Mobile Home Investing Quiz Game: How Much Do You Know?

6 Comments

September 2, 2014

Welcome back,

It’s POP quiz time again. This website is designed to help bring you clarity in the career of mobile home investing and all things mobile home related. As a mobile home investor you should be knowledgeable about the M.H.I. industry. Mobile homes are unique animals compared to traditionally built homes. Likewise, factory-built-home “buyers and sellers” are different than traditional site-built home buyers and sellers.

To help you better understand these homes and the sellers/buyers please enjoy the following 10 question quiz below.

Instructions:

  1. Read each blue question carefully and answer it aloud.
  2. Next, press each blue question to reveal the answer.
1. New properly installed mobile homes can sustain wind gusts of up to how fast of wind speeds? A. Up to 95 miles per hour. B. Up to 120 miles per hour. C. Up to 150 miles per hour. +

Answer: B (Up to 120 mph)

Properly installed manufactured homes can withstand short wind gusts over 120 miles per hour. Mobile homes are located in every state in America. Manufactures of factory built housing have increased construction standards and quality material used over the past 3 decades. Newer manufacture home buyers in places with hurricanes and tornadoes can live in relative safely and affordably compared to the flimsy and unregulated construction practices of the past.

Reference: http://cfed.org/programs/innovations_manufactured_homes/about_manufactured_housing/facts_about_manufactured_housing/

2. Due to FHA certification requirements and improvements the term "Mobile Home" was abandoned in the year 19_ _. The following year the term "manufactured home" was adopted. A. 1976 B. 1982 C. 1999 +

Answer: A (1976)

The last mobile home was made in 1976. Technically, a mobile home and manufactured home are different homes. A mobile home is always constructed before June, 1976. Homes constructed after June 1976 are known as manufactured homes. Manufactured homes must meet FHA certification requirements and come with attached metal certification tags. While talking to most buyer, sellers, Realtors, investors, etc in the real estate investing trenches the terms mobile home and manufactured homes will be used interchangeably.

Reference: http://en.wikipedia.org/wiki/Mobile_home

3. If you are looking at a mobile home and notice the roof is flat or slightly curved you know this mobile home was almost certainly built in this decade? A. Seventies B. Eighties C. Nineties +

Answer: A (Seventies)

A not-so-commonly known trick is that a mobile home with a pitched roof was built during the year 1982 and newer. Flat or curved roofs (or very very slightly pitched roofs) are typically built pre 1982. This rule is only for Singlewide mobile homes, almost all doublewide mobile homes have pitched roofs.

Do not be fooled by a “Roof-Over” roof. These are entire metal roofs that lay on top (or cover over) a mobile home’s existing roof to protect it – whether pitched, curved, or flat.

mobil home roof pitch

Only single-wide mobile homes shown above. Double-wides almost always have pitched roofs.

Reference: https://www.mobilehomeinvesting.net/mobile-home-blog/guess-the-mobile-home-game

4. The life expectancy of modern manufactured housing is about half to comparable site-built housing? A. True B. False +

Answer: B (False)

The life expectancy of modern manufactured housing is equivalent to comparable site-built housing. Properly-installed manufactured housing under HUD’s new construction code is also as safe and storm resistant as any other new home. Manufactured homes sold after 1994 are built to the same HUD standards for construction, strength, fire resistance and wind resistance that are applied to site-built homes. A report published by the state of Florida indicates that no manufactured home built to these standards received any major damage during the severe 2004-2005 hurricane season. Additionally, a study published by Foremost Insurance Company found that manufactured homes are less likely to catch fire than site-built homes.

Reference:

http://cfed.org/programs/innovations_manufactured_homes/about_manufactured_housing/facts_about_manufactured_housing/

5. 73% of mobile home households annual income is below: A. $20,000 per year B. $40,000 per year C. $45,000 per year +

Answer: B

mobile home income

Reference: www.manufacturedhousing.org

6. Only 34% of mobile home residents are aged 60 and above. A. True B. False +

Answer: B (Only 19%)

Mobile home age resident

Reference: www.manufacturedhousing.org

7. The employment of mobile home owners varies. Order these careers in order from most amount of people in each career to the least amount of people. A. Homemaker B. Retired C. Part-time employment D. Out-of-work +

Answer: In order from highest percentage to smallest. (A, B, C , D)

mobile home employment

Reference: www.manufacturedhousing.org

8. Most mobile homes are only moved twice after they are initially set-up at their original address. A. True B. False +

Answer: B (Most are never moved from original spot)

Most "mobile" homes are never moved from their original location after purchased. New manufactured home placements are increasingly Titled as real estate rather than personal property.

Reference: http://cfed.org/programs/innovations_manufactured_homes/about_manufactured_housing/facts_about_manufactured_housing/

9. This business tycoon purchased the largest manufactured home builder, Clayton Homes, in 2003 for 1.7 billion dollars. A. Rupert Murdoch B. Sir Richard Branson C. Daniel Warbaker D. Warren Buffet +

Answer: D (Warren Buffet)

Reference: http://en.wikipedia.org/wiki/Clayton_Homes

10. If you sell a mobile home in a park for monthly payments you should expect to charge local market apartment rent plus park lot rent. Example: Apartment rent is $850 for a 3/2. Lot rent in park is $500. You should charge your buyer $1,350. A. True B. False +

Answer: B (False)

When selling a mobile home with monthly payments you must sell the home with your tenant-buyer in mind. Most buyers will only be able to pay market rent to own a home. For this reason when selling we aim to charge only market rent (in this example $850) per month including the lot park rent. In this example you would be netting $350 cash-flow per month after your investment is recouped.

Reference: https://www.mobilehomeinvesting.net/frequently-asked-questions

So how well did you do? Comment below with your thoughts, advice and other useful tips.

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

 

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6 Comments

  • Cathy Collin

    Reply Reply September 2, 2014

    Dear John,

    I very much enjoyed the game of sorts. This was a very fun way to learn more about mobile homes than I knew before. Great way to spend a Saturday night.

    Sincerely,
    Cathy Collin

    • John Fedro

      Reply Reply September 2, 2014

      Hi Cathy,

      Glad to hear it! I hope you learned something you may not have known. If you have any specific questions don’t hesitate to reach out.

      Talk soon,
      John

  • Cyndy Trueblood

    Reply Reply September 2, 2014

    Great quiz; I did fairly well! (9/10)

    Just a style comment, when you are giving the answer maybe restate the question in some way. Especially in the answers w multiple parts, it’s easier to remember how you answered and see the reaponse. Just a thought. Great quiz!

    • John Fedro

      Reply Reply September 2, 2014

      Hi Cyndy,

      You did great! I’ll have to make the next one much harder 🙂 Great comment about the style. If you have any other comments about this or any other training design let me know.

      Talk soon,
      John

  • Sandy

    Reply Reply November 2, 2014

    I think i did very well.

    • John Fedro

      Reply Reply November 3, 2014

      Hi Sandy,

      Thanks for playing. Glad to hear it! 🙂

      John

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