot be rented out to someone else.
The land appreciates. If you own the land, you can get appreciation, but if OP is talking about paying $100k in a neighborhood of $1m homes, OP isn’t talking about buying the land. The mobile home itself doesn’t appreciate. All things being equal, a buyer will always prefer a newer model to one that’s been sitting out on a lot being used for several years.

Yes, you technically can pay to move it, but when this happened to my friend, exactly zero people in the park paid to move their homes. They all just walked away. It just didn’t pencil out. Some bought used mobile homes in a nearby park, the rest rented apartments.

Whether or not you can rent a mobile home would be up to local ordinances and the specific park rules. I’ve known people who did. It was a very cheap way to live in an expensive location.
1130Super
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by 1130Super »

What is the lot rent and what does it include? I’ve seen lot rent of over 2k a month in HCOL areas
ensign_lee
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by ensign_lee »

https://www.youtube.com/watch?v=jCC8fPQOaxU

Jon Oliver did a really good segment on mobile homes. He did not come to the conclusion that they were a good idea.
Drovor
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Drovor »

quantAndHold wrote: Mon Apr 13, 2020 3:04 pm
Drovor wrote: Sat Apr 11, 2020 10:28 pm
quantAndHold wrote: Sat Apr 11, 2020 8:24 pm The biggest thing is that you’re still renting, with all the disadvantages that go with renting (landlord controls the property, rent increases, etc), with the additional disadvantage that you can’t move unless you sell the house, which depreciates like a car.

And I’ll echo someone upthread who said that in a HCOL area, there’s the constant risk of the landlord selling the property for redevelopment, and you get nothing except a date to move. This did happen to a friend of mine.

Honestly, if you’re just looking for ultra cheap housing and you’re not opposed to renting, why not rent a mobile home instead of buying?
- Technically, you could pay to move it.
- Dependent on the area it could appreciate
- There is risk that the park is sold
- Not sure about other areas, but the home cannot be rented out to someone else.
The land appreciates. If you own the land, you can get appreciation, but if OP is talking about paying $100k in a neighborhood of $1m homes, OP isn’t talking about buying the land. The mobile home itself doesn’t appreciate. All things being equal, a buyer will always prefer a newer model to one that’s been sitting out on a lot being used for several years.
Either way there is appreciation. It will be factored in when sold. Depending on size, a brand new home is around 300k. Something less than say 15 years old are selling for over 200k to give you an idea. There is plenty of demand when the cheapest hole in the wall home is something like 550k.
Drovor
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Drovor »

1130Super wrote: Mon Apr 13, 2020 3:50 pm What is the lot rent and what does it include? I’ve seen lot rent of over 2k a month in HCOL areas
Less than $700 a month for our lot. Factoring in water, electricity and other expenses is less than $850 a month. Each lot is different and have seen rents up to $1000. Other parks have seen over $1000 but was not in a rent controlled area.
Chuck107
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Chuck107 »

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AlphaLess
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by AlphaLess »

Why buy a home at all?

Just get a tech job with the following benefits:
- free breakfast, lunch, and dinner,
- gym, and showers,
- lots of meditation and conference rooms,
- a culture where people are there at all hours of the day.

Then, do the following:
- get a friend, and use their address for various correspondence,
- get a USPS mail box,
- get a small storage unit to store essentials, including some clothes,
- get a gym membership with good amenities.

Don't need to rent anything.
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cheapedy
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by cheapedy »

A friend of mine considered putting a moblie home on his 1 acre property to rent out. Went to the county to get informed. Legally he could, BUT, first, he needed to install an engineered septic tank that start at 20,000 dollars, then he needed fire dept access, soil testing for that access, hydrant access to the unit, then additional soil testing for the foundation, as well as all the many specifications for the foundation. He was completely overwhelmed and quickly bailed on that idea.
bighatnohorse
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by bighatnohorse »

cheapedy wrote: Tue Apr 14, 2020 1:37 pm A friend of mine considered putting a moblie home on his 1 acre property to rent out. Went to the county to get informed. Legally he could, BUT, first, he needed to install an engineered septic tank that start at 20,000 dollars, then he needed fire dept access, soil testing for that access, hydrant access to the unit, then additional soil testing for the foundation, as well as all the many specifications for the foundation. He was completely overwhelmed and quickly bailed on that idea.
One would be required to do that anyway - even for a stick built home.
Yanks49
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Yanks49 »

Monsterflockster wrote: Sat Apr 11, 2020 1:02 pm Here is one good reason: My in-laws sold their 2-story home in a HCOLA and bought a manufactured 1 story home in a retirement community. "Rent" of the land was $700 a month, 15 years later it is now almost $2000 a month.
Oh my gosh, how much are apartment rentals (for a decent place) going for?
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Halicar
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Halicar »

fatFIRE wrote: Sat Apr 11, 2020 12:15 pm So... why aren't people buying mobile/manufactured homes instead? Please help me understand what I'm missing.
Whenever this topic comes up, the terminology becomes an issue. There is a big difference between mobile homes (i.e., trailers) and other "manufactured homes" or prefab homes that are placed on a foundation and (I believe) are legally identical to built-on-site homes.
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ThunderTurtle
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by ThunderTurtle »

Zoning usually keeps mobile homes out of nice/safe areas. Severe weather is another reason for the country's middle portion.
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ThunderTurtle
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by ThunderTurtle »

Halicar wrote: Wed Apr 15, 2020 10:35 am
fatFIRE wrote: Sat Apr 11, 2020 12:15 pm So... why aren't people buying mobile/manufactured homes instead? Please help me understand what I'm missing.
Whenever this topic comes up, the terminology becomes an issue. There is a big difference between mobile homes (i.e., trailers) and other "manufactured homes" or prefab homes that are placed on a foundation and (I believe) are legally identical to built-on-site homes.
Those chic, efficient prefab homes usually cost more than stick built homes when site preparation is figured in. Different animal altogether.
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Abe
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Abe »

Where I live you don't have to put a mobile home in a park because there are plenty of cheap vacant lots available that can be rented or bought. People can live in a mobile home for a lot less cost than buying or renting a traditional home. I've often wondered why a house cost ten times more in some areas of the country than a similar house cost in other areas. I guess most of the cost is in the land because I wouldn't think it cost that much more to build a house in a HCOL area than it does in a LCOL area.
Slow and steady wins the race.
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ThunderTurtle
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by ThunderTurtle »

Abe wrote: Wed Apr 15, 2020 11:02 am I've often wondered why a house cost ten times more in some areas of the country than a similar house cost in other areas. I guess most of the cost is in the land because I wouldn't think it cost that much more to build a house in a HCOL area than it does in a LCOL area.
Fees and regulations vary by state and county. California, for example, has to consider earthquakes and there is a requirement for solar panels on new construction (among other things). It's a lot more expensive to build in California than in Texas, for example.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by adamthesmythe »

Abe wrote: Wed Apr 15, 2020 11:02 am People can live in a mobile home for a lot less cost than buying or renting a traditional home. I've often wondered why a house cost ten times more in some areas of the country than a similar house cost in other areas.
Location

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location

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and location

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Goal33
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Goal33 »

Chuck107 wrote: Mon Apr 13, 2020 10:06 pm land that I own
that changes the equation...
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Chuck107 »

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onourway
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by onourway »

Chuck107 wrote: Thu Apr 16, 2020 6:18 am
Goal33 wrote: Wed Apr 15, 2020 12:15 pm
Chuck107 wrote: Mon Apr 13, 2020 10:06 pm land that I own
that changes the equation...
Not really... He could have spent way much more and built a "Traditional Home" on the same land.
And also come out “way ahead”.

Gifting land (and presumably, from how you phrased it, the ongoing tax cost) changes the equation entirely.

In the long run it could turn out that building a decent permanent structure on the property that holds its value/appreciates over time was the better choice than placing a temporary structure that needs replacement every 20 years.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Chuck107 »

.....
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Re: Why not buy mobile homes instead of overpriced traditional homes?

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Re: Why not buy mobile homes instead of overpriced traditional homes?

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.....
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digiera
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by digiera »

Appreciating vs depreciating asset.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by StevieG72 »

unclescrooge wrote: Sat Apr 11, 2020 12:29 pm County assessor assesses my land value at over $1 million in SoCal. Whether you choose to build a nice house or park a trailer is up to you.
This.... you can but a mobile home for less money, but you have to have somewhere to put it. Buying land will be expensive. Living in a mobile home park, the lot rent never goes away and could increase.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by deltaneutral83 »

Mobile homes undoubtedly depreciate. Traditional real estate appreciates or at least stays neutral over 10 years. For people that have to live on mobile home parks the landlords raise rents knowing you aren't going to move your mobile home as mentioned by a previous poster. Previous poster mentioned about a 185% increase in rents over 15 years. Probably some pockets in the Bay area where property has risen 185% over 15 years but highly doubt mobile home parks in any capacity have. Makes the landlord of the mobile home park wealthy.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by reln »

yohac wrote: Sat Apr 11, 2020 12:25 pm
fatFIRE wrote: Sat Apr 11, 2020 12:15 pm So... why aren't people buying mobile/manufactured homes instead?
I can tell you what DW would say if I suggested such a thing, but it's not suitable for a public forum.
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Abe
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Abe »

ThunderTurtle wrote: Wed Apr 15, 2020 11:30 am
Abe wrote: Wed Apr 15, 2020 11:02 am I've often wondered why a house cost ten times more in some areas of the country than a similar house cost in other areas. I guess most of the cost is in the land because I wouldn't think it cost that much more to build a house in a HCOL area than it does in a LCOL area.
Fees and regulations vary by state and county. California, for example, has to consider earthquakes and there is a requirement for solar panels on new construction (among other things). It's a lot more expensive to build in California than in Texas, for example.
That and prices are based on what the market will bear.
Slow and steady wins the race.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by hicabob »

deltaneutral83 wrote: Sat Apr 18, 2020 1:51 pm Mobile homes undoubtedly depreciate. Traditional real estate appreciates or at least stays neutral over 10 years. For people that have to live on mobile home parks the landlords raise rents knowing you aren't going to move your mobile home as mentioned by a previous poster. Previous poster mentioned about a 185% increase in rents over 15 years. Probably some pockets in the Bay area where property has risen 185% over 15 years but highly doubt mobile home parks in any capacity have. Makes the landlord of the mobile home park wealthy.
Buildings depreciate and land tends to appreciate. A mobile home on owned land can appreciate nicely.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Yarlonkol12 »

Why not relocate? Especially if your profession can be done remote

I grew up in a small mid-western town, nice well built homes can be had for 80k, my friend who still lives there recently purchased one for this price. Really nice a place very close to Lake Michigan. And that's not out of the ordinary, Lot's of little towns like this with bargain priced housing. My guess is that if "work from anywhere" takes hold, that these towns will start seeing a lot of inflows of people. Most people, myself included, only left as there was no job market for my profession, perhaps that won't matter so much in the future.
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LuigiLikesPizza
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by LuigiLikesPizza »


They're ugly and square, they don't belong here.
They look a lot better as beer cans."


Easy for Jimmy Buffett to say, they've pegged his NW at $600M.

But I digress, perhaps the best solution is a manufactured home on land you own.

Best of luck.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Hebell »

LuigiLikesPizza wrote: Fri Jun 05, 2020 4:13 pm
They're ugly and square, they don't belong here.
They look a lot better as beer cans."


Easy for Jimmy Buffett to say, they've pegged his NW at $600M.

But I digress, perhaps the best solution is a manufactured home on land you own.

Best of luck.
Funny you mentioned this, as Jimmy Buffett has built his Margaritaville villages using manufactured homes on land that pays him recurrent licensing fees! (I was not able to determine his actual ownership interest)

I'm reviving this thread because the innovations in manufactured housing, move towards energy efficiency, structured insulated panels, high-end luxury features in kitchen, breezeways and porches, so forth and so on.... It's all something I'll be tracking.

Bill Gates is now investing in Vantem, a South American and Caribbean builder, using structured insulating panels for small housing stock, and stackable modular multifamily residential buildings. NetZero or near net zero structures. Their structures can withstand a category 5, and we're standing and looked almost unaffected after hurricane Dorian in the Caribbean. I've signed up for their newsletter because I want to know when they start building their factories in the US which is due to break ground soon.

https://www.archdaily.com/985384/vantem ... ro-housing
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by sandan »

Drovor wrote: Sat Apr 11, 2020 10:19 pm
jjface wrote: Sat Apr 11, 2020 10:09 pm Probably better to look for a cheaper/smaller house in a desirable area which works to your advantage. Houses usually store wealth as well. Even if you pay $1m for it chances are you can sell it for at least $1m eventually when you decide to move on.
In VHCOL, cheaper/smaller is still unafforable for most families. If you could afford a $1m home, I'm not sure you would be thinking of picking a manufactured home.
In VHCOL places there are lot of couples without children that can afford $1-5m homes. Its a major reason why the areas are VHCOL. Some just don't need a big house/anchor because of their lifestyle.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by MandyLuna »

Check the listings in well maintained 55+ MH parks in Florida and you will see appreciation.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by smooth_rough »

Mobile homes require parks. Before buying a mobile home, you should research the vacancy rate for mobile home parks within your geographic search parameters. What you will likely find the few desirable locations have long waiting list. You might end up in location on outside edge of town that looks and feels like man-camp for transient workers. It could work if you're single and dont have kids, or don't mind the lack of amenities that a real neighborhood provides. But considering the cost of buying the mobile home, plus the ongoing monthly rental payments for the slot in the park, plus insurance, you could be renting small apartment and get a better location. There's not much re-sale market for old mobile homes, you aren't building much equity with that.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Wilderness Librarian »

Owned 2 mobile homes both in LCOL areas on rented lots. Moved for jobs. Both were basically unsaleable. Would have saved money literally giving away free of charge.
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Beensabu
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Beensabu »

smooth_rough wrote: Sun Sep 18, 2022 3:25 pm Mobile homes require parks.
No, they don't. I have one affixed to real property I own, subject to mortgage of course.

You know what was a giant monumental hope-crushing pain in the patooty? Finding financing. They do not like to finance single-wides (or they didn't then), no matter what the square footage or the fact that the land came with it.

Perhaps building standards have risen since the manufacture date of this thing I live in. I hope so. I really do. Had to redo the roof right away. Turned out that the "insulation" is essentially shredded paper. I live in a cardboard home. But the roof's good now. And the plumbing works.

Mobile homes are for temperate climates.

It's true.

Otherwise, get yourself a real foundation. And legit walls. And the ability to attach overhangs.
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BogleFanGal
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by BogleFanGal »

Around here, no one is able to own the land under their mobile home - the only mobile home zoning allowed in most neighborhoods is within official parks. Developers just love coming in and buying out the park owners, so they can raze and build condos or SFH communities.

Every time, it's the trailer/mobile home owners who are kicked to the curb to fend for themselves - many are '70s/'80 year old retirees. Media outlets run sob stories about the displacement, then everyone forgets with the next day's news cycle. Seen it more times than I can count.

If you can own the land, great. Or if you're in a state with decent protection for the mobile home owner, great. Or if you have family you can move in with if the poop hits the fan. Otherwise, steer clear.

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rockstar
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by rockstar »

I think, you can make them work if you own the land.

Most are on land that's rented. And the owner of the land doesn't have to renew your lease or can increase it substantially. That's the problem.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by smooth_rough »

Beensabu wrote: Sun Sep 18, 2022 5:21 pm
smooth_rough wrote: Sun Sep 18, 2022 3:25 pm Mobile homes require parks.
No, they don't. I have one affixed to real property I own, subject to mortgage of course.
I don't know your local area. The point I was making is that many cities don't permit setting up outside of designated mobile home parks that have been zoned for that specific use, where the slots can be limited, for either for sale or lease.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Californiastate »

hicabob wrote: Sat Apr 11, 2020 12:45 pm Zoning probably precludes mobile homes in a 1.2M lot area.
This.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Beensabu »

Californiastate wrote: Sun Sep 18, 2022 5:48 pm
hicabob wrote: Sat Apr 11, 2020 12:45 pm Zoning probably precludes mobile homes in a 1.2M lot area.
This.
LOL. Nope. No, it does not. Must be my local area that nobody knows.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
OnTrack2020
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by OnTrack2020 »

I think there is quite a difference between a mobile home versus a manufactured home. In my experience, I've seen mobile homes throughout the years which just don't look very nice; they basically look run down. I've seen manufactured homes over the years which look very nice.

Also, depending on what area of the country you live, living in a mobile home during the brutally cold winter doesn't sound pleasant at all, and I don't think it takes very long for pipes to freeze. In our region, mobile homes/parks also tend to be tornado magnets.
MathWizard
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by MathWizard »

I lived in one during grad school, and for 10 years after while waiting out an overheated housing market.

As noted, you don't own the land, and if the mobile home is damaged, you will likely only not be able to bring in a used mobile home.

Mobile homes generally have poor insulation,so heating and cooling will be more expensive.

Property taxes are much higher as a percentage of value .

Property insurance was about the same per year on my mobile home as on my "stick built" house despite a 5x difference in value.

We went from a place where the kids were bussed to school to where they walked.

I should add that it was difficult to get a loan for a mobile home. I got the loan for the first 2 through a hometown bank who knew me. The third I paid cash for.

No problem getting a loan for my traditional house. I kept getting pushed towards a more expensive house, but bought a fixer upper that I could pay 20% down and the payments were under 15% of my net income.
Last edited by MathWizard on Sun Sep 18, 2022 9:44 pm, edited 3 times in total.
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Beensabu
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by Beensabu »

OnTrack2020 wrote: Sun Sep 18, 2022 5:56 pm I think there is quite a difference between a mobile home versus a manufactured home. In my experience, I've seen mobile homes throughout the years which just don't look very nice; they basically look run down. I've seen manufactured homes over the years which look very nice.

Also, depending on what area of the country you live, living in a mobile home during the brutally cold winter doesn't sound pleasant at all, and I don't think it takes very long for pipes to freeze. In our region, mobile homes/parks also tend to be tornado magnets.
Not really. One is on a chassis, while the other is not. They are both manufactured homes, but one is intended to at least initially be somewhat mobile. However, practically, they both tend to come from the manufacturer to the place where they will reside until tear down. I would say the "run down" thing speaks more to the ability of the owner to pay for needed maintenance (and the deciding of what's "needed" vs cosmetic).

Plastic pipes may freeze, but they tend not to burst (mostly). You're running a higher risk with copper. :twisted:

Edit: Manufactured homes also tend to be double-wides (or modular), which makes them "look" more like a traditional home. Again, cosmetic. Better resale value, I suppose.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
davebeers
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by davebeers »

I had good friends in the early 2000’s that lived in a manufactured home in what I would consider a trailer park. He was a teacher and she did nails part time. They lived like kings because of their low monthly spend on their “home” it was a nice 3 bedroom with probably 1300 sq ft. I felt a little bad for them until I saw it in person and then I was a little jealous. They paid $500 month in the mortgage+land rental fee since he helped at the park.
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by TropikThunder »

Beensabu wrote: Sun Sep 18, 2022 5:54 pm
Californiastate wrote: Sun Sep 18, 2022 5:48 pm
hicabob wrote: Sat Apr 11, 2020 12:45 pm Zoning probably precludes mobile homes in a 1.2M lot area.
This.
LOL. Nope. No, it does not. Must be my local area that nobody knows.
You sound surprised that the real estate and zoning laws in your area aren’t universal.
neverpanic
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Re: Why not buy mobile homes instead of overpriced traditional homes?

Post by neverpanic »

Beensabu wrote: Sun Sep 18, 2022 5:21 pm
smooth_rough wrote: Sun Sep 18, 2022 3:25 pm Mobile homes require parks.
No, they don't. I have one affixed to real property I own, subject to mortgage of course.

You know what was a giant monumental hope-crushing pain in the patooty? Finding financing. They do not like to finance single-wides (or they didn't then), no matter what the square footage or the fact that the land came with it.

Perhaps building standards have risen since the manufacture date of this thing I live in. I hope so. I really do. Had to redo the roof right away. Turned out that the "insulation" is essentially shredded paper. I live in a cardboard home. But the roof's good now. And the plumbing works.

Mobile homes are for temperate climates.

It's true.

Otherwise, get yourself a real foundation. And legit walls. And the ability to attach overhangs.
I don't know how things are now, but back in the day, those were the rules. They could get financing on double-wides with a foundation, but people couldn't get bank financing for single-wides. So, would-be homeowners were in all sorts of expensive rent-to-own or similar deals arranged by the park owners who could get loans because they had an income-producing rental business and property to use as collateral.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
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