SHOCKING Hidden Costs Of Manufactured (Mobile) Homes 

I'd love to hear it as well!

@@AnnAndNala I owned a stick built home before I went through the process of buying a manufactured home and I wish I would've found this channel before I did because it's a way different process. Many of the manufactured homes that are made today are built under the Clayton Warren Buffet umbrella and of course they own Vanderbilt Mortgage one of the preferred manufactured home lenders they want you to use to finance so they can rake you over the coals. I would also avoid Cascade Mortgage along with Vanderbilt Mortgage they have much higher rates and fees for their manufactured home loans.

hearing your well and septic experience and cost would be interesting and very little said about. i realize area specific but still it would provide general idea of what to expect and look for in land.

make a video and post it on RU-vid.

Please make a video

That’s why Don Purse is so rich.

I don’t get what’s the point of buying a home and still paying rent 😥😥😥😳😳

@@araci88 Usually your lot rent will be much less than rent on an apartment of the same size, but the main point is that you have no common walls and much more privacy. One downside is that if you buy the home , you are responsible for repairs and upgrades. There are pluses and minuses in every case. That is how I see it.

Make more income.

Yup. I think the trailer park is the new American dream but that is also priced out for most of us. We need to go back to teepees or something.

cleaver solution to a problem. now invest that saved money rather than spend it.

Glad it worked out for you!

If ur young to to do that work Go for it!

Oh! This is a very good 👍🏻 idea. Thank you!!

I had never heard of this. I am not sure what to think of it. Why not just do a regular site build? It would be a custom build and more expensive because manufacturers don't like to do special things. Not many people like that sort of house. Another thing you could just buy a house that needs repairing.

A sink A toilet Is bare minimum for all states No cooking ability needed even! No window. Ofc states have their own huge lists sometimes - “it’s not a bedroom without a closet & window” yada yada But some areas of some states are more allowing for minimal living. Harder to find tho

Hi Linda, You are absolutely correct - blame the company - not the entire manufactured home community of builders. Also, it is so important for purchasers to do their homework and research before making any purchase. You and your husband sadly failed to do this. Yes, up front, you would have paid a little more for a top tiered home. Just like any other purchase:, homes, cars, boats, etc. Doing research would have paid off and would have given you the top choices in the manufactured home industry to pick from. Thank you for being honest in your comment:-)

Agree, seen one from 1982, not on a basement. With few acres listed at 300k. I bet no insurance company will insure this one.

Yes, and it's always,**"must be moved"

@@gsxellence i’ll see where they try to get 100 grand for one in a mobile home park lol. Didn’t even own the land

"Dog Eat Dog" world in the manufactured home industry that was once viable alternative to traditional home ownership .. And that world got even smaller when billionaire Warren Buffett got involved in the industry with the purchase of Clayton Homes. Soon his wealthy followers followed suit and got into the industry and saturated the market .

​@@dantheman9395yea? 5 years apt. rent at 1k per month is 120 grand.

Saving this to interview someone specifically on this. Since I’m not a lender I don’t want to miss any vital information.

I did this back in the early eighties. I had 10 acres, but I divided off my land for the manufacturer home. When you use your land for collateral and if you end up not being able to make payments, you only lose the land you put up for collateral. I had to survey and give the other property a right away. Each state has different rules for dividing land, and you would have to inquire. I hired a lawyer to get my property divided with an right away to the back property. Take survey to your lawyer.

Yes, most Ive checked with in NC can cover lot + more home or just m home.

Why so high? Closing cost is based on the value.

@@John1908-vo1iv They want 10% down, I have to pay the agent selling the home their fee, 3% origination fee, appraisal fees and Inspection fees. No one will give me a quote lower than 2,400 for insurance. I’ve called numerous places.

@@John1908-vo1ivbecause insurance companies have stopped writing new policies and are non renewing existing mobile home insurance. The remaining carriers can charge what they want.

Where in the world do you live? Your insurance is too expensive. Do you live in Time Square or Red Square?

@@Omar_Zazzle lol Florida 🤦‍♀️ so frustrating. I can’t afford housing. It’s out of hand and I can’t find a solution

BARNDOMINIUMS! YES!

Ooh yes! Steel building and container homes please please please 🙏 😊

Yes please!

The idea of putting wood into the ground is now considered poor quality and not necessary.

Most counties dont allow them but if they do, make you build them so heavy duty they are 2x more pricey than stick built.

Bently, Manufactured housing is just like any form of housing. It is like any large ticket or small ticket item we purchase. The purchaser can choose the low cost item or add the extras they deem necessary in order to make them happy. Every form of housing is no different. You can not single out manufactured homes and treat them differently. That is the beauty of choice. A purchaser gets to choose the extra goodies they desire to add on to their home - as with any other new home purchased anywhere.

@@natnielsen8472 You're "preaching to the choir " that "manufactured housing is just like any form of housing" with "large and small ticket items." If that's the case, then we should be able to choose the type of housing we want and can afford to buy without falling into the trap of cannot afford to buy. And the latter has been the experience of tens of millions of Americans lately, who once were able to opt for singlewide manufactured homes as the least expensive alternative to more expensive site-built home, modular homes, and even double or triple wide manufactured homes, that includes cheaper lot rents in mobile home parks compared to expensive home and apartment rentals. What happened to those choices of affordable housing that kept families American from being homeless and/or compelled to rent expensive home and apartments or manufactured homes ? Gone, because of corporate greed that our government officials allowed for whatever reasons unbeknownst to the American people that keeps them guessing when the madness will stop. As for the "goodies" that people supposed to want in these manufactured homes, people are learning to do away with those extra features on their homes and just want a roof over their heads they could comfortably call their own, especially in today's political and economic uncertainties. So those "choices " that you mentioned are dwindling down fast and will soon be disappearing. And we'll be forced to go "back to basics," as the saying goes, which we should (if that's even possible for most people' thinking)---for the sake of survival during hard times.

@@natnielsen8472 You're "preaching to the choir " that "manufactured housing is just like any form of housing" with "large and small ticket items." If that's the case, then we should be able to choose the type of housing we want and can afford to buy without falling into the trap of cannot afford to buy. And the latter has been the experience of tens of millions of Americans lately, who once were able to opt for singlewide manufactured homes as the least expensive alternative to more expensive site-built home, modular homes, and even double or triple wide manufactured homes, that includes cheaper lot rents in mobile home parks compared to expensive rentals. What happened to those choices of affordable housing that kept families American from being homeless and/or compelled to rent expensive home and apartments or manufactured homes ? Gone, because of corporate greed that our government officials allowed for whatever reasons unbeknownst to the American people that keeps them guessing on when the madness will stop. As for the "goodies" that people supposed to want in these manufactured homes, people are learning to do away with those extra features on their homes and just want a roof over their heads they could comfortably call their own, especially in today's political and economic uncertainties. So those "choices " that you mentioned are dwindling down fast and will soon be disappearing. And we'll be forced to go "back to basics," as the saying goes, which we should (if that's even possible for most people' thinking)---for the sake of survival during hard times.

@@natnielsen8472My reply to you is not posting (?), so I reposted it as a new comment.

The "well" explanation is the same with a stick built home as a manufactured home.

May I ask where you live?

@@user-hi8kg1nc6y Mesa

Awesomeness! Thank you. Welcome to the channel.

This is the best resource about a co-op rocusa.org/ they will point you in the right direction.

Right?! Or those dome like enclosures. Those withstand extreme cold and heat.

There are quite a few insurance companies that insure manufactured homes. Progressive is low cost.

I should have said it's on a city lot that I own already so the hassle and cost of demolition and bringing In a modular to replace it?

The aluminum wiring was pre 1976. This was back in the day when the side walls were thin and the wiring ran unprotected through holes in the narrow studs.

If they are still standing since 1976 evidently they didn't burn up.

Can't get Financing for anything prior to '76

Depends on where you live! In Arizona many mobile home communities are strictly HOA (you own the land but pay HOA fees which can vary greatly from $400a year to $500 a month for a gated community with Security) I know the Host said otherwise, but in AZ, the property owners have to approve any increase in HOA fees 🤷‍♀️

To my knowledge you can’t just trade in a home like a used car.. You could have the buyer be responsible for moving the home off land but typically I’ve seen the seller help in most cases. Why not keep the home and rent out and also put a double wide on the 5 acres of land? If played correctly they could be paying for the mortgage of the single wide.

To handle the situation where your daughter wants to trade in her single-wide mobile home for a double-wide, here are some key steps and considerations based on the information I found: 1. **Trade-In Process**: Many manufactured home retailers offer trade-in programs where the value of the current home can be used towards the down payment for a new home. It’s important to understand how the trade-in value is assessed, which can depend on the home’s condition, age, and the market value as per guides like NADA. Local dealers usually conduct an in-person evaluation to determine this value www.claytonhomes.com/studio/how-to-trade-in-a-manufactured-home/) [](www.claytonhomes.com/studio/buy-a-new-or-pre-owned-mobile-home/). 2. **Financing the Upgrade**: If the trade-in value doesn't fully cover the cost of the double-wide, additional financing might be necessary. Your daughter could consider options like a new owner-financed arrangement or traditional mortgages. Fannie Mae's MH Advantage program offers financing options for newer, higher-standard manufactured homes, which might offer favorable terms compared to standard loans FAQ: Manufactured Housing | Fannie Mae](singlefamily.fanniemae.com/faq-manufactured-housing). 3. **Owner Financing**: Since the current home was bought with owner financing, it might be possible to arrange a similar deal for the new home, potentially with the same lender if they are amenable to adjusting the terms for the upgrade. 4. **Equity Assessment**: Before proceeding, it's crucial to establish how much equity your daughter has in her current home. This is the difference between its market value and the amount still owed. If her home has appreciated in value or she has made substantial improvements, her equity might be considerable and useful in reducing the amount she needs to finance. 5. **Professional Advice**: Consulting with a real estate agent who specializes in manufactured homes or a financial advisor can provide personalized insights and help navigate the complexities of trading in a manufactured home and securing the best financial arrangement. For more detailed information on trade-ins and to explore specific options available in your area, your daughter can visit manufactured home retailers or use online resources like those offered by Clayton Homes and other specialized websites. These resources provide comprehensive guides on the trade-in process, financing options, and other necessary details to make an informed decision l Clayton Studio](www.claytonhomes.com/studio/buy-a-new-or-pre-owned-mobile-home/).

Sharon, I read all of the replies to your comment. You didn't mention the age of the home or the condition. Is the home on any type of permanent foundation? What is the condition of the home? Also, it is a terrible idea to involve a real estate agent. You're daughter is already in a contract and real estate agents have little to absolutely no experience in mobile/manufactured housing. Yes, a trade in may be possible - but, transporting the home she has now off of the property will up the price. This is something you need to find out up front. Also, the owner of the home has a large vested interest in what happens to the home because it isn't her legal home or land until she has paid off the contract. The true legal owner may not be willing to have your daughter trade off a home that does not belong to her. There are many reasons for this. Just think about it. This home, and the land, are not hers to mess with - please have her consult an attorney to look over her contract before she would advance any further.

​@jetjan 🤣🤣🤣 Seriously!? We bought ours in 2020 , for $158K we get notices from Redfin occasionally, it's now appraised at $230K You are sorely Uninformed! 😂😂

Are you crazy ? Tiny homes are a new invention that has specifications that will make all difference in ordinances that may or may not LET you live in those areas. An increase in the amount you can borrow in a loan, excellent news that I heard only hear scroll away troll.

I would never insult the intelligence of a person. I genuinely get asked what’s the difference between modular, prefab, manufactured and park models quite often. There’s a very big difference and I’m here to help others understand. I’m happy you have a clear distinction of those type of homes. Thanks, have the day you deserve.

@@KristinaSmallhornthank you for the information you give us. I have bought a house and a travel trailer and it can be so confusing. Each state is different and it helps to have an idea the question to ask. Thank you so much

@@KristinaSmallhorn I doubt anyone asks you any of those questions and you’re just saying what you say to be relevant which you are not

@@Nottallblonde get a life dude. We all don’t live in trailer parks like you.