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

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

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

Tons of choices open for you, but…

… we can assist you.

We’re experienced investors in Upland real estate, and we’re looking to buy several mobile homes each month in the Upland CA area. Every month we get calls from those who have inherited a mobile home and are trying to sell the property… so the info below are some tips to help guide you through the process.

I Inherited A Mobile Home, To Do Next?

Here’s a few critical factors to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound apparent, but if the individual 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 banks 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 the choice for you.

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

If dealing with agents, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to aid you or cash out now.  Some people who inherit homes decide to keep the mobile home 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 troubles that can go along with tenants and toilets.

3) Property ownership costs money.

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

Consider hiring a professional property inspector to give you a detailed  breakdown 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, renovating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Upland 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 compute 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, you should. If you don’t have anything better to do with the resources 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 make a choice. There are major property and income tax consequences that will seriously impact the cost of owning your investment.

7) Consider all your alternatives.

In certain circumstances, 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 intricate, but our Colton investment experience can help you win.

8) Compare a few scenarios.

We’ll help you figure out prices for any property near Colton – if you sold it today without doing any work, the highest price the market will bear, and the estimated 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 mobile home today!

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