MH Number 2
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MH Number 2 (by mapleaf18 [NY]) Nov 22, 2022 3:10 PM
       MH Number 2 (by Richard [MI]) Nov 22, 2022 4:09 PM
       MH Number 2 (by RB [TN]) Nov 22, 2022 4:21 PM
       MH Number 2 (by Ken [NY]) Nov 22, 2022 4:23 PM
       MH Number 2 (by WMH [NC]) Nov 22, 2022 4:49 PM
       MH Number 2 (by small potatoes [NY]) Nov 22, 2022 8:54 PM
       MH Number 2 (by gevans [SC]) Nov 23, 2022 6:43 AM
       MH Number 2 (by Robin [WI]) Nov 23, 2022 8:12 AM
       MH Number 2 (by GKARL [PA]) Nov 24, 2022 1:57 PM
       MH Number 2 (by plenty [MO]) Nov 24, 2022 2:32 PM

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MH Number 2 (by mapleaf18 [NY]) Posted on: Nov 22, 2022 3:10 PM
Message:

DH found yet another MH in a park. This time the lot rent is $614 (includes pool, etc) yet it is a "55 and up" restricted area. The listing is full of, well downright fibs. The roof, furnace and water heater are original (circa 1990) There are areas where there were roof/window leaks which have been cleverly concealed (not that clever to the trained eye). They reduced the price to $39K

The park allows renters however they have to have a least one resident that is 55 and up. Possibly limiting. Most seniors don't want to go through my screening process.

It is a very nice area and school district, don't get me wrong, but it will need a lot of work including obvious areas behind the skirting that would be ripe for pipe freezing. Would also need flooring, new tubs/sinks/toilets etc. Just ugh. DH wants to offer $20K for it but again, he already has quite a few projects on his plate, not to mention OUR house which is in desperate need of attention.

What do you think? --64.246.xxx.xx




MH Number 2 (by Richard [MI]) Posted on: Nov 22, 2022 4:09 PM
Message:

Forget it.

Way too much, especially in a park you don't own.

I've seen plenty of parks where the owners mess with owners of the trailers. It's too easy to just raise the lot rent to levels that are ridiculous. I won't consider any in a park owned by someone else any more. I get the land as well or no deal. --75.7.xx.xx




MH Number 2 (by RB [TN]) Posted on: Nov 22, 2022 4:21 PM
Message:

Pass. --24.183.xxx.xxx




MH Number 2 (by Ken [NY]) Posted on: Nov 22, 2022 4:23 PM
Message:

I wouldnt buy that,lot rent is more than taxes on a regular house and someone else can tell you what to do.Go find a regular house for rental or flip if he wants something to do,good deals will be coming soon --74.77.xx.xx




MH Number 2 (by WMH [NC]) Posted on: Nov 22, 2022 4:49 PM
Message:

No way. Pass. Don't. Terrible. Awful. Very bad buy.

You will have to rebuild from the outside in: trailer sub-floor will have to be replaced, under windows stabilized, etc.

And $600+ per month lot rent? Good gawd. How much profit can you realized overall? --50.82.xxx.xxx




MH Number 2 (by small potatoes [NY]) Posted on: Nov 22, 2022 8:54 PM
Message:

I am signing a new tenant who just ditched her MH after moving it from one park to the other. The new one was supposed to be a senior community. After 2 years the owners sold. The new owners got rid of the seniors only focus and did some fancy landscaping so they could exceed the 3% rent cap NY enacted in 2019. Faced w/ a 6% increase and poorly screened families my new tenant sold. I would think you might not want to own a MH when you don't control the park. --24.194.xxx.xx




MH Number 2 (by gevans [SC]) Posted on: Nov 23, 2022 6:43 AM
Message:

I have houses that rent for $600!

Seriously, I only have one MH that is on rented land. I've been renting it for 15 years and the guy has never gone up on the price. I pay him in advance so he doesn't have to think about it. LOL $125/month. MH rents for $750.

--216.218.xxx.xx




MH Number 2 (by Robin [WI]) Posted on: Nov 23, 2022 8:12 AM
Message:

Agree with the others. You will be at the mercy of the park owners, who are charging an outrageous amount already (captive audience). Plus you already know they're not ethical. Do you really want that kind of person as a business "partner"? --104.230.xxx.xxx




MH Number 2 (by GKARL [PA]) Posted on: Nov 24, 2022 1:57 PM
Message:

I agree with the others. Collecting lot rent rather than MH rent is the ticket. Many of them aren't built very well and can be expensive to repair. Unlike regular RE, they depreciate rather than appreciate in value. I would not own one unless I owned the land as well. --209.122.xx.xxx




MH Number 2 (by plenty [MO]) Posted on: Nov 24, 2022 2:32 PM
Message:

Like in an airplane, but your oxygen mask on first. Finished your own projects and watch the market changes until your own home is caught up. --172.56.xx.xx



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