All Forum Posts by: Angie Y.

Egads----I had some typos in that long old reply…rush and then hurry some more…, especially in a hot market- sorry about those typos- meant stigma and not stoma!  

Drain fields only last so long…average life is 40 -50 years if well cared for. The drain field can't be pumped like the septic can.  Replacing one, the drain field, that is, if allowed, is very expensive in most states due to new environmental laws passed down by federal government. Hooking the home up to public sewer, if available and affordable, would be my choice.  Is your tenant going to take care of your septic system?  probably not and trying to charge them for repairs due to their neglect is difficult to prove unless perhaps the tank is pumped upon move in with professional inspection report and then a new inspection shows negligence through behavior they were educated to not commit. I sure wouldn't want to be dealing with that lawsuit.

Manufactured homes really appear to work well if cash flow is your criteria and you have the cash to pick them up since financing anything but new ones is tough unless your buyer can get a VA loan and they are in terrific locations. The traditional lender pool is currently dried up on older manufactured homes, including ones that qualify and that is why sellers have to often sell them so cheap.

If you want appreciation in a manufactured home on it's own land, I think you have to consider only getting that on the land itself.  If we could afford stick builds without debt, we would prefer them but we are only interested in cash flow without debt due to age and that is why manufactured homes on private lots appeal to us.  Unfortunately in our current area they are often located in less than desirable neighborhoods which leads to less than desirable tenants... 

Hi- Is this home on a septic?  I would be very concerned abut septic and drain field due to them failing when abused by occupants.  They cost more to insure and seem to have less appeal to tenants than stick built homes possibly due to the stoma associated with 'trailers'.  You could run a rental test by advertising it briefly to see what type of responses you get.  We owned several double wides that really cash flowed well though they did not appreciate due to age.  We attracted good tenants but it took twice as long due to them being manufactured.  Many people stuck their noses up even though we made the inside and exteriors of these beautiful.  I think lots of people worry about what their friends will say about them living in a 'trailer' and some don't care, especially if they get more home for their dollar.  Also, they cost more to heat and cool so you might want to keep that in mind for your tenants overall cost.  we discounted our manufactured homes by $100 a month due to their being manufactured and that always worked well for us.  Once tenants were in them and realized the value, they loved them.  Ours were always on their own lot in major cities.

Also, I know the area to be generally safe and I would live in this cute little home but then I don't have a lot of ego about this.  We have had many rentals in the past, some manufactured, some stick built and let them all go due to leaving an area and not wanting to deal with rentals and are coming back to this but can only afford three maybe four this go around so good tenants are key to our goals.  Am I over thinking this?  Too stuck on the price other investors have paid recently?  Not confident in attracting good tenants or am being wise to ask 'who would rent this and why?'.  Apartments of the same size in the area rent for around $1100.00 with a few amenities such as outdoor pool, playground area- higher rents if their is a fitness room.

I keep asking myself "who would rent this".  I ran a trial ad and am getting lots of unqualified people responding-people who do not read ads thoroughly and can't pass my criteria.  I am seeking cash flow as we are retiring soon and late in the game- hence we have paid cash for two others and this would be our third and last.  The other two cash flow really well and have long term renters and are free and clear, as this one would be.

Thank you for your questions.

Concerns:  Type of tenant a single wide manufactured home in a development that looks somewhat run down due to low income seniors not having resources to maintain their properties. I can doll this house up and it is in a cul de sac with only one house that looks bad but it is still a single wide in a community comprised of older manufactured homes set pretty close to each other.

Concern: Yes, it cash flows if i can attract tenants who pay rent on time and every month.  I have other rentals in nice areas and have no issues with tenants because I am a tough qualifier.  I am concerned applicants to this particular property may not meet my stringent criteria, criteria that has served me well.

HOAs are only 15.00 per month.

Other investors make low offers on these homes and have bought foreclosures that needed 10-20 grand worth of work- this one is not a foreclosure. 90 percent of the homes in this community will not finance due to age.

Hello, I am wanting some feedback on 2/1 rentals- particularly one I am considering buying.  The home I currently have a all cash offer on is a 2/1 in a busy city 20 miles from Seattle, Washington.  50/50 mix of white collar-blue collar workers and lots of job opportunities.  Property is a 890 sf manufactured home on a private city lot (I would own the lot) in a planned manufactured home community (not a trailer park-just a planned community).  The home is an older non financeable, very cute single wide with a nice kitchen and large living room.  The issues I am having is that only about half the homes in their community look nice so I am concerned about the type of renter I would attract based on it being a manufactured single wide, small and in a 'trailer park'.  Definitely the community is on the up swing and there are two investors heavily working the area but they have purchased their investments at one half to 2/3rds what I would have to pay for this latest listing.   One has seven or eight homes here and the other has 12 and also placed an offer on this home but they are all 2/2 or 3/2's.  Some have yarded on newer homes so increase their rents. There are only about 105 homes total and most owned by seniors. Cost for this home is 82,000.00 turn key but would be top of the market for this community, surprisingly enough since there is nothing in the Seattle metro you can buy at these prices other than here. Not a gang banger area and crime rate is low to moderate- decent middle and high school and close shopping, access to major freeways, etc.  Will rent for between 900-950.00 per month.  Thoughts?