MODULAR
FOR THE MONEY MODULAR ARE THE BEST BUY FOR HOME UNDER 1700 SQ FT. THE CONSTRUCTION IS BY THE SAME CODES.SAME BUILDING SUPPLY. BUT MADE IN A PLANT UNDER IDEA CONDISTION WITH
LABOR AT A MUCH MORE LOWE RATE.
SHIPPING WILL EAT UP PART OF THE SAVEINGS, 
Modulars are a subject that I have not heard mentioned on this forum. I have done some research and have found mostly positive points concerning it.
Ok I looked over the thread below somehow:
http://www.thecreativeinvestor.com/ViewTopic18832-31-7.html[ Edited by fmmp on Date 01/03/2004 ]
In our locale there are so many foreclosed modulars, can't get them financed and they are depreciating assets that can't be bought low enough to make them worth our time. The property taxes on these things go up but the values goes down each year for a very long time before you can convince the tax office to "really" think about it and evaluate the property correctly.
the poor people around here that have been suckered into buying them for 80K and a lot (100 x 50) end up in forclosure or with something they can't sell. Can't tell you how many people I have had to turn away becuase the "price" just wasn't "worth" the product. <IMG SRC="images/forum/smilies/icon_mad.gif"> [ Edited by Dreamin on Date 01/03/2004 ]
Is that primarily in your city or a major part of TX? That is the first negative story that I have heard.
Why is the pricing not comparable to stick built in your area? From my understand modulars were less expensive because of it being "set" primarily in the factory eliminating a large portion of time.
Dreamin:
You are confusing modular with 'manufactured'.
A modular home, in most cases, looks exactly like stick-built. The only difference is that the boxes are built off-site and pieced together on the building lot.
A manufactured home is what most people call a 'double-wide' or house trailer. Made by companies like Clayton Homes and as you suggest, sold to lower income folks who suufer quick depreceation.
LOOK!!!!!
FRIST OF MOST REAL ESTATE GO UP
IN VALUE. THAT BECAUSE OF THE
LAND VALUE. ALL BUILDING GO DOWN
IN VALUE AGINST NEW COST OF CONTRUCTON. OLD V NEW.
MODULAR ARE TO THE SAME CODE
AS SITE BUILD HOME. PLEAES EXPLAIN TO ME HOW ,IN MORE CASE YOU CAN TELL THE DIFFERANCE?????
WE ARE IN THE MANUFACTURE HOME
HUD BUS. WE SELL LOT AND HOME
YES THE LOAN ARE HARDER TO GET.
FOR FAMILY WITH SUB PAR CREDIT.
THAT BECAUSE OF LEADERS OF
THE LAON WENT BELL UP OUT
OF STUBIDY. NOW ONE CAN LEND
TO PEOPLE WITH REAL BAD CRIDT AT ANY RATE OF%%%%%%%%%
Dear Freund...how 'bout cutting out the ALL CAPS? Your posts would be much easier to read.
And I certainly agree that the modular home is definitely NOT one that depreciates every year like a Mobile Hom...lots of difference...and I know of a number of great Mods on their own lots that have climbed in value just like any other contractor built properties.
Modulars have been around for decades. I have toured a couple of modular plants.
The product is not the same as a "stick built ' home. It's superior. Which porduct would you prefer.a Mercedes built in an open field or a Mercedes built under strict plant control conditions??
better be careful with the definitions and value of these puppies.....seems to be a lot of grey area with the "on frame" modulars which are no better than a doublewide.
A modular home is constructed completely or almost completely in a factory to a site built code like UBC, BOAC, CABO, etc. Then the sections are assemblec on site. Depending on the laws of the subject's location, it may or may not have a readily observable identification tag or label of any kind.
A panelized home or kit home or pre cut home would have all the materials to construct the home pre-cut, itemized etc with some assemblage in the factory and the majority if not all assemblage on the site. Those are not modular homes.
Both the modular and the "kit" style homes are considered comparable to site built by FHA, VA, Fannie Mae and would only require the verification to a site built code that you would typically use for a true stick by stick, cut, glued, pasted, nailed, home assembled on site.
The Manufactured Housing Institute has lot of very usefull information. Wander around that web site.
But many, many, many times you CANNOT identify what type of building code was followed at original construction as manufactured homes, modular homes, kit type homes, site built homes all look alike some times and are constructed of the same materials with the same amenities, finish, etc.
Be careful folks....it's your money.
The really first packaged homes, dropped in three drops on your lot were done by our old friend Sears and Roebucky. They are all over Los Angeles and were well built little single level cottage types. 1920 to 1930's
Then of course that villainous Lucius Foster Built a few A frames and then designed a kit with variations, sold the concept to Nordic Homes and you see them everywhere. Lots of fun also dropped in three packages but we included a handsaw, a hammer and a book of instructions like get a contractor. You see them all over the country a lot in Idaho and elsewhere. 1960's. The first of many built off Laurel Canyon in Hollywood had a lot of Japanese influence, Moon Viewing Deck, Built in Hibachi etc. etc. I built it for myself. Nam Ho Haregi Cano.
In 1960 Dick Banta and I designed houses based on a 4 by 8 modular base. Mostly plywood, designed for low cost housing, but with a flair, built on non buildable lots again in the Hills of Hollywood. Of course what we built at a cost of $16,000 are now worth in the mid $600,000 to $800,000 as the area moved from Hippy to Super Dippy.
My latest attempt in housing for The Artistic or The Poor, a sometimes interchangable term is the Containers (ISO's) grouped and stacked. To thus give the home owner a solution to his own personal family structure and still enjoy all the new advantages of the 21st Century, Radiant Heat, Solar Panels, Filters on Water Systems, Affordable Fire Protection, Slightly Bullet Proof, yes we do all have strange neighbors, and oh yes Earthquake Proof and of course No Termites can feed upon these structures.
The question of land cost I think we have solved by Long Term Land Lease. You should see the bargaining we are going thru to achieve that little dubby. Where the hell is Portia when you really need her. The financing is pretty much arranged, if you breath and have not committed a realy bad homicide in the last three weeks you qualify. We merely underwrite the deserving but financialy challenged.
So far in cost, we are under every other form of construction except thatch huts. There is no competition. The only problem I can see is from those that have a love affair with traditional architecture. Something like dating older woman. A hang up that is usualy cured by dating a youngy. And that is what we are producing a Youngy. Modernity is sweeping the architectual scene like never before. I may change my name to Neutra, or Schindler, how about Frank L. Wright, no that would never do I keep sticking my hands in the sleeves of my coat and I just cannot get the right tilt of hat. I got the sneer right. Yip my cat bit me. Oh well give up.
What we are doing is building a few of these boxy contraptions in the middle of Suburbia. If the inhabitants adjust and our timing is right. They will be desirable and then as we infill in lower income areas the new owners will not feel like a hand me down but are right up there on the cutting edge of new design and style.
Lets face it flairs are back, exposed midriffs, scarfs and pointy shoes. So is Modernity. I think it will go.
Besides its a lot of fun Lucius
i have toured more then 20 plants
that make HUD HOMES, maybe 6
that due moudlar, the real problem
is with the manufactureing of the
HUD home to keep the price down
many company have cut on quilty
of workman ship. vinyal wll covering
hearting ducts, water system have been short to keep the prive down,..... modular
is built in a much slow process manly
do to dry wall finishes and system to
make the roof pitch higher.
i have slck built over 150 villa and 450 homes. did panels from national home
concord home, southcross lumber
this sysem does not work (all co, out of
this market Or broke)
this is only the carpenter work not
the elec. and plumbing were the real cost are. I KNKOW I WOULD NOT
PUT ANY OF THE HOME ON A TRAILER
AND SEND THEM OVER THE HWY. FOR 300 MILES. NOT SURE IT MAKE IT
10 MILES.
Sorry, I still don't get your point.
weare talking about the quility of the homes and there value!!! what loans and
term have to do with value...
weare talking about the quility of the homes and there value!!! what loans and
term have to do with value...
Dude, I've been talking to various lenders and such about modular homes and as far as I can determine a modular home and a stick built home are the same thing in a lenders eyes, at least the ones I'm talking to anyway. The reason I'm doing this is because I'm looking to build a house and was leaning towards modular homes.
As far as resell value goes, why wouldn't it have the same value as a stick built? It's built to the same code and the same standards and the companies I've talked to say they even check out the city and county codes to make sure it will meet the requirements for your area.
because of the marrage wall (where the side or join) it limits the design of the
home. two one side of the other.
the size is limted by what you can put on the hwys. 18 by 80 and most state
will not let you pull this on ther hwys.
32 by 80 is the largest you can go
for a doublewide
DUDE,,
THANK FOR YOUR INFORMATION
l
Last year our company sold over $4,ooo,ooo.oo of hud and modular
been to 5 trade show and more then understand what going on here.
i also have passed the appresail
courses so i do understand value.
Our Locale means in the area we are doing business locally. I can't say whats going on in other counties, states or communities.
We have had several "owners" of modular home come to us.
This is what I have found and I can not say how it will be for each individual investor.
If these are "new" (as in never been owned before) there is financing. Many people bought a lot with a new modular that they ordered for the same as a "stick" or brick and mortar price. Why? They had no problem getting fincaning, banks, FHA, VA are just throwing money out for these loans. No down XXXX you know the drill..... move in and own your own home for $0 move in.
For one reason or another they now need out. After (me) contacting lenders, tax apprasial offices and researching the re-sales, the most common way this are financed is through owner financing for a resale.
Taxes contiue to go up because the tax office sees them as homes.
Lenders (I use) see them as depreciating assests just like mobile homes and manufactured homes.
A local Modular seller actully has tried to get me to buy a few foreclosures from him, but no one will finance them.
You may get a different experience but after going through this last couple of yrs I just have to tell people I can't help them and work on what I know best - "stick & brick" with equity or new construction.
My best friend was in one that was a lease option but she couldn't find a lender either. She was in a bind and could not buy property due to a divorce situation when she move in so a L/O was good for her. But even though she had a good job good credit she couldn't find a bank or lender willing to finance it. She ended up buying a "stick" built.
I haven't tested the market lately and frankly after all I am to busy to go through all that junk again I am much to busy with my sticks. A gentleman that is devesting has sold me a few of his sticks and is almost begging me to get his manf and mod stuff cause he can't find another buyer for them. He won't O/F these even though he did the sticks. This was enough for me for a current market indicator.
There are many of these Modular (mobile and manf too) on the MLS around here at prices that you just would not believe. I buy houses bigger and cheaper than those listed. We just cross them off and move to houses.
To each their own, if you can make it work go for it. I never said don't, I just posted my 2 cents. I understand in Iowa it is a booming business from a friend of mine. I can only post what my particular experiences are. Ultimately you must do your due diligence and decide on your own.
[ Edited by Dreamin on Date 01/07/2004 ]
DUDE WE SOLD OVER$4,000,000
OF THERE HOME HUD AND MODULAR
AND I HAVE ALL MY APPPRAISAL COUSE TO BE LIC. IN MISSOUI
TO I THINK I KNOW WHAT I AM TALKING ABOUT
did say you didn't
just stated above that it's not a doable in our small world unless they are New.
I think its terrific for you and anyone else that can make a go with them.
We've got issues about them you obviously don't
good luck and keep it up!
it is very important that very one talk about mudular home and manufactrued
understands the differance in codes
and quialty fo the home on the east coast mudular go up over 3000 sq ft
and on land my cost $250,000 plus
in Texas there a real goo change you are talking about a hud home
Of the houses I've bought, the lender never once checked to see if the house had vinyl wall covering, vinyl heat ducts or ever checked the length of the water system. Why would that matter? It's built into the price of the house.
your are in NJ the change of a hud home code home on a fondation
is close to done. hud home can have verything you siad but muds. can not