Mobil Home Comps.
I have an opportunity to purchase a mobil home fixer in CA. I an having problems finding what the comps are for the Mobil Home park. I meet with the manager and they could not tell me what the mobil woulf sell for fixed up. Does anyone have some input for me?
Just my opinion, but I'd defy anybody to prove to me that a used MH really has a "blue book value" that means anything.
Oh, sure, on a 2003 DWMH, or so, there are some meaningful price guidelines, but on older ones, the book fails miserably..
The reason? I can drive through 2 or 3 MHPs and find prices on used MHs all over the map, and I can buy very cheap, for all cash, and flip within days for much higher prices taking the buyers' notes.
As a matter of fact I was looking at a bank's REO, almost new DWMH the other day & that thing will probably sell for $25-30, FAR less than its BB value.
So don't get taken in by a MH dealer's alleged BB values, which I've seen far too many people do.
Those buyers then cannot unload their overpriced tin boxes and either have to continue to make their exhorbitant note payments on the MHs they've bought, or just walk and get sued by the lender.
rferdinand
Drive thru the park and look for all mobile homes listed with an agent or dealer.
1) Take all flyers and property info sheets
2) Call all agents and dealers on their listings. Check what homes are available or pending or sold
3) Schedule showing appointment with agent and dealers on their listings and ask them to provide you with print out of park's market history (active, pending, sold, did not sell).
Cheryl Lopez
There is such an animal as a sales listing by MH park. The problem is that you have to be in the industry to have access. I am looking at a prinout dated 03 from a website www.mhousing.com/members/.............
The listing I am looking at covers all sales over two years. It does exist! :-?
Hmlcpa, I was wondering do you have the web adress to the site that you posted as the link to it is dead or changed. Thanks