Manufactured home ok?

Question

My wife and I are planning on renting out our house and taking advantage of a FHA low down payment multifamily. We live in Eugene/Springfield area and the market is crazy hard to get a offer even looked at. We found a nice 1996 manufactured home on 1.6 acres with low taxes, but also has a small home that could rent out for prolly 500-700 a month. Besides the garage it could be a great fit for our wants/needs.

My main question is: What is your opinion on manufactured homes, especially if I were to turn it into a rental in the future.

Gregory Cummings · Answer

Thank you guys for the input. I am going to look at the property tonight and see what it looks like in person

Thomas S. · Answer

It will depend entirely on whether it is s Mobile, Manufactured or Modular and what type of support foundation it is on.

Mobile and Manufactured are roughly the same and can be on piers or parameter foundation. Modular is purpose built for parameter foundation the same as a conventional stick built home. Modular and stick built are of the same quality.

The ability to finance is also different.

Daria B. · Answer

@Gregory Cummings

Forgot to mention mine was built 2005. Major systems in tact and working good.

Daria B. · Answer

I don't think it's not unlike (to much) that of a slab (stick built) home. I think differences come into play when it's a mobile home, which require different types of code enforcing and may rent a little less. Also, insurance may differ for mobile in coverage and what is required (learned from my REI workshop). These are what I encounter in my market. The insurance I have isn't any different than SFR slab. I spoke to my agent prior to buying to find out if I would encounter any differences.

I have one as a rental and get very good rent as compared to SFR. I just finished getting it ready to rent again. I bought as an investment.

Hope this helps.