Edit: I like getting downvoted within seconds of making a post. You couldn't have even read this. Thanks!
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I'm self-employed and don't have a good tax record to show lenders for a normal home--I've tried to qualify and can't. I did however qualify for a loan at a nearby mobile park for $120k, based on my pay stubs as my business is finally taking off as of last year. I want to stop paying out the arse in rent for my house (I have no interest in living in an apartment, I won't do it again, for a lot of reasons). I currently pay $1900 a month to RENT a mobile home, and while I like my house and actually enjoy living in a mobile home, if I bought one, including land rent it would be $1300 per month (if I maxed out my loan).
Regular home sales start at 195k here for homes in kind of shitty areas. The housing market is really intense here. Homes are sold practically as soon as they go up, a lot of people want to live here. It's been that way for about 15-20 years.
The park I'm looking at is really nice. It's a very tight-knit community that background checks everyone, doesn't allow anyone to rent out their units, etc. It's set up like a normal neighborhood, it's quite large, doesn't look like a trailer park. Very well-maintained and landscaped. VERY safe area, zero crime, etc. Comparably sized homes in this particular area are 250k+
I looked at one mobile home in this park from 1996 that sold for 50k despite having a gutted bathroom, a ceiling leak and needing a new roof. I know how much it sold for because I offered 20k for the hell of it (it needed a lot of work). It had three offers on it and was originally priced at 70k.
Another one in this park for 65k from 1991 went up for sale, in great shape. I offered 60k, but nope, someone else offered more. Sold.
The property manager (who's a resident, they hired her when management changed) said it would be almost impossible to find a newer home for under 75k, and that if it's under 75k it needs work. The one I'm looking at right now is brand-new, never-been-used, for 105k. It already has multiple offers on it and I'm considering offering but don't know if I'm making a stupid decision because all I hear is to "NEVER, EVER buy a mobile home because you'll never be able to sell it." But a comparable one in this park that's 10 years old was on Zillow for all of a week at 90k and is already "pending." Another that's 25 years old and only 100 sq. ft. larger just sold for 125k.
AGH. I don't know what to do!
Submitted May 01, 2019 at 08:45PM by SadDirt7 http://bit.ly/2VHMTsb
