My mom found a double wide in the classifieds for $70,000. It has 5.5 acres and it said that it had bricks around the trailer. Turns out, the whole trailer was bricked up like a regular house. In fact, if you were to drive by without knowing it's a trailer, you would have never known. They've added a carport and a nice porch to it.
The double wide itself is about 30 years old or more. The inside needs a good bit of work, mostly just repainting everything and new carpet and linoleum (sp?). It could be fixed up very nice. The man said he would take $65,000 for it. My fiance and I are getting married in September and have been looking for a place to live.
Do you think this would be a good investment? I am kind of leary about buying a 30 year old trailer. I don't know what kind of regulations they had back then. At the same time though, it could be fixed up very nice. I have it pictured in my mind. It's also in a pretty location.
2007-07-14 19:49:03 · 7 answers · asked by New mommy 2010! 4 in Business & Finance ➔ Renting & Real Estate
Oh, and they've also added a roof on it. It looks just like a house.
2007-07-14 20:06:44 · update #1
This is not a good investment unless the acreage is worth the purchase price. You may have challenges getting the home financed depending on what year it was constructed. And if you decide to sell it, the next person will have the same challenges, limiting who can purchase your property.
June 14, 1976 is the cut off for pre-HUD, if the home is pre-HUD, it might be really tough to get financed. So when you say it is 30 years old, I shuttered a bit, this house may be pre-HUD. And when you mention regulations, that is what happened, HUD set standards that all MH had to conform to, and that June date is when those standards were enacted.
I like the idea of buying the MH, and building your dream home next to it, then disposing of the MH.
If you are going to buy it, don't put alot of money into it if you plan on selling it down the road. I have seen people put new flooring, cabinets, big garden tubs in these old MH, and the return on investment is very low.
Good luck!
2007-07-15 09:14:08 · answer #1 · answered by godged 7 · 0⤊ 0⤋
Good luck getting a loan on it. You'll pay dearly.
This would NOT be a good investment. Appearances may change, but once a trailer, always a trailer.
Appraisers can spot these two ways: They look in the crawlspace and will see where the chassis is still attached to the original doublewide. Also, when they open the exterior electrical box, it has a serial number on it...like on a car. Both are dead-giveaways.
Underwriters pick it up one of two ways: If the appraiser didn't catch it, when they review the rendering of the home (the drawing of the floorplan), the exterior dimentions will match that of a trailer, because it will appear too box-like...so the underwriter will send the appraiser back out to double check. It's also found in the title work.
It is extremely difficult to get loans on trailers more than 10 years old, and even more difficult to get them insured. The only company that I know of that will insure a trailer is Foremost...and they charge out the nose b/c they are one of about 2 insurance companies left in the nation that do these.
2007-07-14 20:28:48 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
putting bricks around a trailer is like putting chrome rims on a Yugo. a trailer is not a house no matter what you do to it. maybe the land is worth the asking price. if so, build a real home on the land. maybe you could even rent a portion of the land to someone else to make a little cash or build on the land to sell and make some good money but a trailer is just a trailer and it will be a very difficult task to find a loan on a trailer that you wouldn't have to pay through the nose for.
2007-07-15 02:34:09 · answer #3 · answered by Leroy M 1 · 0⤊ 0⤋
A 30 year old trailer that needs a lot of work is still a still a 30 year old trailer that needs a lot of work. And you don't "invest" in a trailer. If the land is worth at least what the asking price is then it might be a decent deal, depending upon how much it would cost to remove the trailer. It's like a pig with lipstick on it -- looks a bit better, but is still a pig.
2007-07-14 19:54:57 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
It would be a cheap place to live and on 5.5 acres even if you hate it and later decide you want a real house you might be able to build on the same land and use the old mobile as a guest house or rental. Get an inspection and make sure the property would perk for a new house and they would give building permits. Check the well and septic system to make sure they are good.
The home isn't worth anything nobody would give a mortgage on it the owner may have to carry a contract so selling it after you buy it might be hard and you might have to carry a contract.
2007-07-14 19:58:32 · answer #5 · answered by shipwreck 7 · 1⤊ 0⤋
adorning the exterior does not replace what it somewhat is. you have a stressful time getting that element financed. it is not well worth something. The land has fee inspite of the indisputable fact that, so which you will desire to base your determination on that. you may could get rid of the cellular inspite of the indisputable fact that, because of the fact it is not insurable. you additionally can communicate toyour existence coverage company and be certain they're going to nonetheless hide you. This sounds heavily risky. The bricks have not something to help them and are greater of a danger then something. i'd have extreme concerns over the protection of the partitions and ceiling not making it inspite of the indisputable fact that a typhoon as there is not a real physique to hold them up. purely making it look superb won't advise it is not a demise seize.
2016-09-30 00:53:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Go for it!
2007-07-14 19:56:41 · answer #7 · answered by Anonymous · 0⤊ 1⤋