(Hello, biggerpocketers) I got lost and very discouraged.
There are limited numbers of MHP in my area. I drove through all of them, and spoke with the most of owners and managers. One of the managers almost laughed at my $5k budget, and I was told the average price of the home was $30k in the park. It seemed impossible to find the deal in my budget. Another problem was, most of the parks had $500+ lot rent + water sewer and trash. They also required one month rent amount for security deposit. I was surprised at how expensive it was and owners were firm about the rent.
Weeks went by, I got calls from 2 parks telling me they had houses within my budget. Both houses were 12*65(?), 2/1, very old(70s), ugly, dirty, and saggy. On top of that, they were missing the most of the appliances. And one park owner told me that the house may need some modification to comply HUD code on MY expense. Otherwise when I sell the house, it would have to be removed from the park!
Now, this does not make sense to me. How can I sell an old 2/1 mobile home on top of $530 lot rent to someone where 2/1 apartment starts from $750? Do some people prefer to finance old mobile homes? How can I convince them? Or is the market in my area not acceptable to invest in?
I am sorry about the long and unorganized post.
Please, guide me to the right direction..
