Mobile Home In Orlando Area
Good Day All,
i have a mobile home in the orlando area. A few miles away from Disney doors. I purchace the home 3 years ago for 85k (oh i dont own the land the home is sittin on). I got the home appresal a few months back and it was for 80k. This home is my first investment in real estate. I dont know what to do. The logical thing is to sell but from what i understand around the area home are selling for like 60 or 65k. I figure move the home would the the alternative but i dont know where to move it too. Oh i live in NJ and the home is currently with a management company that is really bad. I'm loosing money left and right with this company. Any suggestions as to what i should do?
unfortunatley I think you probably made a poor investment. You should definately change the management copmany if you really think they are not doing their job.
Then you should probably sell the home. You'll probably have to come to closing with some money, but at least your hemmoraging will be over.
THe other option is hire new management compnay and pray - but since mobile homes only depreciate in value, and you don;t own the land, I'd strongly consider selling and take my losses
Here is a partial quote ...
"The logical thing is to sell but from what i understand around the area home are selling for like 60 or 65k."
Who told you now your place is worth only 60 or 65K? Hopefully, not this same "bad" property management company?
You have a few choice:
1) Do you want to keep the property ... but work with a better property management company?
2) Sell the property ... but if it was appraised just $80 a few months back ... now you "understand around the area home are selling for like 60 or 65K".
3) Talk to local real estate agents and obtain MLS print outs to verify
what is being said to you on prices.
4) You may be seeing the situation in a negative way because of the current "bad" property management company.
Cheryl Lopez
l
guidance,
Glad to meet you.
If I am reading your post correctly you have a mobile home sitting on a lot that is rented.
So this appraisal must have been from a mobile home dealer as mobiles are valued from the NADA book most likely, which is the Bible for Manufactured Housing values.
I doubt without the property owned this unit sits on that you would get anywhere near what you paid, as mobiles depreciate in value. So the $60K firgure is more likely to be the firgure the mobile is worth.
Moving it onto it's own land and turning it into real property might be an alternative you can look at, as this would give you a higher value.
John $Cash$ Locke
[addsig]