Updated almost 8 years ago on . Most recent reply
Flipping Manufactured Home
I am brand new to investing and have a question about comps. So I found a 2 bed/2 bath house on an acre of land. There is a place I found where I can put a 3 bedroom (1500 square feet). Cabinets can stay but it needs new flooring, paint, landscaping, and bathrooms. It is a foreclosure and price dropped to 30K. Comps for 3/2 in the area are between 150 and 200, but it is a manufactured home and I can’t find any other manufactured homes that have sold recently in that town. I have to go a town over to find one. Is there a way to comp a manufactured home to a regular home?
Most Popular Reply
The mobile home has to meet certain criteria for this to happen. If it's still on wheels, then you probably won't be able to comp it to a traditional 3/2 bathroom home. But if it's on a foundation than you probably can compare it to 3/2 baths in the area since it would be considered permanent housing and an insurable mortgage can be taken out on it.
So does this mobile home have a vehicle title? Or does it have a deed to the land? It has to have a matching title for whatever you're comparing it to.