What expenses do mobile homes have?

3 Replies

I know nothing about this. Do you pay a mortgage like on a typical property, or are there other names. How about paying wherer you're located. Do you have bills to bull sewage and water as well?

Looks like we need some experts on mobile homes here... anyone?

There is a couple of good courses on DVD's on investing in foreclosed manufactured homes. You can get all 4 dvd's and 2 manuals for $59.99 with shipping included. The link is at http://stores.ebay.com/HELPFUL-STUFF.

Steve

Originally posted by "Terri":
I know nothing about this. Do you pay a mortgage like on a typical property, or are there other names. How about paying wherer you're located. Do you have bills to bull sewage and water as well?

Terri,

Much of this has to do with the age of the home and its location. A brand new mobile home often has a secured loan or mortgage. There are home/land packages available that would have a mortgage. The land itself will probably retain more value than the mobile home.

Depending on your state, title to your mobile home will generally be a certificate issued by your department of motor vehicles. The land on which the mobile home sits is titled by a deed or other recorded instrument through the county recorder.

An older mobile home can also be mortgaged, but there are some factors to consider, such as whether the home is on a foundation, whether the home has a garage or porches added on to it, and the age of the home. Some of the older models are not up to code, so that may be a detriment in obtaining a loan.

In remote rural areas, some mobile homes are set up to run off of solar electricity or other alternatives, like wind. It is very difficult to get financing packages for these...unless you are getting a loan for the home itself and not the entire land/home package.

Sewage and water bills would have to do with the location of the home. In a rural area where there is a septic tank and well, sewer and water services would not be an issue. In developed areas, there would be utility hookup fees.

Hope that helped a bit,
Deborah

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here