Mobile Home Parks

[Barbara]

I keep reading and reading all the posts and no one really says why stay away from a mobile home park. Couldn't someone just eventually move the home to private property.

My situation is that we keep dumping money into places with no pay back (Our family lives in SE Michigan). I figured to save money we find a mobile home (we may need a co-signer due to financial difficulties) stay a few years in a park and move it to land when we are in a better financial situation. Am I looking at this dumb or what?

Thanks for listening Barbara

[Jo]

Moving a mfr home out of a park is nearly impossible. Many places will not refinance it, or require a higher down payment. Another problem is you are leasing the lot the mfr home sits on - which means you are not appreciating value. This lowers the value of your home. Selling a home in a park is nearly impossible as well. Many people end up returning them to the bank or taking a huge loss to get out of them. The whole mfr park thing is a scam - stay away from it. Just stay on track, fix your finances, and in a few years buy a house or a mfr home on property you own. It's hard now, but if only I had known this 5 years ago, I wouldn't be where I am now (trying to sell a mfr home in a park).

[rmurray]

Candidly...if you have good enough credit to buy a manufactured home and place it in a park....You have enough credit to buy a land/home package right now...AND..probably at equal or LOWER overall payments...

The reason for this is that the 2 types of finance are quite different...Let me use an example...

Let us say you buy a modest double section for about $45,000 (some are as much as 10,000 less)...You will have to put $2500 down and the payment will be about $450/mo...lot rent will be about $200 in most areas...(some areas are much higher..some a little less)...This equals $700/mo...plus you still have insurance and taxes every year to pay...

The same $700 per month will buy a package of About $115,000...The $45,000 house and $65000 land...likely the land will be less than this anmd the payment will be less...

With this in mind...it would be silly to buy and put in park right now...You can own the same house..and the land for less money per months...I would need lot more info about your area to get more specific with examples...

Post back again...This is the best time to get a home and land in 40 years...

[Barbara]

Thank you Murray for your analization. It is much appreciated.

[dan]

the rules and regulations are the worse I,ve veery seen. I feel traped hear and doing everything to get out. It will cost you about $ 10,000.00 just to move it once it is put in a park.And I live in S.E. Mi. do the package deal If you can, and do it as soon as you check thangs out Good luck dan.

[Barbara]

Thank you all for your input