Buying a manufactured home? Things you MUST know before purchasing!

[@aurelioa315]

We own a pre manufactured home in other words a trailer. I bought it at a very reasonable price knowing that it had issues that I fixed. You are correct my home was built in 1972 it's a double-wide no one will insurance us especially living in a flood zone me which is okay. What we've been doing for the last eight years we have put money aside that would have gone to an insurance policy if we get wiped out we have a fund to start over with.

[@johnLOANking]

Thanks for your comment. These homes are really great options in the right situation. Glad it worked out for you!

[@AnnaBrown-h4e]

Some states have programs to help people get insurance on homes that can't be insured for what ever reason. I know Ohio does

[@richardmenz3257]

@@AnnaBrown-h4e They tend to be about 6x the price of normal insurance here. The main benefit of them is they actaully pay no matter what, but it is expensive because more risky properties + actually paying and not being a snake.

[@jamesbailey2880]

FYI when you buy a house you still don’t own the land unless you bought the land and build a house on the land!

[@johnLOANking]

yes, there is a HUGE difference between "chattle" (manufactured homes in a park) vs a manufactured home on owned land!

[@Peacebeyond]

This is the info I've been looking for. Very informative. Thanks.

[@mamatosh05]

You explained this so well. Thank you.

[@johnLOANking]

Thank you very much! Let me know if there is anything I can help you with.

[@TimothyKelley007]

Very informative! 👍👍

[@johnLOANking]

Glad you liked it

[@nyacoustics8373]

arent there manufactured homes in florida on land already that you jsut property tax on? we aren't looking for lot rent or leasing land etc

[@CampbellSuperKids]

Very helpful thank you

[@johnLOANking]

Glad it was helpful!

[@artkyger3425]

I bought a manufactured home in 2021 and right now I say never again. It needs a total renovation. Of course there is upside. I'm not paying the $625 a month rent that I was paying before I moved in. So I will have about 40-to-50 grand equity in it when I am finished and I will sell it "as is" IF I can sell it. I doubt if I'll be able to sell it.

[@theoracle6881]

Why did you buy a manufactured home that needed a total renovation, then come on here and complain about it?

[@artkyger3425]

I'm not complaining. You IMAGINED it as a complaint, ding bat. Don't troll@@theoracle6881

[@johnLOANking]

Stories like this exist for traditional stick built homes and manufactured homes. Unfortunately there are always the outlier situations, the fact is that no investment is a sure thing or everyone would do it. There is risk involved and we just need to do our due diligence and tackle issues as they arise.

[@k0k01]

You could use it as a rental property

[@gladysvelez4845]

Thank u I didn't know none of that .

[@tyler_206]

Is this similar to a USDA loan? Thanks in advance!

[@markgonzalez4070]

Do you just operate out of California? Looking at land in Colorado and need someone’s help with getting a manufactured home when I get the land.

[@johnLOANking]

I am licensed in multiple states and I have partners within my company that cover the rest of the states (including Colorado). I would love to help you. Please schedule a time to meet with me by going to www.calendly.com/johnloanking

[@engelbertogarciadealba9266]

It’s a very informative video. What are your recommendations if I am looking to buy some land and than a manufactured home should I do that at the same time or is there a special process to get both under the same loan?

[@johnmackey3937]

I would like to work with someone in Florida. I'm in Delray Beach, but would relocate. How can I start?

[@johnLOANking]

@@johnmackey3937 I am licensed in Florida so my team and I can help. Get started by filling out my application by going to app.johnloanking.com

[@blueleafevirosvc.inc.2796]

Are you just out of California?

[@johnLOANking]

My office is in California, but my company and I lend all across the United States. Let me know if I can help!

[@PandaHead602]

Arizona we r all on lots here 300-350k with the land u mind as well spend 50-100k n get stick home I only plan to be in my manufacturing home 10 years im 37 will be 38 when I buy

[@suebee4380]

Good info, Thanks!

[@johnLOANking]

Thank you, I appreciate it!

[@evancobbs7344]

if we have enough equity in our land can we use that equity to puchase/ prep our land for a modular home?

[@johnLOANking]

Typically the answer is yes. Many times, having equity in the land can mean you don’t need to put any down payment towards the loan and we will finance the purchase of the home, the site prep, and the delivery / installation without much if any cash from you.

[@daphillipsfam]

Hello, we already have a land and looking to finance a manufactured home. My question is, if we finance a manufactured home from the dealer, are they going to get all the permits for us or do we have to be the one to do all the permits and stuff?

[@johnLOANking]

Most dealers are going to handle everything for you, from permits to site prep to installation. They want to sell you the home and they want to make it as easy as possible for you to complete the transaction. The truth is that most dealers will mark up (make a higher profit) on the "other stuff" (permits, site prep and installation) and if you coordinate that all yourself you can save some money... but most lenders will not allow you to do this as you are basically acting as the general contractor. Bottom line, not only will most dealers do this for you, it really is a requirement for them to do it in order for everything to work smoothly (and it is rarely smooth, so imaging how it would be if you tried to coordinate it all yourself!)

[@AshleySpeaks4U]

I would NOT finance with the dealer. Manufactured homes are SUPER expensive to maintain.

[@daphillipsfam]

@@AshleySpeaks4U hello, can you explain why, please?

[@theoracle6881]

Good answer, I was considering doing it all myself but after a few YT videos many pod-casters were strongly against it for the very same reasons you mentioned ! But I also hear to shop around for the financing but if you don't use the dealer financing does that mean that you are responsible for everything like permits, the well, electricity, septic tank, prep/setup, transportation, etc. ?@@johnLOANking

[@daphillipsfam]

@@theoracle6881 Hello, my neighbor is doing DIY all by themselves and yes, if you dont finance with the dealer, you will be responsible for everything. We wanted to do how our neighbor did but we just dont have the resources to do so.

[@theoracle6881]

Do you work with VA loans?

[@johnLOANking]

Yes I do. Let me know how I can help, or schedule time to meet with me by going to www.calendly.com/johnloanking

[@AmericanTrucker89]

Im paying 1750 for rent and im been kicked out because i have 3 kids only 4 people are allowed to live thats their reason i found couple new manufactured home for 80k and 70k with hoa its costing me 1000 1100 a month brand new i dont make alot of money you guys think its worth it half of my rent also i dont plan on moving either for 5 years anways just need a place for cheap

[@johnLOANking]

your payment for the manufactured home loan would be somewhere between $800 and $900 a month (ballpark)... so add that to the $1100 space rent and you are looking at $1900 to $2000 a month for a place that is yours, where you don't have to worry about the landlord kicking you out. As long as you can afford that bump in overall payment, it sounds very worth it to me! What state are you buying in?

[@AmericanTrucker89]

@johnLOANking oh sorry the lot is 550 600 hoa with mortgage around 500 so 1100 1200 will it e headache or it's OK to buy and live with 🤷‍♂️ idk

[@johnLOANking]

@@AmericanTrucker89 with those numbers I say GO FOR IT. Why rent when you can own and have a lower monthly payment and control over your future housing!

[@lisamorrison4708]

so, Paniking here. I'm renting a 1500 sq foot double wide in a park for 1200. a month landlord is paying the 590. a month in lot rent. But she put it up for sale for 69,900. With an emended lease that when sells we have 30 days notice to vacate. Just to be safe I started looking at apts for rent. THE PRICES ARE INSANE. So my father offered to buy with part of my inheritance money. so now I'm in crunch time. there is already ppl interested in it. But B4 I would buy I would want to get it appraised and I can't seem to find anyone to do this any time soon. I'm concerned it may need a new roof in the near future due to the 2 bathroom skylight seem to have been poorly fixed and I'm seeing a lil dark colored something up there. and also living room vaulted ceiling has been fixed along one of the beams. ( just poorly done). what do you suggest I do? Also if it's in a park and paid for with cash it still needs monthly insurance right? Im sorry this is long and confusing but I have NO IDEA what I'm doing and so scared I'm going to screw myself! thanks in advance. Oh and I'm in grand forks north Dakota of all places.🤷🫤

[@johnLOANking]

@@lisamorrison4708 you need to start with a home inspection. An appraisal would tell you what the home is worth and tell you if there are obvious things wrong (which you would see yourself) but an appraiser does not dig deep. a home inspector digs deep into everything about the home. Google home inspectors in your area. They usually charge between $300 and $900 for an inspection, but that sounds like what you need so you can determine if you really want to buy this. And yes, you should still have insurance even if you paid cash. Technically you don't have to unless the park requires it... but you should have it so that in case something happens you can pay to rebuild.

[@elizabethstewart552]

Great video! Lots of good information here. I have just started looking into manufactured homes as a potential option for retirement. The appeal is not having to deal with an older home and nonstop renovations, or going through the building process of a stick built house (which I have done several times before -- its truly stressful, takes much longer and is always more expensive than you anticipated.) Manufactured homes seem like a great alternative as long as people understand that the cost of the actual home is just the tip of the iceberg between a well, septic, getting the land cleared, a driveway, and the foundation. The issue I find is finding land that isn't in Timbuktu and that is reasonably priced. All of the greedy builders and developers near me have bought have bought so much land, and it has driven the prices up so far. I do think manufactured homes are a great alternative for people. Rents are sky high in most areas, and if you can buy something newer that works out to be in the same price range, why wouldn't you?

[@johnLOANking]

Well said. Nothing is as easy as it looks on the surface, but most things that are worth doing are not easily accomplished!

[@MatthewWilliams-b1m]

Even the new ones only last 8 to ten years kit,cavco all junk glorified travel trailer. Modules are worst.been setting them up on blocks or foundation for years.my 70 year old stick built home has more timber in the cabinets than a triple wide has in the whole structure .

[@Joyce-id3dr]

We purchased a 1989 Mobile home new. Sold it 25 years ago. It's still being lived in but I can't say what's shaped it's in on the inside.

[@artkyger3425]

Then stop doing it to people.

[@theoracle6881]

I hear they don't make em like they used to, but heck, that's with most things nowadays. @@Joyce-id3dr

[@kibbyvoom]

yeah just don't buy any manufactured home.

[@theoracle6881]

Well what other options would you suggest ?

[@johnLOANking]

There is no right answer here. Nothing is affordable these days, not even rent... so each of us needs to determine what our best option is and move forward.

[@kibbyvoom]

@@theoracle6881 get what they call a stick built house you can get a good mortgage for it and more.

[@vieshanblacksloft426]

I will be calling you soon

[@Roop1580]

What number I can call you at ?

[@johnLOANking]

Hi there, feel free to call us at 855-626-5464

[@Roop1580]

@@johnLOANking Just tried calling you but going on a voicemail

[@johnLOANking]

@@Roop1580 Hi there try us again or email us at [e-mail] with your contact details and we will reach out

[@PandaHead602]

Arizona we r all on lots here 300-350k with the land u mind as well spend 50-100k n get stick home I only plan to be in my manufacturing home 10 years im 37 will be 38 when I buy