$Buying A Manufactured Home & Paying
Rent vs Renting An Apartment-Home.$
There has no doubt been lots of controversy over the
years about investing in a $Manufactured Home in a
Community$ vs. buying
or renting an apartment
condo, townhome or Single Family home (SFH).
There is also no doubt that the ideal goal of entry level home buying/ownership or downsizing ownership for the average person today is the most favored 3/2 with a two car garage, a front and backyard and a white picket fence. Or perhaps even a cozy townhouse or condo. It's all Real Estate right? And you own it!
to many is still
$"THE AMERICAN DREAM."$
However, not everyone can qualify to own a home at the prices Coastal real estate is going for and that's where the RENTAL MARKET comes into play in a very significant way. But as we all know RENTING vs BUYING yields very dissimilar results and returns for the most part.
You can rent a home, condo, townhome or an apartment in the map below for an average of $3500 per month plus utilities and watch $40,000+- every year slip through your fingers with no possibility of ever revisiting it.
In most rental scenarios there's not even an adequate TAX ADVANTAGE. So as the old saying goes it's:
"$$$ DOWN THE DRAIN."
However, there is another
option for folks with
limited buying power.
Unless you're a cash
buyer you still must qualify i.e. Credit,
Employment, Down payment, etc. but the price point is
by far and away a lot lower and much more affordable.
$Want a way into Leucadia$
Here's how! A MANUFACTURED HOME
in a RENT/LEASE MANUFACTURED
HOME PARK COMMUNITY.
"IN THE PATH OF PROGRESS"
Having been in the REAL ESTATE & CONSTRUCTION industry in the North San Diego Coastal area as a General & Manufactured Home Contractor, Manufactured Home Dealer, Developer, Real Estate Broker, Investor and Property Manatger for the past 35 years I have not only seen it happen to others but have done it myself over and over again and continue to do so.
No, not every Mobile and/or Manufactured Home Community is a good investment. In fact as rent/lease MH Park Communities continue to age and rents keep increasing tenant/homeowners will not have the financial wherewithal or incentive to repair, remodel and/or replace their aging and failing homes in many MH Park Communities throughout the United States.
Thus, thousands of these MH park communities will become more and more blighted and the value of the Manufactured Homes in those communities will continue to decline.
A lose lose situation no doubt and unfortunately there
are thousands of scenarios like that salt and peppered
all over America.
Hence, I digress back to $"IN THE PATH OF PROGRESS"$ One of those paths is MANUFACTURED HOME PARK COMMUNITIES in and along the desirable, ever gentrifying, ever improving city of Leucadia 92024.
$Leucadia's little sacred secret?$
"The Sands", "Hilltop Trailer Park", "Beacons Court
Mobile Estates", "The Wee Mobile Home Park" and
"Valley of Dreams", all West of Coast Highway 101
between La Costa and Encinitas Blvd.
Simply by $Owning a Manufactured Home$ while you rent or lease the space the value of your investment continues to appreciate.
Sure, you will pay rent for the space and some utilities but you will $OWN YOUR HOME!$
$So who cares if you
only rent the space as
long as you see
value in your Home
The average price point in paragon below for a site built Single Family Residence (SFR) is around $3,000,000. It currently averages $185,000 and gaining for a Manufactured Home.
There are 5 Rental/Lease Manufactured Home Park Communities within the lines of the polygon that sit in and around, multi-million dollar homes and estates.
The average price so far this year for a Manufactured Home in Leucadia is around $100,000+- for a pull out and/or total fixer (albeit you can still find an occasional good deal if you know whose selling. Or, I can do for you instead. If I don't buy it myself. LOL!
The map within the paragon above shows today's, August 18th., MLS listings for rental and sales properties. That's all the available inventory be it Site Built FEE SIMPLE resident owned or a Manufactured Homes on leased land.
Click here For more detailed information about this area from Coast Highway 101 East to I-5. between La Costa & Leucadia Ave.
Of the 16 visible listings posted above (some are covered up) 7 are resident owned site built rental properties at an average of $3500$ per month plus utilities. The 3 resident owned site built homes listed for sale above average $2,000,000.$
There are 3 manufactured homes for sale within the polygon (remember not all Manufactured Homes for sare are on this map). One is the listing below in "The Hilltop Trailer Park" for $375,000$, one in Valley of Dreams for $280,000$ and one in the "Sands Mobile Home Park" for $59,000$ (which could be a pulled out and replaced depending on the condition of the home and buyer motivation).
Or you can do as some folks do; pay cash, remove the old trailer and install a new custom Manufactured home or two story Park Model depending on the MH Community and the size of your lot.
If you replaced the old trailer or mobilehome with a new 2 story Park Model similar to the other new ones in the "Sands Community" it will end up being worth more than you've invested into it if you know what you are doing or work with people who do.
NOTE: Not all RE agents and brokers use MLS. So I encourage you or the Real Estate Professional you're working with (and I hope its me) to take the time to drive through these 5 $"Diamonds In The Rough"$ regularly as things can change from day to day. Additionally, there are always more FOR SALE SIGNS than what is shown on the MLS real time map above. There could also be several pocket listings from individual RE Professionals who don't want to publicly list and of course there will always be FSBO's.
AERIAL PHOTO ABOVE: One of few active listings in this
area. Hilltop Trailer Park, 155 W Jason St. Space 15,
Today's average space rent is around $1200$ per month. For the most part with park onwers adjusted annually to the Consumer Price Index (CPI). You can begin to see the reality even more clearly. You're looking at about 10 to 25 percent of the cost of purchasing one of your neighbor's multi-million dollar homes or estates.
The resale potential for Manufactured Homes since the market turned upward has kept up with if not exceeded the Consumer Price Index (CPI); even when space rent is included. Space rent year over year seems to be increasing on an average of 4% in the MH Park Communities in this area.
$I own, rent, buy and sell in these five
communities and I'm dealing with it first
hand day in and day out. $
There is a growing trend in the number of Manufactured Homes being sold, remodeled or replaced in these 5 communities. The current and future gentrification of these charming, intimate and almost private little $"Diamonds in the rough"$ is here to stay.
They won't get any cheaper but will continue to $earn value$ because of their unique and limited inventory, location and ongoing gentrification.
The city of Encinitas, who's City Counsel also governs Leucadia and Cardiff by the Sea hired a consulting firm to conduct an independant study and concluded that it was in their best interest to continue coveting these hidden $Diamonds$ for a variety of reasons.
That has put the fear of park condemnation and
rezoning to rest and re ignited enthusiasm for folks
to jump on board.
Be you a young first time home buyer, retiring and downsizing, a local, a Zony, a Snowbird, a weekender, an investor or someone who just wants to make Leucadia their permanent or part time living destination now's the time to get real about it.
I have personally yet to see a seller/owner lose $money$ on a Trailer, Mobile or Manufactured Home in this area. Even the tired and trashed out old beyond there years "trailers" left over from circa '50's-Mid 60's, Mobile Homes circa '60's to mid 70's or "Manufactured Homes" Mid 70'-Present" usually make some money for the seller if they bought in at the right time and took care of them.
$Like anything, its all
about Timing and &
So do the math. Would you rather purchase a nicely remodeled or even new Manufactured Home, pay the loan costs (unless you're paying cash), a small amount of taxes, utilities and insurance plus the rent for an average annual outlay of about $30,000/year and you own it?
Or, would you rather buy a $3,000,000$ home that will cost you an additional 1.2% assessed annual property tax that will continue to increase annually, plus utilities, plus insurance, plus maintenance, yada yada yada?
$If so I'll Be Happy To
Discuss that as well.$
If owning an asset
instead of throwing
$$$ DOWN THE DRAIN
by renting is what you
want..... guess what? You
to can still enjoy the
same quality of life, surf the same waves, walk the same
sandy beaches and enjoy all that Leucadia has to offer at a
fraction of the cost by Investing in a Manufactured Home