 selling a long term unit (by gevans [SC]) May 12, 2025 9:46 PM
 selling a long term unit (by NE [PA]) May 12, 2025 10:09 PM
selling a long term unit (by Ray-N-Pa [PA]) May 13, 2025 6:38 AM
selling a long term unit (by Richard [MI]) May 13, 2025 7:03 AM
selling a long term unit (by zero [IN]) May 13, 2025 8:32 AM
selling a long term unit (by Roy [AL]) May 13, 2025 10:28 AM
selling a long term unit (by RB [TN]) May 13, 2025 3:08 PM
selling a long term unit (by gevans [SC]) May 13, 2025 7:51 PM
selling a long term unit (by Sean [OR]) May 14, 2025 3:07 AM
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selling a long term unit (by gevans [SC]) Posted on: May 12, 2025 9:46 PM
Message:
My very first rental, a MH on a private lot, has hit the 27 year mark. No more depreciation, but it wasn't much to start with. The current tenant is moving out.
This place is still pretty nice. New metal roof, large yard, new heat pump, etc. The housing market here is HOT.
However... nobody will be able to get a loan on a 86 MH.
And...I have no idea how to price this. No comps I can find.
It rents for $850. I have about $30k in it total, but it's paid way more than that in rent over the years.
Options: sell and hold the note. The next door neighbor will probably want it for her mother.
Any advice? We can keep renting it for $850. Will have no problem getting another tenant.
--74.222.xx.xx |
selling a long term unit (by NE [PA]) Posted on: May 12, 2025 10:09 PM
Message:
I’d keep it. --24.152.xxx.xx |
selling a long term unit (by Ray-N-Pa [PA]) Posted on: May 13, 2025 6:38 AM
Message:
Consider putting a new one on the lot after this one wears out?
That or sign a 8 year lease $1,150 and sell it for $1. Tenant does all maintenance --67.140.xx.xxx |
selling a long term unit (by Richard [MI]) Posted on: May 13, 2025 7:03 AM
Message:
If it's in good shape maybe rent it to neighbor's mother for a good deal for her.
If you want to sell it, maybe file a notice of detachment with the county if the title has been merged in the past.Keep the land. Then sell the mobile and lease the land under it. If you don't sell the mobile outright, maybe give someone an option on it (lease with option,each separate,on the mobile) with a separate lease on the land.(You don't want them to have an equity stake in the mobile,so no part of the mobile lease is credited to the purchase. It's strictly a lease and the option is separate with option money as consideration to allow them to buy it.) They are responsible for all maintenance and repairs. As I've found out, very few people exercise the option and actually buy it. --97.85.x.xx |
selling a long term unit (by zero [IN]) Posted on: May 13, 2025 8:32 AM
Message:
If it is that much of a cash cow refi it, pull money out where you still CF and buy something else that you can start the depreciation over on.
But finding a bank to let you pull money out of a MH will be tough.
I didn't think this through it seems. --107.147.xx.xx |
selling a long term unit (by Roy [AL]) Posted on: May 13, 2025 10:28 AM
Message:
Gevans,
You may want to consider selling it to a church. Large churches in my town own small low maintenance houses they provide to churches members who are broke and are in desperate need for temporary housing. Just a thought. --76.29.xxx.xx |
selling a long term unit (by RB [TN]) Posted on: May 13, 2025 3:08 PM
Message:
Why stop the flow $ --204.10.xxx.xx |
selling a long term unit (by gevans [SC]) Posted on: May 13, 2025 7:51 PM
Message:
We rarely sell anything. It's in very good condition for it's age. We have updated it a few times over the years. Nice location on a cul de sac.
We will likely keep it. The depreciation wasn't that much anyway. --74.222.xx.xx |
selling a long term unit (by Sean [OR]) Posted on: May 14, 2025 3:07 AM
Message:
I would keep it. It's just printing money for you, especially with the recent upgrades. --130.41.xx.xxx |
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