MH Values
Getting interested in mobiles as rentals. Quick question; very clean 1994 Marshfield Esquire, no land, in a park (lot rent $225/mo.). In a city of 12,000 in mostly rural northern Minnesota. Seller getting more motivated, want's $16,000 now. I know MHs with land are worth more (here too), anyone give me a rough idea of what it might be worth? Thanks.
loon,
The Bible for Mobiles.
http://www.nada.com/
John $Cash$ Locke
If you are serious about getting into Mobile Homes "Deals on Wheels" is a MUST read.........MH Values rarely have anything to do with the home itself.....but more with the area of the country you are in the availability of Homes and Park Spaces etc... see where I am going Lots of variables....I thought and still am considering MH here in CA but here it is crazy...homes I see others describe getting for a song and a dance go for $60-$80k each because they sit in a park and park space is worth it to buyers even if they have to move them out and put in a new home...Not all of CA is like this but where it is the homes sell for a lot more then they should.....also if the MH sits in a park have you talked to the management to see if they allow rentals...because from what I know most do not......... Best part about the book is it opens up a whole new way of thinking when it comes to investments and such...........
Good Luck
B
Nada guides...they charge for the info on their site, but I'm hoping my local library can find me a guide.
California crazy! Maybe I can figure out a way to move the home AND the lot west, I could make a bundle... oldet livable mobiles in parks here go for as low as $1000. The biggest concern is how to get rid of it when it finally isn't worth fixing any more.
I have to differ with the Master Ca$h on this one - nada values are pretty useless except when used to your advantage ("Look at the NADA value! And I'm selling it to you for $5K less!)
16K is pretty pricey, but the more important issue is MHs as rentals. If it is in a park, most allow only Owner Occupancy. Rentals are taboo; considering that MH Parks are pretty low on the housing level of preference, so tenants are *generally* lower quality, now if you want to bring in RENTAL tenants? Probably the last step above vagrancy.
Step gingerly.
I am reading so much here about MHPs that do not allow rentals. I keep thinking to myself, so what? If you are paying cash for the MH, why not just sell it and carry the note?? Then they are not renters, they are owners.