NEVER Buy a Manufactured Home
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- เผยแพร่เมื่อ 24 มิ.ย. 2024
- Manufactured homes have been know to be the most affordable option for a home. These days many would consider it. But there are some concerns surrounding manufactured homes that a lot of people aren’t aware of. So many concerns where I would never buy one. This video I’m gong to tell you the reasons why I would never buy a manufactured home from financial, to safety issues.
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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting
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Hmmm.....buy a mobile home or live in my car. Decisions, decisions.....🤔 And yes, I lived in a double-wide for 15 years on land we owned and had no issues with the house, financing, or resale . LOL
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
‘’Aileen Gertrude Tippy ’’ maintains an online presence. Just make a simple search for her name online.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
Hi, Jackie. I bought my well-built manufactured home 18 years ago. The floors and roof are still solid. In my area, we OWN the land. Now on Social Security, I can tell you that I spend about $100 a year in lawn cuts, my electric bill runs about $80 a month, water & sewer runs $35. and Internet $50. There is a "satellite" station that we pay for in our property taxes which leaves me with no trash bill.
I bought this for cash so my monthly overhead is about $200. Property taxes with Homestead run about $50 a month ($600 once a year payment) and insurance HAD been just $800 with a $1000 deductible. Now it's double.
Still, with so many lower income people struggling, I feel this is a great option. It's safe. I can bike to a beautiful springs. My dogs have a spacious fenced in yard. And this area WAS hit by last year's hurricane. It brought down trees from a vacant treed lot, but otherwise, nothing was harmed.
I would rather live further South but not if there is lot rent at $1000 a month. I am sharing this to show there IS a positive place and way to live in a manufactured home.
The only way they make sense is if you own the land. Lot leases are insane and there is no security. Happy it is working out well for you.
@@Teena6565 even worse now that they’re being deliberately targeted by predators in the business industry if you’re saying in a mobile home and you rent the lot that you’re pretty much sitting a sitting duck. Mobile home residence that rent should be making other plans if possible
Glad that it is working for you. Be sure to stress the importance of owning the land the home is on when you're sharing your success story. People gloss over details and others read it thinking they can have the same success. Many will think they can buy the home, rent a lot, then buy land and move the home not considering the expense involved or planning for life events that lead to financial setbacks. All while subjecting themselves to the risks of lot rent increases or a park changing ownership. Also yours is probably built better in Florida due to hurricanes. Different building standards/codes for different areas
@@Teena6565 --One has to go pretty far north in Florida in order TO buy the land. thank you for the kind words.
@@Neiri-qg2wk--Some years ago I was having dinner on Cedar Key. At a nearby table was a wealthy man who was telling his friends of his plans to buy one of the few remaining mobile home parks in the Florida Keys. He laughed as he told them how much he planned to clean it up and raise the rent. People with REAL money often have zero compassion for those who don't.
We're near Reno, Nevada. Lot rents went to around $1100 per month after a corporation came in and bought the park. People are having trouble selling because prospective buyers don't want to pay 1100!!!
If you don’t mind moving to a more remote part of Nevada, there is some very cheap land for sale. I’m currently looking into buying a piece of undeveloped land in Nevada and putting a manufactured home on it.
The term "affordable housing" needs to just be retired in the US because it just doesn't exist any more.
Thats is the truest statement ever!
The best situation for owning a manufactured is:
1. owning the land
2. the land has shrink-swell clays that could damage a foundation
3. building a stick frame home is too expensive
My cousin lived in a coop mobile home park in Sacramento and it was great for them. Very well maintained and a lot of pride in the facility because it was owned by the residents. The monthly co-op fee was lower than space rent and the residents knew exactly where it was going - the park upkeep, not an investor's pocket.
There are differences in manufactured homes. We live in a 3800 sq ft all brick factory built home that has been assessed at 1 Mil in southeast Virginia. Our manufactured/factory built home was built in 4 modules in a factory in Pennsylvania and trucked down to Virginia. It was assembled on our 1 acre lot like Legos. Our builder put down the foundation, built the garage, put brick on all 4 sides, and built a screened in porch to the home. Our factory built home has 20 percent more lumber than a stick built home. There is very little waste in factory homes so you pay about 10-15 less for the same identical stick built house. Nobody can believe our house was built in a factory but it was. Unlike buying a stick built home in some massive HOA development that limits your “custom” options, we were able to adjust room sizes, move stair cases, add rooms and we were allowed to use our own kitchen and bathroom cabinets. In other words, we weren’t stuck with builder grade fixtures, flooring and cabinets.
I believe ur house is not a manufacturer home but a modular home , a huge huge difference!!!!
@@phillyfathead you are correct! But I have heard our house described as both. Either way when we tell people are house was built in a factory, nobody believes it. They expect a double or single wide and instead they get this big all brick house with an attached garage.
Best economical option for me as a retiree: find a manufactured home on its own property. Get an inspection and decide from there. That was seven years ago. No regrets.
I agree. I'm surprised more people are not doing it, you need a larger down payment typically though.
Beware of buying a community because you do not own the lot they sit on... So beware the rent on those lots can soar crazy.
Yes!
I bought my home two years ago and am happy with my purchase. When I was looking, I did not want anything in a "park" so I own the land my house sits on. I paid cash so was lucky enough to skip the interest. I know most people can't do that and I would not if I did not have an inheritance. Liberty mutual covers my home for $100 a month. I have owned both manufactured and site built homes so I have liked both kinds. I'm retired and am easily able to pay my utilities on ssi. Now groceries are a different story.
My husband and I bought a manufactured home 23 years ago. It sits on a brick foundation on an acre of land. I love my home. We maintained our property adding a carport and a lovely deck with a pergola. Just added a new roof and heat pump. I own the land my home sits on.
Hi Jackie, there's a metal "frame" that runs the length of the mobile/manufactured home, not an axle. The axle is the round bar that the wheels attach to and it is only the width of the home, not the length.
This lady doesn't know jack about jack
In the rural PNW (OR, WA, ID), many acreages come with manufactured homes. It's really a land investment - keep the home or upgrade - but I wouldn't be afraid of buying just because there's a manufactured home on the property.
A manufactured home once put in its place is not movable. The tiedowns are essential to putting the home in place… I own a 1982 manufactured home, and I own my land. I have a fee simple title on I my home and land. They are far and in between, but you can purchase the home and the land in some 55 and older communities My home has been through several hurricanes including Irma and IAN. She is still standing 😊 and I am extremely grateful… It’s also very sad that there’s so much stigma around living in a community such as mine. Also extremely grateful for the amazing people in my community and neighborhood. Never a problem. Thank God.
I remember in the earlly 1989 to 1990's there was a hurricane, I think Hurricane Hugo. My friend from St Croix said the homes that sustained the hurricane were the manufactured homes.
How does plumbing And electrical work on a manufactured home ? Not trying to offensive or anything just curious if they did plumbing before or after , what about electric?
@@ngb802Plumbing is run below the subflooring in the underbelly in the floor insulation, electrical there as well. Electrical also run along outside wall. Think cost saving measures considering the cost of wire, equals shortest distance between 2 points. Mobile homes prior to 96 or 97 had polybutylene plumbing which is a ticking time bomb waiting to destroy your home so any of these I would consider worthless due to the cost of replacement. Lots of labor involved and not worth it. The market doesn't agree with me but that's buyers who think it's no big deal or it won't happen to me or are completely oblivious. READ polybutylene plumbing class action lawsuit. Funny all the ones I've looked at still had the polybutylene so I wonder where they spent the settlement money. It can be identified by it's gray color. Don't buy one unless it's between that or living on the street or in your car. THESE ARE VERY POORLY CONSTRUCTED STRUCTURES. 2x3 walls, 2x6 floor joists, many have particular board sub floors, 2x2 roof trusses. Held together by staples and glue. Owners are easily offended when their flaws are pointed out like you insulted their mama. I have lived in one and would do my best to avoid if at all possible. Can make good rentals but the yield better be high for all the associated headaches just like old stick built in high crime areas or transitional neighborhoods.
Wow, I nor anyone else here in my rural East Texas, small community (165 miles from Dallas) have any of the issues with manufactered homes you mention here. I am 63yo, single, retired, and disabled now.
I own my land individually. I own a .35 acre, heavily-wooded, fenced, private lot in Franklin County, 1 mile from a beautiful lake resort area. Lovely hill country.
My home is an aforementioned Clayton Home just built last month, on a full, perimeter with ladder trusses every 6 feet, concrete foundation. No "trailer hitch" or "axels" as you mentioned. Designed to withstand 120mph winds. 1,000 sq ft/2 bed/2 bath/detached 2-car garage. Huge master bathroom with dual vanities. Seperate shower & a sunken garden tub. I bought an expensive upgrade option package that incudes stained crown ceiling mouldings, wood ceiling beams and top-line, all-stainless steel, Frigidaire Gallery appliances. Seperate laundry room. Central air & heat w/ceiling vent registers. Asphalt driveway, garage floor, and walk paths.
With land, house, garage, and pavement all combined, I paid $145,000.00. Most of that was with cash. $60,000.00 mortgage @ 6.75%. With monthly taxes and insurance included, monthly payment is $728.50. I financed with Clayton Homes because they gave the best rate at the time of sale in March. JP Morgan has offered refinancing @ 5.75%, of which I plan to do. No fool would pay an 8% or 9% mortgage.
I have owned conventional constructed homes and condominiums in the Far North Dallas area throughout my life. It has gotten way too expensive to live in the large cities now. To build in Dallas what I have now, would have cost me over $275,000.00.
I bought a manufactured home in 2006 in FL in a gated community. I went from a newer expensive apartment building that was gouging me on rent so actually lowered my housing costs.
Like anything there are pros and cons. If you have a ton of money yes go for a traditional home. However, for me personally a manufactured home has been a much better option financially than renting an apartment or buying a condo.
You note the negatives which can be valid concerns, however, you don’t note the positives. There are a lot of positives as well. 1) Al though you pay a lot rent, you don’t pay HOA fees. 2) You don’t pay property taxes like you do on a traditional home or condo (huge savings there) 3) No special assessment fees like condos have 4) No shared walls like you have on an apartment or condo. 5) More amenities than a traditional home (where I live is gated, 3 pools, tennis courts, basketball court, fitness center, lake with dock). If you buy a traditional home just to add a pool will cost more than my home cost me.
Also my insurance costs are much much lower than people I know who own traditional homes and condos. Why is that, because the cost of my home is lower.
If you are thinking of getting a manufactured home, here are some things I would recommend. 1) Check the bylaws or rules to see what the maximum lot rent increase is. Where I live the max increase is 15% but they have never increased it that much. I know people in condos who have had their HOA fees increase by much more, likewise people in apartments have had rents go up by more. 2) Pay cash or opt for a shorter term loan, I have a 20 year on mine so it’s almost paid off 3) Avoid older homes, mine was built in 1988 and I bought in 2006. If buying today I would buy a newer one (30 years old max).
Thanks to TH-camrs like Jackie and Kristina, people are becoming more aware of the various pitfalls and potentially how to avoid them. A little knowledge goes a long way, but probably the majority of people put in zero effort when making major financial decisions. All low cost housing options have drawbacks - usually pretty big drawbacks. Be careful, take your time and decide what you can live with. My low cost housing involved buying an unwanted pretty extreme fixer for cash (essentially for the price of a used car) in a rural location. When my budget allows it, I do needed repairs and upgrades - when my budget is low I take solace in owning a house that might still be crappy, but its secure and paid for so I no longer have housing uncertainty in my life. Best wishes.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Ann Marie strunk, has been an amazing experience.
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦♀️of myself because of low finance but I still
believe in God
I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Ann Marie strunk 😊🎉
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
I live in a mobile home in a very nice community nestled in the woods...rent is $433 per month and 6 years ago it was $400. They cannot raise my rent more than 3% per year. I am in Utica, NY (50 miles east of Syracuse) in the center of the state. I have done several upgrades including putting hurricane mounts under it to provide some protection against high winds - which we rarely get - regular doors, flexible piping, a wood stove, reinforced piers and porch. Sold my regular house 6 years ago after 30 years in it and never looked back nor with any regrets. These do get hot so central A/C is a must.
@paul4utica which community do you live in?
@@avshch strawberry hills.
There's a documentary on PBS named A Decent Home America Reframed. I wish you, Christina Smallhorn, and the documentary producer could get together and help stop this trend of investors buying parks and forcing homeowners out of their homes with little to no compensation at fair market value....not wholesale value. I have no problem with ALL investors, just the ones who do not care if grandma is homeless. It's not their problem. Costs HAVE gone up for park owners too. People who are low income and the elderly did NOT sign the INITIAL lease with the new owners. There should be protection for them. Then again MOST people in parks ARE low income. It is a business and not a charity, but there has to be a way to keep it affordable, especially for low income seniors. One beef...insurance is not as expensive as a traditional home. Not in most places. Thank you for the video and heartfelt concern.
Glad you found value in this. The issue with these investors is getting out of control.
Investors seem to be the problem with everything...not just our lovely mobile home parks. They have been today's answer to truly affordable living, and generally safe communities of neighbors helping each other. I never experienced this in overpriced 'stick-built" neighborhoods. Its one reason why some chose their lovely older, and many remodeled homes that stand up to high winds and Monsoons here in the AZ. Desert. We have some of the best parks in this state...clean, maintained, with lots of amenities that are paid for in their rent that you didn't mention, and NO HOA's, thenk you!! Where are you going to live at 600-700 per month today. I'd like to know, because some pretty nasty "investors" have the nerve to charge 2400 . Rent for the hundreds of huge buildings replacing our community today. 1 and 2 bedroom "luxury" apartments and condos, with also NO concern for you there either. Why do you think you have all this homelessness in your streets? They'll tell you that's "affordable". Who makes 4x that rent as an income? Greed is the problem everywhere. But it's not the fault of a quality, well-built manufactured home that can be moved...anytime. After selling real estate and also mobile homes over the years, I can say it's a viable option for many. It's why 20 million live happily in them in the US today. They are personal property, owned outright, and have no need for a realtors, architects, builders, bankers. Maybe that's why some give them such a bad reputation. Newer ones have become expensive, however. Still cheaper than a traditional 'home" you don't own until it's paid off...when? Thank you. 💐 🌵
I am in Fla. & Live in an older mobile / manufactured home. The property was owned by a private owner when I moved in. However, about 3 yrs. ago the husband & wife sold the property to a corporation. They were older & had a great deal of health issues. Once the property sold , about 3 months later the rent went up $200 for everyone! While they did make a few repairs but both much else has changed.
In a 55+ community in Vegas since fall of 2022. The lot rent has gone up $50 a month each year. It started at $820 in 2022, went up to $870 in 2023 & is now $920 in 2024. A good chunk of the "amenities" like the gym & the pool have been closed for most of that time. No improvements to the park & I believe I saw one month that they even cut off use to the community center for residents to have meetings about doing something regarding the added costs without improvements.
In the last few years an investment firm took over a nearby retirement community. They raised the monthly maintenance fees significantly. There was a mass exodus of residents since they could not afford the increased cost. This was an area of well maintained duplex homes. It is a nice place in a good location and at one time we were considering it as an option at retirement. Having seen what happened we are staying in our single family home that is not controlled by a management company or an HOA.
I think a MH is good if you own the land and you want to build there later at some point. you can always keep the trailer as a guest house or sell it for something after you build.
@@HotTeaAddict agreed. If you have an acre+ of land. Putting a manufactured home on it is a good way to save some money to build more in the future.
We currently rent a manufactured home. We are happy renting this place but we would never buy. The lot rent never goes away. It's like a mortgage you'll never pay off. Our mobile home was new when we moved in. It was nice getting all new appliances, HVAC and clean vents. I like have my own meters for all my utilities and not having to pay extra because of a RUB or sub-metering. I'd recommend a manufactured home as a rental but never to buy.
The disadvantages to buying mobile homes are a good example of how it’s more expensive to be poor than rich.
The more I learn on the subject the more I agree that it’s smart to simply steer clear of anything to do with mobile or manufactured homes as a home buyer. They take advantage of people who gravitate to them simply due to the cheaper purchase price. There are a lot more things to consider than just the purchase price when considering a home to buy.
Wow, what an eye opener all of this information is for me. I have considered a manufactured home in the past but kept walking; the information provided here just adds to and makes me feel like I made the right decision. Thank you both, so very much, for putting this video together! Well done!
I live in a 1978 double wide on my own acre. I agree that the key is to own the land it sits on. I bought this place in 99 for $85k with a conventional mortgage. It now is assessed for $260k. So they can and do rise in value. I've just done regular maintenance and some upgrades, and have been happy with it.
Usually it’s the land and improvements that go up in value not the MF. In my area septics are now $10k-$30k, the well can be around $20k, electric lines not sure of increase, if it is a new home there is an impact fee of $30k which is baked into pricing for a home. So “improvements” can be worth $80k. Then there is the value of the land. In 1996 we bought 1 acre for $60k, it’s now worth $230k. So land and improvements are $310k. The house is worth less.
@@kenyonbissett3512 I don't have any improvements. My county itemizes land, any buildings, and the house separately. So yes, my actual mf house value has increased by a lot.
@@rcjo2 baked into the land value is usually where the improvements are.
Back years ago I bought a brand new 80 foot long 14 feet wide single wide mobile home for temporary shelter while we built our log cabin
The new mobile home fell apart and it was a total pile of crap - cheap cheap cheap
The first home I ever bought was a manufactured home on three acres that came with it in the high desert of California. We got a conventional mortgage but because it wasn’t affixed to the land, our interest rate was 11.25%! (This was in 1992] …. But it was still affordable. I loved that place. Sold it and moved to Hawaii but I still think about that sweet little place with all its fruit trees and cottonwoods and miss it. Yes, it had downsides, but I just loved that place. ❤
Great advice! Great video! Love your presentation and information.
Why are corprate investors allowed to buy limited housing? Hous8ng shouldn't be a investment vehicle that can use.
Thank you 😊 great information
I live in a mobile home park in rural Louisiana, bought my mobile home for 1500 bucks and only pay 200 a month lot rent, looking for land as we speak
I sold a 3/2 1200 square foot manufactured home and am fairly certain that the buyers got an FHA loan. I had to pay the cost of stronger up-to-new-code tie-downs. This was four years ago.
I'm in So. California, and we have family mobile parks that charge $1200/month for space rent only. Utilities not included.
Yeah, it’s ridiculous. Seen one on Zillow yesterday where the space rent was $2K. Sure the price of the home is great, but it’s that space that gets you.
I’m close to LB.
I’m in San Diego we have space rents up to $1400-$1600 and believe it or not more based on the location in certain parks that have views or are high on the mountains - ridiculous- we searched 95% of the parks - then you go the cheap way and the park is super scary so it’s not worth it
Wow! That's is so high for lot rent.
Your videos are really helpful thank you
You're very welcome!
Hi Jackie….thank you for your comprehensive and informative videos….wondering what your thoughts are on building using a modular built home vs. traditional stick built on site…might you have a video on this topic? Thank you.
I live in Bergen county, NJ and across the street from my condo community a manufactured home was built. I dubbed it the Lego house. It arrived in four prefab sections that were stacked together over a cinder block foundation, wrapped in insulation, then sided. Asking price $1.4 million USD. Absolutely ridiculous!
Great information
I grew up in Florida and saw how badly these homes fare in storms so I would never live in one either. There are some really nice ones out there too but I will pass.
So much of what she said is true and I currently live in one and it's gotten bad I now pay $900 and I started on at $410 I'm literally trying to buy a house soon cause it's costing me the same they only changed are a few cosmetic looks to the park like new pool furniture at best, we have kids in our park and there were a few empty lots were they could of built a small play ground nope put in a another home to make more money.
In mn I've been looking for mobile homes. The lot rent is relatively high and made me reconsider my purchase and probably just buy a smaller house. Lot rent is anywhere to 600-800 month
There's actually no evidence to show that newer manufacturer homes are more likely to be destroyed in hurricanes than stick build homes the statistic show that the number of manufactured homes that were destroyed during hurricanes in states like Florida were extremely low. It depends on the home, but newer manufactured homes have wind zone ratings meaning the home is built to standards for that particular zone that you live in to withstand high winds etc. Also newer manufactured homes are built to be quite energy efficient so the overall energy cost can be a lot lower than a stick built. The downsides are definitely going to be getting financing and the insurance. Manufactured homes are still a more affordable option when placed on your own land as compared to doing a new stick built.
Some older manufactured home parks were set up on prime land which has become much more valuable due to its location, view, proximity to water, etc. Investors will buy them, figuring that they can build luxury condos there and make big profits. Buying in a cooperatively owned park is a much safer bet.
Light weight plumbing and irregular sized doors and windows are also reasons to think carefully before buying a MH.
I lived in one years ago when I was younger. It was put together with a staple gun. Cheap cabinets that fall apart. Wallboard that is stapled to the wall with these ugly strips covering the seams. Cheap flooring. If you get them wet, forget it. You will be replacing the subfloor. Cheap pipes that break and leak. Cheap roof that will need to be fixed and replaced.
I bought a house. I didn't care if I had to go older or smaller, I wanted a site built home. No more mobile homes for me.
Sorry you had such a bad experience. I have a 1982 double wide it is not movable. She is tight into the ground with the proper tiedowns… I guess it depends on who the manufacture was for the home that you lived in I own my land, so thankfully, I don’t have any of those other issues Jackie, and her guest were referring to. Good luck and stay safe 🙋♀️
The modern ones aren’t built like that anymore. That being said, I think it makes more sense to buy an RV and stick it on a plot of land that you own.
Sorry that home was a bad shiity home but I’m so happy that up graded to a regular home
There are definitely different levels of quality even today for manufactured homes.
trailer parks , mobile homes , are not all owned by senior citizens, young folks and all in between, live in them to. I would buy one but it would be placed on my own piece of land.
We need a Kristina / Jackie mega-teamup livestream!
Got a mobile home live here 5 years and live in peace ☮️ no problems
Yes, I unfortunately due to a immoral and dishonest SSDI judge I was forced to sell my home I had built and now I'm in a 1994 manufactured single wide with old original roofing and aluminum windows that leak air and water. It's a money pit. One of those "Corporate investor companies bought this park which has zero amenities i.e. no laundry room, no park, no pool. And they are known for being a dishonest predatory company. They charge illegal fees and have been sued to no avail, they are Impact Properties. Rent has increased over $200.00 since they took over and keeps going up. Other park's have closed and the land sold to corporate concerns. I'm disabled and Many of my neighbors are too and then a high percentage are also Hispanic non English speaking.
Thanks
Do you have a video featuring homes that are good to buy? Everything I have seen is negative. Don't buy condos, don't buy older homes, don't buy manufactured. homes. What's left?
@@Naturalnlvnit tents, buy a tent.
@@Naturalnlvnit Well maintained single-family house in a working class neighborhood. Or as I suggested above by a small plot of land and stick an RV on it. Better option than a mobile home for singles and couples.
@@Neiri-qg2wk My county does not allow anyone to connect to the power grid without an occupancy certificate. So now what?
@@pamking5711request temporary power pole.
Planning on buying a manufactured home within the next year but I wouldn’t do if I couldn’t afford to pay cash.
Heck $1,600.00 monthly lot rent is double the total amount of my social security to begin with.
Most manufactured homes Middle TN are out on land. Not many trailer parks there are a few, but not very many and they are in areas that are not real desirable anyway.
This is problematic because there are so few homes being built. That's why they're so expensive. It's been suggested that we do modular homes like Sweden does. That would be interesting to look at.
What about paying cash? Manufactured hes are still affordable enough to bypass loans altogether
We were renting and now our mobile home that we paid on time every month for a year is now only up for us to buy not renew rental…..we just had a baby in March just found this info out a few weeks ago and our lease is up July 31st….we really don’t have a choice, rent is outrageous anywhere else now we are going through the process of buying the property a single wide 1056 sq ft about $45,000….i know we are getting ripped off but we don’t even have a car to live in, and we are not going to have our children homeless. Lot rent is about $725 right now
Why can't someone perhaps save money in the long run by _purchasing,_ rather than _renting_ the land that the manufactured home sits on?
The only way I'd buy one is if it were on my own lot. I would also buy a brand new up to current Florida codes for mobile homes and have it on a permanent foundation. If certified Florida standards and securely attached to a permanent foundation they have been found to be no more susceptible to wind damage.
Great video.
Glad you enjoyed it
You're Wrong everyone having to pay lot rent--I just bought a mobile home in FL where everyone owns their own lot--included in the purchase of the property.$105k newly remodeled single wide plus standard closing costs. Dues are $266/month including interet, TV, water, sewer, trash, lawn, and common area maintenance including pool and clubhouse. 30 minutes from great beaches.
Mobile homes are the only way to go in Florida if you ask me. You can buy a regular non-mobile home elsewhere but not Florida
She didn't say you always have to pay lot rent when you own manufactured home. She said avoid buying where you have to pay lot rent.
They are money pits
The interest rate chart shown is obsolete. It show a variable rate based on LIBOR. There is no LIBOR anymore. It is now SOFR.
Manufactured homes are a great option if you own a parcel of land in a lake community or mountain community and you wish to drop a trailer right onto the land.
I got a tough choice to make. I own 4ac. of land that I cleared, dug a pond wanting to live out there. Can't afford to build a house but was looking at a nice manufactured home. If I buy a man. home now, interest rates are so high & you can't really refi them to lower rates it would be financially dumb. I got an offer of 200k to sell it which is a decent price. I thought I can take that money & buy a house somewhere & have it 2/3rds paid for. I hate living in neighborhoods next to each other. I also think I'm 50 & about getting older but I got 20 more years of riding a dirtbike around the yard. What really erks me is before covid I found a man. home I really liked & the total cost was good but the stupid wife I had whining she didn't want to clean a big house & she didn't want to split her closet crap into the spare room closet.
@@TraderRoss you have to see if the mobile home is a permitted use in your city planning and zoning department
You know what? The median house price in my town is 600k, but the median income is right about 40k. i know manufactured homes have their issues, but they're the only way a lot of folks can afford to have a home. i think that should count for something.
Just to let you know, just a few months ago, 2024, we lived in a suburb of Seattle and retired. We needed a cheaper place and thought a manufactured home would be an option. The rental on the lots started at a thousand for the least desirable places and went up to over fifteen hundred! And all the places we checked said they would be raising their rents again in the near future. Also, in spite of the fact a person does not own the land, they require the tenants to pay the taxes. Needless to say, we are not in a mobile, nor are we still in the same area that was always home. But we are happy.
My aunt and uncle bought a prefab manufactured home and acreage in 1970s house is still in great shape are you referring to mobile homes?
Don't even think about an fha loan. Dealers just don't understand how to do the foundation. Ask the dealer i know spent 6 years in federal prison for trying to cheat
Concrete foundations can be done on a manufactured home. Mine has a perimeter/ladder concrete foundation.
I currently own a mobile home and they are selling higher than older single family homes in my area. I’m looking to buy a second home in a few years and debating between a single family house and a mobile home.
Wait.... You can still buy land, land isnt expensive...
John Oliver did a good segment about this on his show a year or 2 ago.
As a home inspector, I see these things and they never hold up well. Just end up as junk most of the time
If you own the land these are still way better than a Condo.
Nah, mobile homes are garbage. Even condos and duplexes are at least built to last @@user-tb7rn1il3q
I think it funny that changing the term from mobile home to manufactured home, the industry trying to make them sound better. They are the same thing, just changing the term used means nothing. Once a mobile home gets to a certain age, states will not allow it to be moved, so people are stuck where they are and lot owners know this and raise the price, you are stuck.
I think never is too strong. There are some circumstances where it makes sense. Buy cash. Don't insure. Assume lot rent raises more then you expect. Example- I know people who bought for 50k, spend 800 a month in lot rent. You can't buy anything in the area for under 500k, beach area. Yes it is a dump. To me their main worry is the owner closes it and sells. Expect the worst, hope for the best and you won't be disappointed.
@Jackie Baker with the price of regular housing there is no even an affordable option at all!
We have a serious housing affordable issue in this country.
I used to live in one with a friend and his mom for shy of 2 years. She got it for cheap in 04 with over a half acre lot, it was 55k for a double wide from 1979. A big part of the reason why it was so cheap is bc the previous owner committed suicide with his cat in the garage in his car by letting it run in a closed environment. Way before I knew this I had uneasy feeling while in the garage, couldn't put my finger on it then.
Man, that is creepy. I firmly believe in the spirit world as a Christian. Most Christians have always found fault with my abilities to both see and hear the dead. Me, my late father, and late paternal grandmother can all sense them around. The afterlife is not a prison, just another dimension. People who commit suicide are doomed however to roam around the area they died because Heaven will not take them and they made a mockery of God's Life Plan for them. Evil spirits taunt them for eternity. That is what you were picking up on.
I just got a call from the agent now we have a lender for land lots
The homeowners insurance on a manufactured home is very high.
Not so! Mine is only $105.00 per month. That's cheap in "tornado alley" Texas.
Can you do a similar analysis on Modular Homes? Those seem to be all-the-rage amongst homeowner-hopefuls
They can't possibly be all-the-rage because I haven't seen not one that doesn't look like 💩
I sure can!
@@Omar_Zazzle then you need better/ stronger glasses!
I bought a modular home (stick built in the factory). It was perfectly fine. Lived in it for 10yrs with no problems. If you decide to get a basement I highly suggest you add a course or block or two to get a higher ceiling height. The house is still standing and I’ve noticed no new improvements on the outside (same siding and roof and they look to be in good condition), it’s now 35yrs old.
Manufactured Homes are assembled in a factory and moved via falt bed truck, not towed via axles and wheels.
The sectiona are lifted from the flatbed and possisioned onsite via crane.
Those are Modular homes, not Manufactured (Mobile Homes).
Quite a title for a video 11 minutes long. Big red flag there. I've watched a number of your videos, Jackie and I found them very well thought out and helpful. This one was not one of them. I lived in a used Champion manufactured home for 15 years. Purchased the home for 22k sold it for almost five times that amount. It was a good house that we put a beautiful addition on. After living in a 115 year old house for ten years, with lots of costly improvements in order to sell that home, I am back in a 2020 Champion. They have come a LONG way since my first one which I think was a 1985 or 86. This home has required tie-downs, is bricked in, has complete smooth drywall and moulding better than most conventional homes in addition to a 10-year full new home warranty. A minor plumbing issue was completely covered by the warranty. This is the quietest, best built, solid and beautiful home I have ever lived in, extremely well-insulated as well. Just learned that comparable new models to this four year old home are some 60 K more now. They do appreciate in value, at least in this area they do. You are correct about the whole issue with lot fees and communities. But that is a different thing, granted it is one that needs legislation and changes. We have even taken our landlord to court and won on the issue of his misconstruing lot fees that went up more than we were promised But the liveabilty and quality building of this home, constructed indoors in a standardized manner brings a consistency to this home not often happening with a site built house exposed to the element and changeable weather. I think there are powerful interests and lobbies for traditional homebuilders that have undercut things that could make this more affordable option a reality for more people.
Appreciate your feedback! Thanks for sharing your insight!
What about if you purchase a parcel of land that's not in one of the communities mentioned and build a manufactured home on a permanent foundation?
There are good and bad manufacturers of MH just like stick built. Do your due diligence.
i bought one on my own property. sold everything 2 years later and made 60,000 dollars which was almost 50 percent. not bad profit for 2 years.
That's great!
Buy used pay cash put on your land
Do you typically pay real estate taxes in addition to lot rent?
You do know people can buy land right ..?
sad, but true..... and the housing crisis continues....
I'm trying to. understand what to buy... you say don't buy a condo. You say don't buy certain styles of single family house. Then you say don't buy a manufactured prefab home… What's left to buy? I don't want to have buyers remorse. as a single person I know every type of home has pros and cons
I don't think this is the exact same thing, but do Tiny homes on wheels count in this? I've been looking into buying one so I can avoid HOAs, travel more easily, and have an easier time moving in need of climate disasters.
I have the same question.
Lot rents in Sedona AZ are often around $1500 a month.
What? Holy cow!
@@JackieBaker Oh, yes…. It’s common in Sedona. In fact, many people who work there can’t afford housing and sleep in their cars!
The color of your eyes is very pretty.
I’m poor !!! Might be my only home I’ll ever live in!!
they are trailers without wheels. garbage
Just subscribe to ur channel great information
Thanks so much! Appreciate you being here!
Manufacturer home? Mobile home? 1000, 5000k insurance. Plus lot rent. Might as well buy a real house
The terminology here is confusing to me. Most of the people I know who live in manufactured homes own the land their home sits on. I attempted to google it - Perhaps those are called "modular homes" now? It was so much easier in the old days when we had trailers & prefabs!
But the build quality of today's mobile/RV, modular, and manufactured homes are far superior than they were even 10 years ago. Technological improvements in materials, appliances, construction methods make them far better built today. If you take good care of a manufactured or modular home, they can last 40+ years. My new Clayton Home exterior is guaranteed to last 50 years alone. The roof has a 25 year warranty. Wind rated at 120 mph.
Another thing you didn't address, a lot of these trailer parks attract the criminal element like registered sex offenders and other criminals. So the safety of your family is at risk. Do a zip code search of your states sex offender registry. Also they attract illegal drug offenders.