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First off, most the info I find says that manufactured homes are bad investments and they depreciate over time.

However, I don't know about my area specifically. Me and my significant other make a combined income of almost $120K a year where we live and unfortunately that's baerly enough to afford purchasing a one bedroom condo where we live. But we would still like to get out of renting and being at the mercy of a landlord to raise our rent whenever he feels like it.

So, i've been looking at manufactured homes in our area and they're considerably cheaper. I can get a 3-4bd manufactured for the price of that same one bd. condo. I figure a mortgage on a manufactured would give us a nice place to live while allowing us to build some type of equity in it without throwing money away on rent. Then if we can build enough equity and continue saving other money we can sell the home and upgrade into a nicer condo at some point.

Any thoughts on this? Thanks.

2007-05-23 11:47:23 · 5 answers · asked by Anonymous in Business & Finance Renting & Real Estate

Some more details of what i'm looking at.

1BD condos start at $300K, good ones are $400K
2BD condos start at $500K, good ones are $650K

Houses start at about $750K.

2007-05-23 12:16:55 · update #1

5 answers

Today I sold a manufactured home for 115,000$ It was purchased 3 years ago for 110K. After all closing costs they ended up paying off their mortgage and had 10k left. They didn't make money per se but they did enjoy it for the time they were in it and sold it free and clear. If you choose to buy a manufactured home take your time and look for one that is inexpensive that is in good shape. You won't make a huge profit..maybe a couple thousand after closing if you use a real estate agent. You may end up with more if you sell it yourself. If you are in an expensive area there will always be a market for less expensive homes. Look at it like this...you will have tax benefits from owning versus renting, you will also establish your credit by making the payments and if you pay down your mortgage & pay off your loan by resale even if you only get back the cost you spent on it EX. the house bought for 110k mortgage was 96K sold for 115K walked away with 10K cash not counting the escrow refund so profit: NO cash in hand: YES. Talk to a reputable real estate agent in you area raise your concerns and ask questions. Not all sales are good sales and when I sell manufactured homes I make sure the buyers know what they are getting into. Pay your own mortgage or pay someone else? Good luck!

PS Ask the broker to show you some recently sold manufactured homes from the MLS, at the bottom it shows the sale price and that can show you what the market is like!

2007-05-23 12:24:01 · answer #1 · answered by melissaw219 3 · 3 0

The value of a manufactured/mobile home will not increase. You can see this for yourself in trying to find a used one to buy. Therefore, if your goal is to build equity to buy another home later, this is not the road to follow.
You might consider buying a small duplex in an older neighborhood. You two could live in one side and rent the other. This would give you an income stream to help pay the mortgage and thus build equity.
Too, if you are handy at all, you could upgrade the side you are living in, then perhaps switch sides when a tenant moves out. Then you could upgrade the second side. Doing work on your side only, one side at a time, helps maintain the income from the rental and gives you the benefit of spreading out the work and the cost.
Since a duplex will be income producing property, you should be able to qualify for a larger mortgage. However, be prepared to pay a larger down payment. (And stay away from adjustable rate mortgages, unless you are absolutely 100% positive your income will jump and stay up within a year.)
Or, while not a great answer, you may ask relatives who are financially comfortable, if they would co-sign a mortgage with you. Then when you two are making more money, you could re-finance and leave them off the new mortgage.

2007-05-23 12:10:20 · answer #2 · answered by smallbizperson 7 · 0 0

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2016-08-09 21:59:25 · answer #3 · answered by ? 3 · 0 0

I have been in the manufactured housing business for over 20 years. I remember back in 1995 or so the dealership I was working at had a 28 x 80 4 bedroom 2 bath home that retailed for $49900. I never in my wildest dreams think we would ever sell that home. It was to expensive. It did take some time 6-9 months or so but the next thing I know we have some that are selling for the 50's then the 60's then the 70's and today many are retailing for over $100K here in Texas. Now the Texas market is not as expensive as where you live for sure, but the point is that in the last 12 years the prices have went up over 100% in manufactured homes. Now if you purchased that home back in 95 for 49K and today that same home sells for say 90K what would be the value of that home. Well if you took care of it it sure would be worth more than what you paid for it!! So manufactured homes do appreciate in value, but that is because the stick built market has increased by so much the past 10 years it has dragged the manufactured homes up with them. People are always putting them down but those who do that have no clue to what they are talking about. Now granted they are a cheaper house than most stick built but show me a stick built that cost under $50.00 a sq ft that can go down the road at 60MPH and stay together. There are none. Manufactured housing is a great alternitive for alot of people. In 1999 the state of South Carolina's manufactured housing sales was greater than the stick built. Manufactured housing is currently at about 38% of the total houses sold in the United States. I myself have lived in one since 1996. Not the same one but why do I need to be married to a mortgage when I have other things to work for. My current mortgage is right at $850 per month and thats a 2300 sq ft home that is tape and textured, plywood floors, thermo-pane windows on a CONCRETE foundations sitting on 1.5 acres with a 30 x 40 metal shop in the back. A comprable stick built home in this area would be some where around 60-90K more. Good Luck 2 U

2007-05-23 14:03:36 · answer #4 · answered by Dano N 3 · 2 0

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2016-05-21 02:27:12 · answer #5 · answered by Anonymous · 0 0

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