Newbie Investor looking to get started CO

[Ryan L. James Jr.]

Hello BP Community. As explained in the description, I am looking to buy a manufactured home in Golden CO. We've found the home and its a great investment. I am twenty years old and fascinated by the idea of investing in real estate. I've been watching podcasts and bought David Greenes' book on the BRRRR method (highly recommend). My credit is good, however, my taxable monthly income does not look great on paper. I thought I'd throw this up on the forum and just see what sort of responses I might get that could help in this situation. Hope all is well and you're staying safe. Cheers.

[Daniel A.]

Hello Ryan,

I want to start by saying that you're off to a great start. You've got your eye on something and you're asking questions.

I will say this, and this is from experience. Finding a lender who will lend on manufactured homes might be a little harder than finding one who will loan on a standard home. I say this because I went to my primary bank and spoke with a loan officer for the better part of thirty minutes before she told me that they don't lend on manufactured homes.

Now, this is not to say that  every lending institution won't lend on such properties, but some won't, and you want to keep your eye out on it.

I am also curious to know. Where I live and where I have lived, I have found it exceedingly difficult to find land that is zoned for manufactured homes. Where I currently live in Texas, they have to be outside of city limits unless they're grandfathered in. And in Oregon, forget about it. So, if you're looking to buy one that is already on a lot, fantastic. If you're looking to buy one from a dealership and have it set on the land, make sure you ensure that the land is zoned.

Assuming you have all of that figured out, then manufactured homes can be a great investment for an investor. Some of the newer ones nowadays are beautiful. Even the older ones can look fantastic. They're spacious, they're cheap, and they merit a decent rent amount, given their value.

Keep us updated on the particulars. Are you looking to get more manufactured homes? Are you going to diversify? Are you going to stay in Colorado? I used to live in Colorado, up in Fort Collins, and absolutely loved it there.