Well under that same logic---The problem with the stick-built houses is if the government comes in and finds the value in the land/project they have planned is more important than your ownership is worth ...they will come and take your property AND house while compensating you a fraction of the actual value..... It's called eminent domain happens all the time. At least with a trailer I can EASILY haul it away to another piece of land after paying for it in a fraction of the time it would take for a stick built home.
With housing rent increasing.. I moved to a MHP about 3 Months ago and I love it..if you would have asked me this before the Pandemic .. I would have never considered this option.. I'm hoping to buy my own land and buy Modular or DW, but this is a great option for me in the present..
Wish i could say same. I love my little home. The lot rent has gone up 1200 a year since Jan. year and it went up another 600 or so since Jan. I"m looking at 5500 for next year and i Get NOTHING for it. It would be ok if they provided services. The washer and dryer are broken in the laundry room. No one mows the grass. We have a dumpster. Woo hoo. No leaf pickup or road maintenance or snow removal. I have an older mobile home as most are in this older park. It looks run down and no one will want to pay much for the homes. when they hear the lot rent, 450 a month for NOTHING, they will walk. The homeowners in here like myself are upset. In a 55 plus park many are elderly on fixed incomes and can't afford to live here anymore. What is the alternative?
@@melvern946I’m sorry. But you’re right. I have a very fixed income. I am trying to find something I can afford. I just found the perfect mobile home in a community. But the $400/mo lot rent priced me out. I can’t afford that. I’m afraid I’ll just wind up homeless. Like I guess I need to buy a van to sleep in. I looked at a condo that has fees too. But it includes internet and satellite as well as trash at least. Scary times
My grandmother owns a park here in N.Y. 50+ units. Our lot rent is around $550 a month for a single wide to $700 for a double wide. You don't pay taxes like owning a home on your own land. Sewer, water and garbage included. Can't go wrong.
There were positives from my move to a 55+ mobile home park in 1991. I was in a better, more convenient neighborhood. I felt very safe. I was "spooked" when another park raised rent 69% overnight. I had just sold my house, and I began looking for the next one. Under ideal circumstances, a mobile home could work well. I would suggest not buying one older than a 2000 model. You need to be sure the plumbing is Pex. You'll want 6" walls, full of insulation. Hire an inspector to look it over. In my case, I had a deadline, so I didn't properly inspect my 1991 home. Two weeks into my stay, a plastic valve on a dishwater line began to leak.In two separate cold snaps, two water lines froze. In the dead of winter, the furnace quit twice. In the spring, the water heater didn't work. There was a bit of a smell in the bathroom cold water. Mowing didn't take long, but the land immediately behind the land sloped downward. There wasn't much room for planting anything.
All over the country mobile home park owners are selling their land to big developers. Tenants are being evicted and left high and dry. Many mobile homes are too old to be moved. Even if they are movable, it is extremely expensive AND there is often no place to move them to. People are beinf displaced and their homes demolished. There are tons of videos here on these. Think long and hard before you do this!!!
exactly. I think the video maker is thinking in terms of profit from buying,selling,not one care about the suffering of the poor, seniors,veterans, disabled, who are being displaced,evicted, ending up homeless from what's going on with the recent fad of selling mobile home parks to corporations and greedy business people. Just the fact they raised these people's rents a whopping $200 at once says it all. For those getting smaller social security checks that are barely able to pay rent as it is, it's a sentence to homelessness. Housing should never have allowed to become a corporate "business".😢
I mean if you're the owner of a mobile home park, I'd just not sell it. But yeah either way you're kinda Fd even if that's your legacy to maintain it. Because after you die someone else will inherit it and probably sell it
I bought a home in a manufactured home park. It was very nice. We had a swimming pool, Jacuzzi, gym, basketball court, pool rom and we had socials at the clubhouse. We were interested in buying our park. Then the owners sold it from under us. They removed the jacuzzi, they made the gym into a "library" that is always locked. There is no basketball court. There are no socials at the clubhouse, which is always locked up. The chairs have been taken out of the laundry room as well as the vending machine. The vending machine by the pool has been removed. At the same time the rent has had big increases. There are lot of retired people living here and whatever raise people get in social security this court takes. They made us repaint our homes. They expect us to keep our lots looking nice and well-maintained but after paying such huge rent many of us don't have the money to make the improvements when half of our take-home pay goes towards rent. We are paying more for less.
It seems like we have the same slumlords. Terrible and very little protection but however there is some. In my state mobile homes and mobile home parks are regulated. For instance they cannot make us paint our homes where I am. Rent increases are capped, etc.. check the regulations in your state. But yeah, id def would NOT buy in a park if I had a redo. Id buy land and put my home on it.
@@pompommania My dad has land with a mobile home. The issue in our case is he’s older now and I’m disabled now. He cannot or will not take care of the property. I’m barely able to do much. Nor can I afford to pay someone else to help. The lot or land needs mowing, weeding, raking the enormous amounts of leaves. Clearing the overgrown brush, etc. owning land is a lot of work. The more land you have the more work you’ll have to upkeep it. I’ve been looking at mobile home communities, condos, tiny homes or small home to put on my dads land for me, but when the price of everything has doubled this last year options are limited. I’m afraid I’ll be homeless.
I understand parks maybe the only solution for some. It concerns me that in our area we have had several parks sell to developers and the land is converted to condos or SFRs. The cost to move the mobile homes can be quite expensive, so the homes are abandoned and torn down. The value paid to the mobile home owner is not enough to purchase a new mobile home. I realize this doesn't happen all the time, but when it does, it can be tragic and a lost investment. As land values increase and we see land shortages, we may see it more.
Our state passed a law a few years ago that areas like these cannot be converted into anything else other than mobile home parks since there was a big fiasco a few years ago where this happened with Nike they ran people out of their mobile homes and a lot of people lost their homes since yes it was not enough to move them.
As with many things , the truth lies somewhere in between ... I sold my house, and now live in a real nice doublewide in a 55+ small park. I love my home, but in the not quite two and a half years I've been here, the lot rent has been raised 4 times ! With no cap/percentage limit, or mandated time interval, the owner can raise the amount on a whim ! It's causing me to want to get out before the rent goes so high I won't be able to afford it, or sell my home ! And this is happening nationwide !
My rent always had a increase $10 to $30 a month on first of they year . I prefer strict 55+ parks for quiet and safety .I could bought a house anytime but there is no control if loud neighbors with multiple dogs motorcycles parties and more .
The spot on which we sit in our mobile home park has virtually doubled in a year and a half (we own our home outright). That was a shock. Seems there are greedy people everywhere, some even want to ruin us retirees for the sake of a few extra bucks. The cherry on top here is the young inexperienced manager and the crooked company behind him. Food for thought before you move in.
Love your videos. Very informative. People should do their due diligence about the park they want to live in. My grandmother lived in a great mobile home park for 30+ years. The land was city owned but leased to a company which managed the park. Eventually the lease ended and the city wanted the land back to build a hotel. Even though the land was protected wetlands and permanent structures were prohibited. The city bought out a lot of the individual leases and people had to move. My grandmother got paid $6,000 for her lot. However some people stayed and became squatters. Also the economy went bad in 2008 and the hotel was never built. Some former residents filed a lawsuit over the pay outs but I don’t know the results. So folks be sure to investigate the park to make sure it is financially sound.
@@KerryTarnow It was a big park, originally it had a family area, over 55 area and a RV section with a small store. It had two club houses, one club house for the over 55 and the other clubhouse for the RV and Family section. It had covered shuffle boards, a volleyball court, a dock and tethering for boats and a public accessible beach for the residents to enjoy. It was on Mission Bay in San Diego called De Anza Cove. Unfortunately, towards the end the company that leased the land stopped maintaining the docks and so when the city took over the city found a lot of stuff had to be fixed which was going to be expensive. Unfortunately too the city of San Diego at the time did not have a great reputation for dealing honestly with the residents of San Diego when it came to developers and land matters. It was a beautiful place to live except when the thunder boats came to do their thing in Mission Bay. The park was across from Sea World so during the summer you could watch fireworks every weekend. A lot of folks had made their manufactured homes look like regular houses and cemented over their lots. When the city took over the city mandated folks would have to clear their lots of everything except for any big trees. The city did a deal where they would pay you a dollar for the title to your manufactured home and clear out the lot for you in addition to the pay out. So yeah it was a cluster for everyone concerned.
That can happen even if you own your own land outside of a park. If the city feels that they can sell the land to developers who will build something more valuable (and therefore bring the city more tax revenue) they can and will do so easily.
It only happens if you elect republican crooks. Trump is an extreme case of such a crook but almost all republican politicians will cater to corporate greed to line their own pockets with paybacks for years after they enable these types of builders and developers to ruin people's lives. The area of San Diego where that park is located is a prime example of GOP corruption.
I am in an unusual situation in which my apartment rent is going up significantly, and I don’t even have a washer and dryer hookup to do laundry, and that is making me look at all of my choices again. I may be visiting the prospect of living in a mobile home park as a very fast way to get moved into a new place with better amenities. I didn’t want a home with vinyl walls with baton strips, but having a place to do laundry, and a small yard may cause me to look at mobile home parks again.
@@KerryTarnow This video popped up on my feed again, and I watched it again for the first time. What’s changed in 11-months? The housing market, my credit score, and a gift of rural property from a family member. I now have Earnest money down on a manufactured home. The only draw-back is I am struggling to get transferred to a location close to my new property, so I may be forced to find employment elsewhere, or postpone the purchase! Here’s hoping for a better solution.
I only see it as worth it if the land is included. If the land is in fact included it’s worth it. If you can tear down the mobile home and build a better home it’s really worth it. Especially with land cost sky rocketing! This is a good way to get land without paying a ridiculous amount.
Lived in several mobile home parks growing up, loved it because always have some kids to play with. Now however now I don't like the tiny lots and no place 4 a garden or open spaces for varied uses.
@@KerryTarnow that would be nice and if could purchase lot even better but the parks in Fl r terrible hardly have enough green space between trailers for grill and picnic table
It's very convenient for older people to sell their house ,down size to mobile as the benefits were ideal for senior citizen as the lawn mowing,and trash pick up,water was included in lot rent and communities are soon involved as you meet neighbors that own their mobile homes too and friends are made so you can stay independent. Now this company wants to get rid of this Community and us. None should have to be looking for a job or new home at 80 plus to stay independent. Greed is terrible.
We lived in a mobile home park in Florida, not by beach, and the rent went up to $1000. per month. We sold and moved out. We broke even on the home, which we bought used.
I've read numerous stories of shell companies coming in and buying up the land, then immediately jacking up the rent. They even have seminars for those that want to invest in buying trailer park land, saying that it costs $5k to move a mobile park home to a new location, and we know they can't afford that, so they're stuck paying the higher rent, or losing everything. In some cases, the house is actually too old to move and would first need upgrades/repairs. Thoughts?
True. Happens a lot in Los Angeles. Corp owned mobile home parks are always raising rents and trying to push out tenants. Land owners buy the homes and then demolish them before putting new homes on lot so that they can sell for over $350k and charge $1800 for rent.
When I first looked at these homes they were $60-70k 8 yrs ago and now they are $190k 😧 we’re finally in a place where we’re able to buy site built but I’m leaning more to manufactured in a park.
$2500 to $3000 for Palos Verdes Shores MH & Golf Community (55+ in San Pedro CA) while the homes’ current market value is from $400k to close to $900k depending on condition, size, and view. Huntington By The Sea Mobile Estates (All age park) in Huntington Beach CA average lot rent is also $2500 to over $3k (no rent control). Newport Beach, Laguna Beach, Malibu all have mobile home park with lot rent over $2500.
Hi Kerry, I love your channel but I have to disagree with you on mh lots. Living in the USA, some of the lot rents can be really expensive. Then you have to take into consideration that that is money that you cannot write off on your taxes. I don't know about Canada but here in the US, the park owners can go up as much as they want on their lots. The uncertainty is too much for me, I'm looking to buy some land to place it on. Then I can claim a tax break on interest. Thanks for another great video
Hi Odette! In BC (where I live) increases are capped, this year it was actually frozen but I think if it wasn't the max increase was around 2.5%. Thank you for the feedback, it's definitely a topic that lots of people won't agree on. Thanks for watching
Yes this is true, and it's extremely sad. I have experience in watching this happen and it's heartbreaking. Just like so much that we're watching take place - about a decade or so ago wall street investors with their greed found there was money in the lot rent by uping it. Location and who owns the community is so important.
@@Atalanta571 CDI/ROC. Check out if you have rights of first refusal before buying into any park and ideally it is best to buy in resident owned community parks
I can't drive thinking about st Petersburg or Miami what to know it is better to have an RV 8x412x36 or 14x40 in term of where I can use it to live remember I need to be by public transportation also is a 12x36 RV and a park model the se
Sorry but your analysis is way off the mark here. Mobile homes do 100% depreciate. I know this because I actually live in one on a park and see units bought and sold all the time. Older units are worth considerably less than newer ones and that's a fact right now, I can show you listings if you want. That's just a fact. Yes, there was a BRIEF bubble in mobile home prices. Why? Because people were selling their inflated freehold homes during the height of the covid stimulus teaser rates, and "downsizing" into parks. That $240,000 mobile home might've represented half the money the buyer got from selling their previous house, at a time when there were no rentals available and no cheap freeholds. So competition and liquid capital factors in and the prices jump. Now though? Right now we're in a massive drop-off in real estate sales. Realtors are struggling to sell even price-dropped homes, because people can't afford the monthly payments on current rates, and banks won't underwrite a mortgage on anything that is listed at more than 25 to 50% higher than its last assessed value. Sellers don't want to accept that they missed the boat on selling at the peak so you see a lot of bag holding. It is beyond me how you can look at this market and declare that the winds have changed... unless you're just not really looking with your eyes open. What you're doing is looking at a temporary situation and declaring it a paradigm shift, when in reality none of the requisite market variables have been met. We don't have the kind of huge improvement in individual liquidity that would be requisite for a change in the way people approach leasehold parks, we just don't. The economy is contracting, people are being laid off... where the heck do you think all the money is going to come from? You can't mortgage a trailer and a line of credit only goes so far. We all know that financing is in the toilet and right now the inflated cost of materials means there's zero chance of recovery in a default repo scenario. So, no liquid capital, no finance, no mortgage, too expensive for a line of credit... and yet you think parks are about to be the new "it" and everyone is going to pay $1k a month for it? Buddy you aren't understanding this market. You aren't looking at who is occupying the $1k pad rent lakefront parks (the clue should be the fact that it's in Florida, the retirement capital). NOTHING has changed.
Or I can go rent a apartment for 1500 that’s the minimum here in Arizona east valley at least w mobile home manufacturer home I owe the house and still 1 years in rent will cover me over 2 years for lease lot either way I’m going pay that 1500 mine as we’ll own and the down payment is no problem for me i have 15-20% already
if you're on the pension , no point in renting the land ,, if we need to buy our own mobile home ,,, the land owner can kick us out when ever , and for what ever , my budget is tight because of my pension , so I have to think things clearly through ,, what's involved , what 's the overhead hidden cost ,
Written in July 2023. Location: Southern Ontario, half way between Toronto and Montreal. The lease is under rent control and hsd gone through two years where no rent increase occurred. Lease is currently just under $600 /month, for me. Mobile home values have actually increased! Why? Southern Ontario has very few 4 season parks with most being 3 seasons from May to October. I did not finance the purchase of my mobile home. The park fees cover water (problems in the past resolved), the actual land, snow removal.and lawn maintenance of the common areas. The park borders on undeveloped land, just outside of the security zone for one of Canada's maximum security facilities (i.e. it's actually very safe here).
You might’ve changed my mind a bit about mobile homes. While I still wouldn’t want to rent forever, perhaps I’ll consider it in the future for a transition between renting and owning. I just looked up some nearby mobile homes and the monthly cost even including the rent part rivals the townhouse rent I’m going to be paying next year. If part of it can be resold, that’s a huge plus. And getting much more space and more of a community...
If somebody can change ur mind with info, I can change it back with more. U see, in this old world, it’s up to YOU to go out & find something special. The “for sure” ship NEVER leaves far from the shore….
I’m in the process of getting a divorce and looking at my future housing options. Ideally I’d love to live alone. Rent in my area is too expensive on my income, and I can’t really afford a typic asl home in the area on my own. Mobile home parks may be just what I need to get my fresh start. I’m feeling hopeful. Thanks for your video.
Well done Kerry👍I agree mobile home living is underutilized,in my situation I didn’t want to pay for mortgage which is higher then my lot rent,plus I wouldn’t have a yard or able to personalize my home.So buying a mobile home outright was the best choice for myself.Not only that the mobiles that are vacant don’t sit long.
In Canada we don't use the term "HOA dues", but if we're talking about fees charged to homeowners who jointly own a community, they are used for maintaining the common property and also potentially for improving it. So you own the common elements that are being maintained and improved. That's your asset that your fees are protecting. On the other hand, if you are paying "pad rent", that's someone else's property that you are paying to maintain and improve, and they realize the benefit of that. Both are money out the door each month, but one is an expense and the other is an investment. Big difference.
In new England we have the right of first refusal and there are non profits that can help get the mortgage on the land and stabilize rents and security. Always buy in a "resident owned community " if landlords are about to sell it. Cheapest form of living imho and great for 55 plus people and people on a fixed incomes
A lot of mobile homes parks I have been to in person are horrible, they don't keep up the maintenance of the park and they are in bad locations. So that is why I wouldn't do a mobile home park.
That’s true they all aren’t created equal. Location, owners/management and lot size are a few of the factors I look at. It’s easy to tell the nice ones from the not so nice ones
Kerry, your presentations are spot on - you really know what you're talking about, and it's so nice to hear you sharing the facts - the real reality of what manufactured housing is, what it has to offer, and that a good well built home absolutely does appreciate. Location is everything, and who owns the community is everything. The owners of the community must be honest, have integrity, and knowledge of how to maintain an upstanding neighborhood. They must maintain a good solid reputation, and keep the lot rates stable and as low as possible. I'm a huge believer in manufactured housing, but not a believer at all in greed based investors who know nothing about running a solid community or care at all about their residents - only the lot rent. First, I totally agree with what you have presented, and at the same time I would encourage all prospective buyers to check out the ownership of the park before they decide to place a new home in it or to purchase an existing home in the community. The lot rents of the residents should also be sought out. The reason for both of these items being mentioned is: make sure there are no liens on the property, taxes are paid, how long has the current owner owned the community and who is the owner. Find out if a large conglomerate owns it - what's the eviction rate. Are the lot rates compatible - make sure that if someone owns the home outright they will not have their lot rent raised yearly until they can't afford the lot rent and lose the home to the community owner. I live in the midwest and have been a Community Manager. I've witnessed first hand what investor greed can do to innocent homeowners. I was extremely blessed to work for a family run business that truely cared about providing affordable housing for all. We kept the lot rent the same for each lot no matter the size of the home, and did not have regular increases. We hated to see any person loose their home. All post HUD homes with 6 inch side walls are worth something - especially now. Some of the 80's and 90's homes are the best built with extra amenities- in fact, many manufactured housing factories put so much money into the amenities in that time period that it put them under financially and they ended up selling out to other manufactured home companies. One example is Redman Homes - Champion owns them now. I've had the pleasure of owning 2 single wide Redman's from the early 90's and made money on both of them when I sold them. Up keep of the home is paramount to making money on the home when it's sold- just like with any stick built home. Anyway, Kerry, keep up the good work in telling the truth about manufactured housing. Truthful knowledge is everything.
@@KerryTarnow Thanks for your reply back to me. Manufactured housing means so much to me and I appreciate all of the advantages that go with owning a manufactured home. Personally, I'd like to see more communities that actually place the home on a crawl and the homeowner owns the land as well. I was privileged to actually come across one of these neighborhoods and purchased a beautiful single wide with a crawl on a small fenced in lot. The property had two electrified out buildings, a poured 400 sq ft patio - with breeze way, and a concrete drive way long enough to park 8 cars. I'd never seen or heard of a community like this before, but it would be nice if there were more of them. The whole concept of the property was small, but all of the amenities that I mentioned were great to have. Tiny homes, on tiny lots, with super extras.
Use to be 3-500$ now it’s 700-900$ in Arizona ur little lease is more then ur mortgage !!! We can’t find no land no more or a place selling the entire lot and the house . I would do it the property tax seems less than what my mom pays 3k for our home on golf course Hoa
The information in the video is excellent to consider when planning a move. The construction of today’s mobile home surpasses those in years gone by. Today’s mobile homes mirror site built homes in design, construction and extras that can be added to the home. To judge mobile home living on past perceptions is short sighted. Thanks Kerry. Great video. BTW, do you read the content of information or is the wisdom ad lib’ Ed?
Thanks John! It's somewhere between ad lib and reading. I usually plan out what I want to say the night before, sometimes it's a few takes before I deliver it in a way I think gets my ideas across.
This guy pretends owning the mobile home is best investment for everybody. Lots of mobile home parks have rules against folks below age 55, many make it impossible to own a service animal and not pet friendly, while others continue to increase land rental yearly. You DONT have these issue if you own a house. What’s the purpose of owning a house and you don’t own the land underneath it?
Lol no. 1,800 a month here in Southern California. BUT the idea of Mobile home living is still appealing [typically cost of single wides at local park is 60/80k]
I live in Dequindre Estates in Michigan. We used to be owned by the owner now we’re owned by Haven Park, which does nothing (it’s not easy to move your mobile home )but they say they do everything and all they do. Is up your lot rent. And there is nothing to show for it. They don’t cut the grass. They don’t remove snow when trees break and fall. They leave it hanging from the trees no swimming pool no clubhouse no workout room no laundry room and $800 a month for what?
I live in my Mums strata titled caravan and annexe ( double wide trailer in the US ) in Dawesville , Western Australia. It's strata titled ( have title to the land about 1500 a year shire ratesabout $1000 a year water rates and about $1000 a year strata fee ) it cost Aust ( 76 k) in 2019 . It's worth about 160 k Australian now 2024. Because it's strata titled it can't be sold from under us. Do they have strata title trailers in the US ? Strata title is the same set up like when you buy a flat or a condominium.
Love the Rockford Files reference with Paradise Cove in Malibu. As probably mentioned by others, the mobile home park can be sold out from under homeowners which forces them to either move their mobile home or take a low bid offer from the new landowners. This decreases the security of mobile home ownership. Also, badly managed mobile home parks can end up crime-ridden with the property devalued. Otherwise though, mobile home parks are a great alternative to big crackerboxes in the suburbs that eat your money non-stop.
As of 1:00 maybe I'm commenting too early but I just noticed the comment below from 3 years ago "The problem is when the land becomes valuable enough the ground will be sold out from under you." And I saw some videos about that. I'm live in NJ, and I'm planning on retiring to PA in about 6 years to some sort of alternative home so I need to find out if that has to be in a trailer park, or can it be on some stand-alone piece of land.
Completely agree. Mobile homes & MHP’s are “sleeping giants”. We bought new construction at 70% below stick built and we love it. 🙌. BTW pad rent is only slightly higher than new construction condo fees. Net net we have a lower cost. Cha…..Ching!$$$
This was a great video, thanks! I’m currently in the process of selling my home which is paid in full. I’m 69 and am so ready to just relax instead of yard work and so on. Things I loved doing before not so much now. Being alone I’m so excited to be moving back home where the kids are and it’s familiar. Never thought I could live in a mobile park but I am so ready! THANKS AGAIN, especially for confirming in my heart everything I was thinking about 😊
We live in a old RV/ mobile park their strong talks because the land lord isn’t going to fix their electric issues they might close the park & mobile home owners will only have 30 days to move not so… if you get a letter that’s says the park has shut down & you up to date with your rent & if you own the mobile home you as the owners can take your letter to legal aid & the land lord has to give mobile home owners 6 months to move their mobile home & or pay the renter to relocate & pay to them what their mobile home is worth … key get into a newer mobile home park if you could 👍🏻
How do I get ahold of you? Are you available to talk to someone? I live in Melbourne, Florida, live in an upscale Mobile Home Community. But I have some questions.
I'm new to this, but I a am aware of the pad rents. However I was surprised how much the young woman paid, and sold her home for, and this video was posted around 2021. And 16x40 = 640 sq ft which would be considered like a small condo.
I literally HATE living in a mobile home park! Literally so much trailer trash! I’ve had to even get a protection order against the neighbor, right across the street, who is stalking me and threatening me. We have about 30 trailers in here. And a couple of campers there is one trailer that burned down inside two years ago and it’s still sitting there. They had a toilet sitting out for about six months on the front lawn. There are two dumpy trailers in the front and one had mattresses on their front porch for several months, it’s really sad but all the stereotypes are true. We’ve got several neighbors in here who just blast the music constantly. I’ve got a junkyard in in my backyard. He starts at 4 o’clock in the morning sometimes 6 o’clock in the morning and with his machine we all day long there’s a tree business inside of here and it’s right off of the highway there is a private airport across the street and there’s also a trucking company SMI trucking company right inside of this trailer park.!! I haven’t had electric in three weeks but unfortunately in my state, it’s completely legal Landlord has 30 days to fix everything as does electric company! I should clear that up. I have partial electric, but no stove and refrigerator. No air condition no washer lovely right! Because the boxes are 35 years old! The noise here is unbelievable and this is the absolute worst place I’ve ever lived in my life and unfortunately, I can’t afford to move because I am disabled! There’s also a lot of drug activity in here and traffic all night long. We live right off the highway in the middle of nowhere. Everyone thinks it’s great because we have double lots but that is the only good thing about this place and also the cheap rent but you get what you pay for sadly
FYI: I spoke with a manager of a mobile home park. It's in a nice, quiet location, near a river/bay. Kind of a sleepy town. Popular park, I thought, clean, well run, until she mentioned some of their rules/conditions: Absolutely no business run out of the home. When I pushed back on if someone purely worked in their office, or maybe a podcast, she definitively said not at all. Also, only small dogs, not medium on up. What about the rental price / plot? Oh...around $1100/month. WT??? So, even if you bought your mobile home outright, you'd still be gone for "Rent". I'm no expert, but this sounds like a completely bassackwards waste of $$$. Even though they appreciated in value over the years...a tiny bit...lately units there have been reduced $40-55K. Hard pass.
Sounds great but the reality is different in some places. Plot rate raises every year, management can be awful and in some places you definitely need to be bilingual.
and when you buy a home at a bargain and 9 years later the property is worth 400% more then what you paid for it.... then you made you money back... and if you sell and can afford to move into something newer, that's a good investment....
@@KerryTarnow I never seen property go up 400% in 9 years. There are charts you can look at starting in the 1950s and you'll see that doesn't happen. The first 15 years of the loan, your paying interest, insurance and taxes. You still owe what the property sold for.
I’ve lived in 3 55+ parks moved up from single wide to double . In best park today but there issues in all most minor . All my sales broke even from initial cost plus upgrades .
@@familylifetoo9541 they are all raising rents and maintenance fees by %15-%20. labor cost, rising property taxes , rising material cost and finally corporate greed. you are better off with a residence own community where cost are lower but homes in these communities have become super expensive. you dont want to buy anything now. wait another year.
5 years ago and prior, that was certainly not the case. You generally never got more back than what you paid. Today, there is definitely a huge demand, and people are willing to over pay. There's a home in my community that would have sold for less than $10,000 a few years ago. Today, it sold for $25,000. It's ridiculous. I'm not sure how long this trend is going to last, but I wouldn't bank on it becoming a permanent thing. I would hope at some point the cost of new manufactured homes comes back down to reality. Nearly $100,000 for a single wide. That's just maddening.
@@natnielsen8472 It is a fact. I have a singlewide that is 30 years old and the value on it is about 9-10K. I paid 17K for it back in 2000. And I have shopped these for years and spoken to dealers. If you aren't on private property, it does depreciate. So yes, I do have experience. I'm in the USA.
@@Atalanta571 The dealers are trying to low ball you - plain and simple. As well, your assessed value will always come in low as your home is assessed on a car value level of depreciation- remember you have a title from the BMV although you pay property taxes. This is one of the reasons investors are snapping them up - rehabbing them and selling them for a good profit. Like every form of housing - manufactured housing is selling better than ever and will continue to do so. I'm grateful you still have your home and you didn't give it away by mistake! Keep it up and in good condition because it is worth twice what you paid for it or better. Look up the make and see what a new one costs with cheap plastic covered cabinets, and you'll see why an older manufactured home is worth more now than ever!
@@natnielsen8472 The home only appreciates it you have it on your own property however the property taxes for the land and home will stay low especially if you have an older home because mobile homes appreciate much slower than site built homes.
Mobile homes used to be an affordable option. However, today when you total up the costs of lot rent alone it surpasses taxes and insurance costs of a conventional home !
Just turned 18 my goal is to buy one before 30 if I save 400 a month in 7 years I can buy a cheap one for 30k I don't have any family so inheriting a house isnt a option
Now, three years later, you can't give away a mobile home in a park because the rents have skyrocketed! Modern mobile homes and modular homes are great, just make sure you put it on land you own, so you can never get ripped off on the rent or have the land sold out from under you. Peace of mind is worth more than anything else.
Found your channel, I love it. Now that I'm in the market for a home. Your channel answers a lot of questions for me, and a few i didn't know i should ask.
I was one of those who always regurgitated the fact that mobile homes drop in value. This video was a big eye opener and I am actually considering opening up a mobile home park. I can’t wait to continue to learn more from you.
Mobile homes are not what they used to be either the building standards for them now are a lot stricter than they used to be any mobile home built after 1976 is supposed to be built way better than pre 1976
I bought a mobile home, not for an investment but because I had three cats and it was easier to smuggle an extra cat into my mobile home than an apartment. I actually wrote a check and paid for my place in full. Considering inflation, my home has appreciated.
Apartment and housing rent skyrocketing, housing market and property taxes increasing. Now we have corporations buying up mobile home parks to skyrocket the lot rent. This is insane. Where do they think people can go. This is causing a huge homeless situation and our government is doing nothing.
Three things: 1)if the land cannot handle the sewage produced by the tenants 2)if the water source is from wells 3) if the park is near farms then nitrate and pesticide gets into the water.
you don't build equity in a mobile home on leased land. It's more like a car... you only lose value. best you can do is keep up with maintaining and upgrading it and if you are lucky you might break even. I am in south florida where the average park is over $1000 land lease. The prices keep doubling and people can't afford that and they can't afford to move their property somewhere else, so what I am seeing is lots of people selling their mobile/modular homes that are worth about $75k-100 and they have them priced at $20k just so that they get something... because they only have so long to get it out of there before the land owner can claim it. I am in the middle of buying a plot of land and then I am going to offer some of these people $5k-10k and I bet they take it, then it's about $10k to move it, foundation is roughly $6-7k and then it's just connecting electrical and plumbing. Ideally I am looking for land with a beat up mobile home that needs to just be demolished that way it's already ready to receive a new one and it's a good negotiating point
The TRUTH where we live in Belleville, MI - “Yes Communities” owns it, they’re the WORST!!! They bought this park about 5 years ago and decided to Charge us for a “Shed Rental” fee $50 a month even if you Buy the home. (Came with our house) I’ve lived here for 12 years! A Garbage can Rental fee of $12 a month, a $45 dollar a month to store your boat, camper or anything in the storage lot. $576 Lot Rent! Their BBB reviews are a 1 Star! A multi BILLION dollar corporation. 🤬🤬🤬
Lived in apartments and in a mobile home, it’s all about community and management, sadly the management is terrible when I lived in a mobile park, it was dirty, ran down, tagged up and full of methheads, I’d live in a apartment over the park I lived in by miles
The problem is when the land becomes valuable enough the ground will be sold out from under you.
Good to know!
So true we need mobile home & tiny home communities that are hoa run by the communities
Stevend8785 Absolutely!
happens all the time.
Well under that same logic---The problem with the stick-built houses is if the government comes in and finds the value in the land/project they have planned is more important than your ownership is worth ...they will come and take your property AND house while compensating you a fraction of the actual value..... It's called eminent domain happens all the time. At least with a trailer I can EASILY haul it away to another piece of land after paying for it in a fraction of the time it would take for a stick built home.
With housing rent increasing.. I moved to a MHP about 3 Months ago and I love it..if you would have asked me this before the Pandemic .. I would have never considered this option.. I'm hoping to buy my own land and buy Modular or DW, but this is a great option for me in the present..
That’s great! Thanks for sharing, glad to hear it’s working out well for you 🙌🏼🙌🏼
Wish i could say same. I love my little home. The lot rent has gone up 1200 a year since Jan. year and it went up another 600 or so since Jan. I"m looking at 5500 for next year and i Get NOTHING for it. It would be ok if they provided services. The washer and dryer are broken in the laundry room. No one mows the grass. We have a dumpster. Woo hoo. No leaf pickup or road maintenance or snow removal. I have an older mobile home as most are in this older park. It looks run down and no one will want to pay much for the homes. when they hear the lot rent, 450 a month for NOTHING, they will walk. The homeowners in here like myself are upset. In a 55 plus park many are elderly on fixed incomes and can't afford to live here anymore. What is the alternative?
How much you pay?
@@melvern946I’m sorry. But you’re right. I have a very fixed income. I am trying to find something I can afford. I just found the perfect mobile home in a community. But the $400/mo lot rent priced me out. I can’t afford that. I’m afraid I’ll just wind up homeless. Like I guess I need to buy a van to sleep in. I looked at a condo that has fees too. But it includes internet and satellite as well as trash at least. Scary times
My grandmother owns a park here in N.Y. 50+ units. Our lot rent is around $550 a month for a single wide to $700 for a double wide. You don't pay taxes like owning a home on your own land. Sewer, water and garbage included. Can't go wrong.
what is the lot rent for everyone else?
@oaxaca1948 single wide is 600 now and double is 700
Most times the land tax is included in the rent.
She selling?
@@davelee7832 we have a single wide for sale now.
There were positives from my move to a 55+ mobile home park in 1991. I was in a better, more convenient neighborhood. I felt very safe. I was "spooked" when another park raised rent 69% overnight. I had just sold my house, and I began looking for the next one. Under ideal circumstances, a mobile home could work well. I would suggest not buying one older than a 2000 model. You need to be sure the plumbing is Pex. You'll want 6" walls, full of insulation. Hire an inspector to look it over. In my case, I had a deadline, so I didn't properly inspect my 1991 home. Two weeks into my stay, a plastic valve on a dishwater line began to leak.In two separate cold snaps, two water lines froze. In the dead of winter, the furnace quit twice. In the spring, the water heater didn't work. There was a bit of a smell in the bathroom cold water. Mowing didn't take long, but the land immediately behind the land sloped downward. There wasn't much room for planting anything.
All over the country mobile home park owners are selling their land to big developers. Tenants are being evicted and left high and dry. Many mobile homes are too old to be moved. Even if they are movable, it is extremely expensive AND there is often no place to move them to. People are beinf displaced and their homes demolished. There are tons of videos here on these. Think long and hard before you do this!!!
Thats what worries me
exactly. I think the video maker is thinking in terms of profit from buying,selling,not one care about the suffering of the poor, seniors,veterans, disabled, who are being displaced,evicted, ending up homeless from what's going on with the recent fad of selling mobile home parks to corporations and greedy business people. Just the fact they raised these people's rents a whopping $200 at once says it all. For those getting smaller social security checks that are barely able to pay rent as it is, it's a sentence to homelessness. Housing should never have allowed to become a corporate "business".😢
I mean if you're the owner of a mobile home park, I'd just not sell it. But yeah either way you're kinda Fd even if that's your legacy to maintain it. Because after you die someone else will inherit it and probably sell it
I bought a home in a manufactured home park. It was very nice. We had a swimming pool, Jacuzzi, gym, basketball court, pool rom and we had socials at the clubhouse. We were interested in buying our park. Then the owners sold it from under us. They removed the jacuzzi, they made the gym into a "library" that is always locked. There is no basketball court. There are no socials at the clubhouse, which is always locked up. The chairs have been taken out of the laundry room as well as the vending machine. The vending machine by the pool has been removed. At the same time the rent has had big increases. There are lot of retired people living here and whatever raise people get in social security this court takes. They made us repaint our homes. They expect us to keep our lots looking nice and well-maintained but after paying such huge rent many of us don't have the money to make the improvements when half of our take-home pay goes towards rent. We are paying more for less.
It seems like we have the same slumlords. Terrible and very little protection but however there is some. In my state mobile homes and mobile home parks are regulated. For instance they cannot make us paint our homes where I am. Rent increases are capped, etc.. check the regulations in your state. But yeah, id def would NOT buy in a park if I had a redo. Id buy land and put my home on it.
Have to make sure to complain to local politician
Wow
That really really
Sucks so
Sorry your having to deal with that !
@@pompommania
My dad has land with a mobile home.
The issue in our case is he’s older now and I’m disabled now. He cannot or will not take care of the property. I’m barely able to do much. Nor can I afford to pay someone else to help. The lot or land needs mowing, weeding, raking the enormous amounts of leaves. Clearing the overgrown brush, etc. owning land is a lot of work. The more land you have the more work you’ll have to upkeep it.
I’ve been looking at mobile home communities, condos, tiny homes or small home to put on my dads land for me, but when the price of everything has doubled this last year options are limited. I’m afraid I’ll be homeless.
I understand parks maybe the only solution for some. It concerns me that in our area we have had several parks sell to developers and the land is converted to condos or SFRs. The cost to move the mobile homes can be quite expensive, so the homes are abandoned and torn down. The value paid to the mobile home owner is not enough to purchase a new mobile home. I realize this doesn't happen all the time, but when it does, it can be tragic and a lost investment. As land values increase and we see land shortages, we may see it more.
Our state passed a law a few years ago that areas like these cannot be converted into anything else other than mobile home parks since there was a big fiasco a few years ago where this happened with Nike they ran people out of their mobile homes and a lot of people lost their homes since yes it was not enough to move them.
As with many things , the truth lies somewhere in between ... I sold my house, and now live in a real nice doublewide in a 55+ small park. I love my home, but in the not quite two and a half years I've been here, the lot rent has been raised 4 times ! With no cap/percentage limit, or mandated time interval, the owner can raise the amount on a whim ! It's causing me to want to get out before the rent goes so high I won't be able to afford it, or sell my home ! And this is happening nationwide !
My rent always had a increase $10 to $30 a month on first of they year . I prefer strict 55+ parks for quiet and safety .I could bought a house anytime but there is no control if loud neighbors with multiple dogs motorcycles parties and more .
The spot on which we sit in our mobile home park has virtually doubled in a year and a half (we own our home outright). That was a shock. Seems there are greedy people everywhere, some even want to ruin us retirees for the sake of a few extra bucks. The cherry on top here is the young inexperienced manager and the crooked company behind him. Food for thought before you move in.
Love your videos. Very informative. People should do their due diligence about the park they want to live in. My grandmother lived in a great mobile home park for 30+ years. The land was city owned but leased to a company which managed the park. Eventually the lease ended and the city wanted the land back to build a hotel. Even though the land was protected wetlands and permanent structures were prohibited. The city bought out a lot of the individual leases and people had to move. My grandmother got paid $6,000 for her lot. However some people stayed and became squatters. Also the economy went bad in 2008 and the hotel was never built. Some former residents filed a lawsuit over the pay outs but I don’t know the results. So folks be sure to investigate the park to make sure it is financially sound.
Thank you for sharing this, what an unfortunate situation for everyone living there....
@@KerryTarnow It was a big park, originally it had a family area, over 55 area and a RV section with a small store. It had two club houses, one club house for the over 55 and the other clubhouse for the RV and Family section. It had covered shuffle boards, a volleyball court, a dock and tethering for boats and a public accessible beach for the residents to enjoy. It was on Mission Bay in San Diego called De Anza Cove. Unfortunately, towards the end the company that leased the land stopped maintaining the docks and so when the city took over the city found a lot of stuff had to be fixed which was going to be expensive. Unfortunately too the city of San Diego at the time did not have a great reputation for dealing honestly with the residents of San Diego when it came to developers and land matters. It was a beautiful place to live except when the thunder boats came to do their thing in Mission Bay. The park was across from Sea World so during the summer you could watch fireworks every weekend. A lot of folks had made their manufactured homes look like regular houses and cemented over their lots. When the city took over the city mandated folks would have to clear their lots of everything except for any big trees. The city did a deal where they would pay you a dollar for the title to your manufactured home and clear out the lot for you in addition to the pay out. So yeah it was a cluster for everyone concerned.
That can happen even if you own your own land outside of a park. If the city feels that they can sell the land to developers who will build something more valuable (and therefore bring the city more tax revenue) they can and will do so easily.
Good idea
It only happens if you elect republican crooks. Trump is an extreme case of such a crook but almost all republican politicians will cater to corporate greed to line their own pockets with paybacks for years after they enable these types of builders and developers to ruin people's lives. The area of San Diego where that park is located is a prime example of GOP corruption.
I am in an unusual situation in which my apartment rent is going up significantly, and I don’t even have a washer and dryer hookup to do laundry, and that is making me look at all of my choices again. I may be visiting the prospect of living in a mobile home park as a very fast way to get moved into a new place with better amenities. I didn’t want a home with vinyl walls with baton strips, but having a place to do laundry, and a small yard may cause me to look at mobile home parks again.
If you can find a good one in your area they are a great option!
@@KerryTarnow This video popped up on my feed again, and I watched it again for the first time.
What’s changed in 11-months? The housing market, my credit score, and a gift of rural property from a family member. I now have Earnest money down on a manufactured home. The only draw-back is I am struggling to get transferred to a location close to my new property, so I may be forced to find employment elsewhere, or postpone the purchase! Here’s hoping for a better solution.
I only see it as worth it if the land is included. If the land is in fact included it’s worth it. If you can tear down the mobile home and build a better home it’s really worth it. Especially with land cost sky rocketing! This is a good way to get land without paying a ridiculous amount.
Lived in several mobile home parks growing up, loved it because always have some kids to play with. Now however now I don't like the tiny lots and no place 4 a garden or open spaces for varied uses.
They definitely have a community feel! Some still have big lots, a few I worked on last year were 65 x 120.
@@KerryTarnow that would be nice and if could purchase lot even better but the parks in Fl r terrible hardly have enough green space between trailers for grill and picnic table
@@katespencer4038 crazy! Need that outdoor space
Does one have control of selling their own mobile unit? In the mobile park?
It's very convenient for older people to sell their house ,down size to mobile as the benefits were ideal for senior citizen as the lawn mowing,and trash pick up,water was included in lot rent and communities are soon involved as you meet neighbors that own their mobile homes too and friends are made so you can stay independent. Now this company wants to get rid of this
Community and us. None should have to be looking for a job or new home at 80 plus to stay independent. Greed is terrible.
We lived in a mobile home park in Florida, not by beach, and the rent went up to $1000. per month. We sold and moved out. We broke even on the home, which we bought used.
I've read numerous stories of shell companies coming in and buying up the land, then immediately jacking up the rent. They even have seminars for those that want to invest in buying trailer park land, saying that it costs $5k to move a mobile park home to a new location, and we know they can't afford that, so they're stuck paying the higher rent, or losing everything. In some cases, the house is actually too old to move and would first need upgrades/repairs. Thoughts?
True. Happens a lot in Los Angeles. Corp owned mobile home parks are always raising rents and trying to push out tenants. Land owners buy the homes and then demolish them before putting new homes on lot so that they can sell for over $350k and charge $1800 for rent.
@@33Jenesis I am right outside Amish County, PA and quite a few MHP have had changes. The owners of the manufactured home often loses out.
When I first looked at these homes they were $60-70k 8 yrs ago and now they are $190k 😧 we’re finally in a place where we’re able to buy site built but I’m leaning more to manufactured in a park.
bought ours for 27,000 8 years ago, its worth over 80,000 now :) $140,000 if we remodel it new floors cabinets ext ext
Woah, congrats!
Do they have mega insulated mobile homes that can withstand prairies cold weather?
$2500 to $3000 for Palos Verdes Shores MH & Golf Community (55+ in San Pedro CA) while the homes’ current market value is from $400k to close to $900k depending on condition, size, and view. Huntington By The Sea Mobile Estates (All age park) in Huntington Beach CA average lot rent is also $2500 to over $3k (no rent control). Newport Beach, Laguna Beach, Malibu all have mobile home park with lot rent over $2500.
Hi Kerry, I love your channel but I have to disagree with you on mh lots. Living in the USA, some of the lot rents can be really expensive. Then you have to take into consideration that that is money that you cannot write off on your taxes. I don't know about Canada but here in the US, the park owners can go up as much as they want on their lots. The uncertainty is too much for me, I'm looking to buy some land to place it on. Then I can claim a tax break on interest. Thanks for another great video
Hi Odette! In BC (where I live) increases are capped, this year it was actually frozen but I think if it wasn't the max increase was around 2.5%. Thank you for the feedback, it's definitely a topic that lots of people won't agree on. Thanks for watching
Hey Odette just want to let you know that here in the US we can write off lot rent and lease to purchase monthly payments on manufactured housing.
And parks are being bought up by greedy corporations that jack the lot rent even further. I can't take that chance here with my income.
Yes this is true, and it's extremely sad. I have experience in watching this happen and it's heartbreaking. Just like so much that we're watching take place - about a decade or so ago wall street investors with their greed found there was money in the lot rent by uping it. Location and who owns the community is so important.
@@natnielsen8472 However there is a company called ROC that will help homeowners buy the park so check that out.
@@Atalanta571 thanks for your reply - yes I know about this:)
@@Atalanta571 CDI/ROC. Check out if you have rights of first refusal before buying into any park and ideally it is best to buy in resident owned community parks
@@natnielsen8472 nothing wrong with making a little money, come on now.
I can't drive thinking about st Petersburg or Miami what to know it is better to have an RV 8x412x36 or 14x40 in term of where I can use it to live remember I need to be by public transportation also is a 12x36 RV and a park model the se
Same
Please help
Sorry but your analysis is way off the mark here. Mobile homes do 100% depreciate. I know this because I actually live in one on a park and see units bought and sold all the time. Older units are worth considerably less than newer ones and that's a fact right now, I can show you listings if you want. That's just a fact.
Yes, there was a BRIEF bubble in mobile home prices. Why? Because people were selling their inflated freehold homes during the height of the covid stimulus teaser rates, and "downsizing" into parks. That $240,000 mobile home might've represented half the money the buyer got from selling their previous house, at a time when there were no rentals available and no cheap freeholds. So competition and liquid capital factors in and the prices jump.
Now though? Right now we're in a massive drop-off in real estate sales. Realtors are struggling to sell even price-dropped homes, because people can't afford the monthly payments on current rates, and banks won't underwrite a mortgage on anything that is listed at more than 25 to 50% higher than its last assessed value. Sellers don't want to accept that they missed the boat on selling at the peak so you see a lot of bag holding. It is beyond me how you can look at this market and declare that the winds have changed... unless you're just not really looking with your eyes open.
What you're doing is looking at a temporary situation and declaring it a paradigm shift, when in reality none of the requisite market variables have been met. We don't have the kind of huge improvement in individual liquidity that would be requisite for a change in the way people approach leasehold parks, we just don't. The economy is contracting, people are being laid off... where the heck do you think all the money is going to come from? You can't mortgage a trailer and a line of credit only goes so far. We all know that financing is in the toilet and right now the inflated cost of materials means there's zero chance of recovery in a default repo scenario. So, no liquid capital, no finance, no mortgage, too expensive for a line of credit... and yet you think parks are about to be the new "it" and everyone is going to pay $1k a month for it?
Buddy you aren't understanding this market. You aren't looking at who is occupying the $1k pad rent lakefront parks (the clue should be the fact that it's in Florida, the retirement capital). NOTHING has changed.
Or I can go rent a apartment for 1500 that’s the minimum here in Arizona east valley at least w mobile home manufacturer home I owe the house and still 1 years in rent will cover me over 2 years for lease lot either way I’m going pay that 1500 mine as we’ll own and the down payment is no problem for me i have 15-20% already
Is it possible to buy a property without a mortgage or taxes on it with a solar card at a reasonable price of less than 70 thousand US dollars?
if you're on the pension , no point in renting the land ,, if we need to buy our own mobile home ,,, the land owner can kick us out when ever , and for what ever , my budget is tight because of my pension , so I have to think things clearly through ,, what's involved , what 's the overhead hidden cost ,
Written in July 2023. Location: Southern Ontario, half way between Toronto and Montreal. The lease is under rent control and hsd gone through two years where no rent increase occurred. Lease is currently just under $600 /month, for me. Mobile home values have actually increased! Why? Southern Ontario has very few 4 season parks with most being 3 seasons from May to October. I did not finance the purchase of my mobile home. The park fees cover water (problems in the past resolved), the actual land, snow removal.and lawn maintenance of the common areas. The park borders on undeveloped land, just outside of the security zone for one of Canada's maximum security facilities (i.e. it's actually very safe here).
You might’ve changed my mind a bit about mobile homes. While I still wouldn’t want to rent forever, perhaps I’ll consider it in the future for a transition between renting and owning. I just looked up some nearby mobile homes and the monthly cost even including the rent part rivals the townhouse rent I’m going to be paying next year. If part of it can be resold, that’s a huge plus. And getting much more space and more of a community...
If somebody can change ur mind with info, I can change it back with more. U see, in this old world, it’s up to YOU to go out & find something special. The “for sure” ship NEVER leaves far from the shore….
I’m in the process of getting a divorce and looking at my future housing options. Ideally I’d love to live alone. Rent in my area is too expensive on my income, and I can’t really afford a typic asl home in the area on my own. Mobile home parks may be just what I need to get my fresh start. I’m feeling hopeful. Thanks for your video.
Being in a park is better than an apartment, but not by much.
It is a lot better. You don't share walls. You can enjoy your outdoor space and garden
Well done Kerry👍I agree mobile home living is underutilized,in my situation I didn’t want to pay for mortgage which is higher then my lot rent,plus I wouldn’t have a yard or able to personalize my home.So buying a mobile home outright was the best choice for myself.Not only that the mobiles that are vacant don’t sit long.
Exactly! Thanks for sharing
There is really no difference between pad rent and HOA dues.
Bingo
In Canada we don't use the term "HOA dues", but if we're talking about fees charged to homeowners who jointly own a community, they are used for maintaining the common property and also potentially for improving it. So you own the common elements that are being maintained and improved. That's your asset that your fees are protecting. On the other hand, if you are paying "pad rent", that's someone else's property that you are paying to maintain and improve, and they realize the benefit of that. Both are money out the door each month, but one is an expense and the other is an investment. Big difference.
And property taxes too. People seem to forget about that.
In new England we have the right of first refusal and there are non profits that can help get the mortgage on the land and stabilize rents and security. Always buy in a "resident owned community " if landlords are about to sell it. Cheapest form of living imho and great for 55 plus people and people on a fixed incomes
A lot of mobile homes parks I have been to in person are horrible, they don't keep up the maintenance of the park and they are in bad locations. So that is why I wouldn't do a mobile home park.
That’s true they all aren’t created equal. Location, owners/management and lot size are a few of the factors I look at. It’s easy to tell the nice ones from the not so nice ones
Kerry, your presentations are spot on - you really know what you're talking about, and it's so nice to hear you sharing the facts - the real reality of what manufactured housing is, what it has to offer, and that a good well built home absolutely does appreciate. Location is everything, and who owns the community is everything. The owners of the community must be honest, have integrity, and knowledge of how to maintain an upstanding neighborhood. They must maintain a good solid reputation, and keep the lot rates stable and as low as possible. I'm a huge believer in manufactured housing, but not a believer at all in greed based investors who know nothing about running a solid community or care at all about their residents - only the lot rent. First, I totally agree with what you have presented, and at the same time I would encourage all prospective buyers to check out the ownership of the park before they decide to place a new home in it or to purchase an existing home in the community. The lot rents of the residents should also be sought out. The reason for both of these items being mentioned is: make sure there are no liens on the property, taxes are paid, how long has the current owner owned the community and who is the owner. Find out if a large conglomerate owns it - what's the eviction rate. Are the lot rates compatible - make sure that if someone owns the home outright they will not have their lot rent raised yearly until they can't afford the lot rent and lose the home to the community owner. I live in the midwest and have been a Community Manager. I've witnessed first hand what investor greed can do to innocent homeowners. I was extremely blessed to work for a family run business that truely cared about providing affordable housing for all. We kept the lot rent the same for each lot no matter the size of the home, and did not have regular increases. We hated to see any person loose their home. All post HUD homes with 6 inch side walls are worth something - especially now. Some of the 80's and 90's homes are the best built with extra amenities- in fact, many manufactured housing factories put so much money into the amenities in that time period that it put them under financially and they ended up selling out to other manufactured home companies. One example is Redman Homes - Champion owns them now. I've had the pleasure of owning 2 single wide Redman's from the early 90's and made money on both of them when I sold them. Up keep of the home is paramount to making money on the home when it's sold- just like with any stick built home. Anyway, Kerry, keep up the good work in telling the truth about manufactured housing. Truthful knowledge is everything.
Those are great points! Thank you for sharing your experience
@@KerryTarnow Thanks for your reply back to me. Manufactured housing means so much to me and I appreciate all of the advantages that go with owning a manufactured home. Personally, I'd like to see more communities that actually place the home on a crawl and the homeowner owns the land as well. I was privileged to actually come across one of these neighborhoods and purchased a beautiful single wide with a crawl on a small fenced in lot. The property had two electrified out buildings, a poured 400 sq ft patio - with breeze way, and a concrete drive way long enough to park 8 cars.
I'd never seen or heard of a community like this before, but it would be nice if there were more of them. The whole concept of the property was small, but all of the amenities that I mentioned were great to have. Tiny homes, on tiny lots, with super extras.
Use to be 3-500$ now it’s 700-900$ in Arizona ur little lease is more then ur mortgage !!! We can’t find no land no more or a place selling the entire lot and the house . I would do it the property tax seems less than what my mom pays 3k for our home on golf course Hoa
The information in the video is excellent to consider when planning a move. The construction of today’s mobile home surpasses those in years gone by. Today’s mobile homes mirror site built homes in design, construction and extras that can be added to the home. To judge mobile home living on past perceptions is short sighted. Thanks Kerry. Great video. BTW, do you read the content of information or is the wisdom ad lib’ Ed?
Thanks John! It's somewhere between ad lib and reading. I usually plan out what I want to say the night before, sometimes it's a few takes before I deliver it in a way I think gets my ideas across.
@@KerryTarnow you make it look so easy. I was just being nosey.
This guy pretends owning the mobile home is best investment for everybody. Lots of mobile home parks have rules against folks below age 55, many make it impossible to own a service animal and not pet friendly, while others continue to increase land rental yearly. You DONT have these issue if you own a house. What’s the purpose of owning a house and you don’t own the land underneath it?
Can we deduct property tax on the house ? Can we deduct land lease fee on premanufacture house .
Great video as I have been a renter my entire life and now I am considering the mobile home lifestyle :)- Kudos
Lol no. 1,800 a month here in Southern California. BUT the idea of Mobile home living is still appealing [typically cost of single wides at local park is 60/80k]
This is a very affordable way for the lower and middle class to own homes without having to pay property taxes.
I’m 22 and bought my first mobile home at 20 I’m thinking bout making my own mobile home park for rent
How did it go?
I live in Dequindre Estates in Michigan. We used to be owned by the owner now we’re owned by Haven Park, which does nothing (it’s not easy to move your mobile home )but they say they do everything and all they do. Is up your lot rent. And there is nothing to show for it. They don’t cut the grass. They don’t remove snow when trees break and fall. They leave it hanging from the trees no swimming pool no clubhouse no workout room no laundry room and $800 a month for what?
I live in my Mums strata titled caravan and annexe ( double wide trailer in the US ) in Dawesville , Western Australia. It's strata titled ( have title to the land about 1500 a year shire ratesabout $1000 a year water rates and about $1000 a year strata fee ) it cost Aust ( 76 k) in 2019 . It's worth about 160 k Australian now 2024. Because it's strata titled it can't be sold from under us. Do they have strata title trailers in the US ? Strata title is the same set up like when you buy a flat or a condominium.
Thanks Kerry, Do you know of any mobile home parks that have marinas? (in the US?)
Oh that would be amazing! I don’t know of any though
Does this apply to 55 and over parks? Talk about horror stories and and you tubers
Love the Rockford Files reference with Paradise Cove in Malibu.
As probably mentioned by others, the mobile home park can be sold out from under homeowners which forces them to either move their mobile home or take a low bid offer from the new landowners. This decreases the security of mobile home ownership.
Also, badly managed mobile home parks can end up crime-ridden with the property devalued.
Otherwise though, mobile home parks are a great alternative to big crackerboxes in the suburbs that eat your money non-stop.
As of 1:00 maybe I'm commenting too early but I just noticed the comment below from 3 years ago "The problem is when the land becomes valuable enough the ground will be sold out from under you." And I saw some videos about that. I'm live in NJ, and I'm planning on retiring to PA in about 6 years to some sort of alternative home so I need to find out if that has to be in a trailer park, or can it be on some stand-alone piece of land.
Really enjoyed the video.thanks for sharing
Goad to hear it
I looked at one yesterday and the land lease was $1100- $1150 for 12 monthsm utilities are separate
OMG!
Great information. I’ve been pondering the same thing.
you are forgetting the space rent every month and increases yearly by greedy park owners.
Great video! Going to retire in a mobile home park
Thanks for watching
I agree with the sleeping giant statement! Thank you for this content!
You're so welcome!
Completely agree. Mobile homes & MHP’s are “sleeping giants”. We bought new construction at 70% below stick built and we love it. 🙌. BTW pad rent is only slightly higher than new construction condo fees. Net net we have a lower cost. Cha…..Ching!$$$
Exactly!! 70% below is amazing nicely done 🤯
This was a great video, thanks! I’m currently in the process of selling my home which is paid in full. I’m 69 and am so ready to just relax instead of yard work and so on. Things I loved doing before not so much now. Being alone I’m so excited to be moving back home where the kids are and it’s familiar. Never thought I could live in a mobile park but I am so ready! THANKS AGAIN, especially for confirming in my heart everything I was thinking about 😊
We live in a old RV/ mobile park their strong talks because the land lord isn’t going to fix their electric issues they might close the park & mobile home owners will only have 30 days to move not so… if you get a letter that’s says the park has shut down & you up to date with your rent & if you own the mobile home you as the owners can take your letter to legal aid & the land lord has to give mobile home owners 6 months to move their mobile home & or pay the renter to relocate & pay to them what their mobile home is worth … key get into a newer mobile home park if you could 👍🏻
How do you buy a lot
whenever I buy a lot, I use a realtor.
1. Are they stable for tornado
2. Where do you hide without a basement
How do I get ahold of you? Are you available to talk to someone?
I live in Melbourne, Florida, live in an upscale Mobile Home Community. But I have some questions.
I'm new to this, but I a am aware of the pad rents. However I was surprised how much the young woman paid, and sold her home for, and this video was posted around 2021. And 16x40 = 640 sq ft which would be considered like a small condo.
I literally HATE living in a mobile home park! Literally so much trailer trash! I’ve had to even get a protection order against the neighbor, right across the street, who is stalking me and threatening me. We have about 30 trailers in here. And a couple of campers there is one trailer that burned down inside two years ago and it’s still sitting there. They had a toilet sitting out for about six months on the front lawn. There are two dumpy trailers in the front and one had mattresses on their front porch for several months, it’s really sad but all the stereotypes are true. We’ve got several neighbors in here who just blast the music constantly. I’ve got a junkyard in in my backyard. He starts at 4 o’clock in the morning sometimes 6 o’clock in the morning and with his machine we all day long there’s a tree business inside of here and it’s right off of the highway there is a private airport across the street and there’s also a trucking company SMI trucking company right inside of this trailer park.!! I haven’t had electric in three weeks but unfortunately in my state, it’s completely legal Landlord has 30 days to fix everything as does electric company! I should clear that up. I have partial electric, but no stove and refrigerator. No air condition no washer lovely right! Because the boxes are 35 years old! The noise here is unbelievable and this is the absolute worst place I’ve ever lived in my life and unfortunately, I can’t afford to move because I am disabled! There’s also a lot of drug activity in here and traffic all night long. We live right off the highway in the middle of nowhere. Everyone thinks it’s great because we have double lots but that is the only good thing about this place and also the cheap rent but you get what you pay for sadly
Yea but when renting the land is the same price as an apartment why.
FYI: I spoke with a manager of a mobile home park. It's in a nice, quiet location, near a river/bay. Kind of a sleepy town. Popular park, I thought, clean, well run, until she mentioned some of their rules/conditions: Absolutely no business run out of the home. When I pushed back on if someone purely worked in their office, or maybe a podcast, she definitively said not at all. Also, only small dogs, not medium on up. What about the rental price / plot? Oh...around $1100/month. WT??? So, even if you bought your mobile home outright, you'd still be gone for "Rent". I'm no expert, but this sounds like a completely bassackwards waste of $$$. Even though they appreciated in value over the years...a tiny bit...lately units there have been reduced $40-55K. Hard pass.
kerry do you have a website that you sell manufactured homes im looking to have one made im in montana thank you
Is the neighborhood safe in a mobile home park?
Everywhere will be different.
Sounds great but the reality is different in some places. Plot rate raises every year, management can be awful and in some places you definitely need to be bilingual.
All the mobile homes in Rhode Island have $500 H.O.A. Fees. I can't understand why that needs to be so high.
and when you buy a home at a bargain and 9 years later the property is worth 400% more then what you paid for it.... then you made you money back... and if you sell and can afford to move into something newer, that's a good investment....
Exactly!
@@KerryTarnow I never seen property go up 400% in 9 years. There are charts you can look at starting in the 1950s and you'll see that doesn't happen.
The first 15 years of the loan, your paying interest, insurance and taxes. You still owe what the property sold for.
My new idea to have some 55 over also
I’ve lived in 3 55+ parks moved up from single wide to double . In best park today but there issues in all most minor . All my sales broke even from initial cost plus upgrades .
lot rents in south west florida are jumping %20 this year.
Yikes!
Which area and when do they change ? Thinking of getting into one?
@@familylifetoo9541 they are all raising rents and maintenance fees by %15-%20. labor cost, rising property taxes , rising material cost and finally corporate greed. you are better off with a residence own community where cost are lower but homes in these communities have become super expensive. you dont want to buy anything now. wait another year.
@@jibberjabber-fm6pb thank you for the info.
Broo the Housing Market is Ridiculous. Mobile Home, Tiny Homes are going to Boooomb !
First!!! Love ur channel
Thank you! 🙏🏻
5 years ago and prior, that was certainly not the case. You generally never got more back than what you paid. Today, there is definitely a huge demand, and people are willing to over pay. There's a home in my community that would have sold for less than $10,000 a few years ago. Today, it sold for $25,000. It's ridiculous. I'm not sure how long this trend is going to last, but I wouldn't bank on it becoming a permanent thing. I would hope at some point the cost of new manufactured homes comes back down to reality. Nearly $100,000 for a single wide. That's just maddening.
Our midwest parks start here at 275.00 and go up. There's some that are 600-700. But the homes depreciate in a park. That is a fact.
Are you in the business? If you were - you wouldn't be saying this because you are wrong.
@@natnielsen8472 It is a fact. I have a singlewide that is 30 years old and the value on it is about 9-10K. I paid 17K for it back in 2000. And I have shopped these for years and spoken to dealers. If you aren't on private property, it does depreciate. So yes, I do have experience. I'm in the USA.
@@Atalanta571 The dealers are trying to low ball you - plain and simple. As well, your assessed value will always come in low as your home is assessed on a car value level of depreciation- remember you have a title from the BMV although you pay property taxes. This is one of the reasons investors are snapping them up - rehabbing them and selling them for a good profit. Like every form of housing - manufactured housing is selling better than ever and will continue to do so. I'm grateful you still have your home and you didn't give it away by mistake! Keep it up and in good condition because it is worth twice what you paid for it or better. Look up the make and see what a new one costs with cheap plastic covered cabinets, and you'll see why an older manufactured home is worth more now than ever!
They don't always depreciated. My home has appreciated, even when factoring in inflation.
@@natnielsen8472 The home only appreciates it you have it on your own property however the property taxes for the land and home will stay low especially if you have an older home because mobile homes appreciate much slower than site built homes.
stop renting lots instead sell them. or build parks to sell the lots
Mobile homes used to be an affordable option. However, today when you total up the costs of lot rent alone it surpasses taxes and insurance costs of a conventional home !
Just turned 18 my goal is to buy one before 30 if I save 400 a month in 7 years I can buy a cheap one for 30k I don't have any family so inheriting a house isnt a option
Now, three years later, you can't give away a mobile home in a park because the rents have skyrocketed! Modern mobile homes and modular homes are great, just make sure you put it on land you own, so you can never get ripped off on the rent or have the land sold out from under you. Peace of mind is worth more than anything else.
I began paying space rent of $551 a mo in2006. I now pay$689 a month in n.ca.. paid cash for my mbl hm. regret it now!
Found your channel, I love it. Now that I'm in the market for a home. Your channel answers a lot of questions for me, and a few i didn't know i should ask.
Thats great! Glad to hear it’s helpful
Thank you. That is in...? I entered that in the search engine and now...bla bla bla...not what I was looking for in a specific area.
Thanks for watching
I was one of those who always regurgitated the fact that mobile homes drop in value. This video was a big eye opener and I am actually considering opening up a mobile home park. I can’t wait to continue to learn more from you.
Prices have gone up more since this video too. Glad to hear you’re looking more into mobile home parks
Mobile homes are not what they used to be either the building standards for them now are a lot stricter than they used to be any mobile home built after 1976 is supposed to be built way better than pre 1976
I bought a mobile home, not for an investment but because I had three cats and it was easier to smuggle an extra cat into my mobile home than an apartment. I actually wrote a check and paid for my place in full. Considering inflation, my home has appreciated.
Can you sale a mobile home ?
Love how he said regurgitating information
Good video, smashed the subscribe button
👊🏻
Apartment and housing rent skyrocketing, housing market and property taxes increasing. Now we have corporations buying up mobile home parks to skyrocket the lot rent. This is insane. Where do they think people can go. This is causing a huge homeless situation and our government is doing nothing.
We want 2 buy the land how you done a video on that?
Yes! I am in the process of putting a home on a purchased lot. ua-cam.com/video/2L0JdVpLzEE/v-deo.html
Its true,greedy corporations now getting theirs eyes con trailers
Three things:
1)if the land cannot handle the sewage produced by the tenants
2)if the water source is from wells
3) if the park is near farms then nitrate and pesticide gets into the water.
Oops, I forgot to list lack of tornado protection.
@@abelincolnparth Most regular houses can’t stand up to tornadoes. Lol
you don't build equity in a mobile home on leased land. It's more like a car... you only lose value. best you can do is keep up with maintaining and upgrading it and if you are lucky you might break even. I am in south florida where the average park is over $1000 land lease. The prices keep doubling and people can't afford that and they can't afford to move their property somewhere else, so what I am seeing is lots of people selling their mobile/modular homes that are worth about $75k-100 and they have them priced at $20k just so that they get something... because they only have so long to get it out of there before the land owner can claim it. I am in the middle of buying a plot of land and then I am going to offer some of these people $5k-10k and I bet they take it, then it's about $10k to move it, foundation is roughly $6-7k and then it's just connecting electrical and plumbing. Ideally I am looking for land with a beat up mobile home that needs to just be demolished that way it's already ready to receive a new one and it's a good negotiating point
1000% agree with him
The TRUTH where we live in Belleville, MI - “Yes Communities” owns it, they’re the WORST!!! They bought this park about 5 years ago and decided to Charge us for a “Shed Rental” fee $50 a month even if you Buy the home. (Came with our house) I’ve lived here for 12 years! A Garbage can Rental fee of $12 a month, a $45 dollar a month to store your boat, camper or anything in the storage lot. $576 Lot Rent! Their BBB reviews are a 1 Star! A multi BILLION dollar corporation. 🤬🤬🤬
$1,200 per month in various Chicago burbs.....slab fee......NOT including utilities.........laughable.
Unless the property management companies that own the mobile home parks and continue to raise the rent.
Where I live the creepiness of the park is the fellow called land lord.He owns no land. There us no equity in mobile homes unless you own the land.
Lived in apartments and in a mobile home, it’s all about community and management, sadly the management is terrible when I lived in a mobile park, it was dirty, ran down, tagged up and full of methheads, I’d live in a apartment over the park I lived in by miles