A friend and her family wants to sale their mobile home. I've never purchase one so I wanted to learn more.
What are the basics I need to ask?
What is typical cost of moving one of them?
I don't know what they are paying to rent the lot, but what is a typical cost and could I rent it out for more to make a profit?
Any advice, help, links, videos, books, etc would be greatly appreciated.
@Luke H. Mobile homes in my area which is Pittsburgh can be tricky. They are harder to finance so check with your local lenders. Also if they are in a mobile home park then you may not be able to rent them out. A lot of parks here wont let you rent out the home or if you do the park owner needs to approve each tenant. Ask the owners what they are paying for lot rent and what does the fee include. Also you need to know the taxes and insurance.
I think mobile homes are great for several reasons. Since they are not real estate, you can buy and sell them like a car. You could buy it from your friend, then sell it using owner financing. Let the new owner fix it up and pay the lot rent. Parks are not usually well kept, so in order to move it, you need to have a lot to move it to. Septic system, electrical, and cost to move and set up will be expensive, so factor that into your purchase numbers. You may also be able to rehab it and sell it to the park owner, then they can manage it.
@Anthony Dooley , great ideas, thank you.
@Luke H. If their motivated enough, they'll have a folder with all the documents related to the home. Sift through those papers to figure out taxes, insurance, title, etc. Call your local government entity to see how to transfer title from buyer to seller. Shouldn't be too hard to figure out. Good luck!
@Luke H. - Moving a mobile home usually costs around $4K plus. I would check to make sure the park is a nice place to live so you won't have any issues renting it. Also, I would understand what is lot rent and what is included? How often does the owner raise lot rent?
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