Posted by Dirk Roach on November 09, 2000 at 12:14:50:
Hi James,
as I am sure you are well aware San Jose is one of the most expensive markets (housing) in the country. And unfortunately this even trickles down into the realm of mobile homes.
You will find pretty high lot rents (average around 800/ 900 bucks a month). So knowing that going into the deal, my advice would be to simply get out and start riding the speed bumps.
Look for hand written fsbo signs in the windows written in magic marker. Don’t waste your time with a dealer or a broker, because remember the more people on board on a deal, means that they are getting a cut and those cuts add up.
Talk to some Park managers and try to find someone who is behind in their space rent. Talk to them and you just might be able to get the home for the outstanding back space rent. Find out what company auctions off the homes that the parks take back and abandoned homes. Great deals can be found doing this.
But remember that you are going to be under the gun with the high space rent so you have to buy the actual home pretty cheap.
Depending on what your income level is, and what percentage you have budgeted aside for housing expensives. 25% of monthly is a good rule of thumb.
Anyhow good luck and let us know how everything turns out.
Dirk
Posted by James Felsch on November 07, 2000 at 15:43:32:
I am looking to buy a manufactured home. It can be new or used. I want to know the strategies and where to get information. For example graphs on market prices and what is a good interest rate to get. At what time should I hit up financing agencies? I am a first time home buyer and really lost. Any help would be greatly appreciated.
To summarize I am looking for a mobile home in a park or on a lot. Prefferably like a 2 bedroom 1 bath setup. Also what is the difference between single wide, double wide, and triple wide.
Posted by James Felsch on November 07, 2000 at 17:09:02:
I live in San Jose, and I am sure I can find someone to sell me a home. Although I would like to educate myself substantially first. Especially about market prices, and interest rates. Other things I am confused about are: fees related to lots, fees related to mobile home, how much per month is reasonable for a lot, and what fees are related to owning a manufactured home. Thanks for your help