Building a Modular Multifamily on existing lot

[Ryan Proffit]

Hello, I just closed on an 8 plex(2 4 units) in November with a partner. This is my first deal, and I love it so far. We have room on our lot to build another 4 plex-8 plex depending on the city and parking space.  I have been researching modular multi units and wondered if anyone here has utilized this strategy.  Cost savings as well as quicker construction time are the obvious advantages.  I don't currently see stick built being very profitable.  I am open to any of your experiences or opinions.  Thanks

Ryan

[Drake Schmid]

@Ryan Proffit

Hey Ryan, I do not agree with the others. From my research it is possible to install a modular construction home on a foundation for as low as 70 cents on the dollar when compared to stick built homes in my area. Local construction costs and area building requirements may change the cost slightly for your area. I also have only researched single family modulars the multi unit models may be different. All said I was really impressed with the finished product of the modulars, overall value, and modern styling. I also like the fact it will be low to no repairs and maintenance with low capital expenditures for the next ten to twenty years. That is a huge plus for me as a long term buy and hold investor. I plan to get a lot and put up a modular for my parents this year. I will let you know how it goes!