Updated about 8 years ago on . Most recent reply
Flipping Manufactured Home
I am brand new to investing and have a question about comps. So I found a 2 bed/2 bath house on an acre of land. There is a place I found where I can put a 3 bedroom (1500 square feet). Cabinets can stay but it needs new flooring, paint, landscaping, and bathrooms. It is a foreclosure and price dropped to 30K. Comps for 3/2 in the area are between 150 and 200, but it is a manufactured home and I can’t find any other manufactured homes that have sold recently in that town. I have to go a town over to find one. Is there a way to comp a manufactured home to a regular home?
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The mobile home has to meet certain criteria for this to happen. If it's still on wheels, then you probably won't be able to comp it to a traditional 3/2 bathroom home. But if it's on a foundation than you probably can compare it to 3/2 baths in the area since it would be considered permanent housing and an insurable mortgage can be taken out on it.
So does this mobile home have a vehicle title? Or does it have a deed to the land? It has to have a matching title for whatever you're comparing it to.