I Inherited a Mobile Home, What To Do? – Should I Rent or Sell in Rialto ?

First, we’re so sorry for your loss. This can be a very stressful time for many reasons, and dealing with property ownership is demanding at the best of times.

You’re thinking, “I inherited a mobile home, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of alternatives open for you, but…

… we can help.

We’re seasoned investors in Rialto real estate, and we’re looking to purchase several homes each month in the Rialto CA area. Every month we get calls from individuals who have inherited a manufactured house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A Mobile Home, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some lenders will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best way to spend your time, hire a professional to help you or cash out now.  Some people who inherit mobile homes decide to keep the house and rent it for extra income. That’s a great approach for sure. You just need to be prepared to manage the property and the inconveniences that can go along with tenants and toilets.

3) Property ownership costs money.

It’s uncommon to see a building that’s been perfectly maintained. Most inherited homes need major improvements.

Consider hiring a professional property inspector to give you a detailed report on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very costly.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, space rent, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Rialto Mobile Homes for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, by all means, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain scenarios we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complex, but our Chino investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Chino – if you sold it today without doing any repairs, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at (909) 255-9212 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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