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Don't Buy A Manufactured Home UNLESS... - YouTube
Channel: Kristina Smallhorn
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i literally just got off the phone with
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a real estate agent
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that would not take a real estate lead
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because
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it was for a manufactured home i am just
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so
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incredibly ticked right now because of
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the misinformation
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even in my own industry many people do
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not understand
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that manufactured homes are a good
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affordable housing option
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i'm sure that you've had many people
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tell you don't buy a manufactured home
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for xyz
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reasons we're going to go over some of
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those reasons and i'm going to tell you
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why some real estate agents just totally
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shy away from it
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[Music]
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the united states has had a housing
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crisis now for many many years but if
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you wanted to buy a traditional built
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house
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it's almost to the point where it's
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unaffordable for even the most middle
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class
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working the middle class have been
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completely priced out teachers are
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living in their cars
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unionized janitors hotel workers
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nurses first responders can no longer
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afford to
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live in the cities where they work the
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housing prices recently have
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skyrocketed you can go anywhere around
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the united states and they have bidding
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wars that are going 10
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20 30 000 over asking price so as a
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manufactured home a good option
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many real estate agents will tell you no
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it's not a good option but because of
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the fact they're uneducated on what it
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is
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to have a manufactured home because
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you're one of the few people that i have
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worked with in the real estate business
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that is willing to you know sell them
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and work with buyers
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why do you think most real estate agents
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don't want to work with buyers and
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sellers of manufactured homes
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oh a couple of reasons one being the
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snob factor
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oh it's a trailer just the knee-jerk
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that we get a lot
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um the financing can be
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very tricky and things can pop up that
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you're not aware of and unless you're
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prepared to deal with that
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um you can very easily lose that sale so
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even i find a lot of lenders aren't
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educated
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in everything that goes along with
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financing manufactured homes
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another thing that people don't
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understand is that they do qualify for
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traditional home loans you can use your
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va loan
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you can use an fha loan you can use a
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conventional loan
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a single watch you can do it if you're
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doing an fha loan
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if you're not doing fha loan well double
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wide triple watch you can do those on
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fannie mae or on fha
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okay but on a single one it's just fha
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and that single wad has to have been
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after 1976. and you can use something
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called a chat alone but a chat alone is
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for houses that are not attached to
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properties
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and that are going into manufactured
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home parks or mobile home parks what
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people call them
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what's the typical interest rate for a
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chat alone
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yeah for a channel loan so you could get
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in the in the low fives right now if you
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have really good credit but then you
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also have
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there's some banks uh you know warren
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buffett
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owns 21st mortgage and i think they're
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doing
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sometimes around 10 percent so it just
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depends what is that the income ratio is
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and
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another common theme especially with
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people that are in the investment field
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will tell you
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that a manufactured home is a terrible
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way to build any kind of equity
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now i will say and i've said it many
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times there are plenty of areas with
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throughout the united states
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that you can build equity in a
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manufactured home
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i'm not saying you wouldn't build up
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more equity with a traditional built
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home but you can
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build up equity in a manufactured home
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you're always going to want to take the
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advice of
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a licensed real estate agent that is
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proficient
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in knowing about manufactured homes and
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find out how much
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the houses have gone up in your area and
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how much
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the manufactured homes have gone up in
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your area so what do you think
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some of the other obstacles are when it
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comes to finding a good real estate
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agent no matter where you are
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that is experienced in manufactured
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homes i would always try to work with
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someone who does have that experience
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because
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there are going to be things that come
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up not just because of
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that it's a mobile home or manufactured
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home but the situation is the lender or
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underwriter may ask for things that the
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agent is just just has no clue
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an example of that that i think you and
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i actually dealt with is an engineering
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certificate
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to show the stability of the home
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the um attached carport and the
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flood elevation all combined that it is
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something that the underwriter and linda
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are willing to take a risk on so
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when things like that happen if you
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don't have the person to go to for that
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in your back pocket you might spin your
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wheels a lot trying to find that person
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anything before 1976 is considered a
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trailer or a mobile home
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but anything built after 1976 has to
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meet certain building codes and
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guidelines
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most people don't realize that not only
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that when it comes to a manufacturing
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home
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there is a tier of what kind of
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manufacturing home you can get
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there's three categories of manufactured
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homes
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you probably can relate to what i'm
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going to tell you better if i do it
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in automobiles chevrolet cadillac
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mercedes
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and materials that are put in those
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homes are dependent upon which one you
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pick but it's gonna have
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materials that hud approves you get
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appliances and all of these cabinets are
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real wood
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okay so don't tell me about inferior
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okay there's no such thing in our
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industry
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another reason a lot of people will give
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you for not buying a manufactured home
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is they think that you have to put it in
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a manufactured home park
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well if you take a drive around anywhere
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in louisiana and many other places
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around the united states
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you can buy your own individual lot and
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have your own space where you don't have
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to live in a
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park so don't think that that's the only
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option you have
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if you purchase a manufactured home as
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long as you can get utilities
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and your area allows for it always check
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with your county first there's no reason
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why you couldn't put a manufactured home
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on a piece of property that you own and
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they're also really good investment
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properties
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if you happen to buy one and it's in bad
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shape you can fix that up and rent it
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out and you make
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mint really they're one of the best
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investment properties
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um and that's why our mobile home parks
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are so so
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desirable and you can continue to
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upgrade
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at not a whole lot of cost you know and
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cosmetically
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they're they're very appealing as well
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as the size that you get for the amount
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of money so
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i think it's an investment all the way
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around for a consumer or an investor
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why is it that we're judging people on
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the type of home that they live in
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let me just ask you this do you think
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it's better to rent this for twelve
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hundred dollars
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or buy this for a thousand dollars um
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yeah i already know the answer to that
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you own it eventually you can sell it
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and you can have a nice quality house
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for you and your family what is it that
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is your personal feeling when it comes
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to manufactured homes
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the best things about a mobile home is
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price per square foot you're getting
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a lot of times this massive home it's
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almost always on unrestricted land which
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is really important to a lot of people
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they want to have their toys out there
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or they don't
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they want to put a fence all the way
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there around the property with their 85
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pit bulls or whatever they want to do
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and so that's a good option for a lot of
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people it's a good option for a lot of
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people who need more living space and
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they're only going to pay
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a half to two-thirds of what they would
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pay for a house i do always show my
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clients
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all their options and what they qualify
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for but you do have people who just
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gravitate towards that you know so
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and there's some very nice mobile homes
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out there with granite and wood
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floors and other things if you haven't
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seen anything like that lately
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um you know it's they've come a long way
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for sure you can turn on any news
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station right now
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and if they start talking about the
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housing crisis they're only mentioning
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one thing
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is the fact that the prices of homes
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have gone up exponentially
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and if manufactured homes is something
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that is affordable for you
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and your family it's still a very good
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viable option
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but always explore all your options
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whether it's a manufactured home
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a tiny home a log cabin home a barn
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dominium
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just because it's not the traditional
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way doesn't mean that it's not the right
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way
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for you and your family and if you can't
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find somebody in your area that's
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willing to help you find a manufactured
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home or an affordable house
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drop me an email and i will get you
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connected with somebody that is
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experienced with manufactured homes
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a real estate agent that knows their
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area and is willing to give you all the
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options
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not just buying a traditional home my
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name is christina smallhorn
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your real estate whisperer and i tell
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you all this because
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good real estate information matters
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