OfflineI was wondering if putting a mobile home under contract is the same process as putting a regular home under contract?
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Buying Mobile Home vs Regular Home
Posted on: Thu, 09/20/2012 - 19:16
I was wondering if putting a mobile home under contract is the same process as putting a regular home under contract?
I don't know (yet). I'll keep an eye out on this thread. I want to say that mobile homes are considered vehicles so they won't appreciate in value until they have a foundation. FYI, I've called a mobile home park in my area and they do not allow mobile homes to be rented out - if this was your intent on getting it under contract. As always, your area may be different.
Good Luck.
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Thanks.
Thanks. Hope I can find this out before the weekend because I'm going to buy it. And, I am in the Charleston, SC area.
Banks wont' give a mortgage to mobile homes. Back in 2008 there was only 1 bank that would do a mortgage now I can not find one single bank that would consider it. There are other problems with buying a mobile home. I don't consider them and don't even bother addressing them.
Joseph
I don't need a bank. I'm buying it with ALL CASH.
What about when you want to flip it? I like to buy real estate that the odds are on my side. I am only talking in reference to where I live and mobile homes are not a good investment. In your area it might be good. I always look at the buy and sell side. No use in buying something you can not sell or even give it away.
Joseph
In my opinion, since lenders don't finance mobile homes your market is very limited to only those who have cash, and very few of them will consider buying one if tons of single family homes or other properties can be bought with almost the same of just a little bit more, considering that they have to pay park rent.
Unless, it will be used as a temporary shelter, where in you are buying it at a very very very low price coz you have that park rent to consider every month. Or unles you have a vacant lot where you can house it in for a temporary use, but you can't expect to profit from it once you are done and wants to sell it.
I hope that helps.
Shirley
Shirley
Thank you. I am well aware of that. I will make sure the numbers work. Im not looking to make a whole boat load off of it. But, there is a profit to get.
Im just wondering if I can put it under contract and wholesale it with the same contracts as a regular home. I already have CASH buyers surrounding me right now. I can get the cash when ever to buy it.