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Updated over 8 years ago,

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1
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0
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Colin Su
  • Investor
  • Alpharetta, GA
0
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1
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Buying a mobile home converted to real property and hold

Colin Su
  • Investor
  • Alpharetta, GA
Posted

I am thinking about purchasing a mobile home that was converted to real property just 4 months ago. The location is great, it comes with half an acre of lot and it can be easily rented. My plan is to buy and rent it for few years or even longer, but I am worrying about resale value. I read that mobile home is hard to sell even if it is converted to a real property because a mobile home will always considered a mobile home even though it was converted. Having buyer financing it will be an issue and appraisers will normally apprise it it much lower and this applies to mobile home that is converted to a real property as well - this is true? I also worried about the conversion wasn't done properly. The seller did surrender its title and applied to declare the vehicle as real estate, but when I inspected the crawl space, it seems to be they just removed wheels, used concrete block as skirting and support underneath.  It seems like they also added like 2 planks of 2x4 on top of maybe 3-4 concrete blocks and the whole trailer just sits on top of the 2x4, is this how it is supposed to be done? I guess the most I am most worried about is resale value and not sure if the mobile home depreciation applies to the ones that was converted to real property. I am located in Forsyth county, GA. Thanks for your help!

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