who the heck would buy a mobile today ?? - Posted by Ed

Posted by Dave Starr (CO) on June 02, 2003 at 24:22:22:

Your chances of losing money are just about 100% Say you live in the home 5 years. You’ll still owe more thna 90% of the original loan amount and the home will be worth at top retail $25k or $30k. If you look through the archives here, you’ll find dozens and dozens of deals where people just want to walk away from their homes. Search on ‘upside down’ and you’ll see why.

Best regards

who the heck would buy a mobile today ?? - Posted by Ed

Posted by Ed on May 31, 2003 at 22:30:01:

All this sounds great?and I do believe you folks are being truthful in terms of the profits you are making??.that said??I can?t for the life of me understand who would ever buy?or live in a mobile home?..I live in Charleston SC?.which is a very expensive place to live (about 140% of the national mean) nonetheless?..one can easily go to ?the poor side of town? and buy a nice littlie bungalow for 50 grand?..I do realize 50 grand is a lot of $$$ to some guy making $8 or $ 10 an hour??but banks are loaning $ @ 5% -30year ??..with little down (3% FHA)?.and little closing costs?.that only $268 a month??geeeez?.as a home buyer?.you would truly have to be a bloomin idiot to ever buy a mobile??so long as 30year money is sooooo soooo cheap?. ???

Re: who the heck would buy a mobile today ?? - Posted by Rod - MO

Posted by Rod - MO on June 12, 2003 at 22:59:19:

I do. I am a 46 year old programmer with a very nice income, total debt is about 50% of my gross annual income. I have a 14X70 I call home. And why would I live in one? Money. The bottom line counts. I can invest more, make more, and leave my kids more. Social stigma? Do you think less of yourself because you don’t own a $500,000 house? I have lived in them before, will again, and may never buy another house to live in. Just depends on how I feel, what I want, at the time.


its not just a credit thing either - Posted by Philip

Posted by Philip on June 02, 2003 at 24:03:41:

I used to think just like you until I got married.

My in-laws were “poster children” mobile buyers. No credit when young and no family to help them get started.

They also just CHOSE a mobile.
You get in cheap and quick.
My brother in law bought a 14X70 3/2 mobile 21 years ago…so he could afford the 80 acres that went with it.

He now is a rodeo stock contractor, owns another business, has 80 acres paid off,leases more pasture for his bulls, has 2 daughters in college, has adopted and raised 2 kids,…

and he lives in the same mobile home.

Can he afford a nice house…yep.
He just dont want one!(I know how to say that correctly…I just don’t want too!)
He wants to spend his money another way.

So it isn’t just a credit thing. This same brother in law sold his half of a 700k payoff in a automotive shop…and still lives in a mobile home.

I really don’t understand it…it just happens.


Re: who the heck would buy a mobile today ?? - Posted by Glenn(okla)

Posted by Glenn(okla) on June 01, 2003 at 15:41:54:

I used to think that way too. Houses here in rural OK are similiar in price, however, my wife and I are contemplating purchase of a newer doubewide as a residence. Why? Because we have the chance to aquire a few acres of land and the idea of peace and quiet, as well as simply being able to sit a home instead of months of building, not to mention expense, is appealing. (wow what a run on sentence). I used to think I would live in nothing but stick built but after all these years of neighbors (most good some bad) the idea of being open and not having another house 8 feet away is appealing and a wobble-box is the fastest way to have living accomodations.

Then of course, be sure to add all the reasons everyone else mentioned and theres your demand and reasons why…people may all be different but we all need a roof…whether it has wheels or bricks under it.

Now then…anyone know where to inquire about Green tree/Conseco repos? hehe…


Re: who the heck would buy a mobile today ?? - Posted by Ron_KS

Posted by Ron_KS on June 01, 2003 at 12:33:50:

I can’t believe I just read this post!!! Welcome to the real world Ed. Apparently you were born with a silver spoon in your mouth. There are numerous people for various reasons that live in mobile homes, in fact, far too many to even begin listing here.

One thing is certain though, if they buy a Lonnie MH, it may not be as “nice” and as “big” as your home, but they are not making a payment to some wealthy banker for the next 30 years. After 2 or 3 years of paying for a mobile home, they can begin putting money into investments - mobile home investments - and probnably live the good life later on.

Sorry if I sound a little cold - it just got to me that someone would write something of that nature.

Re: who the heck would buy a mobile today ?? - Posted by Dave Starr(CO)

Posted by Dave Starr(CO) on June 01, 2003 at 09:54:21:

One little area Steve missed, that accounts for a LOT of mobile home residents, buyer and sellers. As the country song goes:
A mother of three with $300 a month child support and $400 a month in child care expenses is not getting any of that cheap 30 years money, even if she’s able to escape bk from the $20k her ex-hubby ran the credit cards up to (one of my buyers in real-life). A man in his second marriage with $30k of debt from the first one and a $1600 a month alimony nut to meet is unlucky to hit it big in the ‘low-down’ FHA market either.

I know you’re only exploring and learning Ed, so no offense meant, but your world sounds extremely ‘white bread’ to me. There are so many people in so many states who can’t qualify for mortgages, for a myriad of reasons. Compared to $800 a month for a cracker-box apartment, a $500 or $600 a month Lonnie Deal trailer (payment plus lot rent) is not really such a bad deal for those who’s real worry is a roof over their head, not how many points they’ll have to pay to refinance to save 1/4 point more on their mortgage.

Best regards

Re: who the heck would buy a mobile today ?? - Posted by Lyal

Posted by Lyal on June 01, 2003 at 08:49:46:

I have the same situation in my area. VERY affluent with engineers and medical pros. On the other end we have the single mothers, double wage earners with 2 - 7 dollar an hour incomes etc. We have TONS of programs for people with no down payment, low interest, government assisted, “first time buyer” programs to get into a home. All you need is a pulse. On top of that, the traditional mobile home dealers are withering on the vine…can’t sell squat BUT I can fill my homes in a couple weeks, and at PREMIUM prices. I’ve stopped analyzing the reasons why anymore and just accept it as a given.
If you don’t trust the concept, why not run a “teaser” ad (“3BR mobile home, needs a little TLC, OWNER WILL FINANCE!”) and see what the response is in your area.
All the best, Lyal
PS: You DO need to follow Lonnie’s plan. I’ve seen too many people jump in, pay too much, not check with the park manager etc and then say “doesn’t work here”.

here’s who the heck - Posted by Steve-WA

Posted by Steve-WA on May 31, 2003 at 23:07:35:

Ed, what does it take to get that cheap money from the bank?

Recent bankruptcy? No loan.
Nonexistent FICO? No loan.
No bank account? No loan.
No money for a downpayment on a 50K house? No loan.
Credit shot due to medical bills, collections, etc.? No loan.
Any combination of the above (if not all of them)? No loian

All a person may have is a thousand bucks, 500 a month for housing, and an account at the Money Tree. For that, I can sell them a home.

That’s who the heck.

Re: who would buy a mobile today ?? - Posted by John Merchant

Posted by John Merchant on June 12, 2003 at 23:14:23:

Well said! All depends on one’s needs. Some need a huge house for prestige factors; others are OK with a small house or MH and choose to do other things with their money.

I once knew a guy, single, who was very happy living in a 12’ RV, traveled a lot, and just didn’t want the problems that came with a bigger place. As I recall, he had some $300k in the bank, so he certainly wasn’t on welfare rolls.

Re: its not just a credit thing either - Posted by josamby

Posted by josamby on June 02, 2003 at 19:38:35:

Seems that he is smarter than most who post on this board. Who in their right mind would spend their hard earned money on a house when they could have a mobile home instead.

Re: who the heck would buy a mobile today ?? - Posted by tonya

Posted by tonya on October 29, 2003 at 14:22:44:

I was reading through the archives and saw your comment regarding repos. Did you ever find a contact? If not, let me know.

who the heck would buy a mobile today ? - reply - Posted by Ed -Reply

Posted by Ed -Reply on June 03, 2003 at 11:08:19:

Actually Ron?..I?ve been working since I was 12 years old?.starting out as a construction helper???..I?m 40 years old and have managed to accumulate about $ 46,000 dollars??.like everyone else I have bills to pay each month?.and by the end there is not always so much to save or invest??Is my total net worth $46,000 ??? Heck NO !!! ?6 years ago I bought a nice home for $101,000?..last week It was appraised @ $189,000??..In 6 years I have made $88,000?.with out lifting a finger?..now here is a critical part >>> Bill Clinton (who I hate by the way…) did one good thing?he changed the tax laws?..so now homeowners can take all their profit tax free??to do with whatever they want???$ 88,000??that is $88,000 to keep after taxes?..you have to earn over $110,000 in you paycheck to clear?$88,000??Yes I have paid interest to nations bank over those six years??.$ 41,325 to be exact??but that was deductible on my state and federal taxes??.as also was property taxes I?ve paid??.***If you want to put you family in a mobile home and subject your wife and children to the social stigma?..that goes along with that then??that is your choice?I would bet that the good folks?.friends family?and teachers?. that had a hand in your upbringing??foresaw better for you??

Re: who the heck would buy a mobile today ?? - Posted by Daniel

Posted by Daniel on June 01, 2003 at 13:19:38:

A lot of people frown on Mobile homes. They say you lose a lot of money in them. Is this true? I have looked around and it seems that most newer mobile homes are selling used at a higher price then the brand new ones. How do I find out if I will lose if i buy one?

Re: here’s who the heck - Posted by Ricky

Posted by Ricky on June 02, 2003 at 19:25:51:

Well put Steve, how long you been in the Mobile Home biz

Good Luck In Life - Posted by Ron_KS

Posted by Ron_KS on June 05, 2003 at 20:42:07:

You really don’t understand do you Ed? At 40 years of age you certainly have a lot to learn. Good luck in life, your going to need all you can get.

Re: who the heck would buy a mobile today ?? - Posted by Daniel

Posted by Daniel on June 01, 2003 at 21:43:32:

Here is the situation I am looking at a double wide 2003 mobile home made by Champion. It is a 3 bedroom 2 Bath for $65,000. The park is in a really good area what are the chances of losing money in this situation

Re: who the heck would buy a mobile today ?? - Posted by Lyal

Posted by Lyal on June 01, 2003 at 14:02:30:

Spend time here reading the posts and articles and you’ll see how to make money (or at least buy a mobile home without getting hurt).
It’s pretty much a given that if you buy a new home from a dealer with the financing they offer, you will lose money.
All the best, Lyal

Re: who the heck would buy a mobile today ?? - Posted by Phil Pelletier

Posted by Phil Pelletier on June 02, 2003 at 02:53:19:

Dave Star stole my thunder. He started out saying “the chances are about 100% you will lose money”. My thoughts exactly. If you spent $65,000 on a car and parked it in your driveway for 5 years, would you lose money on that transaction? Of course you would. Mobiles are simply affordable living, and a good way to avoid a cramped apartment. They are not an investment (for the owner, anyway!). If you have the credit, put the home on some land and wrap the finance contracts (home and land) together. In 5 years, the home will have almost held it’s value, but the land will have appreciated. You will have realized a gain in your investment (home and land), not a loss in your place of residence (home in a park).

Phil Pelletier