Hidden Pitfalls Of Manufactured (Mobile) Homes

[@KristinaSmallhorn]

Are you thinking about buying a manufactured home this year? Watch the more about the hidden costs of manufactured homes Hidden Costs Of Modular and Manufactured Homes kzbin.info/www/bejne/jHe3q5eDgrB-aLM

[@MR-nl8xr]

"..renting the land underneath them.." SMH

[@SarahS1214]

I’ve watched that-very informative video! I hope to find something next year (so I can retire) so we’ll see what changes happen with housing , interest rates etc this year.

[@Jeffrey-s6g]

I bought my 2022 manufactured home in January. I had it appraised twice to ensure a fair deal. Yeah, I rent the land for now. Saving up the money and buying land in rural Jefferson County missouri within five years and no more pad rent. Stepping stones, but reality is coming. With a credit score of 739, I was able to secure financing for 15 years at $739 month with insurance and taxes. Apr is about 9.19 percent. However, currently, within my budget plan, I am paying an extra 150 a month towards the principal. I also got a nice cash gift from my parents, only 2500 bucks, but along with first payment, I paid that too to principal.

[@noreenn6976]

The price of manufactured homes, on owned lots, have increased significantly in value in recent years in my area. It's actually quite surprising.

[@markaven5249]

40k homes went up to 100k

[@sharonpoitra193]

To get window/other replacement items, get to an RV store. Surprising what they have that might work for your manu home.

[@Don.M.]

As is the case with nearly everything in these 2020s…

[@Freaysclaw56]

The land with improvements can drive the price up. The lot improvements can make a stick built home more affordable. The water, electric and sewage are already in place. There might be a turn on fee but not connection fees and running new lines. Additionally, there is more demand for Manufactured homes by people looking for affordable housing. Some are willing to make repairs and other want a new home either stick built or manufactured.

[@denisekay4292]

Yes, it's the same in Canada. Increase housing costs on every level. 🙏❤️🇨🇦

[@RaptureReady-Saint]

I bought a manufactured home paid cash $55 K and retired early and I could not be more happy! My insurance is only $659 a year and my lot rent is $490 a month. It’s no different etc than a HOA fee. There are some downfalls like propane and pipes can freeze 🥶 but it’s super cheap compared to the horrible renting market or buying a 3 bedroom around my area which the market is terrible! No one can find affordable housing in my area and people drive into our parks looking for sale by owner and they are gone in minutes! My home value in a year and a half went up $70K I have a double wide and it is the best decision I have made!!!

[@BoredInTheComments]

$500 a month HOA fee?! Where?

[@flashoflight8160]

If the rental market in the surrounding area is a lot higher, you can bet the owner of the trailer park or his next of kin is likely to sell to a developer very soon and either kick you out to build new housing or raise the lot rent a lot. Keep your head in the sand if you think renting the land will help you avoid being made homeless due to the cost of rental housing.

[@fiftysquiggly]

@@BoredInTheComments I own a townhome and my HOA fee is $250/mo - I consider that wildly expensive. At the same time because it's a townhome in a master planned community my HOA fee includes EVERYTHING - landscaping, pool maintenance, garbage disposal, roof repairs, etc etc.

[@BoredInTheComments]

@fiftysquiggly yeah it's around the same where I stay but we don't get any of the things you mentioned. Now I feel ripped off lol.

[@herrickinman9303]

@@BoredInTheComments Older HOAs. HOAs have to pay the master policy insurance premium, which rises are property values, material costs and labor costs rise. The HOA also has to maintain a replacement fund for based on the useful life of building components, such as roofs, streets, and fences.

[@marvinhaak3714]

I live in an area where you can’t put manufactured homes on land, only in parks where you have to pay lot rent. Need more updated zoning laws.

[@jillmartin3825]

Isn't that crazy??? I just think it's wrong to force people in that "rent a lot" situation. So many of those places Jack up the rent every year, forcing people out of their own homes because they can't afford that payment OR afford to move the home. It's sad!

[@tripac3392]

That's bc the county can't charge as much for property taxes.

[@princessmarlena1359]

Where I live it is allowed in the unincorporated parts of the county (outside city limits). Plus the parcel tax is typically lower. My friends who live that way enjoy the lower costs and the freedom to do what they want such as plinking tin cans in the backyard with a .22

[@juliejackman2649]

Same here and that won't change here.

[@SarahS1214]

Modular’s are only allowed outside city limits. We have a lot of trailer parks in town. The Modular’s I’ve seen on KZbin don’t look like trailers. City hall needs to update their ordinances. You also can’t park your car on the street longer than 24 hrs without a tow notice!

[@GreatGreebo]

One thing to note: lots of trailer parks do NOT allow owners to rent out their trailer in their parks anymore. There’s more and more trailer parks adding an OWNER MUST OCCUPY type clause to their lease agreements. So, if you plan on moving out and eventually “renting it out” for income AND have it okayed with your home insurance, that doesn’t necessarily mean you’re going to be able to do that nowadays. Just some food for thought😢

[@walter3024]

Thanks for the heads-up. 😊

[@GreatGreebo]

@@walter3024 My pleasure. I don’t see many people discussing this aspect of trailer parks and it’s a HUGE deal.

[@davidlambert7937]

True

[@katespencer4038]

My cousin has property and is now shopping for a forclosed mobile home to move on their property. So much more affordable than stick built

[@KristinaSmallhorn]

You can get some great deals that way.

[@ivanislasbe]

where i can look for forclosed mobile homes?

[@KristinaSmallhorn]

@@ivanislasbe Finding foreclosure mobile homes can involve several strategies, similar to finding traditional foreclosed properties. Here are some avenues you might consider: 1. **Real Estate Websites**: Many websites that list foreclosed properties also include mobile homes. Websites like Zillow, Realtor.com, and Foreclosure.com often have filters that allow you to specifically look for mobile homes. 2. **Banks and Financial Institutions**: Check the websites of banks and credit unions, as they sometimes list their foreclosed properties, including mobile homes, directly. 3. **Local Government Auctions**: Some local governments auction off foreclosed properties to recoup unpaid property taxes. These can include mobile homes. Check local government websites for auction information. 4. **HUD and Government Agencies**: The U.S. Department of Housing and Urban Development (HUD) sells foreclosed homes, including mobile homes on occasion. Other government agencies, like the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA), may also list foreclosures. 5. **Mobile Home Parks**: Sometimes, mobile home parks have information on homes that are being foreclosed within their community. Contacting park managers directly could yield leads. 6. **Real Estate Auction Companies**: Companies that specialize in auctions, including real estate auctions, sometimes handle the sale of foreclosed mobile homes. Look for auction companies in your area or online. 7. **Real Estate Agents**: Some real estate agents specialize in foreclosed properties, including mobile homes. Finding a local agent with this specialty can be beneficial. Each of these methods can have varying degrees of success depending on your location, the current market, and the specific type of mobile home you're looking for. It might be useful to employ several of these strategies concurrently to find the best deals.

[@ivanislasbe]

@@KristinaSmallhorn Awesome! thank you for the info, i will look at them 👍

[@nicolelyo]

@@KristinaSmallhorn This is AWESOME!! I am in the process of purchasing land, and was surprised at the cost of the homes (without upgrades). I will definitely take a look!

[@DavidSmith-ox4tu]

In 1999 I bundled 5 acers with a MFG DBL Wide total cost for the home and land development setting the home, power, well, septic, Electricity systems came out to $150,000 I paid it off in 23 YEARS. The last tax appraisal has pegged the value at over half a million dollars. Advice find the land first and then look at every Mobile home dealership within a few hundred miles to find the right one. In my area stick built sell for about the same as my house would. My original loan was FHA.

[@dennistyler9852]

And like most houses, way overvalued. They like the Taxes they can charge.

[@herrickinman9303]

@@dennistyler9852 It's worth whatever people are willing to pay for it.

[@Only_Gnomes_Live_Here]

The prices for manufactured and modular homes are way too high. We have been looking and they have started to be the cost of a house. I've been told by several builders for modular that they are $245K starting prices. Manufactured ones are running around $120K for a single wide. Some cost of building materials have gone down, so to me its bs they increased the price that much. It's just builders and dealerships being greedy.

[@anthonymakley1530]

And when you have problems with it.The dealer blames the manufacturer and the manufacturer blames the setup contractor and you sign paperwork saying you won’t sue them but go to arbitration with their chosen arbitrators.Buyer beware you need your own building inspector and don’t get me started on the new standard of OSB for floors

[@matthewreed1078]

Not sure where you are looking at Clayton is for sure one to stay away from but they still have the brand new mobile homes for 40k mine was 105k brand new double wide with full tape and texture walls 2000 square foot paid 105k for it now it's worth 255 according to tax records

[@NOEXCUSESONLYSOLUTIONSTV]

Have you tried claytonhomes?

[@vannshuttleworth4738]

A few years ago, I was going to buy a mobile home in a RV park. It was on the market for a long time. But it was $30k. But listening to you, I learned that I wasn't getting the land beneath it. Just the home: its manufacturing date was 1963! It looked okay, but it was an older mobile home. And the rent space is $750/monthly! Thanks to you, I didn't sign on the dotted line! Still looking, but I didn't tie myself to a 60+ year old RV, and renting the land! It does matter! Thanks!

[@knmonlinemedia]

you were smart. that mobile home was not worth 30k. I had gotten a mobile home manufactured in 1999 for 13k. I bought it thinking I would stay there but had issues with management and ended up losing my job and therefore my home. If I could do it again, I'd buy the land underneath and never get trapped in a park again.

[@faithrada]

You dodged a bullet. 🙏 Mobil homes depreciate in value.. likw a car, then you need to pay to have them carted away. Not cheap.

[@vannshuttleworth4738]

@@faithrada I forgot to mention trying to get insurance. Or if I had Deep Pockets and wanted a new one: sell the old one for scrap, have it hauled away, pay for the new one to be moved to the lot, and all the stuff to make it all happen.

[@BlackRoseJenn]

Thank you! That was extremely informative and incredibly helpful! My husband and I have been considering purchasing a manufactured home, but it really is no longer the “cheap” way to own your own home. By the time we buy the land and then the trailer house and have it all set up we could just go buy a property with an older prebuilt home it would seem. The only allure to going the manufactured home route is that it would be much faster than waiting to find a place that suits our needs.

[@silentsam5527]

MH park downsides - small lot, close proximity to neighbor, high lot rent, yearly increases, restrictive HoA, clicks. You have to be the right person to fit in to the community/lifestyle.

[@jlang8213]

Clicks? Based on the following sentence, I assume you mean "cliques".

[@mikejames7013]

I've lived in my manufactured home now for 18 years. It sits on two wooded acres in Maine. I currently own it outright but when it was mortgaged I had a VA loan, which wasn't mentioned in this video.

[@mtngrl5859]

You likely are on a foundation, which allows it to be treated as a regular home loan.

[@mikejames7013]

@@mtngrl5859 it's on a slab, no foundation.

[@dennistyler9852]

My MH on its 1/2 acre with a slab foundation is also paid for in Maine. Retiring soon. All the best.

[@mtngrl5859]

@@dennistyler9852 There are many MH that live like stick built homes. I prefer many to condos & so of the modern ones really feel like traditional homes.

[@NatesHomeTours]

Here in Montana, a modular home runs about $200 a sq ft, where as a site built starts as about $370 a sq ft. So yes the modu;ar has gone up a lot, it is still almost half the cost of a site built.

[@duanejahn2368]

The modular homes I've looked at on you tube tend to have prices per square foot of 3 to 4 hundred dollars which make them pretty pricey when you take into account that the improved lots aren't included.

[@paulderosa8981]

We bought our manufacturers home last year and have been very happy with it. There are some non-standard things that can drive you crazy. The door knobs are not standard and these horrible pop-up water shut off valves that you will end up replacing

[@jasppermcnasty4388]

Those pop-up shutoffs are being used in most new construction now days, unfortunately. I see them all the time in super nice houses built last year as a plumber

[@gimcrack555]

I bought my place the right time. Just before Covid-19 hit us. $40,062 for a 1984 modular home with a detached 2 car garage on .65 acres of land. With a well and septic and all electric. Paid this place in cash, been here for 5 years and loving it. No rent or mortgage is awesome.

[@lisapitts9518]

We bought a 2022 Manufactured Home in a park ,our interest rate is 3%. So the interest rates aren't always higher in a park. We looked into buying a stick built home, the cost of a new home was $350,000 with 9% interest. We have no desire for the responsibility of owning land.

[@dirtwhisperer658]

Truthfully they are not that bad. I hated mobile homes when I was growing up and ended up buying one brand new off the lot in 1999. I had purchased land to build a house on but we wanted to live there and get the land cleared and setup while we were building. I had the mobile home set back as far as I could off the road so we could build in the front. We ended up living in that for several years and it did great. The monthly payment was cheap and nothing really broke on it. The roofs on them are kind of wonky but it never leaked. If you are looking for a cheap way to live or something temporary I say go for it. Mobile homes today are not like the ones built in the 1970's. They hold up better.

[@naubaucat]

This is a shame being they are many areas that don't have affordable homes. I suppose people looking to buy tiny homes are having difficulty too.

[@markaven5249]

You need to build it yourself with friends. Can't stress enough the 'with friends' part.

[@jillmartin3825]

It's difficult finding land for tiny homes. Especially the ones on wheels. They'll let you rent a lot in a tiny home park but not place a tiny home on wheels on your own land. It's ridiculous. It makes me so sick that there are actually more affordable solutions for home buyers yet "they" won't allow it.

[@judysocal8682]

@@jillmartin3825 I think 'they' are the same people who created HOAs

[@wannabetrucker7475]

that's what i hear

[@paloma_lopez]

Great video kristina , thank u do much as all ways very knowledgeble and straight facts . Please do more videos on USDA loan for manufacture homes I had no idea USDA accepted manufactured. And thanks great info !

[@markaven5249]

It's all about those strange rules, for example underpinning rules

[@amarilisdelagarza1182]

My husband and I purchased a double wide 2 years ago. It is modern and beautiful we paid cash for it and are working a few more years to retire. I have my truck paid off as well and are almost debt free. It’s the best decision we have made for retirement.

[@cantthinkofone6995]

My first home was a single wide, it was about 15 years old. I paid $12k cash for it. I had roommates the entire time that covered the lot rent and the utilities. It afforded me the opportunity to save up money for a down payment for a traditional single-family home. In the five years that I lived there, the lot rent went from around $250-$750 with no cap. It was really sad, several people in the neighborhood just abandoned their homes and walked away from their mortgages/defaulted. I was fortunate to move when I did, as the entire neighborhood was saturated with abandoned trailer homes. I sold it for $11,000 cash, so it was almost like I had lived there for free those five years. The obstacles I faced were the never-ending repair issues - water intrusion rotted out the flooring and the roof. It was always something there. The neighborhood also got pretty rough, I suffered two break-ins while I was there. No HVAC system, had to use window air conditioners and portable heaters. I actually was very fond of that little house. I look back and I really miss it sometimes! It was a wonderful, starter home!

[@kaohsiung99]

Cool post!

[@KO-771]

Great video. Great information. Very valuable use of my time.

[@freddyhollingsworth5945]

The land that I bought did allow "manufactured homes" as long as they was over 1,200 sq-ft heated and had at least a 1-ft overhang of the roof past the front and rear outside walls and it has to be on a brick real permanent foundation..

[@EmilyGloeggler7984]

Definitely going to look into a traditional or alternative natural home.

[@highbrass3749]

So a cave? 😂

[@blackbottomgardens]

@@highbrass3749 there is a company in So Cal I believe, and they make concrete cave houses by inflating a bladder and spraying concrete on the giant bladder leaving a concrete cave like structure. Want.

[@markaven5249]

​​@highbrass3749 Underground homes are actually really nice, stays 70 degrees all the time, and resists radiation

[@jamesplotkin4674]

I was just looking at low-E-rated windows at my local Home Depot and you can order any size vinyl frame window from them.

[@SparkeyCox]

I had to replace a window in my unit - being odd size - it was a bit more expensive.

[@maryg.7790]

Great knowledge as usual Kristina! thanks! Would love to have you look into possible updates/improvement/addition aspects of modern manufactured homes?

[@KristinaSmallhorn]

That would make a great future video.

[@DavidSmith-ox4tu]

I built several out buildings including a 24 x 36 shop and a 10 x 30 front porch on it. I love my manufactured home.

[@dynogamergurl]

I’d like to see that too, most manufactured homes near me look stereotypically trailer-y. I’m sure adding a porch would help but I wonder what could be done to say the roof to give it a different shape to make it look more like a traditional house. That and how much it might run to do roof or topical dressing like that.

[@tbugher62]

Insurance is double the cost of a stick built home,by the time you are done paying for the land,puting a foundation to set the home on,septic tank,well,power,paying for a garage,you might as well as just bought a stick built home.

[@LisaGrace]

Insurance is much cheaper on a manufactured home on a lot you own. I've owned both. I only have to insure for a much smaller replaceement value on my manufactured home.

[@tbugher62]

@LisaGrace not in Nevada .

[@BologneseJones]

I have a manufactured home..it's not double.its my land .m

[@tbugher62]

@BologneseJones like I said ,I also have a manufactured home on land I own in Pahrump,Nevada,insurance is double the cost of a stick built home in the same town,I checked.

[@bryonmorgan5208]

Gee, it’s almost as though each state has different insurance markets or something. Like so many things in real estate, it’s location dependent.

[@stevejordan9505]

Excellent video as always, Kristina!

[@flux_inverter4500]

I live in a manufactured home community. Home prices have gone up. Part of it is the location. We have a few homes for sale or have sold and they all sold for above what they were purchased for. Have to take care of them to maintain value. Getting financing is the problem. Existing homes tend to be cash sales because very few lenders will touch an existing manufactured home on rented land. I used a mortgage broker to help me and they found zero lenders. Only new manufactured homes can find financing in my area.

[@musicman7297]

I bought a move in ready 1984 in a nice area in Central Florida in 2016 . I park acquired it and I was there at the right time with cash. 4 thousand dollars and so far only put 900 into it. Right now I could get almost 30 thousand for it. The lot rent is 435 this year but goes up a little every year. But still cheaper than renting for 1000 plus a month.

[@yukistraton5304]

Thank you lots of information.

[@lewis7315]

In many cases, you have to pay cash for a MFG home more than a few years old. and yes, many parks will only rent to homes or RVs less than ten years old.

[@palladini9718]

I know, we tried to get a mobile home set on a Lot with many other trailers, and we tried about ten banks, and no one would give us a loan, 2 of them even told me, if that trailer was on government land, instead of some farmers land, we give you a mortgage, no questions asked. And this was in Canada

[@randiD123]

** not just windows and doors. Water heaters are also very different for a true single wide. Your electric service will not (legally) support a regular residential water heater. Which means you'll be stuck paying more for a smaller 40 gal max water heater. B

[@ddxl459]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

[@_omarlives]

True though unfortunately mine always end up with losses 😭

[@christopherkomar168]

What’s the possible means of reaching out to him?

[@mariuss.6607]

Oh the financial 🤡 are here lol.

[@orppranator5230]

@@mariuss.6607And they seemed to crowd around this comment too

[@jeffreystanley4991]

If you don’t own the land underneath it do not buy it.

[@Illuminatisevil]

You never really own land in America

[@gvue4396]

The lot prices are crazy now, $700+ a month is a little ridiculous

[@TheLovely990]

Hello. My uncle and his wife purchased one almost 30 years ago, and it fell apart after a year.

[@KristinaSmallhorn]

I’m so sorry that happened to them. The ones they make today are made with much higher quality products than the ones of 30 years ago.

[@TheLovely990]

@KristinaSmallhorn Thank you. He has been scarred for life and has never purchased another home since.

[@KristinaSmallhorn]

@@TheLovely990 I can totally understand their fear.

[@kathyyoung1774]

Every friend I know who bought one said the same thing. One had his 16-yr-old double wide hauled to the dump, nothing salvageable. Meanwhile, my 17-year-old stick built house tripled in value. Mobile homes are temporary housing.

[@DrKreiger]

On tip of higher interest rates, realize also that manufactured homes will also be limited to shorter terms. 20 years was the longest I could get even with an 800 credit score. It's also harder to get financing on a single wide if you're looking to go that route.

[@kathyyoung1774]

That’s because they start to fall apart by then. Every one of my friends with a manufactured house complains of deteriorating features that stick built houses don’t have.

[@DrKreiger]

@kathyyoung1774 it's technically because they are vehicles, they have axles and a vin(vehicle identification number). You're not wrong about then falling apart though.

[@stevenpeck5949]

I enjoy your commentary. Everything you say is true as far as I know. Still, you sometimes leave things out. I live in a manufactured home park that's an ROC, a resident owned park. We formed a cooperative and bought the park. This eliminates many of the concerns of you might raise about owning a home in a park. Many of the manufactured home parks have the same issues as condo and HOA communities. Many of these issues are the same in many municipalities. I even watched a You Tube 'off grid' home owner be hampered by the state park rangers, who were their neighbors, who knew they could not plow the snow off the road, it would impact migration! Overall, all the rest of the concerns are almost the same as anyother home ownership. Neighborhoods, HOAs, local zoning, utilities, insurance and etc. Each type of ownership has the similar risks and responsibilities. Homes don't take care of themselves, my waterheater, my toilet, my electrical system and everyother part of the manufactured home requires the same care and maintanance that my previous homes required. Even my lawn needs to be mowed (I can do it myself or hire someone else, just like everyother home owner). There are many types of homes and ownerships, each one presents a buyer with choice of financing. Most banks and few realtors are prepard to help a buyer find the best in all situations. Your advice is a breath of fresh air in this area.

[@FromG2eminor]

Your opinion on Dave R had me hit that subscribe button. I live in Utah and zoning is aweful or way expensive. Lot rent is $900!!

[@chuckmaxon3727]

Lot rent has skyrocketed in the past decade. On top of that in a park things can change fast, the park can be sold to an unethical investment group or a new manager can be hired that is a dictator. If you buy put it on your own land.

[@kathyyoung1774]

Land prices EVERYWHERE have increased.

[@leroidabney5254]

I own a palm harbor masterpiece 1999 back then it cost 70000. dollars we have lived in it for 25 years during that time we put double pane windows on it and a metal roof inside all of the sink faucets have been replaced it is a comfortable home on my land 2 1/2 acres in a small town the nay Sayers said Oh nice home This home is paid off smile

[@1RungAtATime]

Sounds like unless it's in a rural area that allows them, on land you can afford and all that involves, they mostly just end up depreciating in a trailer park.

[@janejan9728]

They depreciate on land too. But the land offsets the losses. When it comes to selling time you either dispose of the trailer yourself (unlikely to sell it for much, and remember you're LUCKY if you manage to sell it for a low low price, so at least you don't have to pay to dispose of it). Alternatively you can leave that job to the new buyer and lower your land price accordingly. The land will go up, but leaving the trailer on there will actually lower that value. It will be seen as junk by the buyer, and even if they did secretly want the trailer, they would still negotiate a discount while pretending they dont. It's legally a junk removal job, and in they're in their full rights to negotiate as such.

[@dennistyler9852]

Not a lot is depreciating in New England, not yet anyways.

[@karinachavez4661]

My lot rent is going up $45 per year it was $850 & now it's $945 plus water & sewage

[@ManufacturedHousingExpert]

This is some excellent information!

[@tbugher62]

A new doublewide with no land is $250,000 on up,NO thanks.

[@steved0123]

I have one but I own the land it is on. People in parks are getting hit with new owners raising their lot rents ridiculously high.

[@nickimillennium]

Might as well rent an apt if you don’t own the land

[@dennistyler9852]

COOP is a better approach to a privately owned park

[@pfcstuck]

One thing you did not mention is that if you own the land your manufactured home is on, it is difficult to get homeowner's insurance. I owned a mobile home on my own land in Tennessee a few years back. There was only 1 company who would insure it and it cost a little over 3 times more to insure than a comparably sized, aged, and quality modular or site-built home. There were allot of companies who would insure a mobile home on rented land at reasonable rates though. Lived in it for 2.5 years until I moved to take a better job then rented it out for 10 years. Eventually I sold it after paying it off IOT finance my doctoral program without a loan.

[@MeMe-bs3tc]

I have the sense that mobile homes have a limited lifespan, 40 years max for example depending on the climate where your MH is located. In eastern Canada, the propery management companies of rental parks want them removed at the first opportunity once they look aged, neglected, don't fit in with the look of the others etc.

[@KristinaSmallhorn]

Older models I agree but the newer models are meant and built much better to last longer than the before.

[@KG-wd4id]

This might be a dumb question but when looking at “shopping” multiple options on lenders do you ask them to not run your credit? Or have the first one run your credit scores and then ask for a copy to take with you? How best to avoid multiple inquiries and hits?

[@curtishar.8908]

Responding to remind myself to comment later.

[@KG-wd4id]

Any information would be appreciated. Thanks!

[@curtishar.8908]

@@KG-wd4id What state do you live in? I live in Florida. I first looked at lenders online to see what lenders financed manufactured homes, and since we were looking at new homes from the dealer or places that sales manufactured homes, some places only except certain lenders. You can shop around with multiple lenders within a certain time period and it not impact your loan. You should be able to find that info online or call a lender to clarify. Anyways, we applied for 3 different lenders online and 1 in person within a 10-15 day period I think.

[@KG-wd4id]

Thank you for the information. I am located in Mississippi.

[@sleuththewild]

You missed the part about manufactured homes being trailers by definition, which means they are subject to HUD’S building code. The loans are also categorized as trailer loans. These are not the same loans as stick built or modular non-manufactured home. There are more attractive loan options for low-income folks if they buy stick-built. Note, too, that manufactured homes are notoriously energy inefficient, which means you spend a lot more on interior temperature control. This should be factored into the cost of ownership of a manufactured home.

[@bentleymalshi7953]

My kids are interested in mobile/land rentals. We currently live in Arizona and looking for states where mobile home (mainly singlewides for ease of transport and maintenance compared to doublewides) rentals are thriving. Do you have any suggestions what those states are?

[@maryannkom299]

My brother bought me a manufactured home. He paid for the entire thing in cash. Then he said all you have to do is pay the lot rent. If you can swing it, the very best thing you can do is buy in cash.

[@musicman7297]

Exactly. I got a great deal in a nice area in Central Florida and my lot rent is cheap.

[@christinasmith5373]

In NC a manufacturer home isn’t considered a home unless it’s on a foundation. There was no way at all for me to get a loan on a fully paid off single wide on my own property. I wasn’t able to fix any of the issues it had before selling so I had to sell to a short sales company for less then my land was worth. Thankfully I got enough from sale to put down on one that is on a foundation but that’s about it

[@ellenfleming9685]

i purchased a used mobile home home in a park for$25 thousand appx 13 years ago With space rent only $360 a month it is extreamly affordable. A 2 bedroom apartment is 800 to 1000 a month!!!

[@blakekesh3756]

I wouldn’t mind a manufactured home on a piece of land for a short term affordable housing option. But if you asked me 2 years ago I would have said ew absolutely not. But at this point housing is so outrageously expensive it makes sense.

[@jjbud3124]

I live in a mobile home park HOA, own my own land. I've been here just about 20 years. My home is quite old, but the value has increased many times over. No losses here. Zone III mobile homes are as strong and well built as any home - 6-inch studs, 8-inch joists, and tiedowns and piers every 4 feet. You can get them with high end name brand appliances. They are really nice. But they're not cheap.

[@49lucky]

Wow, this was an eye-opener for me. Great news for me also😊

[@TransplantHelper]

Why we bought our Palm Harbor years ago they wanted us to tie one acre of our land to the home for loan purposes. It worked well. It was a very nice home and we sold it 2 years later for $25,000 more that we bought it for.

[@TCMedicare101]

I owned one, and never, ever again. Yes, the home itself was affordable, but it was in a mobile home park. While they had high standards, so none turned into slums, after owning it for 10 years, guess what? the combined house payment and lot rent equaled a regular house payment, AND it's value doesn't increase (It does somewhat if you put it on private land, but that's primarily the value of the land increasing, not the home). Plus, while they're made better today than in years past, the cost of heating and cooling is far more expensive. They're just not insulated as well as a stick built house. Face it, you're living in a tin can, and it heats up and cools down far faster in a tin can. It took me forever to sell mine (it was during the 2008 housing collapse), but when I got it sold, my cost of living fell. It was and is far less expensive to live in a modest traditionally built house, with standard features (not needing special small sizes and weird, cheap 'mobile home only' replacement parts). Plus, guess what? My traditional home's value has doubled in the past 15 years. If you're thinking mobile home, you'd be better off in an apartment at about the same cost where the landlord has to fix anything that wears out.

[@arizonanative7409]

Thank you for sharing. I was thinking of buying in a park, but after reading the comments, it seems like a bad financial decision!

[@mikerupe1642]

Youre a goddess. 🤗 Thank you so much so many questions answered right away and clearly

[@jaypaladin-havesmartswilll5508]

Kristina probably got a lot of push back on her statement about the build quality. No newly built home in any category is going to be perfect but there are a lot of complaints about poor build quality of manufactured homes since the pandemic, especially about one of the major manufacturers of these homes.

[@KristinaSmallhorn]

Not really push back. Some people really hate them some really like them but everyone has an opinion on manufactured homes. IMO they are an affordable housing option for many.

[@armeniansdoitbetter]

There are non gov lenders who will loan for you to buy land, trailer(only double wide), or land and trailer, in rural areas. Keep looking, don't give up, it is cheaper to buy land and put a trailer on.

[@choimdachoim9491]

I moved from southern California to south-eastern Louisiana 13 years ago and my new wife had purchased a 3 bed 2 bath mobile home the year before. I became a fan of these homes after watching people within a 50 mile radius throw away all their appliances and furniture plus remove all drywall up to 3' high in their brick-and-mortar homes twice during this time and rebuild after two hurricanes. They each spent more each time than we paid for our home. If a hurricane blew away our home we're only out $40K plus interest, etc. BTW Wife was fanatic about paying $100 extra each month and we paid the mortgage off within 12-ish years. Another point is we owned the land so the monthly payment was only $319 which is way lower than any rent anywhere. Another plus is that we're considering moving to another State and we can take our home with us. We've remodeled everything in it to our liking...electric, plumbing, tile, flooring, walls, built-ins...when your monthly is that cheap you can afford to upgrade easily.

[@alicefreist318]

I've seen far too many manufactured homes with problems that make them unliveable. If you buy one, go as upscale as you can. Never buy one with a flat roof. Get it inspected.

[@Pileits]

My brother-in-law had a manufactured home and a mobile home park and even though he bought his new it was a piece of junk.

[@jeanettesjourney9147]

Thank you, Christina. Great info as always. QUESTION: We are looking for some off grid property in northern Arizona. Do you think we would be better off putting a tiny home or a manufactured home on the property with the long-term goal being totally off grid? Can we put a wood stove in a manufactured home? Thank you.

[@KristinaSmallhorn]

You probably can get a cheaper one out there that way. Maybe even a previously foreclosed one if you pay straight cash. If you have a mortgage they will not allow you to not be tied into power and sewer that would be a condition to the loan.

[@jeanettesjourney9147]

@@KristinaSmallhorn thank you

[@ellenfleming9685]

i dont know about Arizona but in Ca my mobile home has a wood burning stove

[@jeanettesjourney9147]

@@ellenfleming9685 thank you.

[@arizonanative7409]

I think you can have a wood burning stove, but the warmth is hard to regulate…. I speak from experience.

[@kathymurach5125]

love your videos

[@KristinaSmallhorn]

Thank you Kathy.

[@BuckFutter-rs1ry]

One of the biggest pitfalls is the surface the home is placed on. Some places will put manufactured homes on compacted dirt, others on support foundations, others on cement pads and so on... Then there are things like earthquake and wind bracing. And all those things often have their own rules and regulations and monetary requirements to follow, plus the maintenance issues associated with each like how often the home needs to be "leveled" and inspected and such... As well as utilities like water, power, cable, & sewage can all be a bit of a nightmare for the first timer. However, in the long run, they are cheaper to maintain and live in than a stick-built. Crazy-low property taxes (Example: Stick-built 1500sq/ft house next door on 3 acres of land is paying over $2000+ in property tax every year, while 1500 sq/ft manufactured house on 3 acres of land next to it is closer to $450! because a manufactured home in that area is basically considered a non-foundation "temporary structure"), and there is also the benefit of not needing to tear down walls for electrical or plumbing work as most the house's electrical and plumbing is accessible in the space underneath the house, and the insanely cheaper insurance are all huge benefits especially if you are buying the place to LIVE IN and not as an "investment", though, now with inflation people are actually making more on their manufactured homes than they bought them for, so with the crazy politics and economy in America, you never know there.

[@KristinaSmallhorn]

This was great information, thank you for sharing. I appreciate you taking the time.

[@LambsGrace]

Thank you for this excellent information! This makes me more strongly favor buying a manufactured home this year! Peace & blessings! ❤️🙏

[@threeftr3349]

This all has to do with what the town/city will allow, many places it's concrete only

[@anthonymakley1530]

Starting prices on a small double wide $160,000 and the roof doesn’t last 5 years in Florida just ridiculous because the new 1s fall apart in 8 year’s

[@prnsseve]

very informative, ty

[@Bigfrank113]

I am a manufactured home, and I own the land that it’s sitting on in one of the parks down here in Florida and it’s a phenomenal investment. My house is doubled what I paid for it two years with the LAND. I would not buy a manufactured home in a park where you pay a lot rent that’s like paying two mortgages the lot rent down here and some places $900 plus.

[@disgruntledtoons]

Three-fourths the price, one-fourth the value.

[@builtontherockhomestead9390]

Bought land that came with a Palm Harbor Mobile Home. Getting insurance was extremely difficult. Only 1 company would insure Mobile Homes and when i had a claim after a severe storm, I was wronged. I would never buy a Mobile Home from the manufacturer. This place isn't worth what it cost.

[@ZMS777]

These days (some) manufactured homes are more expensive thanbstick built.😮

[@SarahS1214]

While talking to my ins agent yesterday, I asked her about modular/manufacture homes. She said the both depreciate in value. I was thinking she’s not up to date on differences etc listening to you.

[@kathyyoung1774]

They depreciate like cars.

[@FM4AMGV]

The structure depreciates like a car, the land can appreciate like a house. Putting a mobile on its own land is a waste of property. The dimensions require it to either be placed in a park or somewhere with a large lot. Single wides have an architechtural fault, they are limitted heavily in width and proportioning rooms is difficult. Look up satisfaction rates of RV's and ask if you want that.

[@blueleafevirosvc.inc.2796]

Navy Federal Credit Union doesn't do manufacturing home loans.

[@KristinaSmallhorn]

They do if they are attached to land. www.google.com/search?q=navy+federal+credit+union+manufactured+home+loan&rlz=1CDGOYI_enUS764US764&oq=navy+fedral+credit+union+home+loan+for+manufactured+&gs_lcrp=EgZjaHJvbWUqCAgBEAAYFhgeMgYIABBFGDkyCAgBEAAYFhgeMg0IAhAAGIYDGIAEGIoFMg0IAxAAGIYDGIAEGIoFMg0IBBAAGIYDGIAEGIoFMg0IBRAAGIYDGIAEGIoFMgkIBhAhGAoYoAEyCQgHECEYChigATIJCAgQIRgKGKsC0gEJMTg2MTNqMGo3qAIAsAIA4gMEGAEgXw&hl=en-US&sourceid=chrome-mobile&ie=UTF-8#kpvalbx=_zEPEZY-uMc2rqtsP4oSe6AU_35

[@rickynorris1694]

Awesome video. 😊😊

[@chrisbuckley1785]

This is a great video.

[@txtruelibrarose1857]

I am considering buying a new MFH with land. The land has all utilities to include cable. One loan, escrow with a 10.16% interest rate, from 21st Century. I am giving myself a few days to decide if I should accept this loan. Could you give some advice?

[@Recommendedforyouall]

Hi there, what is your opinion on FEMA manufactured homes?

[@Arizona_lilly]

Arizona doesn’t have land packages on in the Phoenix area .there’s no land unless you want to go 90-60 mins away from anything very very few 1/10th land 100k but it’s strange parts behind a gas station alley or street corner very bad . Really trying to buy cash’s

[@esterdrass4964]

I really did consider an over 55 in Florida as a second home to use in winter. The houses at that time (before the pandemic) were reasonable but as I researched it, I realized, it wasn't for me, and I might be trapped. It's hard to resell those homes because the market is so narrow. You pay the land rent which does give you a pool, a community center, maybe even a golf course but add it up year and year and see if it's worth it. I think those homes are really great for someone who is much older into retirement and just wants to live out their days in a small, condensed community. Overall, the idea was nice but long term, wasn't for me.

[@kathyyoung1774]

They blow away. FL has several hurricanes per year.

[@zeke5491]

Lot rents go up every year! Totally unpredictable

[@kathyyoung1774]

All land prices go up.

[@baldisaerodynamic9692]

AC and Plumbing are different, and often can cost more to repair or find a specialist that will deal with them.

[@deborahchesser7375]

So if you already own some property it’s not such a bad idea

[@mortsims]

i bought one and there was nothing mobile about it. had it on my own lot with pole barn. bought 2 years ago for 120,000 lived there 2 years and just sold for 180,000. sold it in one week by myself. didn't have any problems.

[@Atochabsh]

Lived in mobile home park for 20 years. you never know when the mobile home park is going to be sold. Our park when through three sales in 20 years. So if you have to finance a home, that's a big risk. My suggestion is to save up and pay cash for home so you onnly having to deal with space rent. I also suggest you buy a well kept older home instead of a new one. Plus if you finance the house you are going to have to pay for insurance. One thing to know is that the space rent will go up every year. In California, most parks will NOT let you rent out the home. I did make money on my older mobile home in a park. But that was in California where housing is at a premium. But be warned, the park has control of who you sell the home to. Let me repeat that......The park has control of who you sell the home to.

[@jimg7318]

Generally, buying a mobile home is about as economical as buying a new car in most cases. Many times it’s worse than renting. Chances of getting any Equity out of a mobile home is slim to none.

[@0opalfulCoo]

👍 thanks nice video

[@gsxellence]

Hello Mrs. Kristina, are you and Mr. Eddie feeling better now?

[@KristinaSmallhorn]

Yes. Much better. Thank you so much for checking in on us.

[@melindadouglas1673]

A manufactured home is very difficult to resell and has little to no appreciation. It’s a very bad idea to buy a manufactured home.

[@ricmoton1210]

Great information and advice ! Lots of traditional home have shoddy construction and I avoid Dave Ramsey ! Thanks , Ms. Smallhorn !

[@user-mb5gw9ou9l]

What about manufactured homes that sit on an actual crawl space? I have a 1997 style on a brick foundation with at least 3-4ft crawl on country acre of land. Do you think this will certainly increase in value? It was my first home purchase with an fha and we got a 3.75 intrest rate

[@why67152]

If it's on a fondation then it is worth more!

[@Darci3333]

The prices of a nicer one already on land has gotten too high compared to how they dont gain the value a site built home does has just gotten too high for what one is getting.

[@dennistyler9852]

A COOP is much better than a privately owned Park. The tenants are the owners.

[@KristinaSmallhorn]

Very true.

[@leticiaurbach1720]

What if you buy a manufactured home Cash?

[@lauralee2823]

Bought my mobile home 2 years ago. It was already 50 years old. The house has issues and is costing too much money to fix up. It's time to get out

[@jonellefigueroa3604]

I live in tampa fl with mobile home that requires a must an owner to occupy home. However all of my neighbors build an efficiency aka an extra room and rent them. As lot prices rise, in 2014 $385 lot rent in 2024 $ 805 the more efficiency i have noticed. I bought mines for $26k 2014 now its well worth over 90k in 2024. You sort of have to do your research and because alot of the time you can rent them on the low low. You have to do what you have to do in order to survive.