Mobile Home Value Resource

5 Replies

My first post.

My father owned a trailer park my entire life.  Helped him with the mowing and maintenance but not the management nor buying mobile homes.

While I was off at college the park started to decline, my dad lost interest and drive.  

I inherited the property a couple of years ago and trying to turn it around.  We have purchased three homes so far.  Two double wides and one single wide.  All were really good deals.

My question, where does everyone find the values of the mobile homes they are evaluating? 

@William M. Overton III

I don't think there is a bluebook for mobiles. In my experience though, values of mobiles are largely derived from the park they sit in.

About 10-12 years ago, there was a newspaper article about a mobile home park in Malibu that sat on the edge of the beach. People were paying $1M+ for mobile homes in that park. They were old early 1970's non-HUD houses and they still had to pay space rent.

A friend and client of mine made a lot of money flipping mobiles in parks a few years back. He would tell me that he would take a nice house that was worth $60k in one park and then he would move it to another park and it would suddenly be worth $140k. The hard part was finding an empty spot to put it. He would even sometimes find a park with several empty spaces and ultimately his activity in the park would end up raising the value of all the homes in there. Eventually the park owners were able to bump up the space rent even.

In your case, the nicer you make your park, the more they will be worth. Also, If you offer seller financing, that will make them worth a lot more. Most people are purely looking at monthly costs and don't care nearly as much about the principal amount they are borrowing. Even when the interest is 15-18%, they still just want to know "how much per month?"

$30,000 for a scraggly old 1970's mobile sounds like a lot of money but $5k down, 18% interest with a payment of $450/mo for 10 years starts to sound pretty affordable to buy your own space. 

Originally posted by @Jon Dorsey :

There is a NADA blue book. There are also some services that will give you an estimate, just search for them. It’s $40 per report. 

 While you are correct,  the value placed is often 2-3X what you can actually sell it for

@William M. Overton III Determining value for mobile homes is local. You may want to check around with surrounding parks and talk to mobile home dealerships. They may be able to give you more insight on what particular mobile homes (i.e. age, models, number of bedrooms and bathrooms, etc) go for on the market. Good luck!