Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mobile Home Park Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Eric Wallace
  • Flipper
  • O Fallon, IL
1
Votes |
7
Posts

Looking at a mobile home from 1972. What should I be concerned about?

Eric Wallace
  • Flipper
  • O Fallon, IL
Posted

I have no experience owning a mfg home.  It is a 3BD, 2BA home with about 1300sqft, a detached garage on an owned lot so no lot fees.  Structurally the home seems sound and looks like mostly cosmetic work needed.  My main concerns are these:

1. The ceiling has some water spots but noting looks recent.  The roof is old and likely needs to be replaced.  The problem is that there is no way to get into the "attic" space.  Suggestions?

2. Nearly every ceiling in the home droops a little.  They all seem solid and I think at some point someone has floated in a second layer of covering.   

3. How will a bank appraise it once it is fixed back up?   I have looked for comps but they range from 8k up to 50k so it's hard for me to guess what the place would be worth once fixed.

I've bought homes "as is" before so I know from that standpoint to assume the worst and hope for the best but I am mostly just unfamiliar with Mobile Homes and how to assess what I am seeing.  

Appreciate any input from experienced owners. 

Thank you!

Most Popular Reply

User Stats

3,675
Posts
4,413
Votes
Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
4,413
Votes |
3,675
Posts
Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied
Originally posted by @Cory Wo:
Old mobile homes have water pipes that freeze and break as well, unless they have been converted over to Pex. I believe that's why I updated to when I owned mine in 1999.

One other down side is there is no possibility for appreciation in a mobile home they are yearly losing money.

If he's flipping it this doesn't matter. 

And if he's renting it this again doesn't matter. 

You force appreciation with repairs. Or cash flow at way higher than SFH rates.

business profile image
Kolodij Tax & Consulting

Loading replies...