can mobile home pads be done as 2 to 4 family?

[Ray Miller]

First, Don: We're not appraising the mobile homes as they are personal property, it's the pads with the utility hookups that are making this sticky.

Mike: yes, the three pads are rented, as is the house. The pi$$ar here is that the entire property is being sold for very little money, $70,000...for the parties involved to pay for a commercial appraisal seems a bit extreme. I am curious as to whether or not I am allowed by USPAP to treat this as you would the sale of a single family rental and count the pad rentals as "other income" the same as you would garage bay rentals. I do not want to to overstep the limitations of my residental license.

I would think it is commercial and should be done as such. Is it not income producing???

What difference does it make what it is selling for. I offer my appraisals services for a set fee. I don't care if they are giving it away and not get one red cent for the property. I have a business to maintain.

 

[Mike Boyd]

I would do it as a single family with the 4 pads having contributory value only. You can explain that the 4 pads are rented for the placement of mobiles homes but that the mobiles would be owned by the tenants of the lots. It would have to be subdivided if those pads were sold in fee.