Can any mobile home expert/investor PLEASE help me out. I am thinking of buying 2 mobile homes from owners. But I’m not having any luck finding out what the values are. Isn’t there a bluebook or something that can be used to determine the value, if so where can I get this blue book? Realtors here cant list them and sell them unless they are on a permanant foundation. I called to get comps and had no luck at all. Below are the specs of the home if anyone can help me out with their values I would really appreciate it, Thank you!!!
[b]1st one,
1985 NASHUA 16 X 76 2 BEDROOM 2 BATH. IT’S SITTING ON .38 OF AN ACRE. BOTH BATH ROOMS ARE TILED AND HAS HARDWOOD FLOORING THROUGH THE LIVING AREA AND KITCHEN. HUGE BACK PORCH AND 12X12 SHED. THIS HOME IS IN EXCELLENT SHAPE, THEY WANT TO SELL TO FIND SOMETHING BIGGER.
2nd one,
1981 CHAMPION ON A 1/2 ACRE WITH A 4 CAR CARPORT AND A 8X10 SHED, IT’S GOT TILED COUNTER TOPS, ITS BEEN REMODELED.[/b]
Their should be a section on the kelly blue book or NADA webpage for mobile home values.
I have had some exp with a couple of mobile homes, not as old, but experoience none the less.
The land that each is on is a seperate valkue all together. Price land in your area, lots etc.
As far as what I would do with the homes themselves b/c of the age of each, i’d be very careful of what I offered.
I think if you found values on each, i’d suspect they wouldn’t be worth more than a couple thousand each, if that.
One is 21 yrs old, the other is 24 yrs old. Depending on what work has been done, upgrades, etc, expect some repairs.
Thanks for your response, does kelly blue book charge a fee for their service?
The land is valued at 12k, I was able to find that much out. I’m having so much trouble trying to find the value of the mobile home, the 1985 Nashua is in excellent condition, very well taken care of. It’s got updates and new appliances.
The 1981 Champion is also in great shape, thats why I’m having so much trouble trying to figure out what to offer on these two. I really have no clue.
I would ask a local manufactured home dealer if you could have one of their old books as a reference.
Be aware that these guides are basically ‘used car’ guides and represent what the average acoss the country for just the structure would be…when you get into mobile homes that are 20+ years old, the values in the book are going to be very low.
Great idea I will call a local dealer and ask them if they got any extra books collecting dust. The only problem I see with this is that these two mobile homes are in excellent condition and I know that the book will give a very low value. Not my problem thats the owners, but I know they wont sell that low, and I really dont know what to offer. We have a govt. training facility here, Dea agents border patrol, etc. and rents and owner financing are at a rise. I could get rid of them but just don’t know what to offer. I don’t wanna cut off my throat.
I see you found this board John. Well done. Visiting some dealers in your area is a start. You will find out very quickly if these folks are motivated. Older homes such as these will be worth didly to the NADA. But what are they worth in your MARKET!! They might be worth more in your market than what the NADA says or anyone else for that matter. If you pay more than the NADA that doesn’t mean its a bad deal to pass up on. I buy these older tin cans and I know what they are worth and I sell them for what they aren’t worth via owner financing (lonnie deals) With some acreage these become even more of a profitable deal. As you know you make your money when you buy. Keep us posted.
Yes, I’ve found this board and I’ve been a member for awhile now, I do alot of reading. I love this forum!!!
I did talk to two dealers and they were of no help, they said they had to see the mobile homes to give an estimate of their values. I just don’t want to offer to much.
Well I did talk to a lady at the accessors office today who appraises (assesses) the mobile homes. They assess the Mobile homes at
85-90% of the market value. The assessed value for the nicer one is at $12,159.00. So at 85% that would mean the market value for that trailer is $14,304.70. The land is accessed at $7,359.00. The market value for the land is $8,657.64. Using the 85% value like the assessor uses puts the trailers market value at $22,962.34.
I do have a problem with what the assessors office has told me because my realtor lady looked up a piece of land right next door to this place and it sold for $12,900. These trailers can be some work if you don’t know their values.
But really who cares what the “going rate” is. Your sellers don’t have to know anything except the tax assessed value. That is if you even talk about this during negotiations. Weren’t they asking 25K? Now you know if you can get them around the assessed value then you may have a deal. Best of luck John,
That’s what I’m gonna do is throw the tax value at them, and see if they will owner finance me or sub 2 the deal. I believe I have a seller in place.
They weren’t asking 25k they said they owed 25k and wants the most they could get, they wouldn;t give me a asking price. They want me to make an offer.
Ask them what their “best cash offer” would be? That will get them thinking. Don’t spend to much time on this. After they tell you their offer and its not even in your ballpark, give them your card and walk. Let them think about it. Here is the biggest point I can make and what I use to get great deals…This is NOT your problem! If you don’t buy it who cares. Don’t become a motivated buyer. Let them become a motivated seller. Anyone can say that they are motivated. But when you put the “all cash” offer on them it may lead them to jump on it. Cash is king.
To flip them, I have a buyer in place with a good down payment who wants to rent them out. But I will have to owner finance him, so my plan is to try and assume her mortgage on the trailer and property. But I believe she will want to be bought straight out.
Any ideas will be great!!!
How bout buying their trailer with land on a owner financed deal with no money down, interest only payments with a balloon in a year. Rent to own it for a year, get them financed, and cash out the balloon and walk away with the profit. Or find private money to get the deal done. Or wholesale it.
If they accept my offer tomorrow I allready have a buyer in place.
I’m gonna try to get them to let me take over payments or owner finance me, yes with no money down. Then have my new buyer put a downpayment and I’ll also pad the monthly payment up like 2 points for some cash flow, only if they accept my low ball offer, if not on to the next one, NO BIG DEAL!!!
I have a meeting with them this afternoon, so I haven’t had a chance to offer them anything yet. But on one of the trailers she wont give me an asking price, she wants me to make an offer. I told her I need to know what her bottom line is and she told me she wants all that she can get, she says she owes 25k for the trailer and land. But when I called the county the records show she paid $28,900 in 1997. I know she owes less than 25k. I will probably offer her something like 20k if she will carry the note. The land is worth 12k, and I’m gonna allow 8k for the trailer. The trailer is in excellent condition.
The other trailer the guy is asking 35k for the trailer and land
(1/2 acre). This trailer is also in good shape, but priced way to high. He has a 4 car carport, a metal privacy fence and he remodeled the trailer, I haven’t got to see the inside of this one yet, I will today IF he will lower his price, if not I’m not even gonna go look at it. I looked in the windows the other day and all I could see was new appliances and tiled counter tops.
I’ll know more this afternoon Nate when they get home from being out of town.