Modular Multifamily Homes

[Rachel Lyle Bridgers]

I am thinking about purchasing modular quadplexes to hold as investment property. This will be my first investment property. Does anyone have experience with this? What are things you wish you'd known before? Preferred modular company? I am wanting to have more basic units.  Price per square foot? What all does this actually include?  If you use the less expensive do you still think it's good quality?  Who else to you need to hire?  What else would you estimate as costs?  I am in SC.  Thanks so much!  

[Greg Dickerson]

Originally posted by @Rachel Lyle Bridgers:

I am thinking about purchasing modular quadplexes to hold as investment property. This will be my first investment property. Does anyone have experience with this? What are things you wish you'd known before? Preferred modular company? I am wanting to have more basic units.  Price per square foot? What all does this actually include?  If you use the less expensive do you still think it's good quality?  Who else to you need to hire?  What else would you estimate as costs?  I am in SC.  Thanks so much!  

There is a whole lot to know when building ground up whether site built or modular. You will need to put together a development team including GC, engineer, surveyors and maybe land use attorney for zoning in difficult municipalities.

Modular can be a great option for rentals but will not appraise as high as stick built. Costs are about the same but you can save some time over stick built. You should get pricing from turnkey GCs for site built vs modular so you know for sure and can compare the cost difference.

You need to know the market and competition in terms of inventory to drive the decision on quality and level of finish. 

 Make sure to evaluate the market to determine if it makes sense to build vs buy. Sometimes it is sometimes not.