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Grandparents gave us a mobile home (1 Viewer)

wazoo11

wazoo11

Footballguy
(It was given to us in their will a decade ago) 

Like what am I supposed to do with it after my parents perish too? I don't like the thought of living in a Florida +55 community but if we sell it now it may be worth more later.  What would the FFA do?

 
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Need more info. Is it single-wide, double-wide, or is it a manufactured "home" built to the same standards as regular construction?

Does it include the land underneath it? Is there a HOA, and if so, what are the dues? Does the HOA allow renters or is the owner required to live in it?

 
Sea Duck said:
Need more info. Is it single-wide, double-wide, or is it a manufactured "home" built to the same standards as regular construction?

Does it include the land underneath it? Is there a HOA, and if so, what are the dues? Does the HOA allow renters or is the owner required to live in it?
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It’s one of those single wide homes on stilts with land underneath.  The requirement is someone visiting the place every six months. The park does not allow renting out because of the age requirement. They pay on property taxes and utilities.

 
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Personally, I would sell it and invest the money in a no-load mutual fund such as Vanguard.  I wouldn't want the hassle of dealing with it.  But there are so many choices, it is hard to know which one would suit your circumstances.

 
wazoo11 said:
It’s one of those single wide homes on stilts with land underneath.  The requirement is someone visiting the place every six months. The park does not allow renting out because of the age requirement. They pay on property taxes and utilities.
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This gets worse and worse. Sell it ASAP. It might already be a meth lab.

 
i would hook it up to a truck and get that baby out in the backwoods somewhere and start my own illicit moonshine operation and then sell that moonshine for straight up cash money that the old revenuers will never know about and live high on the hog but thats just me talkin brohan take that to the bank

 
You're not selling the home. it's close to junk. The land is the value.
In southern Maine, mobile home lots rent out for 600+ a month.

Take your time and research this. Do not sell that land on the cheap. 

 
nightmare said:
You're not selling the home. it's close to junk. The land is the value.
In southern Maine, mobile home lots rent out for 600+ a month.

Take your time and research this. Do not sell that land on the cheap. 
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This isn't bad advice. I was under the impression he didn't own the land. My parents have a place now in a mod home where they own the land.  The place before you just "pay to rent the spot" every year, so they didn't actually own the spot

 
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Sand said:
Have it cleaned up, set a healthy price, and sell.  Given the market you'll likely get it.

Best time to sell a place in the history of man. 
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This.  Get it nice and spruced up and sell.  And as suggested upthread, invest the proceeds into a mutual fund.

 
wazoo11 said:
It's basically of value to my father because his mother lived there 
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This is not really a good reason to keep it.  We recently sold both our parents' houses.  Moving on and giving someone else a chance to build their own memories there is a good thing.  And the memories don't somehow disappear.  I figure you have pictures.  Those work.

 
Mrs. Rannous said:
This is not really a good reason to keep it.  We recently sold both our parents' houses.  Moving on and giving someone else a chance to build their own memories there is a good thing.  And the memories don't somehow disappear.  I figure you have pictures.  Those work.
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I agree it's just my father is wishy washy about living in FL full time. 

 
wazoo11 said:
No it is split between me, my older sibling and parents. 
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Yeah, that's a tough spot. As others have said, this should make you more eager to sell this place (long distance family co-owned rentals are just asking for trouble), but that makes the situation a lot more delicate.

I'd make sure your desires are clear, but assuming nobody in the family is a complete degenerate, I wouldn't make a big deal about it right now either.  It sounds like an emotional time for your Dad with this mobile home, so he'll likely need some time to come around. 

At the the end of the day, this is about a $20K asset for you, and certainly not worth any family drama over. 

 
pollardsvision said:
  It sounds like an emotional time for your Dad with this mobile home, so he'll likely need some time to come around. 

At the the end of the day, this is about a $20K asset for you, and certainly not worth any family drama over. 
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I got the impression that the will was executed a decade ago.

That second sentence is spot on.

 
wazoo11 said:
No it is split between me, my older sibling and parents. 
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That would have been useful information to know. This went from a sizable payday to a nightmare. Ive seen this play out a million times. One of you will eventually move into the place and essentially squat on it, making it useless to the rest of you.

Get out ASAP. 

 
STEADYMOBBIN 22 said:
That would have been useful information to know. This went from a sizable payday to a nightmare. Ive seen this play out a million times. One of you will eventually move into the place and essentially squat on it, making it useless to the rest of you.

Get out ASAP. 
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Agreed.  Multiple people shouldn't be owning a mobile home, imo.  It'll get messy.  Sell it and move on.

And fwiw, I'm not anti-mobile/manufactured homes.  I have a family member who lives in an over 55 community in one (not sure if it's technically mobile or manufactured but whatever).  She owns the land and it's very peaceful there.  She can walk her dog in the streets....everyone waves to each other.....no traffic (aside from some golf carts).  These types of homes can work in the right area.

 
A mobile home is like a car... it only loses value over time. Not only that, everything in it is made with the lightest weight materials. Things are going to fall apart, rot, and break. It's not a long-term investment, it's cheap housing. Sell, sell, sell.

 
wazoo11 said:
Clearwater area
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Well heck, I'd keep it then. You are close to beaches and such.

If it's in decent shape keep it as a family retreat where you can go and hang out for a week or two during the winter. A lot of mobile home parks in Florida are nice places where people go to retire for not a ton of money.

 
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