Mobile Home Park Living | Comparing Pad Rent to Land Ownership

[Arlo]

From last year. May (or may not) help someone.

[sparky127]

Lot rent there is more than my house payment.

[Arlo]

Lot rent there is more than my house payment.

Good for you. 

[sparky127]

I guess..  I just feel bad for kids today trying to make it happen.

[Arlo]

I guess..  I just feel bad for kids today trying to make it happen.

It's a tougher world than it was and it didn't have to be. We're prepared to take in either of my daughters or step-sons or all of them if need be.

[-gg-]

the guy who made the video is an idiot.

[Arlo]

the guy who made the video is an idiot.

Why?

[sparky127]

Why?

Anyone who would suggest throwing money away on a rental is either an idiot or someone with an agenda.

[-gg-]

The worst thing in the world you can do is to buy a manufactured home and place it on a rented lot. There are just too many reasons to even list but for a clue you can go look at some of the comments in the video.

I saw the video and I was thinking, there is no way other people are going to comment on this video and say this guy is giving great advice. Well I was wrong, a few morons did you think it was wonderful advice but a lot of people were thinking exactly like I was thinking.

For one thing, you plant that manufactured home on a rented lot and a developer buys the lot you are screwed. Also they can raise the rent on you. Basically you have no rights to what you can do on that land either. It's the worst case scenario of every option.

Plus you don't earn any equity from owning your own property and placing a house on it. You are throwing your money away  and also putting yourself at a huge risk. You can buy a manufactured home and spend all the money to place it on a lot and then a year later they could sell the place and give you 30 days to get it off there a lot. If you can't pay to have somebody move it and if you can't find another spot to place it, you'll be paying that space rent even if you are evicted.

Buying your own land and placing a manufactured home on there is a good option.

If you have no other options, like I don't have any options right now, I'm going to have to rent a house or an apartment. I would never buy a manufactured home and place it on a rented lot.

I live in a rented lot but I didn't pay a dime for many years. It was included in my employment. And then I continued on my own and paid only $385 a month. The trailer was bought for $10,000 15 years ago. I can sell that trailer for about that right now and I can easily move it but I can't easily find a spot for it. But I can move it and put it in a storage lot and then sell it. Good luck doing that with a manufactured home. Some of those homes can't even be moved after there are certain age.

It's just an all-around stupid idea and bad advice.

Now renting a manufactured home on a lot is not so bad. But renting a home is stupid when you could usually buy a home for what you're renting them for.

[guncrasher]

used to work in palm springs for many years. lots of great places to put a Mobil or Manu home. but they're expensive places. and they do get their money back. I remember some guy paid 250k around 2006 but it was only a shell
, he was remodeling it, new electrical, plumbing, etc. he mention he was probably going to spend another 200k. but it was next to the golf course.

so yeah I thought about buying a mobile home from a friend. 25k cash. told him in 5 days I'll bring you a certified check. he didn't want to wait so did it for 20.  I pass by it sometimes my home would have been by the front door of one of the warehouses they built on that lot.

so location is important, rest is a gamble.


semp

[spudman]

Age old adage “1st rule in real estate: location, location, location.”

[Dichotomy]

Seriously glad I don't have to worry about any of this.  I stand to inherit my parents house which is a nice little place in the middle of nowhere TX that's 100% paid for.  Taxes are about 3k a year and electric is about $250 a month.  I could easily go back to retail and make that nut. 

[-gg-]

Seriously glad I don't have to worry about any of this.  I stand to inherit my parents house which is a nice little place in the middle of nowhere TX that's 100% paid for.  Taxes are about 3k a year and electric is about $250 a month.  I could easily go back to retail and make that nut.

That's really nice!

[Estes]

Yeah, I've been moving and setting up mobile homes for a few years now. And here in texas anyway, I wouldn't put one on a rented lot for anything. You're better off finding an acre or two somewhere. Quite a few of the dealers here offer no money down on a home if you have your own land.

[Bizman]

Anyone who would suggest throwing money away on a rental is either an idiot or someone with an agenda.

Renting a lot at a perfect location from a private owner has its risks. If the owner dies, the inheritors may want to sell the entire place and the new owner may have other plans than to rent lots.

Here it's common that the town rents lots, the agreements used to be for 50 years but if memory serves me right they changed it some years ago. Anyhow, the lots are property of the town, they're on areas that are zoned for detached houses and have full infrastructure. That means they can't just steamroll a neighbourhood for other uses without very heavy justification - which they did a mile from here: The town bought and finally demolished all houses on one street. The process was long enough for them to rent a house or two for several years until they got it all bought. The reason for flattening one side of a street was that on the other side there's a storage lawn for fuel, a dozen tanks tens of thousands litres each. You don't any of them go boom on your front yard!