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Old 12-24-2010, 01:46 AM   #1
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Difficult building/financial decision with mobile home, help please!


Hello everyone, my name is Ben. This is a very complicated question. I hope I am not asking this in the wrong forum. Maybe I should be asking this in a finance or real estate forum? I am in a very unique predicament. First off, let me start off by saying I believe no one should buy things unless they have the money to do so. Here's my questions...it's rather long so I apologize in advance. My parents gave me a 1969ish mobile home about 4 years ago. This particular mobile home was re-done in mid to early 1990's. The man built a frame house over half of the mobile home. Hence, the living room and master bedroom was completely new construction. That part of the place is really nice today and looks new. The other bedroom and part of the kitchen had this new roof and all put over top of it (regular house style roof). Recently, when I acquired the house, I redid almost all of the interior with new sheetrock, paint and carpet. I have two room left to do(wiring, sheetrock, etc). The rest of the house has new number 12 wire with 20 amp breakers. All the old trailer wiring has been removed. The outside looks horrible because one side looks like a house and the other looks like a trailer. It sits on one acre. I own everything. The water, well, and everything works. It is my American Dream to stay debt free. My wife and I don't have any bills (thank God) I have considered spending 5k or 10k to finish the roof, rooms, and add a porch on the backside. However, many people have told me not to. In fact, some tell me to bulldoze it and get a mortgage and pay 30 years. Remember what I said about being debt free? I wish my grandfather was still sane to tell me what to do he was very knowledgeable in this area. I would like to get as much as I can out of this free home. My plan is to save 30 or 40k within a year and then use money from this place to buy a 'real house'. Am I just dreaming? Can I get money out of a place like this? Should I fix it up? How can I maximize my profit out of this place?

Thank you,

Ben

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Old 12-24-2010, 06:52 AM   #2
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Difficult building/financial decision with mobile home, help please!


Hi Ben, welcome to the forum.....

We bought into a very similar situation.... new living room and master bedroom connected to a '71 Amherst Mobile.
I put a new roof with 6x6 polebarn style construction over the whole mess, then framed in new exterior walls, windows, doors, etc. This last spring I tore out the mobile in sections, sawzalled the steel frame out, put in 2x12 floor joists, then did all the flooring, interior walls, electric, plumbing, etc. We now have a beautiful 3 bedroom HOUSE. It can be done.... As to whether you decide to stay or sell, a home will bring more $$$ than a trailer.

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Old 12-24-2010, 07:22 AM   #3
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I am in real estate I agree with dm work with what you've got your value Is in the land you can alter what you've got. Bulldozing and starting new is counterproductive to what you want to do. ..and can be very expensive you already have a great start to you dream home
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Old 12-24-2010, 03:00 PM   #4
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I don't plan on living here for much longer. I have the ability to do a lot of work but I think sawzawing out the trailer frame underneath and place a subfloor, etc is more advance than what I can do, . It would take me forever and sounds quite involved. Sellwithnic, you said my value is mainly in my land. Would it behoove me to finish fixing the place up moderately or would I just be throwing my money into a bucket with a hole in it? I guess my main question was whether anyone would buy something like this? I didn't know if I should at least make it look decent or would I be throwing my money away? Is it possible in the real estate market to sell something like this and what would it bring? I figured the one acre, well, septic tank and all would bring it to like 15 or 20k.
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Old 12-24-2010, 03:14 PM   #5
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Your best bet is to check with local Real Estate sales & see what the place is worth
Since no-one knows where you are located & what land/mobile homes are worth wherever you are
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Old 12-24-2010, 03:15 PM   #6
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Can you post a picture of the trailer side? or more?

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Old 12-24-2010, 03:56 PM   #7
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Here are two pictures! It is Christmas Eve and I'm about to go spend time with my family. I don't expect anyone to reply today or tomorrow...but if you can that's GREAT! Hey Scuba, I live in North Florida in a hick town. Although, this really isn't about how much it will sell for. My original question that I bolded was how do I maximize my profit out of this place? . This is still my question.

Thank You,

Ben
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Old 12-24-2010, 04:01 PM   #8
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Difficult building/financial decision with mobile home, help please!


A coat of paint and some skirting could help. Po)
Not TOO much $cost$ for it either.

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Old 12-24-2010, 04:02 PM   #9
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Maybe a small deck/steps at the back door?

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Old 12-24-2010, 04:20 PM   #10
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Quote:
Originally Posted by ben2000 View Post
Hey Scuba, I live in North Florida in a hick town. Although, this really isn't about how much it will sell for. My original question that I bolded was how do I maximize my profit out of this place? . This is still my question.

Thank You,

Ben
You Maximize profit by knowing what your return will be
No sense putting $10k into something that will only sell for $10k
And if there are similar mobile homes on the market that have not sold for years (or available as cheap $$) then you need to consider that too

My last house I bought for $23,600 (short sale)....it was tax assessed 6 months later at $68k
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Old 12-24-2010, 11:19 PM   #11
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Agreed...thank you! So it would not be worth my time(or money) to roof the trailer part? I'm sensing from everyone I should place skirting, paint it, clean it up, tar the roof of the trailer side (nothing I can do will really raise the value more than say 1k or 2k.) If any of you had a place like this you wanted to get rid of but make your best buck, what all would you do to it? If I'm understanding this correctly the mobile home itself probably isn't worth more than 10 or 15k and if I sank 10k in a roof and other things it would still be worth 10 or 15k? If so, that is basically what I wanted to know.
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Old 12-24-2010, 11:26 PM   #12
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My last house had 1/10 of an acre
The land alone in 1997 was worth $36k
My present house is 1/2 an acre....the land alone is valued at around $100k
These values vary widely by state & even the local area
I have no idea what the value of land is where you are located
That is why I am saying you need to check out local land values & what things are selling for in your area

To maximize profit you buy/own the cheapest property in the area

If you know the value of your home will not increase much
Then t he best bet is just to spruce it up with paint, inexpensive fixes & make it look nice
Fix it up enough to make a profit
Unless someone knows your specific area & house values then its very hard to give suggestions as to how to proceed
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Old 12-25-2010, 04:15 AM   #13
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Personally I would just finish it off the best you can while still watching your overall investment. Unfortunately on a trailer many things won't increase the value like they would in a house and trailers are notoriously hard to recoup costs from. The reason I recommend finishing it is to increase your market. In this economy many buyers won't have the available finances to put into finishing a half way done project which immediately cuts your market in half. Some people just don't have the skills or time to take on a home that's a project which cuts your market further so you're now selling to a very small percentage of people who could have been interested in buying it. Often a quick sale is what makes or breaks a profit even more so than the final offering price. Maximizing your market is the easiest way to ensure a quick sale. Your scenario may be different since it's paid off you don't have large monthly mortgage payments if you have to hold onto it for a while but I will still take a quick sale any day.
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Old 12-25-2010, 04:29 PM   #14
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Difficult building/financial decision with mobile home, help please!


In spite of what all the posts advise, it sounds to me like your are at square one: questioning yourself as to whether to remain debt-free or take on debt...so no matter what advice you take, you will either remain true to your core values - or go off in another direction.

These days, I'd remain debt-free. It a character thing, not financial advice. Things may change in the next 2-3 years and in the meantime, you'll sleep at night, upgrade slowly and within your means - and then be better able to make a rational decision with better information on the market etc.
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Old 12-25-2010, 09:33 PM   #15
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You can maximize your profit by doing very little to nothing...as mentioned, paint, skirt, steps, landscaping.

No bank will finance it, so any buyer will have to have cash, or work out a contract with you.

Your buyer will be someone who has a little bit of cash and dreams of fixing the place up, or someone who just wants the land and will bulldoze the home.

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