Before Committing to Purchase:
Many parks require that the Mobile be inspected prior to being sold.
Often repairs are required of the seller prior to transferring ownership.
The Buyer may assume the repairs if an agreement is reached between the park and owner.
Children and Pets are allowed in several parks, however they may have restrictions on the area, amount, size etc. Check so you don't purchase a Mobile that ultimately, will not fit your situation.
Used Mobiles can be difficult to finance.
SIR has sources to obtain these special loans. Often the seller can hold the paper
and receive monthly or even semi Annual payments direct from the buyer.
CASH OUTS: Investors that pay Cash may shy away from a Mobile for several reason.
Mobiles generally do not go up in value over time, they normally go down in value each year.
Parks generally want owner occupants and have restrictions that virtually eliminate Investors. Parks may not approve Investors for resale or rent based on, they don't intend to occupy it.
Parks are motivated to weed out the Older Models and replace them with Newer Models.
If a Park is going through a transition they may not renew to continue renting their lot.
Some folks imagine they can purchase a used Mobile then later move it to a piece of property.
Many communities restrict this practice. They may have requirements that must be met prior to approving a move: Septic Installation, A Drilled Well, Utility service verification. They may require
a solid, concrete foundation be installed under the Unit & the Tires and Axles be removed.
They could require the Title be turned back into the State so the Mobile cannot be removed
from the property at a later date as It becomes a permanent part of the Real Estate.
The project can get very expensive, complicated and difficult to finance.
