Can you Rehab a Manufactured Home? - Posted by Brian
Posted by Brian on April 23, 2002 at 12:43:38:
I have found a great deal on a lot/home that was foreclosed on. The bank has been losing money on it each year- I went to see it and it’s HURTING. I have never done a rehab before, and I don’t know if this one can make it back. It might be better to just clear the lot and put a decent, used manufactured home on there and flip it.
A nice size lot with an empty pool. It’s a 3/2 (maybe a 4/2) older manufactured home. 2 Houses down is one listing for $131k, and across the street is one for over $90k (sold). I don’t know what manufactured homes cost, or what it would cost to clear the old one out of there. Can someone give me an idea of what a ballpark is to clear an old home out (assuming it can’t be rehabbed), and put a new one on there?
About the rehab- it’s pretty beat up, needs new carpeting, a few windows, a few days of SERIOUS cleaning- new fixtures all around, wall work (including around the fireplace), some floor repair, and kitchen/stove replacement. No stains on the ceiling and no aparent leaks. Reading the Deals on Wheels book I seem to think that this is possible to rehab- but it might be cheaper to just get a used one (in decent shape) and clear the old one out of there.
I think I could get the bank to let me take it off their hands for about $20k or so. If this was the case, would it be worth it? If someone could give me some ballpark figures I would appreciate it.