Mobile/MH home in New Mexico as vehicle or Real Property

[Charles Morgan]

I just bought a 1994 2bed 2bath mobile/manufactured on it's own property for $6000 with a friend of mine. It will be a rental when she moves out, in this area $400-$500 would be a good price that should get it rented quickly. It does need a bit of repair to the roof and fixing up in the master bath. The property is on tax rolls at $10,000, the MH is listed at $14,000 and still has vehicle title. I was wondering if I should go ahead and turn it into Real Property or keep it as a vehicle in case I decide to sell it off.

[Charles Morgan]

@Paul Tschetter Thanks, as Ken mentioned it my be hard for someone to get financing for only $6-$14K but leaving it as Vehicle means I can sell it separately from the land if necessary.

@Ken Rishel Agreed on financing. It does meet NM code for conversion, just wondering if it would be desirable. I think it is currently being taxed as RE which is common in NM even if it has not been converted. They love to get those taxes, but then property tax in NM is cheap, taxes on a $27K home are about $230/year.