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These usually have massive back taxes and utility liens owed. Not to mention the title chain is full of old quitclaim deeds that would be real hard to clear up and the house is burned out and located in a war zone!
Or unless it's a manufactured home or a modulaur home...
If that's the case there's not much to fear... manufactured homes and modulaur homes are just as good quality but are made to help make home ownership possible.
Pre HUD Manufactured Homes (manufactured before June 15, 1976) in lease/rent communities that are not in the path of progress and have no rent control can be a real bad investment.
That stated, Pre HUD and newer MH's in resident owned communities can be a great investment. I'm looking at one today in a resident owned 55+ senior community for 30k with recent comps at over 150k.
It's a pull out but as a dealer I can put a new one in and do all the necessary demo, site prep, infrastructure upgrades, permitting, etc for about 75k and resell it for 150+k. Or add it to my rental portfolio as it's in a ROC and has no subletting regulations.
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