Anyone who would suggest throwing money away on a rental is either an idiot or someone with an agenda.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: -gg- on September 02, 2022, 07:41:57 PM
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.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: guncrasher on September 02, 2022, 08:14:33 PM
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
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: spudman on September 02, 2022, 08:18:49 PM
Age old adage “1st rule in real estate: location, location, location.”
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Dichotomy on September 04, 2022, 09:20:29 PM
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.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: -gg- on September 04, 2022, 10:09:28 PM
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!
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Estes on September 04, 2022, 11:57:06 PM
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.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Bizman on September 05, 2022, 02:01:25 AM
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!
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: sparky127 on September 05, 2022, 06:45:25 AM
Let alone the fact that you're literally throwing money away every month.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: bj229r on September 05, 2022, 07:27:03 AM
I love mobile homes. They keep tornados away from us house people
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Bizman on September 05, 2022, 10:09:31 AM
Let alone the fact that you're literally throwing money away every month.
You mean paying the rent instead of a bank loan? Bear in mind that the value of property is not always rising. All over the World there's places that have lost their attraction - one reason often being that there's no jobs in the vicinity. Back in the eighties I visited London and during a bus trip the guide told that the fifteen floor high houses in the horizon were going to be demolished because of lack of inhabitants. Someone owned that land and had had high hopes of getting some good income.
Here some municipalities sell lots for one single Euro. There's a catch, though: You'll have to build a house (or renovate an old one if applicable) and become a local tax payer. Not necessarily a bad choice, though. It may be within an hour's drive to your job in the neighboring bigger town, reside by a lake with a beach of your own etc. But it may also mean plowing your mile long stretch from the main road when it has snowed all night...
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: sparky127 on September 05, 2022, 12:25:14 PM
How much of your investment in lot rent do you realize upon selling regardless of the market?
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: -gg- on September 05, 2022, 12:33:38 PM
As if a bank loan is a bad thing. You pay a fee for a bank loan. So what? What do you get for paying rent?
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: bj229r on September 05, 2022, 02:45:51 PM
Depending on the mortgage terms, rent payment is nearly the same, except you earn no equity, have no tax deduction
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: guncrasher on September 05, 2022, 10:13:16 PM
Depending on the mortgage terms, rent payment is nearly the same, except you earn no equity, have no tax deduction
don't know where you live. but I can guarantee around here only way rent is equal to a mortgage is if you buy a barbie house and live in a Barbi world.
semp
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: sparky127 on September 05, 2022, 11:27:37 PM
My mortgage is MUCH less than rent for a similar home.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Molsman on September 05, 2022, 11:29:39 PM
When I was a kid I grew up in a trailer park and I kept telling myself when I could make mine to afford a nice house I would never go back to a trailer park! While single i rents house with friends because I worked more and lived at firehouses more then was actually home so renting was my best choice. Then I met my wife she had a modular home in a park already and after a while I moved in did an upgrade to the insurance policy after we married and When our modular hom Burnt to the ground with 6 kids from 1 to 10 years old we made out because I triple covered the house and everything else like the shad. Yaaaa I got my dream of owning a house with a pool private yard and all it was great for 10 years until I had 2 major heart attacks and the second one made me disabled fought to try and keep it but ended up doing a short sale so I did not get a forclosure on my record. When this happened we did not have a dime to our name since I exhausted all my emergency funds and pension to save that house. I have a great father in law who bought our new 4 bedroom Modular for the sam park that my wife and I first started out in . We have no mortgage payment just loot rent which is 525 which includes water sewer and trash. House is on a concrete pad nice size lot even though we have to still pay school tax land we don’t own but with my disability payments now this was the best move we could’ve done and all and I Don it regret it
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Bizman on September 06, 2022, 04:14:21 AM
My mortgage is MUCH less than rent for a similar home.
Back in the late eighties I had a bank loan for my apartment. After three years the interest went from 13.5% to 16.75% for the next three year period. I changed the payback time from 15 to 30 years to keep the monthly pay the same as before. That was about 3200 money which was about half of my monthly income. Gas was 3 money a litre and at that time I had to fill the tank weekly which meant some 1000 money a month. The average rent for that type of an apartment would have been about 1200 money units a month...
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: Eagler on September 06, 2022, 06:27:10 AM
Interest rates will kill home prices soon...now is not the time but it's coming
Paying off our mortgage asap years ago was the best move we ever did...we get offers for 5x what we paid for it now but to replace would cost 10x
Eagler
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: bj229r on September 06, 2022, 06:28:46 AM
don't know where you live. but I can guarantee around here only way rent is equal to a mortgage is if you buy a barbie house and live in a Barbi world.
semp
I expect California doesn't compare to anything else in that regard. It's the price for living there, I guess
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: MiloMorai on September 06, 2022, 07:10:05 AM
My mortgage is MUCH less than rent for a similar home.
My PIT is $1500 (and a bit of change) each month but I could rent the place for $2200-$2500.
Heck, I could probably rent the two rooms plus half bath in the garden level for around $1200-$1500.
Title: Re: Mobile Home Park Living | Comparing Pad Rent to Land Ownership
Post by: sparky127 on September 06, 2022, 08:43:13 PM
We were very smart when purchasing our house. 2.5 secluded acres, four beds, one bath 1300 sq ft. $420 a month. The garage we built last year doubled that. Still, the $850 I pay a month is less than people are renting broken down old trailer houses with leaky windows and inefficient furnaces for. It's horrible and I feel bad for people trying to get by today.