Advice on determining the value of a MH on a rented lot in a MH park.

[Ron Gage]

Hi I'm looking for some advice on determining the value of a small 3/2 double wide MH that is set up in a MH park. 

If you have some experience with buying and selling, with cash down and monthly payments. I would appreciate any rules of thumb or formulas you use to insure you are not overpaying for a MH.

Thanks

Ron Gage

[John Fedro]

Hi all!

Great advice given and questions asked by everyone here already! Price is subjective. The home is worth what someone will pay for it. 

Concerning a mobile home inside a land-leased park that you are buying for all-cash I will try to answer you Ron in 1 honest/experience-filled sentence. "As conservative as possible for the seller to be happy, and you to make your invested money back in 10 months or less." 

If a mobile home is attached to real property (private land) there is more of a mathematical equation to based your purchase figures on, however for parks we have to know our markets before we buy anything. Yes, over time you will get better at honing in on your local market prices. For now, know your market, know what each home can be resold for, and then follow the sentence above in quotes to determine price.  

Hope this helps and makes sense. If still unsure don't hesitate to comment back. 

Best,
John Fedro