Rent an apartment or buy a mobile home?

Rent an apartment or buy a mobile home?

Posted in the Morristown Forum

Localme

Nashville, TN

#1 Aug 20, 2011
Whats the best action here currently?
Janie

Morristown, TN

#2 Aug 20, 2011
Honestly, I've done both. Ask yourself this....do you want to rent and not have to worry about maintenance,(provided you have a good landlord) or paying property taxes or do you want to be responsible for all the upkeep yourself, pay property taxes (if you put on your own land) or lot rent if you don't, mow your own lawn, etc? Renting has it downfalls if your in an apartment because you will likely have neighbors. But it also has it advantages. I had an awesome landlord and great neighbors so my experience was a good one. When I purchased a mobile home it was brand new but within 6 months I had replaced the heat pump, the carpet started to pull loose and I had to replace it as well. I had it on a lot I rented but was responsible for yard work, etc. I sold the mobile home and purchased a house less than 2 years after I bought the mobile home. It was falling apart. They both have ups and downs so weigh all your options and good luck with your decision.
Adviseman

United States

#3 Aug 20, 2011
Well this is the easiest answer ever!!!!! If you have the financial ability along with the credit to go along side with it,,,, go and buy no if ands or buts it is always better to build equity in something of your own than to pay for your landlords Mercedes!!!!!!!! Trust me I know I rented for many years and threw all that money away. I now own my house and it's a whole lot better.
TheGreatestAmeri can

Morristown, TN

#4 Aug 21, 2011
Unless you've got cash upfront, you're gonna have a hard time borrowing from a bank to buy a mobile home. Why don't you look around for a nice foreclosed home, it's a buyer's market right now.
Prime Time

Morristown, TN

#5 Aug 21, 2011
TheGreatestAmerican wrote:
Unless you've got cash upfront, you're gonna have a hard time borrowing from a bank to buy a mobile home. Why don't you look around for a nice foreclosed home, it's a buyer's market right now.
I agree, you can buy a nice 3 br 2 bath on a nice lot for less than a hunderd thousand.

“What happened to self reliance”

Since: Jul 11

Los Altos Hills, CA

#6 Aug 21, 2011
Mobile homes have bad resell values.
MH Owner

White Pine, TN

#7 Aug 21, 2011
There are a few places that have newer mobile homes on a rent-to-own basis. Mine is a 2006, 3BR 2BH. It is in a MHP. In five yearsI will get the title; I have lived in it three years. After it is paid off, I will move it to my own land. This way worked for me.
Localme

Nashville, TN

#8 Aug 21, 2011
See though..It's not a buyers market right now. Well unless you have a stack of cash on hand. Banks are loaning what now? 80% of price? The word foreclosure doesn't mean a thing to me no more-There just as expensive as a regular listing.

Interesting MH Owner and Adviseman..
do this

Morristown, TN

#9 Aug 21, 2011
I bought a Duplex!!!

Rent the other side out and have had the same renter since 2004!

my payment on it is 685.00 and I get 500.00 in rent so I live there for 185.00..the renter is paying MOST of my mortgage for me...and when its paid for I will be making $$$ every month from rent to pay for my electric and cable bill

and it has a drive in garage!

“What divides people is wrong ”

Since: Nov 09

Location hidden

#10 Mar 6, 2012
TheGreatestAmerican wrote:
Unless you've got cash upfront, you're gonna have a hard time borrowing from a bank to buy a mobile home. Why don't you look around for a nice foreclosed home, it's a buyer's market right now.
It is always a buyers market. A home is only worth what a buyer will pay for it and most of the time that is subject to what a lender will loan on it which is subject to the appraised value. We are in a unique market now as banks are not lending very readily. Personally I think the large banks are intentionally starving the economy in hopes of an administration change later this year. For years the real estate market was artificially supported because investment bankers were conjuring up mortgage backed securities that they sold to investors and now its suppressed by those same lenders.

As to the question of rent or buy a mobile home. That's an easy answer . Never ever buy a mobile home if you are planning to resale at any time in the future. A mobile home almost always loses value. Many are nothing more than a credit trap.I own one myself now and if I'm lucky I'll break even on it this spring when I sell it.It did pay me some rent for a while and I lived there for a while until we bought our present home so if I can break even I'm doing fine.

I've bought one foreclosure and doubt I will buy another. A nice foreclosure is a very elusive thing because if someone couldn't afford their payment they probably couldn't afford maintenance and repairs. Also if it is a good investment the public will rarely see it in an open market. I've had an agent try to sell me a foreclosure before it was listed just so she wouldn't have to share a commission.I don't think that's very ethical myself. It is sort of like insider trading.

I have helped broker a couple of foreclosure purchases representing buyers. I haven't listed any and really don't want to. The REO companies are difficult to work with and very inflexible. Often there is a property manager in a city far away making decisions regarding a property he has never seen in a town he has never been to.
ToOts

United States

#11 Mar 6, 2012
I like mobile home rentals and if something tares up its the owners responsibility
Manwhoknows

Boiling Springs, SC

#12 Mar 6, 2012
Never buy a Moble home, ever. If I had to choose, Id rent. However, if you can find someone to give you a loan on a trailer, its guaranteed you could get a loan on a used or foreclosed home. If you were planning on buying the trailer with cash, I'd just use it as a down payment on a real home. Or you could give me half the money you were going to spend on the trailer. I'll give you a large cardboard box and kick you in the groin, to show you'll have in 3 years. Kinda a fast forward montague, if you will.
No problems

United States

#13 Mar 6, 2012
Rent and forget all upkeep, insurance etc. Real estate agents are worse liars than used car salesman.
honestly

Morristown, TN

#14 Mar 6, 2012
I say Rent. No hassle with mowing, repairs, taxes, insurance, and more. Its just hard to find a landlord that will do all things things too. Good Landlords r hard to find.
thinking man

Beaverton, OR

#15 Mar 7, 2012
If you are going to buy,Dont buy a Mobile home....Dont buy a Mobile home....Mobile home are junk,trust me. Buy a house,there are some real good deals on houses right now,and low rates,even if u have to get a FHA loan or something.

Since: Nov 12

Rochester, NY

#16 Apr 19, 2013
Me, my husband and kids are wanting to move back from NY but we want to buy a mobile home in Morristown. Don't know where to look
MHs for sale

Morristown, TN

#18 Apr 20, 2013
Call 423-two seven seven six six four eight. All prices and condition.
16x80 owner

Jefferson City, TN

#19 May 28, 2016
Mobile homes are all in how you take care of them. Start cheaping out and you'll regret it. See something fix it don't neglect it. It's the only way I could have a home on a fixed income and it's home to me
16x80 owner 2

Morristown, TN

#20 May 29, 2016
I have a 16x 80 for sale
3 bedroom 2 full bath
Blue Rideg 2009 model

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Morristown Discussions

Title Updated Last By Comments
Little Clint got busted! (Sep '11) 3 min Whatever 123
Dear Amber 7 min Assume 6
Charleston Kyle 8 min WTF you want 4
Rouse road parade 2017 9 min WTF you want 5
j reb 12 min WTF you want 7
well I'm sure glad someone thought of the child... 20 min mechanically incl... 1
Abortion Stops a Beating Heart 56 million babie... (Nov '13) 1 hr Citizens unite 27

Morristown Jobs

More from around the web

Personal Finance

Morristown Mortgages