L/P with modular homes?

[Guest Ellison]

I saw a FSBO ad in my local paper under the "Modular Home" section. Has anyone worked a profitable deal from modular homes. If so, could you give me some examples. I just received my manual yesterday, and I have already read it twice. Just looking at all possibilities for profit.

[Adam King (MI) 1]

Ellison,

To me a modular (NOT manufactured) is the same as a stick built house. They hold their value here just the same.

Hope that helps,

Adam

[Ellison 0]

By Modular Home, I mean mobile home or trailor. It's called different things in different parts of the country. It could be single wide or double wide.

[ScottNC 0]

Ellison

 

In NC(Which used to be the mobile home capital of the world) those homes are looked at as follows: Single or double-wide are titled as a motor-vehicle(car) and depreciate - rather fast.

 

Modular Homes are permantly attached and DEEDED to the existing land/lot on a tru foundation. There is no title.

 

Modular tends to keep or increase in value(There are some nice ones) but that tends to depend on local relationship with bank and Appraiser.

 

There are tons of them in my neck(red) of the woods, so if someone knows a way to make $$$ - please share with the rest of us!

 

Scott

[ScottNC 0]

Ellison

 

In NC(Which used to be the mobile home capital of the world) those homes are looked at as follows: Single or double-wide are titled as a motor-vehicle(car) and depreciate - rather fast.

 

Modular Homes are permantly attached and DEEDED to the existing land/lot on a tru foundation. There is no title.

 

Modular tends to keep or increase in value(There are some nice ones) but that tends to depend on local relationship with bank and Appraiser.

 

There are tons of them in my neck(red) of the woods, so if someone knows a way to make $$$ - please share with the rest of us!

 

Scott

[ScottNC 0]

Sorry for the double post -

The Mouse must be ssssstttttuuuuuccccckkkkk!!!!!

Scott

[-Tony- 0]

Ellison,

 

I never dealt with them but I know a person that has and he said it is super tough to get them financed if they are over 5 yrs old. He also said it has been his little money maker. If you are in the situation where you can carry a note on it, it could work as well. ie you l/p for 7k t/b needs to finances 12k 80% by the bank (9.6k) you take a note for 2.4k because there financing covered your purchase price. You will also take 2.6k at closing less any cost.

 

Lonnie Scruggs has a course on trailer houses I heard it was worth the money. A matter of fact he started my re club and I met him last month.

 

good luck