On the Forum there have been multiple posts concerning:
- “Mobile Homes = To Demolish Or To Renovate…That Is The Question”
When we first purchased our Turn-Around Mobile Home Park, we “Inherited” lots of “Older” Mobile Homes.
Unfortunately, some of these Mobile Homes had already been “Condemned” by the City.
Thus, we made the decision to demolish the “Condemned” Mobile Homes.
For the “Non-Condemned” Homes we started the process of renovating each Home.
Our desire was to “Sell” each of the Renovated POHs.
Initially, all we could find were Renters. Thankfully, we ended up with some great Renters.
Recently, one of our great Renters moved out of our smallest and oldest POH.
Thus, our goal was to sell our smallest and oldest POH:
- Mobile Home
- 12 x 46
- 2 Bedrooms
- 1 Bathroom
- 2016 -Renovations =
- New Metal Roof
- New Underskirting
- New Outside Stairs - 2 Sets
- New Vinyl Flooring
- New Carpet
- New Bottom Kitchen Cabinets
- New Kitchen Countertops
- New Refrigerator
- New Range
- New Tub & Tub Surround
- New Toilet
- New Interior Paint
- New Exterior Paint
- New Light Fixtures
- New Blinds
- New Exterior Light
- New Exterior Locks
- 2019 - Renovations =
- New Carpet = In 2 Bedrooms
- New Blinds
- New Floor Vents
- New Exterior Light
- New Exterior Locks
After the 2019 Renovations we selected to advertise the Mobile Home exclusively to our current Tenants with a $100 Referral Check to the Tenant who brought a successful Buyer.
To our amazement we ended up getting 4 Offers from 4 Different Individuals (over 3 days) to purchase this Mobile Home. In addition yesterday a 5th Offer also came in.
We sold the Mobile Home to the Highest Bid:
- Sales Price = $8,900 Cash Or Best Offer
- Highest Bid = $8,500 Cash
There is a point at which “Older” Mobile Homes still keep their valve as they provide “Shelter”.
For the past 2 Years we were renting this Mobile Home for $550 Per Month (which is actually on the lower side for Rent for this space & location).
IF we had selected to rent the Mobile Home out again, the Renter could have paid Rent at $550 for 15.5 Months and still have been just a Renter after that fact.
The New Buyer has paid $8,500 Cash Upfront (which is about 15.5 Months of Rent - $550 x 15.5 = $8,525) and now only has to pay Lot Rent & Utilities.
Thus, the moral of the story is that if you have “Older” Mobile Homes but High Demand, you might want to consider renovating some of those “Older” Mobile Homes.
We wish you the very best!