Hi all – I used the ditech.com comp calculator to look up my ex’s house values (just for giggles of course :P) and it said “WARNING! This is a premanufactured property” or some such. Now, I know someone would buy this thing, were it for sale; these make up half my town. What’s the deal with ditech? I know they aren’t as desirable as a home built on-site, but there has to be a way to get accurate numbers on manufactured homes. If not, the real estate market in my town is all a lie 8)
I’m not sure about the ditech question, but I’ve heard that since manufactured and mobile homes depreciate so much in value, its better to find em cheap and rent them out.
My wife and I purchased two properties, each came with a 2-bdroom trailer on it on a .25 acre lot. The trailers were old, but in good condition, so no one could finance it other than cash, which we did at a great discount. It is definitely the way to go as far as economy goes. In just over two years the first property is now triple it’s original value.
Another nice thing about Mobile homes and trailers is that you can always later get a loan to install a better, new Mobile and sell the property at a great profit. One person I know exclusively buys empty lots or lots with horrid, unliveable trailers… levels the place and installs a new mobile and sells it off.
Plus, when a tenant moves out, fixing it up for the next tenant is more like detailing a car rather than re-conditioning a house… much cheaper!
Where can you buy land for MH?
I am in So CA - anyone doing it here in CA?
We are in So. Calif, near the Sun City/Hemet area. Developers are buying up HUGE chunks of land for new homes. But there are still lots and even 1/2 acres in the Romoland/Homeland/Aguanga areas, also in the Canyon Lake area but they are pricier. I’d say focus on the Homeland area as it is to be growing as Hemet increases the new homes it builds towards it’s city limit.
Just read the earlier posts about banks not being so excited about older trailers.
I don’t know much abo0t Helmet. What do you think about the growths in terms of jobs, businesses, new development in the areas?
Ever since the Diamond Dam project was finished about four years ago, Hemet has been growing big-time. Lots of new homes. Most people commute to their jobs from Hemet, but there are more businesses there than five years ago, it’s a growing city.