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Updated 11 months ago on . Most recent reply

User Stats

17
Posts
1
Votes
Kelly Wali
  • Los Angeles, CA
1
Votes |
17
Posts

1969 manufactured home

Kelly Wali
  • Los Angeles, CA
Posted

To do or not to do. I found a great deal on an older but very well maintained manufactured home in the a very nice area of san Fernando valley.  the only problem is that the banks don't want to loan on it because it is pre 1976  I don't mind buying it cash or with some hard money.  My only concern is I will have just as hard of a time selling it.  The price is only 35k and needs some minor updating approx. 1500.  at most. So many options here the home itself is not worth much but because the lot has a very low rent. less than 800. when all others in the park are going for 1200-1500.  I am debating to buy fix and list.  Or sell the home to be removed and replaced with something much newer.

Most Popular Reply

User Stats

193
Posts
117
Votes
Carol Venolia
  • Flipper/Rehabber
  • Monterey, CA
117
Votes |
193
Posts
Carol Venolia
  • Flipper/Rehabber
  • Monterey, CA
Replied

I've been buying 1960s mobiles (for cash), rehabbing them, and renting them out. I think that's where the money is. Their book value is low, but their value as a rental is high. Of course, the park has to allow you to sublease, which is often not the case.

If you choose to move the house away, make sure the local jurisdiction allows for that. The county where I invest won't even allow transportation of mobile homes older than 15 years to a site within the county.

Good luck!

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