It is either because I am getting older or because I am getting paid more at my J.O.B., but GOD I don’t see the point in me doing my own hard labor work. Heh! :-\
I bought a MH for $2,500 that needed a few things. I figured this would gimme the experience to see what is really involved in doing MH repairs.
For starters I wanted to replace two pieces of sub-floor in the living room. Tonight I began cutting out the old floor with a circular saw and 3 different crow/pry bars. UGH! >:(
I tried pulling on some old vinyl and god that stuff sticks good! Gonna have to leave that to the floor guys to finish up.
…and lastly the 2nd bathroom bath tub and surround is so god awful it just has to go if I want to sell this thing, but man that is alot of work and I am afraid of what I am going to see under it since there is a small hole in the tub itself. Grrrr…
I think next time either avoid homes that need any repairs or pay someone else to do it!
Hey Abel I have done a fare amount of work to this puppys and it can be a lot of work BUT you will find short cuts. For example the best tool for cutting out a floor section, especially along a wall, is an electric chainsaw. Also any time you put in a section of floor sheathing you will have to scab in some support, usually 2X4’s as it is a short distance. This will ensure the floors aren’t spongy and you have something to screw it to along the wall.
If you get the right person you can get the repairs done at a reasonable rate and fast. It took me a while to find the right crew but now I have several working for me who are very good.
With that said I like your conclusion of buying nicer MH’s and not having to fix them. Here is why, if you look long term and how the age and condition affent managment of your residents and turnover, you will be much happier with later model MH’s. You will make more money even though you are paying more up front to buy them. You have to add in your time factor of managing and evicting deadbeats, not to mention your reputation with the park managers. If you are going to make this a buisness and have a lot of these then low maintnance, residents & repairs) is the game plan. Good MH’s = good residents, poor MH’s = poor residents. Good residents = great vacations and free time, poor residents = all work and NO play! Take my word for it. Some talk about how you make more money when someone moves out and you get ot sell it again, which can be true if you don’t have much fix up and cleaning AND fill it fast. In my office the word is AUTO PILOT!!! We want more deals not spend all of our time managing the ones we have.
Now I didn’t say don’t do the oldies but looking long term I would suggest moving in that direction. Great seeing you so active Abel and thanks for your helpful imput.
My 2 cents… Mr MH
Thanks for the post! Good information and yes I would have to agree with the outlook on less hassle with newer homes. Last week I also purchased a 2003 2/2 in immacculate showroom condition with all new digital appliances AND washer/dryer. All for the unbelievable price of $6,900. This was a special by ARC which I think WAS nationwide.
An update on the 1984 fixer home…
The $2,500 1984 home is my pet project so I can learn how to gut mobile homes. WOW is it a chore when doing it all alone and only during the weeknights. I am doing the following:
$50 - Replacing two pieces of subflooring under some windows
$90 - replacing one toilet
$40 - replacing a bit of sheet rock and patches
$650 - new carpet and vinyl throughout the house (installed)
$375 - two new doors front and back
$130 - two windows
$50 - 2 pieces of exterior wood siding
Last but not least UGH!
$200 - an entire tub and surround in one bathroom
$1585.00 repairs
Now in there I have thrown in a few dollars for new toys to play with and the fact that it is a learning experience. Oooo… Shiny new air compressor and finishing nailer, how that get in my truck?
I have a feeling I won’t be tackling many of these in the future, but it will help me know what is involved when getting estimates from contractors. I will be sure to post some good step by step pictures of my adventures on my website soon, for those who look to do some repairs on their own. Not many places to see pictures of all these things people talk about.
Yes I plan on this to be a full time business and I am hitting it hard… Even ordered some bandit signs that should be in next week. Now to find the money to buy and hold with! :o
Abel,
Your post from last year about the trials of rehabbing an older mobile home sounds all too familiar. My husband and I have been working on a circa 1970’s MH since August 05 and are nearing the home stretch…until he discovered yet ANOTHER new leak under the master bath tub from repeated pipe freezing over the years before we owned it. Everyone thinks that we are crazy to rehab the thing…What may be our saving grace is that it sits on a beautiful one acre lot. Sigh. We are considering all options – rent, lease option or direct sale. Any advice based on your experience since you started?
Please keep us posted on your progress, as well as any national lenders that you locate which do MH financing. From my conversations with our local lenders, I know that any MH built before HUD (1977?)regulated quality is very difficult to finance.
Good luck!
Shannon
Another avenue to consider is not doing the repairs at all or doing just the bare minimum.
I would buy a MH and make it decent looking & presentable but advertise it as a fixer-upper. Because I didn’t do the repairs, I was more flexible on down payment or term of the note.
It is correct that you can’t get bank financing on older MHs (which is why I sell mine on notes). If you really want bank financing, the best consideration is a MH park.
Patti Porter