Old mobile homes - Posted by MattH

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by GerryH VA on March 03, 2002 at 22:11:40:

Karl

Appreciate your input. I may have sounded a little negative about moving homes but I just don’t want to see a newbie try to move a home, have it be more than they expected, and quit the business. It is significantly better for a newbie to buy a home that can stay. I agree with you, I could probably move a home for half as much and in half the time if I have to do it over again. However, I am still bleeding a little from the first one so it will take some healing before the next!

GerryH

#2

Old mobile homes - Posted by MattH

Posted by MattH on February 23, 2002 at 17:43:27:

I recently found a FREE 1973 12X60 on a lot about 30 min. from my residence. The woman just wants it off of the lot because (I’m assuming) that she just doesn’t wanna pay rental fees. I havent checked it out yet but my question to you guys is: How well do these old MHs hold there value. Considering it’s liveable, what would be a good startegy at turning a profit on this badboy? should i try to sell it first and let someone else deal with moving the bugger? should I offer to pay the fees til i do find a buyer? ANY strategy would be appreciated cuz I’m very new at this stuff.
Thanx a ton- Matt
PS- moving fees=$600-900 in my area and I could store this thing on my property if that would help. Please help me I really think I could make at least SOME money on it. I mean it’s free

#3

Re: Old mobile homes - Posted by Chuck-NY

Posted by Chuck-NY on February 24, 2002 at 21:34:31:

I personally would not take it. If you’re going to be serious about doing the MH business then do it right…
Buy 14’ wide …anything smaller…use an option to purchase. I optioned 2 MHs in the same park…
Made $1,000 cash profit on one (10’ wide) but never
could sell the 12’ wide (that had no furnace or hot water heater) what was my loss…no loss because I used an option to purchase. Why would you want to take that big of a risk if you are just starting out.
I’ve done a few deals and have NEVER regreted walking
away from a questionable deal. I did loose a good deal
(14’ wide) due to being too busy with other ones and
maybe shall we say …lazy…

Stick with MHs that will make money and stay away from
risky ones.

#4

Could be a nightmare… - Posted by GerryH VA

Posted by GerryH VA on February 24, 2002 at 21:13:39:

How do I know, because I am still living one.

I moved a 1968 Parker that was in good shape to a mobile home park. Make a long and painful story short, I had to redo the plumbing, pay for setting it up, replace the faucets and toilet (toilet cracked while moving it), hook the electric up (which was a nightmare since it still had the old fuse style breaker box), etc. etc. It only had 50 AMP service and to upgrade it to 100 AMP (what is needed to also run a dryer) would have cost me another $500-600 due to new regs. And I am still trying to sell/rent to stop the bleeding. It also took me awhile to find a park that would take such an old home.

Also, don’t ever move a mobile twice!!! Moving it once is bad enough and I would stay away from that if possible. I agree with steve, try to keep it where it is. If you move it, you open yourself up to the new regs which could put you out of business. Older mobiles don’t move well either. If it has aluminum wiring avoid at all costs, not worth rewiring and moving.

Sometimes free will cost you more than paying for something.

Good Luck

GerryH

#5

Watch out . . . - Posted by Steve W (WA)

Posted by Steve W (WA) on February 23, 2002 at 22:19:00:

#1 This is a pre-HUD home, which means high likelihood of aluminum wiring, among other things. Where I live, you cannot move a pre-1976 home into a park lot without upgrading it to HUD standards. This = $$

#2 You say you assume. Ask why.

#3 Talk to the PM - many will let a reasonably neat home stay, regardless of age. Remember: “I work for a business that . . .”

#4 Get a feel for the market - take out an ad if necessary. You might think that you’d make money because it’s free, but don’t be too sure . . .

Remember, jump with caution! Perhaps I should change that to education . . .

#6

Moving homes is fun - Posted by Karl (Oh)

Posted by Karl (Oh) on February 25, 2002 at 21:26:27:

Gerry,

What you refer to as a ?nightmare? sounds like a typical Saturday afternoon for me. I move these older homes all the time. Now that you?ve done one, and you now know what all is required, don?t you agree that the next one would be much easier? Kind of like doing that first deal. Moving homes isn?t that big of a deal, even the older ones. Being unprepared for what all is involved, that?s the nightmare.

Karl Kleiner