Hi All,

I have a rental house that has been on the market for 2 years! My realtor has just done the basics as far as marketing the property, i.e., R.E. magazine and virtual tour. She has never done an open house, saying that in this market it's a waste of time. (But she'll do it, "if I want to"). I just want to unload it and buy another in the town we live in (we moved 100 miles away). It is rented, so not a problem there, but I really want a rental in the city I live in now.



It is a unique property, located overlooking a creek which leads to a large lake. It is, however, a double wide mobile home with 2 additions and walk out basement. (3 bedrooms, 2 baths, Family room, living room, finished 1/2 basement)The home is on a permanent foundation which gives it "real estate" status and is eligible for a VA loan. I paid $86,500 for it, put in about $9,000 worth of improvements and I'm only asking $90,000 for it. No bites! Here are some pics of the house:
[image]http://www.angelfire.com/ky3/caroln242/images/personalpics/housepics1.jpg[/image]
[image]http://www.angelfire.com/ky3/caroln242/images/personalpics/housepics2.jpg[/image]

I asked my realtor what she has done to market the property and it appears that the real estate magazine and in-office bulletin board is about it. Oh, and a sign on the property. I asked that a flyer tube be added which she did, but the last time I was there it was empty. Does anyone have any ideas on how to market property like this? I know people are scared of it being, in part, a mobile home, but it really has so much else to offer, not to mention being a great rental investment.


The house is in a tiny little town in KY and I'm sure the realtors there don't have much of a budget to work with, so, are there any great ideas for promoting the property myself that the realtor isn't willing to do? (Outside of the open house, which she will do) With the lake being right there I would think there would be lots of marketing advantages. The lake has thousands of boating visitors every year.


I'm thinking that maybe they just don't want to spend any money on my property listing because of the mobile home thing. I would change realtors but my realtor is the one who found the renter for me and I feel a little indebted to her. She does help out some if I need something regarding the house since she lives in that town and I don't anymore. I really don't want to alienate her. (And I do like her personally) Besides, I just don't know if anything more can really be done to market my property.

Ideas, anyone???? Thanks for any help!

If it's a "Mobile Home" in part or any part, and still being transferred with a Bill of Sale instead of by Deed, could you offer to Owner Finance it ? Is it of a post 1976 vintage?

Financing for Mobiles has all but dried up, especially the PMI that was used by first time home buyers, so an Offer to "consider" financing might be an additional drawing card.

The Mobile Home isn't just a stigmatism, or that they might be frowned on a bit . . . . but it's a financial reality that they can hardly be financed, and that the people who could buy them without financing have plenty of other non-mobile options.

it really needs some online marketing exposure.

Amen. Resale of mfg housing is difficult, and sometimes impossible. So, "owner may carry" with substantial down is a good incentive to offer if feasible.

Thanks for the replies. The house is listed as "real estate" and taxed as real estate because it is on a permanent foundation. There is no "bill of sale" as with a regular mobile home, the house has a deed like a normal house. However, you are saying that there will always be a stigma surrounding this property and no one will ever get financing? I guess I'm stuck with it forever...

I've found banks that will loan on mobile homes located in MH parks, provided the mobile home is not older than 40 years or so.

Of course the land that the structure sits on "IS" Real Estate.

If the structure that sits on the land is so unlike a Mobile Home, then why is the OP calling it a Mobile Home ?

I've never seen the place, and we would have no idea that it is a Mobile Home EXCEPT that the OP told us that it's a Mobile Home.

If the advertising for the place includes those words, I'd strike them and let any prospective Buyer make his own discovery.

What records are there to indicate that it's a Mobile Home? Is there a UCC tag on it somewhere? Is there a mandatory construction decal in one of the closets with the unit's specifications, Manufacturer, Model ID and Serial Number? Did it arrive on it's own chassis and axle or was it transported on a flat-bed? Did the original Building Permit refer to it as being a Mobile Home being placed on the Site?

If there had been an Appraisal of the property at the time the OP bought it, the Appraiser would have noted the nature of the construction. In 20 years, only once have I had an Appraiser be fooled into reporting a Mobile Home as stick built. The information is there.

If the term Mobile Home doesn't apply, then DON'T USE IT !

Maybe it's really a Modular?

Hmm.

For one thing, in my experience it has been difficult to sell a home with tenants. They tend to be a bit of a challenge.

Furthermore...the fact is this, if it is a steel frame construction it will still be considered a mobile home. Sorry! I know of two deals that apart here in PA - double wide mobiles on permanent foundations - all was well until the appraiser found that pesky steel frame then all bets were off. These homes had been previously financed (somehow...) but now...no dice!

Not sure who told you that it will qualify for VA financing but I wouldn't go by the "permanent foundation" bit (even if you got a mortgage for it several years ago; the mortgage market is different now than it was then....)

It would behoove you to perhaps double check with a few mortgage people and maybe spring for an actual appraisal. If it truly is able to be financed through the VA, I would start putting that on Craigslist and other online sites (are you saying that your agent has not put the home on the MLS?) with that specific "VA FINANCING AVAILABLE" when you KNOW for certain that it IS.

...I know PA is probably quite different than Kentucky, but there has to be some reason folks call my homeland Pennsyltucky....

I think I will double check about the VA financing. I'm pretty sure that if any "mobile" equipment is removed and it's set on a permanent foundation it qualifies for VA. At least that's what my realtor said. But I'll check again. Oh, and yes, it is listed on the MLS.

I'm just wondering if it would be better to market it strictly as an investment opportunity; a rental house. It might attract some cash buyers?

And being that the property leads to the lake, would it be a good idea to advertise in large cities north of us, like Cincinnati or Chicago? Or would that be cost prohibitive?

Thanks again for your replies.

Here's what I can remember in Virginia. If it's on a permanent foundation and the axles are REMOVED, it will be considered real estate. The poster says it's already taxed real estate but lenders may look differently. If the trailer is 10 years or older, there will be great difficulty for a buyer to find a lender to finance - because trailers still "depreciate" like a car. Also, if it's something like 10 years old - it cannot be moved. It must torn down if someone wants to put a new trailer on the foundation. I am not certain if it is eligible for VA financing. I believe it may be for FHA. Only a lender in your state can tell you what they tolerate there.

I'd suggest getting your agent to get on the phone to numerous lenders in that state to find out WHO preciously will finance it. Your agent can even use that as an angle to try to catch the buyer her/himself.

I'm not terribly familiar with Kentucky; but around here Singles as investment properties that you rent don't make sense over the long term.

People usually rent out a Single place just temporarily, with the hope that they'll be able re-occupy it themselves at some point, perhaps retire to it; so any rental income just helps cover the carrying costs, but not make a profit (like in an investment).

Buying a Single solely as an investment normally doesn't usually provide an attractive ROI. Add up ALL of the annual expenses associated with ownership of the unit, including maintenance and insurance, and then compare that with the total annual rents that one might receive during an annual period. The rents should total substantially more than the expenses. The difference between the two is your return - divide that return by the amount you expect a reasonable Buyer to pay for the place, and you'll have a percentage figure that can be referred to as your expected ROI. Investors around here expect that number to be 12 to 16%, the higher the better.

And a Single, by definition, lacks the self-supervision of tenants that comes with multiple units . . . . preferably 3 or more, where the tenants obtain a little anonymity and may be less intimidated in reporting any illicit activity being performed by other occupants in the building. Singles are not good for absentee landlords who live more than a few miles away; they need communication from other Tenants.

But I'm not familiar with people in Kentucky.

Be sure to double check - because I have found that what was allowed a few years ago is NOT allowed now.

is the property priced high or low for the local market?

has there been any action on this place?

Here in California, I was told by real estate old timers, That a mobile home will never be anything but a mobile home. The other thing is that if you know it was a mobile home you have to disclose because that is a material fact.