Posted by Gene on January 06, 2005 at 02:22:56:
Yea your right…it is 1976.
Gene
Fix up single wide vs replace with new - Posted by Klara
Posted by Klara on January 03, 2005 at 23:22:49:
I have only done fixer upper stick builts so this is my first MH project; I have purchased acreage with an older (1978)trashed single wide. It will cost around $30,000 to fix it up nicely or I could put a new 3/2 double wide manufactured home with permanent foundation on it for around $55,000 including installation, foundation, hook up. The problem is I do not trust any of the MH dealers I have been to and would rather fix up the old; I worry about hidden costs with a new MH and it will take around 15 weeks to get the permits, wait for the new MH and have it installed. Any experience with selling older single wides. Is it hard for the buyer to find financing? I am in a hot market where most stick bulit homes are selling within days but I cannot get much information on single wide MH sales. Thank you.
Re: Fix up single wide vs replace with new - Posted by Mike Johnson
Posted by Mike Johnson on January 08, 2005 at 06:04:02:
I can’t imagine what sort of damage could cost $30,000 in a 1978 singlewide. If it’s totaled, haul it off to the dump and you can find another single for under $5K, sell it as a “Lonnie Deal” and you have a nice payment AND lot rent.
In my experience, singlewide repairs in the worst case scenario are:
New furnace: $1400 installed
New tub, shower, enclosure and fixtures: $1,000 installed
New Fridge: $400
New Stove: $350
New water heater (mobile home rated) $500 installed
Windows: $60-$100 each based on size.
Holes in floor, walls or ceiling: Look expensive but cost is cheap.
Also, by fixing what you have, you avoid the cost of setting up a new home. You might even be able to sell what you have “as-is” to a handiman who has more time than money.
Or you could sell the home and land “as-is” and carry the note if you want a quick flip.
-Mike
Re: Fix up single wide vs replace with new - Posted by rdla-ca
Posted by rdla-ca on January 03, 2005 at 23:38:51:
Klara where are you?
Don’t fix the old one. Get 3/2 double on perm FHA compliant foundation then when you sell you can get Max price with FHA appraisal and financing. I know a few in my area doing this and when I am penciling their projects they seem to be doing very well. $50,000 and up per set up profit.I have not done this but thinking of doing so. I am in the inland empire, southern Calf.I am sure the best minds in this board will help us out with their advice.
Rudy lazo
Re: Fix up single wide vs replace with new - Posted by James
Posted by James on April 05, 2006 at 15:37:24:
Rudy,
What will be the cost of doing one? Can you simply do this in any MHP or you have to find a lot?
Thanks
Re: Fix up single wide vs replace with new - Posted by Klara
Posted by Klara on January 04, 2005 at 10:42:29:
Thanks Rudy:
I am in Washington state.
Re: Fix up single wide vs replace with new - Posted by RIch
Posted by RIch on January 05, 2005 at 19:37:33:
What part of Washington? I have a similar situation.
Re: Fix up single wide vs replace with new - Posted by gene
Posted by gene on January 04, 2005 at 14:51:32:
Why not buy a used mobile to put on it. Look it up on the archives and you will read about many people buying used or repos for $0.30 on the dollar.
Go down to your local building/zoning dept and find out what you are allowed to do on your lot. Around where I am…some lots you can put any HUD certified mobile (1974 and newer), and if its strait residential zoning…the replacement home cannot be more than 10 years old.
Either way, you might be able to get a very nice used home on the property and save a bunch of $$$$
Re: Fix up single wide vs replace with new - Posted by Klara
Posted by Klara on January 05, 2005 at 19:57:39:
I am in Western Washington in Kitsap County.
Re: Fix up single wide vs replace with new - Posted by Klara
Posted by Klara on January 04, 2005 at 22:40:35:
Thank you Gene:
You know the saying “when it rains it pours” Well that is how it is right now with used MHs. When I wasn’t looking for one there was a “million” of them on the market and now that I want one I can’t find one, and, also, from what I have been told, by my realtor, used MHs can not be financed by FHA/VA loans; they can only go conventional.
Re: Fix up single wide vs replace with new - Posted by gene
Posted by gene on January 05, 2005 at 24:04:18:
Yea, in a lot of areas used mobiles are a premium right now. They are out there you just have to look harder now. I suspect the repo market will open up a bit when intrest rates start climbing.
As far a financing goes…my experience is that as long it you put a perminent foundation under it and it is HUD approved (1974 or newer), it will qualify for the same financing as a house.
I am not sure about specifics regarding HUD/VA because I usually use owener financing. Expecially when I buy used mobile homes that need to be moved.
Gene
Re: Fix up single wide vs replace with new - Posted by c_lo
Posted by c_lo on January 06, 2005 at 01:26:53:
Gene I believe the HUD code enforcement started june 1976 not in 1974.