7 MASSIVE LIES About Manufactured (Mobile) Homes AFFORDABLE HOUSING!
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- When purchasing a manufactured home, or a mobile home you need to do a lot of your research upfront. It will make a huge difference in finding the hidden gem and your long-term happiness. Be sure to work with the right real estate agent that understands the manufactured home buying process inside and out. Also, working with your best lender options, that can finance the mobile home that will fit your budget is super important.
Be sure you understand all the laws and restrictions to where your manufactured home will be placed before signing. There are many steps involved to your can avoid the pitfalls that are common. And in this video, I show you the things that you must know before purchasing a manufactured home. Manufactured homes come in many forms.
A manufactured home, also known as a mobile home or what some old schoolers call a trailer home, is a prefabricated structure built in a factory and then transported to a site where it is placed on a foundation. Modular and manufactured homes are prefabricated structures, meaning they are partially or fully constructed in an off-site factory. The primary difference between modular and manufactured homes is that modular homes are held to the same local, state, and regional building codes required for on-site homes.
Many entry-level models can provide affordable housing for many Americans. Approximately 20 million Americans live in mobile homes which is about 5.6% of the United States Population. Experts say that modular construction is efficient and ideal for a variety of housing options.
This is what you need to know so you can find your own affordable home and avoid the pitfalls that are costly.
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#modularhomes #mobilehomes #manufacturedhomes
Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
843-839-9870
🟢 Start Here! - www.HomeGuideMyrtleBeach.com
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.
✳ 13 Affordable Home Lies!…NEVER Buy A Cheap House Without Knowing This! - th-cam.com/video/QOtWLc0oCeY/w-d-xo.html
✳ Absolutely NEVER Buy This Type Of Home - th-cam.com/video/kui6J6oBIT4/w-d-xo.html
Thank you, Sir, for this information. My Mom is needing to move out of her apartment for 10-14 days for renovation. When she moves back in, the Rent will be over $1200. Plus, she has to pay for the moving and storage herself.
The Family is discussing getting a home and we will move in with her. One of the young members recommended a Modular home. Things have to be taken into consideration: Lives in KY - Flood Zones - Sink holes - Taxes, to name a few.
Thank you for info!!! 😉🤗😉
I swore that I would NEVER buy manufactured home, and guess what, I did. I own 1 1/4 acres in the Poconos, My real-estate taxes are based on "unimproved" land. In other words, my 1000 SQ FT manufactured home is not considered a permeant structure and my taxes are for land only.
$217.00 a YEAR for real-estate taxes, $333.00 for school tax and since I live on a private road, there is road maintenance, plowing etc. which comes out to about $495.00 A YEAR. So, for just a little over a thousand a year, I have a home. I do not have a mortgage either I paid cash for it and my water is well water. The only bills I get is an electric bill and $50 bucks for T mobile 5G internet. My heat is wood stove which I have an endless supply of free firewood. 😊
Dont buy unless you own the land beneath you!!!
Ultimately...that is the best way to buy if you can afford to. Thanks for watching and taking the time to comment!
I have looked and found that the inexpensive beautiful manufactured homes are in neighborhoods with a steep monthly HOA fee and rent, that are guaranteed to skyrocket as times continue to deteriorate. That's why they are relatively inexpensive. OTOH, the ones going for $100k+ are on their own land and in nice neighborhoods, with no HOA or very inexpensive HOAs. Just like jobs today, no job or home is beneath one's dignity.
Exactly!!
@@Miami7 Thanks for watching and sharing!
@@350BMW09 Thanks for watching
Before too much longer, tents are going to start looking like "winners."
Thanks for watching
And this is the total truth :( it’s going to get awful guys.
or amazon folding boxes , , but finding land that permits you to put it on some land will be hard to find
Been there done that.🙄
That's why so many people who took the AOC advice and "choose not to work" have moved to California. Now their idea of keeping up with the Jones's is having a bigger tent. They even want tents you can stand up in now. FANCY CALIFORNIA LIVIN ! Yes sir.
I lived in a mobile home built in 1955. Outside is aluminum, and it looks almost as good as the day it was made. Everything is made of Aluminun, doors, windows, roof, even the shower wall, etc. The oil furnace still works, stove still works, etc.
They don't make em like that anymore !
Wish I could see the inside.
My uncle had an old one back in the day....... don't know the exact age, but I remember the interior, fixtures, stove ect, so I'm thinking it was definitely the fifties.
It's long gone now.
Kudos on keeping yours up, a time capsule I'll bet. 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
If you can find a modular home that's never been moved more than once you'll be alright.
If it is now a "classic", and is worth more than it was when you bought it, and it is not your regular living quarters, you can consider it an investment, otherwise, no, it is just a purchase.
But what is it like in summer with all that aluminum? I'm sweating just reading!
@@imeanithonest5704 And freezing cold in the winter!
Bought a double wide manufactured home on a large crawl space, well, septic, 1 acre across the street from a corn field. Absolutely beautiful and peaceful. Our first home in our mid 20s only 115k mortgage of 750 a month. I must say, as a young married couple we feel as if we are winning, even on a 30 year mortgage, we are catching up financially so much quicker than a 1k rent apartment. (That’s just the rent 😂) we feel like we are finally getting ahead to move forward in our next step in life, and that’s if we even wana sell this peaceful place!
Why didn’t you save the necessary needed amount? Then, paying monthly payments on it?
To me, if both y’all work and saved up for 2-4 years for it. You would’ve saved yourself a lot more money then paying for a monthly mortgage tbh. That’s awesome to hear though, that y’all are catching up financially. Good stuff brother 👍
Your mortgage is $750, but does that include taxes and insurance? I owned a MH on 5 acres once. The payments on the land and home were only $325, but the taxes and insurance were another $200 a month, and utilities were insane because it was an older home with leaky windows and no insulation. Add in all the money I had to pay for maintenance and repairs and I lost money when I sold it. I will never do that again.
Do you enjoy your mobile home?? How is the sound proofing and temperature fluctuations from inclement weather? Very curious as to how mobile homes stack up against a foundation home. Thank you!!
Good for you all!!! That's my goal.
You are winning, don’t listen to any opinion other than that!
It’s a tragic situation what is happening to the mobile home communities. I have considered downsizing to a mobile home but changed my mind because of this. It’s a crime these greedy investors and corporations can’t be satisfied pricing out the middle class of basic housing, now they have to gouge the poor and senior citizens who can least afford it. This bs has to stop.
Thanks for watching and taking the time to comment
What Middle Class?
Before Biden I could afford my beautiful home. Now hardly anyone can afford one. It is way easier living in a manufactured home that is all YOURS along with the land it sits on, than forking out $2,000 every single month to rent an apartment. Our country is being gouged by this regime. They want to get rid of the old and wise folks so that they can control the young and dumbed down ones. He wasn't happy taking away our energy. Now he is after every appliance that relies on natural gas, which is a clean form of energy. How does he think the grid will support millions electric cars and homes, with landscapes full of windmills and solar panels?
Well, the CEO of these big companies need to afford their McMansion and 1 or more vacation homes.
Somebody's gotta do Coke off strippers asses while driving a cigarette boat to the keys.
I have been living in my manufactured home for 21 years now. It's a triple wide and I bought it on the internet. It's 2,500 sqft on a cement slab so it's considered a permanent home. It's also on my own property, 2.5 acres of land.
@@micker9830 why is that?
Thanks for taking the time to share your story with others. Should they know about the positive aspects of a manufactured home.. Thanks for watching and commenting.
Thanks for watching
Thanks for sharing
@@micker9830 nope. It's a manufactured home. Technically, the term "mobile home" refers to those built before 1976. All those after 1976 are manufactured homes, though we still colloquially refer to them all as mobile homes
Living in a mobile home is better than living on the streets.
True !
I'm low income & really want my own house. So I thought a manufactured home was my best bet. It was a nightmare trying to get a conventional mortgage. I found out early that parks due to possible large rent increases could also wind up being a nightmare that could cause me to loose my home. Trying to find a cheap piece of land to put it on was not cheap but very expensive. Eventually I found a stick built house I could afford & had no problem getting a conventional mortgage. It came with a 1/4 acre of land. I could not be happier. I use to be a renter & got out right as the rents began skyrocketing. Now as long as I pay my mortgage I have an affordable home where the price will stay the same & won't constantly be going up & I now have an an affordable home for the rest of my life.
Where did you find it?
Your taxes and insurance will go up. Be prepared
Yes I had a home, fell ill, could manage my mortgage but the property taxes were too much and I had to sell.
You're smart - you made a good decision. The whole mobile home thing highlights the dark side of capitalism in this country. Compared to a stick built house these things are total junk - I sold 'em briefly and I bought one and remodeled the thing. I dry walled and re-plumbed the thing and I saw how it was built - basically stapled together. The interior "walls" were 2x2's. DOH. The floors were a shitty composite material. 99-percent are in parks where a park owner can jack the rent at any time. The reality is that, for most people, these things are a horrible idea. They also don't do well in storms and they'll burn to the ground in about 15-minutes. You're also are forced to deal with iffy lenders as banks and credit unions, regular mortgage companies, etc. won't touch these things. These are the facts - this video is largely bullshit. Buying a used one and throwing it on some land, if you already have the land, is about the only time I could see buying one - as a hunting cabin or a little vacation home or something. Basically, mobile home buyers are almost universally low income and desperate - and they get taken advantage of by the people selling these things and the park owners.
Well no mobile home here. They want 850.00 lot rent outrageous
Years ago we bought a few acres of land in just outside of Seattle with a mobile on it for $150k. Today, that property is worth $400k and is a rental making great money. The last stick built home sold on our street was $750k. Don’t turn your nose up to mobiles.
I think like any property, it depends on location.
That 400k value is imaginary. It's not worth it, it will never be worth it. If you buya mobile home for 400k you are an absolute moron.
the value is in land/location...but also an affordable way for someone to buy into the location.
Hi, when we moved to FL after I retired. We paid cash for the new manufactured home. VERY BAD MISTAKE!!
Every year our lot rent went up and there was nothing we could do about it. You are at the mercy of the property own.
Oh wow! Thank you so much for sharing your story with other, so they know what’s going on in some of these communities. And thank you for taking the time to watch and to comment.
Buy in a community whete you own the land
I agree! They're doing the same thing here in Washington State!
@@JerryPinkas So sell. After two years gains are tax free
There are many, 1/2 acre lots for sale where you can purchase and put a mobile on it. I would never buy on rented land
My parents downsized and moved south in the early 80's. They bought a parcel and a single-wide mobile home. I believe they were able to pay cash in full or almost in full. Since dad had been a building contractor for many years he knew what to look for. He enlarged it some, added a screened porch and 1/2 bath. It's about 40 years old now and still standing
That was forty yrs ago. "Standing" lol... so you mean, it's a rust bucket, is it livable??? It means nothing today, unless you wanted to brag about something?
@user-so9qk1nf4t it is still very livable. Matter of fact it was sold just a few years ago and is currently being lived in. Nothing to brag about. Just saying my father knew quality when he saw it and did his research.
Mobile home aren’t investments, they are money savers.
so buying a home for 400,000-500,000 and making 3000 monthly payments for 30 yrs is an investment? that "American dream" of buying a house isn't realistic anymore, its different nowadays. Back than it was possible for just anyone to buy a home, today, even with 2 incomes coming in people still cant afford a home. property taxes, insurance, state taxes, entertainment(cable,internet,electric,water,phone,movie apps like Roku,amazon prime,etc) all of these are higher prices than back than and exist these days. you can buy a mobile home for 100,000 and invest the rest 300,000-400,000 for 30 years and guess how much you'll be worth if you make decent investments? .....a few MILLIONS!!!!! while your 3000 a month house is worth 700000-800000 with hardly no savings in your bank/retirement account
As someone who lived in mobile homes for 21 years, I was prepared to be skeptical, but Jerry's information is solid. Great tips if looking into manufactured housing! I would add a couple more. (1) Don't buy into a "rental park." Look for mobile home communities where the residents own the park or the land. That way, no one can sell it out from under you. (2) If you're considering an older home, check out what homeowners insurance is available. If a home is too old, you sometimes can't get it insured. Thanks, Jerry, for an excellent video.
You are welcome! Thanks for taking the time to watch and share your story with others. You have the experience and it’s nice to let others know what’s really going on. I truly appreciate you taking the time to watch and comment. I’ll see you in the next video
In Canada you will never be able to afford to pay the rent now over $2,000/one bedroom ,$2,000,000 for 1,500 sq ft house
That thing about insurance is true. Very few companies will insure an older manufactured home even if it's permanent.
I agree to a point. My mobile is appraised at approx $45,000 it's a 2/2 lot rent is $975. What I noticed is comparable ones in resident owned is that the prices people want for their home is as much as 3 x what I can sell mine for. There is still monthly fees just not as high. The added price makes it harder to sell. It's a gamble that everyone in the park will agree to sell at the same time.
So what one is buying at all that extra cost is the protection that if the park sells your investment will be protected. What happens when the park doesn't sell. Selling a home that is very similar to yours at about third the price make it more appealing to a buyer, especially if they are retired.
Right. NEVER NEVER NEVER place a mobile/manufactured home you own on land you DO NOT.
I've lived in and worked on mobile homes half my life, I'm 70. The older ones were made of glue paneling and staples wrapped in a thin skin of aluminum, the roof was covered in galvanized steel, guaranteed to rust in under 20 years. The newer ones are covered in a material that should be outlawed as a building material, press board. Their garbage, the outside walls buckle and rot, termites think it's candy. The floors are made of chip board and when ya get them wet ya get big holes in your floors. The plumbing is made of plastic tubing like garden hose running through the walls. Save your money and buy an OLDER real home... Your Welcome...
I've been in New home construction and home remodeling for 26 years. I've built premanufactured homes. They are typically built much much stronger than on site built homes because they have to withstand highway travel. Premanufactured homes use higher quality materials than on site built homes such as 2x6 framing rather than 2x4 framing. You're full of crap and have not a clue what you're talking about. All homes use particle board sub-floors. You can put a premanufactured home on a cement pad if you'd like to add additional security. I constantly fix particle board sub floors in onsite built homes. Premanufactured homes are built from much higher quality materials.
Thanks for taking the time to watch and to comment and share your story
Thanks for watching
Are there any that are well made?
@@maidenthe80sla*corporatism
Don't blame capitalism, comrade.
Sears back in the day sold houses out of their catalog that were better than these trailers .
100 years ago......
Well, yeah. They sold house plans and the lumber, etc etc to build an actual house. They weren't "manufactured homes".
I am a senior citizen who thought I had it made when I bought a used mobile home for $10,000. My lot rent at the time was only $160. I could afford to pay for yard maintenance. I loved living there, but as time went on, utilities went up. Little did I know that my insulation was rotting away within the walls. Over ten years my lot rent doubled. By the next summer it would have increased to $480 monthly. Thank goodness I found a nice little apartment in subsidized senior housing. My social security is $1200 and I pay 616 monthly, but I don’t pay for yard maintenance and my utilities are very inexpensive. Meanwhile the trailer park did not give me a cent for my old trailer and now they are charging people $500 for demolition of trailers they can no longer afford to live in, so I missed that financial disaster by a hair. As much as I enjoyed my trailer, I am very thankful to be living in this apartment now.
Thank you so much for sharing your story with others here on this channel because you are scenario is definitely happening! Thanks for watching. I’ll see you in the next video.
You did the best thing.. I picked up some Applications and was told the waiting list for senior housing is 8-10 years 👀 I was shocked 😳 I told her I won’t be needing it then I’ll be dead 💀 by then
🤣🤣🤣🤣
Your profile pic goes so well with yor comment 🤣
I now live in an apartment. I use to live in large nice homes over the years.
I never want to have to clean or care for a nice large home again.
The cost of up keep and the headaches that go with dealing with it are not worth it.
Taxes and HOAs are not worth it either.
@@oooloo99 same here! I love my three room apartment. Someone suggested that I need a bigger place and I thought, no way, I just need less stuff. So I give away a carload of things ever so often so hopefully my children won’t be stuck with too much of a mess to dispose of someday.
That is why my car is going up in value......it's becoming the affordable housing.
I worked maintenance in a major mobile home manufacturer. I can tell you horror stories.
Rural property can have water available. It is here. I bought my property, 2 beautiful acres, a stocked pond in front yard, water, septic and power already here, 10k, building a small house now. I'm living in my camper till it's finished
I'm buying as I go, when I put the last piece of trim on,,,IT'S ALL MINE!
Thirty yrs ago our modular homes were on rented property . When the opportunity arose to buy the land we bought it fast . So thankful we did !
I bought a 1995 mobile home in 2008 on bought land and lived there for 14 years. It's horribly expensive to cool them. I eventually had to shut all the bedroom/bathroom doors, install a window ac unit, and sleep in the living room with a bunch of fans going because I couldn't afford to cool it with the central ac unit that came with it. I had great neighbors at first, but when they moved, horrible ones moved in. That was when I realized I was essentially living in a cardboard box. They would be standing in their driveway having a normal conversation, but it sounded like they were in the same room with me. They also played loud music, set off explosive illegal fireworks, honked their horns, and were up until all hours of the night. It was as if the sounds were being sucked into my mobile home and amplified. I don't even know how that's possible, but I've never lived in a regular house that had an issue like that. I moved a year and a half ago. Never again.
Mine was not expensive to cool. I did have 6 inch walls and insulation.
Imagine if investors bought all the markets where you buy food and doubled the price on everything. You complain and they tell you “if you don’t like it , don’t buy our food” but there is no place else to go. That’s what’s happening with mobile home parks.
There is only one supermarket in the small town near our farm. The prices are outrageous. We can drive 50 miles to a small city and save money.
@@Oldman808 Save on petrol also ha?
@@Oldman808 I drive two hours to a US Foods wholesale store open to the public. I pickup massive orders couple times a year. See if there ar4e any restaurant supply places around your area.
Best option: find a manufactured home already set up on a piece of property. I did this when I retired in 2017. Value has more than doubled since then. No regrets.
Thanks for taking the time to watch and to share
I moved my parents' 1300 SQ ft lakefront mobile home from a rental slum Lord park to private land lot that they purchased for $9k. The teardown and move and reinstall was expensive, not just the few thousand that you quoted, @Jerry Pinkas. And I used a reputable mobile home installer who had been in business for 40 years. There were so many more costs on top of it such as sewer, water, electric installation on a bare lot. Tree removal. Permits and inspections. AC ducts and connection and cement pad pour. I oversaw or did the rest of the upgrades and repairs myself. We sold it shortly thereafter. Former park tried to sue us. They just never had anyone pull out their property before. Once a mobile home is moved to private land in Florida, it becomes REAL ESTATE instead of a MOTOR VEHICLE. You pay taxes on the lot and home, etc.
Same in Texas
I knew a man, whom bought hundreds of acres and put a mobile home on it. The mobile home, fell apart, slowly, then rapidly. Fortunately for him, the land value increased, so, So, he had it replaced with a stickbuilt home, after 20 years.
I used to move mobile homes of all sizes when parks closed or brought in new rules or requirements, it was extensive and expensive. A mobile home is not really as mobile as it sounds, many have porches or external structures which must be dismantled and then you need to disconnect utilities and hope the axles and frame of the mobile is road ready which can add thousands to the move cost. Then when at the new place it all has to be reassembled and reconnected to utilities which may not be located the same, requiring adjustments, and more expense.
For anyone who anticipates moving, park models or fifth wheels are great because if a serious storm is coming you can unhook in a couple hours and leave, and if a unscrupulous land owner decides to sell or raise your lease you can just unhook and move elsewhere without all the hassle of a typical "mobile" home move.
never buy trailer unless you own land
I get sick when I see young people fork over 40K for trailer in a mobile home park. Had a young coworker fork over 40K for this dumpy trailer in mobile home lot. Less than a year later. The park sold to an investment firm. The investment firm announced a new larger minimum size requirement along with a 150% lot rent increase! Apparently, you are not grandfathered in when ownership changes. When he looked around where to move. No soap. The nearest place was over 70 miles away cost almost 12 K to get there. He ended up using his mother inheritance to pay off the note. Just to watch a front-end loader crush it. No surprise he was not the only one person in the park who got screwed. Some trailers were 1960's vintage, and they were sublet for years. The financial company. Ended up putting storage units up on the now open lots. NEVER ever buy in a mobile home park. When I retire soon. I will buy on a 2 acre land I own. I will set it up for myself to basically die in. My Nephews, who are like sons to me can loot what they want out of the place. Crush the rest. I will build a pole barn. Then the boys will have a peace of land they can do what they want with.
That's exactly right. Many states consider Mobile Homes vehicles with zero miles. If you finance in a mobile home park, then you can expect to be in debt for DECADES.
However, if you buy it with the land, then it is considered a normal house.
I used to rent mobile homes to people in a mobile home park. Their 70 foot homes had more space then mine!! It was great until the mid 2000's and the infopreuneurs starts jacking up prices. I could not afford to rent to Joe/Jane 6 pack any more.
What a great phrase. Living beneath your means. Its a way of life that had me come out of a serious medical issue with more money than I started.
Thank you so much for sharing your story and thank you so much for taking the time to watch this video. I truly appreciate you and I’ll see you in the next video.
My cousin out in Arizona (retired mining engineer so vey smart) bought a manufactured home and put it on a slab and he's been there for 10 years and is very happy. No issues. He added a large garage attached to it with a breezeway roof where he can park 2 cars in the shade.
I worked my career in the mobile/manufactured home industry for 32 years. One reason mobile/manufactured homes survive storms better than stick-built homes is that these homes are built in the factory to survive a 5.5 earthquake (during moving down the road). I started my career in a factory...been there, done that.
Wind zone 3 sticker D has to be added for Key Largo, and an age limit
Thanks for taking the time to comment and share your story with others, so they understand the truth.
Thanks for watching and sharing
Not true in florida. while houses loose shingles during hurricane event the manu home looses entire roof. the manu home community close to my condo which have newer homes was totally destroyed last year. homes turned into twisted pieces of metals scattred all over the neighborhood
@@jibberjabber-fm6pb Hurricanes are a lot different than earthquakes. No comparison.
Mobile homes have a stigma attached to them, but if you're not concerned about investment, they're not bad to live in. Many have pretty impressive floor plans with not a lot of wasted space, whereas many huge custom homes have bad floor plans with wasted space everywhere. Good video.
That is true! I’m glad you enjoyed this helpful video. Thanks for taking the time to watch and to comment.
The stigma is mainly explainable as bad-mouthing by the entire community of real estate professionals and bankers who want everyone pressured into paying half a million dollars across the rest of their lives and beyond, just for a place to live that would have cost a tenth of that much 2-3 decades ago.
They are not an investment. They depreciate like cars.
Homeownership is a money pit and unless you own the land that your "manufactured" home is sitting on, you are still paying rent.
My husband wanted to move here in a mobile park 55 and older.My husband passed away about a year after moving in.It’s beautiful inside but I started doing the landscaping.When I started doing the landscaping in the back. I never realized the roots from a Maple Tree are as large as the tree Trunk.They are literally going around the whole back of my house.A Maple Tree should never ever be planted near living quarters because it will actually lift it off of your foundation and move it.Ruins patios,sidewalks,driveways,everything you put around you’re home it will ruin.The owners told me “someone will cut the roots.So when the tree dies they pay for it.Never came now I was told I am responsible for it. I will definitely fight until my last breath. I am responsible for my property, I take care of everything my landscaping looks great.Except for the back I never realized those roots are destroying my living quarters. I put porcelain tiles underneath the carport so it’s a nice patio.Then on the side I had some one put pavers down.That’s when I realized about the roots of that tree. I read every thing about it.Also it stated 90% park will refuse to pay for the tree removal. It never was disclosed in the contract if my house was being destroyed by the land it’s sitting on top of paying $600 to be on that land they own. I would be the one responsible for that land. I definitely take care of all the surroundings around my home.But there property is destroying my home. I definitely don’t have the money they have for sure.But to disregard it like I don’t know what to tell you, it’s your responsibility.That was never ever in my contract. I will fight until my last breath about it.
I live on a forested wetlands, and there were roots all over my backyard. Cost me a fortune to get them dug up. This place just isn't worth it!
Same thing happened to me. The trees actually caused water to back up into my home. Home insurance only paid for part of flood damage and zero for replacing drain to sewer. I also had to pay for tree removal myself.
I love my manufactured home here in eastern Canada. Just a 10 minute drive to stores and I have 5.5 acres of land and 450 feet of lake frontage. The well water is so pure you could bottle it and sell it. it has 3 huge windows and 1000 square feet. All plywood construction no chipboard. Has back porch, a big baby barn and a shed. Only 8 years old with oak flooring and porcelain tiles in huge kitchen. I'm currently paying 630 dollars a month mortgage and taxes. My biggest power bill was 170 dollars in January. Has a heat pump also. Everything is so convenient. Glorious retirement!
You wouldn't get all that in Southern Ontario.
@@mckessa17 If one doesn't want or need a monster home then a manufactured home makes financial sense. But it must be located away from large urban areas so a car is required. A million dollars for a bungalow house in the Toronto area or 3000 dollars a month to rent an apartment?! Am I on the same planet?
@@gwwayner I know a few folks who sold there overpriced homes in the greater Toronto area and are living like kings and queens in the Atlantic provinces.
One thing I found when looking for an affordable home. There are parks where you can buy the home real cheap, the problem is the HOA fees are real high. Don't get tricked into buying one of those without knowing the fees in advance.
Thanks for sharing your story with others, so they know what to look out for as well. And thanks for taking the time to watch.
ever buy in hoa & make sure you ow land
never buy in hoa & make sure you own land
There is nothing more beautiful than a professional giving sincere advice to help his community. I appreciate you sir! Thank you!
Ive been in my double-wide for 21 years. It’s not the greatest. But it’s solid and meets the wind standards for where I live (Tallahassee, Florida). Even being a lower priced home, it’s been worth it. I own the land. And the only major maintenance has been a floor repair in the bathroom and a new roof about 5 years ago. Most site built homes of the same age have needed a new roof as well. I replaced the shingles with a metal roof. I’m happy with it. Mobile homes are a viable, affordable option, especially if you already own the land.
Thanks so much for sharing your story with others and thank you for taking the time to watch and comment
I’m also looking to buy in Tally, do you mind sharing how much is your energy cost for double wide? Curious how it compares to regular home in that area.
@@rainacherienne1010 I live alone and run my heat at 72 and AC at 77 and have a timer on my thermostat I have resistance heat strips which is the most expensive way to heat. On an extremely cold month, my bill may approach 200. I'd say it averages around 120 or so. Most newer homes have a heat pump which is more efficient. Modern mobile homes are also better insulated than before . Power bills tend to be in line with that of similar sized regular homes. My home is 24 feet x52 feet.
@@dmandman9 Thank you, very helpful!
@@rainacherienne1010 you’re welcome
I had a mobile home for 5 years and it doubled in price. I didn't plan it when I first moved there but with the increase I was able to sell it and buy my house with the profits. The property owner offered to sell the park to the residents which seemed like a very reasonable offer and would have helped control prices in the long term. The park residents voted against it and instead it was sold to a private equity firm that continued to increase rents and does only minimum maintenance. That vote was a bad decision and a good reason to move to my house instead.
@@sergio12151SCAMMING AGAIN FELLAS???
I'm in a Park that got sold to a predatory investment company that raises and raises the rent and puts in things they deem will help us but charges us for the install then tacks on a monthly charge and then makes us pay the rent via Website set up for them but charges us a yearly fee to maintain said rent payment website. This company has been featured several times on the states PBS CHANNEL AND how they operate and how many times lawsuits have been filled against them for illegal fees and practices but nothing ever stops them. When I can I try to view all the programs about this practice and this company and see how you go about buying the Park from them. MY Big opstical is the language barrier since Many residents speak only Spanish. Can you tell me why, what was the reason your fellow Park residents decided against purchasing the Park and can you give me any insights? I would very much appreciate it. Thank you
Don't respond to " @sergio12151" ...the bots are heavily involved here.
@@karrenpopovics2780 Yep, the $ sign after the amount and the five "grands" is a clue. REPORT this idiot.
I am curious where you are that your home doubled in price in 5 years? That just seem like a huge increase to me, but I haven't been watching the MH market either.
I saw a documentary on trailer parks where investors realized people were getting too good of a deal and so are buying them up and like doubling the lot rent. The cost they quoted on the documentary to relocate a mobile home is $17,000!
Lot rents in Fla are well over 1 k a month ridiculous…
Great advise. I don't know if this will help anyone but my wife and I took advantage of the housing boom and sold our stick built in town home and gained a great profit. We found 5 acres in the country and bought a manufactured home and couldn't be happier with our decision. Our home is awesome with a large deck and great for entertaining. We were able to have a nice new home and wipe out a chunk of debt by selling our in town home. Everything Jerry said in this video is accurate, pay special attention to the finance portion, we pulled out of the process with our first bank as we educated ourselves and were able to find a local lender to work with and saved a point and a half interest by shopping around and talking to several lenders.
Advice*
You should do a video on living beneath your means when living life and purchasing real estate. Some people buy houses they can't afford.
That is a very good idea! I’ll probably be working on that, in a future video. Thanks for watching. I’m so glad you’re enjoying these helpful videos here on this channel. See you in the next video.
@@JerryPinkas Hi yes your videos are informative. What about the truth of trying to become a landlord documentary on a small budget? Thanks
Agree, love to see this video of living below means and how you calculate what you can afford really
@RGX2178 Don't let your housing (mortgage/rent, real estate tax, and home insurance) pass 25-28% of your yearly or monthly income, and save six months of your emergency fund.
Nobody can afford to buy in this market but they keep doing it. It's gonna cause a housing crash!
15 years and loving it. Your best option, if you are able, is to put it on a piece of land you own.
If the city let's you. Against code in some cities
I bought my 80x30 twenty years ago… island kitchen, massive master suite, four bedrooms, two bathrooms… brand new delivered for 57 thousand dollars… paid in full on paid off land… best investment I ever made… now I Airbnb the three empty bedrooms… put it on your OWN LAND…I got the 2x6 exterior walls and ran 13 concrete beams front to back… absolutely love it
Came across your videos. I have followed exactly what say and took 400k and turned it to 7 figures in 6 years living well below my means. Now at 43 I can live how I want. I hope more people can live this way instead of spending thousands on ink to look cool and driving 100k plus cars they can't afford.
Thanks for taking the time to share your story here on this channel with others so they can see what really is going on and how you can possibly get ahead in life. Truly appreciate you and I’ll see you in the next video
You're spot-on I've lived in Waimea manufactured home and my property for 30 years worked very hard to keep it from my ex-husband and his lack of paying the mortgage many many times and have recently paid it off and have now remodeled my home is 1800 square feet on Two and a quarter Acres of beautiful land and I've invested a lot of money but I love this house. I still get people when I say I have a manufactured home that's cringe their noses but I have seen site-built homes that are a mess I wonder when this opinion is going to cease. When people walk into my home they go oh wow it's beautiful I brought my premature baby home who is now 26 years old to this house it's seeing me through windstorms and a bad marriage and I'm now 60 and it will be my retirement home. I've been lucky I've had inherited says that have been given me the ability to pay it off and do upgrades just like any other home
Thanks for watching and sharing your story with others
So the only thing you actually earned or worked for was keeping it from your ex and someone worked and earned the money for you to have the home.
@@dcg590 Reading comprehension? Deadbeat didn't pay the bills, so she had to.
In the early 90s I built manufactured homes on the assembly line in northern Indiana. It was a very demanding job. The pay was good, though. Then I moved onto sales in southern states. When these homes are set up correctly, and proper maintenance is done, they will last many years. There are good and bad ones, just like home builders. To me, it seems that modular is the way to go, today. They are just like site built homes, but built in pieces at a factory, which are then assembled on the property. The factory has inspectors for every step of the build. Buying used mobile homes is like pulling the one arm bandits in Las Vegas. Unless you have the original build sheet, you won't know what is going on under the floor, in the walls and in the ceiling.
We bought a 1969 MH on acreage. Our plan was to replace with a new MH, but we decided to live in the old one and see how it functioned. Years later and it is still good to go, and our property taxes have remained low.
Thanks for taking the time to watch and comment here on this video. Thanks for sharing your story. I’ll see you in the next video.
Smart!
Good tips here. A few points to add-on:
1. When buying land, don't just look at zoning, but what kind of zoning is permitted to the mobile home/size of the mobile home. I had a friend that bought a single-wide to put on his land, but he did not know that zone was only for double-wide trailers. He had to let the sale of the single-wide fall through and he sold the land, as he had no trailer to put on it, deciding to move-on.
2. Older Trailers in certain states have moving restrictions. For instance, iirc in Florida, you can not move a trailer/mobile home older than 3-5 years old to a new property that you own/your own land. Most importantly, you can not move a trailer/mobile home older than 1980's models, to a new piece of land that you own, however, you can move a trailer/mobile home built after the 1980's to another trailer park only if it passes an inspection. Any trailer/mobile home built prior to the 1980's is legally stuck where it is at, in whatever park it is sitting currently in; many new investors know this, and eventually can end-up buying you out, either selling your trailer/mobile home property or renting it, once you're gone/rent is too high for you and you moved-on.
-that being said, once they buy you out, and the trailer is empty, the land owner of the trailer park may just likely tear it down and put in a newer unit/manufactured home or perhaps clear the trailer-out for the empty lot space to make it a spot for an RV/Pull Trailer to be placed there seasonally. Most of these new investors are looking to be rid of older mobiles, as temporary RV for seasonal, at least in Florida, is more appealing and brings in more money with no worries of bringing an older trailer up to code, which new investors don't want to do anyhow/more likely to put in a new modular home, if that's the case. Some are too, hate to say it, are only investing in the land value as prices are going up, especially on a coastal cities, buying up land mostly in inner Florida areas, and may one day, decide to tear down the park and put something else there entirely. I have seen that happen before, and over-all, leads to landlord-owners buying-out trailer-owners or trying to evict them-out (or perhaps raise the rent so high, which a landlord can only legally raise the rent once per-year in Florida, that certain people have no choice, but to leave, as you said in the video). It's a legal and sad battle on most people that can't afford a new place, with nowhere else to go.
3. Many older mobile homes/trailers may not be insurable these days. In older mobile homes/trailers, insurance companies are dropping them. Some people still have their insurance, but many of those have been grandfathered in under the old policies; getting an older trailer covered now, is almost impossible. HOWVER, It still may be possible to get an older mobile home covered with insurance, if you can completely bring the trailer/mobile home up to code, to meet current day stands, at least in the State of Florida, but it is very hard to do and must pass an inspection (all tie-downs up to code/not outdated, all plumbing, electric inspected to modern in code, etc.). The state of Florida in general doesn't want older mobile homes, as with disasters, it's becoming a liability to clean-up/pay-out to home owners, as older trailers are not aging well/falling apart more easily these days and do not hold up very well to hurricanes. NOW, if you keep your trailer/mobile home repaired, it can last for years; many though that live in mobiles, sad to say, usually either don't put time in to keeping it maintained or just don't have the income to keep it well in maintenance, leading to these places becoming unstable, especially with how many are destroyed by termites in the south, thus why Florida wants these gone, as its more a nuisance to the state, compared to a stick-built or cbs home.
I'm in North Central FL and own a 1997 60X24 on 10ac. I'm not disputing your claim on FL law, but I have a new neighbor that just moved their 2002 manufactured home onto their 5ac lot. Not saying it was legally done, but he did it and I noted a DMV license sticker (similar to mine) on his window dated 2023. Good point on the home owner's insurance, very important especially in FL where it's hurricane alley. In my case, there are only two companies in all of FL that will write replacement cost (RC) insurance policies on any mobile home older than 2010. Pretty strict and they will hound you for the littlest thing, like holes in your skirting, or water heaters older than 2006, and make you replace it or drop you. Companies are pulling out left and right in FL, most people have no awareness until they're stuck with a crap (or NO) policy that barely covers resale value.
Excellent presentation!! We bought a lot and put a double wide on it for cash 25 years ago. It's on a permanent foundation with city water. We have maintained it regularly, upgrading the whole kitchen and master bath and putting on a metal roof that insurance paid for after a hail storm. We only pay about $1300 for taxes PLUS insurance yearly. We now have many species of mature trees and shrubs on our one acre lot. The value of our property has not appreciated nearly as much if it were a stick built house but we our happy with our minimalistic life style and our view of the river valley.
Your coverage was comprehensive and accurate.
P.S. I grew up in Florida, my dad was a RE broker and I had a real estate license.
Thanks for taking the time to watch and share your story. Glad you enjoyed this video.
A couple of years ago, I wanted to purchase a mobile home on a nice privately owned lot, and I checked into VA financing. They said the home had to be less than 10 years old and pass other criteria. It truly seems almost impossible to find good financing for these types of homes.
Don't push you luck. If you can find a downpayment on a real house & lot, should be able to finance a lot and a trailer via the owner.
25 or 30 years ago financing and insurance on the mobile home I bought in a park was easy to find and get. Now not so much. I didn't have any insurance when I moved out. An old home with no bank loan, I don't know if you can find any.
I sold the thing very briefly, years ago. Unless things have changed dramatically standard lenders - banks, credit unions, etc. - don't touch these things in terms of financing.
You'll notice most of the resale real estate listings will say something like, "Cash Only. The value is in the land. There's an older mobile home on the property in _________ condition." As in, conventional financing is generally unavailable.
Please, don't stop doing what you do! We all need someone who knows what's really going on to inform us. Honesty has been taken hostage and is being held in the museum of dead language.
Thank you for the update information. I owned a 14X70 Singlewide during the 1980's. I absolutely LOVED IT. It was perfect in size for my family and the payments under a VA were only $340.00 a month, plus $75.00 lot rent. That will never happen again. Take Care Everyone.
The land option is a tough one since very few communities allow mobile homes to be placed ANYWHERE except a zoned mobile home park.
This is true. You always want to check with your county zoning office before making any moves. Thanks for taking the time to watch this video
I briefly sold the damned things and this guy also glosses over the fact that setting one up on land is extremely expensive - it's not just the land. There are perc tests, septic or sewer hookups. electric hookups.....etc. The people who buy these things can very rarely afford to put them on land - almost never. He conveniently skips all of that and, being in the industry, he's aware of these costs.
Manufactured homes and mobile homes are two different things. 2x4 walls vs 2x3 walls. 2x4 rafters vs bow truss. Removable axels vs permanent axels. Manufactured can be quite large and have two stories. These homes come in sections and are mated together on-site. Manufactured home are far superior structurally to mobile homes, thats why the stopped making mobiles. I help write the building code requirements for manufactured homes.
They are junk
@@davidbryant3532Not true. Manufactured housing has to meet the same standards as any other home.
@@stevenbass732 yes...however they never do.. .. proven time after time
You are trying to explain the difference in modular vs mobile not manufactured.
@@stevenbass732 not true, mobile homes are built to a very sketchy federal standard and not to state codes which vary.
A state/county building inspector cannot even take off a receptacle cover to check the electrical on a new home and believe me they do not like those restrictions!
Another reason counties are so tight in allowing zoning is that once several are in an area it discourages others from moving into that area and building much more expensive single family houses which hurts tax collection and keeps the property assessments lower for the county.
As a person that worked building mobile homes for years in my 20's. As a contractor/RE investor later in life I will say a few important things to consider with mobile homes.
#1) Manufacturing: They move the home from metal frame on wheels to floor frames and plumbing then walls, roofing, cabinets, flooring etc. They have 20 minutes to get each department's job done then it moves up the line. This is extremely stressful. It is like rush hour at restaurants for 8 hours a day. It is also mostly production based pay. This leads to some of the biggest dope heads I have ever worked around. The joke was don't buy a mobile home that went out the door Monday or Friday. Monday everyone is hungover and Friday everyone has already started their weekend.😉 We also knew the minute the truck pulled it from the lot it just lost 50% of it's price.
#2) Unless you own the property you are still just a renter and can't really sell much. The mobile home financially only makes sense if it is on an owned property that you intend to die in. Don't ever expect a profit except for the land.
#3)To me the most important thing. If a tornado or very strong hurricane hits and neither has to worry about flooding your chances of surviving are MUCH better in a house on a foundation.
If that expense is too much a condo is the way to retire.
P.S. I grew up in a mobile home in central PA where we didn't have extreme weather.
Thanks for sharing your story here on this channel. Truly appreciate you taking the time to watch this helpful video and I’ll see you in the next one.
My mother and I survived a strong hurricane in a mobile home. They can take the storms.
Excellent advice. Watch out for mobile home financing that is more like a car loan, than a mortgage, and allows the home to be easily repo'd if you get behind. Another point about plumbing - mobile homes use special plumbing. It's not the same as a stick built house. This can make repairs more difficult and expensive because parts are not always available when you need them.
So glad you enjoyed this helpful video. I truly appreciate you taking the time to watch it and to comment here. I’ll see you in the next video.
I’m in the UK, own my own 1920’s traditionally built brick house, so why do I watch your videos? I don’t know…but they’re great and you really know your stuff!
My mom owned her own land and bought a manufactured home. Everything he says spot on. She owed it here in South Fla. they are not built to last on the inside. Everything fell apart 15 yrs in. Bathrooms kitchen etc. However it was built for hurricanes and survived many down here. When we sold it everything had to be replaced. Trying to sell and buyer getting financing and the home being appraised was a nightmare. It all worked out in the end.
Hi there. What area of FL did your mother own the land? I’m in Palm Beach County and interested in purchasing a manufactured home on land.
The big problem with mobile homes is that they are considered trailers, and trailers are vehicles, and vehicles start depreciating instantly, and don't stop doing so unless they survive long enough to become rare collector's items. Real houses mostly go up in value all the time.
15 years in most things needs to be replaced whether they are in a manufactured or stick built.
@@WelcomeInc Regular on-site built houses do NOT need to be replaced after 15, or 25, or 35, or even after 75 years. They will last indefinitely.
@jamesbosworth4191 You were talking about the interior finishings. Not the house itself. And FYI most on site houses are built like crap today. And decent manufactured houses are listed for 50 year life. You don't know what you're talking about.
Great video explaining things and correcting some misconceptions that most people seem to have. My wife and I bought a 40-yr old manufactured home in the mountains almost 3 years ago to enable us to retire early. We were picky though, as ours has plywood subfloor and standard 2x4 framing throughout (definitely not standard for the era of the home). I am still working (we're about 4 years from our planned early retirement) and the mortgage is 5% of our income. We're about 75% through remodeling the place and making it how we want (plus upgraded insulation everywhere, etc). Home will be paid off next year (been paying roughly 4x the mortgage monthly). We've been practicing living on our retirement income since we moved (all the extra income is going to the mortgage, 401k's, etc) and it's been good for us. I wish we'd started living below our means much sooner!
Great idea to buy it before and fix it up. We love the mountains. Are you in a community or on your land? We would love to that, but so expensive these days. Happy Retiring Soon!
@@mayrablanco2013 Thanks! We're on our own land, creek flows about 20 feet from our bedroom window. I've got zero complaints!
@@c0rnd0g_19 Sounds pretty awesome! Do you mind sharing what state you're in? We love TN and tried doing that several years ago, but it didn't work out for us. Enjoy and Happy New Year!
@@mayrablanco2013 We're in the N. Georgia mountains.
Moved to Florida from Michigan in 1993 and never looked back. Got a beautiful block home(1998) on 1/2 acre in Palm Coast and now that me and my wife are retiring, we bought 1.14 acres of land, ($27,000/ used to be $5,000 not long ago) just west of here in the country side and placing a new doublewide and pole barn on it while cashing out on our current home. Talk about more than one way to get that nest egg we all need!! It's the good life!
My parents bought a mobile home back in the late 70s. They bought a plot of land and paid to have a well drilled and a garage built. They got burned on so many things it's mind boggling. Mobile homes can a huge gamble and you need to really do your homework. Do not even consider putting your home in a park!
Thanks for sharing your story with others and thanks for taking the time to watch
As a retreat to a stronger position in this crumbling economy + inflation, it is an option to consider. I was shopping for a home to retire in 2 years ago. I would have put down $200K, and still had a mortgage of $1600 a month. Add in $300 property taxes. Water, garbage, and sewer. That's $2K a month, with $200K in cash gone. Instead, I bought a nice mobile for a mere $30K cash. No property taxes. No water, garbage, or sewer charges. Rent for my space: $625 a month (practically couch change). And I kept most of my capital in the bank. Nice place too: 1.5 miles outside the city (3 minutes to town, and Costco, Winco, and Wal mart). Sitting next to a county park and the river. Next to farms and ranches. No trash, no street people, no crime, just birds singing and fresh air. I don't care if the value goes up or down: I have a nice comfy place to live for the rest of my life, and one which costs next to nothing. The key to doing this: make a list of all parks in the specific region you wish to reside in. Decide a limit of monthly space rent (mine was $700 and under) and cross those above that off the list. Visit the remaining parks. I narrowed it down to three, all of which were nicely placed, clean semi-country parks... but still close to town.
Thanks for watching and sharing
Rent for my space: $625 a month (practically couch change). I call that high, just wait til they start raising your lot rent !!! Lot rent is NOT a fixed cost when retiring !!!
@@bennym1956 They raise it like clockwork $25 a year. Way less than my COLA. And if you call $625 a month living expense "high", you must live in a storage locker. You can MAYBE rent a room in a house shared with 5 other strangers for that in our town. Today, most people are paying 40% of their income just for housing, some even 50%. My ratio is 10%. If you find fault with that, I can't help you.
You cant escape increasing costs. I own a mobile home in a senior park where I own the lot. The HOA, property taxes and homeowners insurance has doubled in 4 years because the value of my home has doubled but who can afford to move. Fortunately, the mortgage is fixed and very low.
Lucky u own the lot cause lot rent is out of control..
We are living in a manufactured home we bought 3 years ago. It is only 6 years old now and on an acre of land. We are now (finally) living well below our means so there is no more money stress and we have enough left over to make this house exactly what we want. This house is more solid than the huge mid-century modern we sold which was super drafty and costs hundreds a month to heat. Excellent video. I must also add that insuring a manufactured home is a bit of a challange but we finally got it.
So glad you enjoyed this helpful video. Truly appreciate you taking the time to watch it and to comment here on this channel and share your story I’ll see you in the next video
Right on. Lot rents here average $1500/mo+ and one can spend a few hundred grand on the unit. People do get displaced when the parks get bought and lot rents go up. It is affordable entry compared to other options but one to really take caution before jumping into.
Thanks for taking the time to share and comment. It’s happening! I truly appreciate you letting others know what’s really going on. I’ll see you in the next video.
We have lived in a manufactured home for 7 years in a over 55 and over community. Our home is on a concrete with a crawl space underneath. It has doubled in value since we bought it.
Just wait until it starts falling apart around you lol
I highly doubt that
Don’t confuse mobile (built on a metal frame to which axles can be attached to when it is moved), and a modular home, which has a wooden frame and is moved onto the site where it will remain.
I worked for an employer who bought several modular homes as employees housing. I did plant inspections on them and was surprised how over built they were. They had OSB sheathing on both the exterior and interior walls. I asked the engineer who did their designs, why they did that. He explained that the move down the highway was equivalent to a 6.5 or 7.0 seismic event.
Yep, modular homes have to withstand the high wind too down the highway. They are quite sturday for what they are! Modular homes are WAY better than mobile, in my opinion.
My wife and I are looking to buy a manufactured home when I retire soon. Thank you for giving me tips and some knowledge about manufactured homes. I will do my homework.
I used to rehab mobile homes and then went to assembling double wides, trim, sheetrock, tile, carpet, vinyl siding, adjusting doors, and hardie plank on ends. When we were buying our first house, the wife kept wanting to bite on a mobile home with land because of the affordability, I refused to do that. We ended up buying a house, when we sold that house 5 years later, we pocketed 30,000 for our larger land purchase and house build. That house and land was 225,00. We refinanced and cashed out, I added another 1,000 sqft to finish our whole house. We're at 400k now with over a million in equity . I know this isn't always across the board, but it's an example of how it can be accomplished if you have vision. For me personally, I don't consider mobile homes adding any equity to a land deal. Yes, they are put together a little better now, but unless you constantly maintain it to make sure everything is kept like new, they degrade much faster that a stationary stick frame house. It's about being smart and patient to build that equity that you can use however you like.
I understand there is a huge affordability problem in realestate right now. There's a reason it's harder to get financing on a MH, the equity is never an increase in value unless the land and house are financed together and the land is projected to rise in value. If you're wanting to get ahead by increasing equity and wealth over time, buy used and rehab to live in while you build a house. This is the only way I would do it. The land is the only value holding or increasing value there. The bones of a stick foundational house will last many decades, this is why financing is easier with a stationary house.
Thanks for watching this video and thank you so much for sharing your story with others
So sad what they've done to trailer parks. Turned a way to live cheaply in retirement to a place for people with money.
Thank you for watching and commenting
Greed
In the UK, mobile homes (for full time residence not holiday) are essentially sound structures, the problem is with the 'tenure' of the land upon which your new home is held. Typically they are over priced as structures and you can get much cheaper mobile homes second hand, but the site rent is excessive. And then after 10 years typically the site owner can insist your home is removed or you have to buy a new home from the Site owners. So its NOT the van itself its where its sited. A lot of older sites are being bought up by the big companies who bully the van owners, often holder people without much finance. So sad.
Tons of seniors being ripped off in these modular home communities its sad. I lived in 1 starting out n the bs lot fees were 550 a month for nothing n the guy charged property tax too. Seniors need to watch out and not get stuck in these nightmares
I had a whole lot of trouble with the financing on a mobile home in Texas. It turns out that if you try to buy a place and the trailer has been moved, that screws everything up. People first buy their place and put it in a park, then the park jacks up the lot rent so they move. And when they do that, the trailer has "been moved." So the financing ability degrades.
Financing these things is a nightmare - I sold them, very briefly, years ago when I needed any kind of job. This guy makes it sound easy - it isn't.
@@guymerritt4860 I've heard all kinds of nightmare stories about moving them too. One fellow told me that if I ever moved one, to copy the serial numbers off the wheels or mark them, because the truck drivers would replace your good ones with garbage. Other that these hazards, they're nice and you can put them out in the country where it's quiet and relatively safe.
@@werefeat0356 I actually bought a used one, once, and it was nice. It had an "expando" which was popular years ago - one portion of the living room pulled out and the living room was really large. I just bought it because the seller's sister had died and he only wanted $1,500 for the thing. I just bought it to fix it up and sell the thing. I actually drywalled most of it. I mean, they're okay in some circumstances. But this guy paints a much rosier picture of the things than is real. And, putting 'em land costs a whole lot more than most people think. You have to have perc tests, drill a well or hook up to city water and electric - he doesn't get into the costs of putting one on land, at all. It ain't cheap. If you can buy a used one for next to nothing they're fine in some circumstances. And it cost thousands to move the damned things. They're also dangerous as hell in bad weather, or, in the event of a fire. And this idea that they gain in value???? When did that start happening?
1 park of trailers was lucky living on coast in Florida & sold land which they owned for a fortune being beach front property
@@jetjan Well, that's cool.
Great info. I have no issue with living in a mobile home to save money if issues arises. I lived in one during my college years and another one when I started out my career so I could start saving for a home and paid off my student loan debt. I'm pretty easy going - a roof over my head is usually all I need.
Thanks for sharing your story. And thank you for watching this helpful video.
You’re very fortunate to have obtained a great job so you could pay your student loans. That is not the case for millions of Americans who were scammed by universities . You’re very fortunate….count your blessings.
Way to go! I WAS a realtor and a broker for years. After 2008, guess what I did. Yup. A beautiful older double-wide, in a community, completely renovated with granite countertops! And it's value is rising, due to this insanity in the real estate market. Today. I believe it's the only way to live. You can even have 2 if you want. (But beware
... 'they" don't want you to live affordably.) -R.
@@rosanneallen-hewlett9973 So true, what a great comment!
@@laurenurban3942Nonsense. Student loans are fair and easy to pay off. You just pay them off for years. I finished paying off my Master's Degree. It was very do-able. They even allow you to pause payments when you hit a rough month. They're very fair. There's no excuse for not paying off a school loan. Its part of adulthood.
I guess that I got lucky. Found a 12x60 1972 trailer on a good size city lot for $22k. Rough, but livable. Put another $7k into improvements and now I have a comfortable home with a workshop, yard, and big garden. I spent the previous 10 years living in a tiny $1200/month apartment. I always joke with friends and family that it's a POS, but it's MY POS! 😂
As a flooring contractor I once told a young couple planning on a stick built home or a mobile home. I said are you going to finance for 30 years? They said yes. I said have a 30 year old mobile home appraised. I could literally see a light go off over their head
Here in Southern California , its absolutely the opposite. I bought my 1970 double wide mobile home, 24×57 with side room in 2002, in excellent condition in a very nice park for 22.000 dollars, 20 years later, its still in excellent condition, only repairs have been a new kitchen Fawcett, a new water heater 3 years ago, and toilet tank float inlet replacement. Thats it. Our climate is excellent for older mobile homes, no snow, very little rain, temps here range 40 45 deg winter, 90 to 105 summer. The prices here have soared in the last few years, small 1200 sq foot regular homes average around 600 to 700.000 dollars!! I had my place appraised last year, realtor said between 90.000 to 105.000 is where you're at. Dont take less than 90.000 .Its not for sale, just wanted to know its current value. Mine was an expensive model new, great floor plan, a genuine Wet Bar with a shingled roof overhang, nice dressing area with dual vanities , dual mirrored wardrobes, etc...and feels well built. Has survived many earthquakes, some quite large 6.5...and no problems. Fortunately my space rent has only gone up to 400.00 a month, rent controlled, usually goes up around 10 bucks a year. Not bad. After 20 years I'm still very comfortable here, its my home! With lots of memories! The owners of the park still a couple times a year bring in brand new homes, so I don't worry about them selling the park. And they still allow the older homes like mine to be sold to new owners. As long as they're well kept, they have no issues with them remaining in the park. Mine has been right here 53 years now.
In California mobiles certainly went up in value.
Your videos are getting exponentially better over the past few months! I think you are putting a lot of work into these and valuable info in them. Thanks
Wow, thank you! It only took me 1100 videos to get to this point I guess. Thanks for taking the time to watch. I truly appreciate your support and I’ll see you in the next video.
My mom and het husband bought a mobile home and put it on a lot in Maine . Lease was $1,200 a year, included maintenance, opening it up in the spring and winterizing it after Labor Day and utilities. Now, 8 years later, after the owners retired and sold out to an investment group, it's up to almost $8,000 a year, the maintenance and utilities and opening and closing are all separate, on top of the taxes and insurance, so close to $12,000 a year for 5 months out of the year. They are selling it after pouring tens of thousands of dollars in improvements and additions and landscaping and will most likely lose about $40,000 on it, because it's not a year round home, no one wants those kinds of costs for 5 months a year. I begged her not to go into a deal where they didn't own the land, but she was like a runaway train when she got this in her head. All I'll hear about until the day she passes is how much she lost on this place. Greed sucks.
Yes, greed does suck. That’s what capitalism does. It makes the poor poorer….and it makes the wealthy wealthier.
Sad😢. We need to practice financial self defence.
@@laurenurban3942 ONLY WHEN YOU GET GREEDY COMPANIES !!
Warren buffet didn't get to be a billionaire ($54 billion) because he's kindhearted and fair. He's a "folksy" wolf in sheep's clothing. How rich do you have to be before you start thinking about your follow man and their basic needs?
Greed does suck, but it’s to be noted she made a bad choice by not owning the land. In this battle against greed us regular people have to be armed with financial savvy to protect ourselves. We simply can’t afford otherwise.
My mom and sis own one of the homes with recalled soft plumbing tubing. They had so many leaks (And insurance claims.). that they lost their homeowner’s insurance. I had to pay to replumb the entire home and STILL no one would insure them. My sister finally found that if she joined AARP (before she turned 50) and also insured her car there, they would insure the house. I just about blew a gasket when my sister said one day that she’d call the insurance over a screen door that the wind had caught and bent! No! Do NOT Use your Homeowner’s Insurance except when the home is a total loss!
So true thank you so much for sharing your story with others here on this channel truly appreciate your doing so and I’ll see you in the next video
Thank you for this helpful video. I just inherited 10 acres with a 2008 Mobil home that has been excellently maintained by my family. Many upgrades. Steel roof over top of it with wooden screened in porch all around. It looks like a cabin in the woods. The problem came when I had to change the insurance into my name. So many companies said they don’t insure manufactured homes. I couldn’t just add my name onto the current insurance when it was in my families members name. So I had to go with a national company and pay a lot more for insurance. I plan to die in this home on my own land so I don’t really care what anyone thinks about my living in a mobile home. At least I have a beautiful home in a beautiful part of the country. I plan on basically living on the screened porch anyway.
You are welcome! Glad you enjoyed this helpful video and thank you so much for sharing your story with others. I’ll see you in the next video.
Jerry, thank you for discussing the buying land topic.
Too often people buy discounted land just to learn that it is useless outside of camping on it.
Thanks for watching. I did a video about that you may find interesting!... What You MUST KNOW Before Buying Land and Building A House - th-cam.com/video/bzIQv5Sd6ao/w-d-xo.html
By definition, if you buy discounted land, it's market value is worth more than you paid for it. In addition, if you buy in the right area, which is almost everywhere these days, the value of the land will explode. Of course, I am talking about land as an investment.
Ya Robots will become u.
We bought a manufactured home, built in 08, on it's own lot and it's pretty nice.
I have upgraded certain things and they needed that.
I think we got a fair price and Great Financing, under 3%.
We're older and really we know we made the right choice.
It's a Clayton home with and wasn't the cheapest inside, it had nice upgrades.
Our bathroom sinks are Not Plastic and I put a nice Kohler Sink in the Kitchen.
We're in a neighborhood where most of the Working People have these homes.
We Wouldn't live in a Trailer Park.
Thanks for watching in sharing your story with others so they know as well. Thanks for taking the time to comment.
I toured dozens and dozens of manufactured homes over the last six years. Prices have literally DOUBLED in the last couple of years! Even the more expensive homes are poorly built. We decided just to work on our 1979 DW a little at a time.
Something very important that you forgot to mention. IF buying a used manufactured home, the age plays a key part. In many states, once a home gets past a certain age, it is no longer legal to move it.
One other issue with buying land is to make sure you have access to it. I've seen a couple cases where people bought a landlocked parcel and then found out they didn't have a legal easement to get to it, or that the designated easement wasn't actually usable.
Very true landlocked properties require easements and sometimes they are not so easy to obtain especially if you have a ‘creepy neighbor’ as one lady once told me. Thanks for watching and commenting.
Oh, and I've seen a couple situations where people bought a property with an existing driveway crossing another parcel, only the find out it's not a legal easement, but an arrangement the last owner made with the neighbor. That neighbor then sold, and the new neighbor didn't want the driveway there anymore.
@@mickaleneduczech8373 Thanks for sharing your story and thanks for watching
I dabble in land development. I have some experience. I divided a large property into lots. Come to find out, three of the lots were inaccessible by the power company. Fortunately, though I had sold most of the lots, I still owned a lot through which I could give easement to the power company. It should have been caught and accounted for by the surveyor. I was lucky I still had that lot available through which I could grant an easement.
Very helpful, thank you.
If you are putting a manufacturer home on your own property. Make sure that they can deliver your manufactured home on the roads that They will be driving and the Power lines can be lifted up high enough to get the manufactured home to your property.
I almost bought a manufactured home a few years back when i tried moving out my parents home because its price was realistic to me. Then i found out about the monthly land lease. It wanted to charge 1,600 a month to have my house on that property. I noped the heck out of there .
Look for mobile homes where you own the land.
@@305jarhead8 excatly.
I've been living in a Park Model home for 8 years. No problems at all, I love it & get many compliments on it. The space rent has barely increased at all & the community been safe, quiet & clean. Unfortunately the property owners are in their 80's so this could all change soon but my home has been great. I guess like with everything some people can get a bad product while others are completely satisfied. I just pray the perfect space will become available for me when it's time.
Get yourself and your neighbours together to form a company to offer to buy out the Park from the current owners asap and get your finance in place NOW.
@@brianlopez8855 Yep. I can see where this will go if they don't.
I bought 33 acres of “raw” land southern Vermont over 15 years ago. Close to a town maintained road. No electricity, no water or sewer. Beautiful piece of property. Taxes have almost doubled on it since. Then Jed and his trash set up camp next door. The cost of just preparing to build there has tripled. (I cleared out close to an acre through the years). My house is in a very expensive state nearby and it’s tight to live off my pension here. I thought I had prepared myself to comfortably retire but I guess not. The cost to just get electricity is about 7k. Low water table so a well won’t be too expensive.
Only if she can get the asking price she wants…..and she’s hungry, and desperate. Which means she would likely take anything for land just so she can survive and that’s how the rich get richer…..by feeding off the poor.
In 1994 we bought a 7 yr old goldenwest triplewide on 1.3 private wooded acres. I had inherited some cash and was able to put down half so as to keep the mortgage low (about $410 a month on 30 yr) so in worst case i could work minimum wage job and still keep my home. Paid it off early. We have a shared well so no monthly water bill (a 1/3rd small yearly electric payment for powering pump, septic pump out every 7 yrs (2 person household) so no sewer fees. The appraisal this yr was almost 4x what we bought it for. We are well set for retirement. After the first 12 years we started doing upgrades and will probably live here forever.
We were told to go for the biggest mortgage we could get but wanted the safety of knowing we could always make the payments. The peace of mind was well woth it.
Man, this is the kind of research I should have done months ago. Now I'm past the point of no return on a place that feels more and more like a complete lemon the more I get to know it. Not much I can do now but knuckle down and make the most of it. Fix it up into a place a guy can be proud to own, then decide if I want to stay or sell it and move on.
valuable information. As a real estate agent, that would be the same advise I would give someone. Modular homes are better because they do not have a title that goes with them. Unless they started making these homes with "STANDARD" size doors and other parts, they are a rip off when looking for these items that need to be replaced because of the "SPECIAL" sizes not standard sizes as a stick built home. Talk about PRICE GOUGING on these items is Horrific. I grew up in a mobile home and owned one, its criminal how they gouge you for these replacement parts. As for Florida, not thanks to new laws forcing you to purchase Flood insurance and only 1 insurance company to buy home insurance has hit everyone very hard. The investors need to be hog tied and Horse drawn for their GREEDY SELFISH ACTIONS. Having a Title like a car title the value goes down faster. The other RIP OFF CON GAME is from these mobile home parks when they sell these units that are OVER PRICED especially homes that are 20+yrs old they want near New prices for that unit. Never a good deal having to "RENT" a lot for your home. You still have to take care of your lawn, pay for water and sewer or septic on top of the usual electricity, insurance and heating. My mom bought one back in the mid 70's, this mobile home had Aluminum Electrical wiring thru out. Again what a rip off. You can't go down to the hardware store and buy any outlet off the shelf, it was made for COPPER wiring. Noo. had to go buy it from the RIP OFF mobile home store because they were made with Aluminum for that type of wiring. Not knowing I replaced it with off the shelf and it kept on tripping the circuit breaker. Do your home work, especially in Florida.
Thanks for watching and sharing your story. So glad you enjoyed this helpful video.
Storage unit owners often charge long time renters more than newer renters because they realized long term renters are unlikely to be able to part with their items if the rent goes up. You can often save half by moving into a different unit in the same facility-while you figure out how to quit storing things you don't use. It must be even worse for long time mobile home lot renters as their home gets less able to survive a move by the year and the lot owner knows they are basically trapped. People need protections from price gouging for their basic necessities!
It's called a real MF with a zippo
Excellent video, Jerry. A great strategy is to form a co-op like we did here in Bradenton Beach back in 2002. We're financially solvent and maintain affordable association fees for our residents. We actually turned down a huge offer last summer from one of those corporate sharks you spoke of. Saw them coming from a mile away. The other park in our town is not incorporated and just got sold to an investor and now those residents are looking at a bleak future. Very sad situation for them. Appreciate what you do.
As a "Certified" Manufactured Home Inspector. The average life span of one of these is aprox 30 years, but can last longer. If you buy a used one, its a good idea to have it inspected by a "Certified" Manufactured Home Inspector and NOT a Home Inspector, unless they can show you their certification for manufactured homes. Its also a good idea to call the state and ask them about any past inspections and where it was located when inspected, which is very important. Many times these get moved to lots that would not pass a State Inspection.
Great advice!what does it cost to move a doublewide?
I'm going on 32 years and haven't had to do much up until now. My cousin was a home inspector but was crooked as the day is long!
I work in the real estate industry and I expected to have some zinger of a comment disputing this guy's information but no he nailed it. Everything he said is true
My friend’s parents are a manufacturer home success story. They put theirs on land they bought in lewes DE. Works for them!
Thanks for watching and sharing your story
I OWN A 1999 FLEETWOOD. FINDING PARTS IS EXTREMELY DIFFICULT, CONSIDERING YOU HAVE TO GO TO A MOBILE HOME STORE FOR 90% OF ITEMS. STUD SPACING IS 2 FEET CENTER TO CENTER. FORGET LOWES OR HOME DEPOT. VERY FEW ITEMS ARE STANDARDIZED. WHEN THE ROOF WAS REPLACED, SHOPPING BAG PAPER WAS USED INSTEAD OF TAR PAPER. I PAID $65,000 OVER THE COST OF THE MOBILE HOME. THEY DEPRECIATE LIKE A CAR, NO MATTER WHERE YOU GO. ONE TRICK OF THEIRS, THE TONGUE, IS CONSIDERED IN ITS LENGTH. MY TRAILER IS LISTED AS 80 FEET, MINUS TONGUE IN REALITY IS 76 FEET, SNEAKY.
FINIS PAX
We bought a mobile home 20 years ago, an old one, for $22,000. It included the land and is in a park in south Florida with very reasonable HOA dues. Recently I checked value, and country appraised it for $88,000. On-line realtor's purchase value was $168,000. It is 56 years old now. Most of the value is in the land, but if you choose correctly a mobile home can be a halfway decent investment.
Thank you for exposing the pitfalls to potential mobile/manufactured home buyers. Honesty and integrity are in short supply these days. You are to be commended for watching out for the vulnerable.
Thank you! You made my day I truly appreciate your comments. Just trying to help others avoid the pitfalls of a costly and I’m so glad that you enjoyed this helpful video. See you in the next one.