All Forum Posts by: Armando Carrera

 Thanks Johnathan!

Could you elaborate on the lease option? Were you on the deed?

Hi everyone,

Need tips or advice on how to grow our LTR portfolio.

We have 2 LTRs and a primary residence in the West Valley (Phoenix). We'd like to grow but are stuck since we dont have another 20% down. Our yearly gross is $150k.

What would be the best way to get into another property?

Please let me know if you need more info

Thank you for your time!

Hi Debbie,

A few things to look out for (Both home and park):

How old is the home? pre 1974? Doesnt meet HUD requirements...

Can you notice any ceiling cracks (if the home has drywall)? Has the home settled enough? When was the last time the home was releveled? Not a hue expense but still important.

Do you feel any sagging in the floor?

Are you even allowed to rent it out? Some park are owner occupied only.

Whats been the typical lot fee increase every year? Are you under rent control?

Are there any liens on the home? Home is most likely under a personal property tax. You can look up the yearly taxes under the county assessors website by address/ homeowner name.

As someone whos been in the MH industry for 8 years, I always caution people looking to invest in manufactured home. Its a great "starter" home in high priced locations but the monthly fees kill many deals.

Good luck!

 Hey Victor,

In case you do need to make this into real property, you will need a "affidavit of affixture for manufactured home". The local/ state etc (governing body) may not just "give you" one. You may have to make modifications or additions in order to get that signed off. They may require a foundation (footings) of some sort, a different home set up, among other things. I would call your local governing body and get their feedback because that can be another cost for you... Good luck

What ever happened to dropping interest rates? I thought we were supposed to have rates that were more favorable? We got a small drop last month but nothing worth bragging about.

I was thinking of doing a refi with dropping rates but doesnt seem like thats in cards currently...

Thank you

 Thanks Jonathan. And what kind of protection are you referring to?

Hi everyone,

My wife and I own 3 homes (1 Primary and 2 LTRs). Could any of you please advise us (not legal I understand) if setting up an LLC or these homes in a trust, etc would be beneficial? Just want to feel a sense of protection, if possible.

We have notes on all 3. 

We dont have kids.

Both work full time.

Thank you!

Hi Bill,

We purchased another SFR 2 months ago on the west valley, did a little upgrading and found a tenant within 2 weeks through Facebook Marketplace. The rental amount was not what we were counting on but still covers our mortgage +$200. We dont have a PM. Even though we were lucky to find someone fairly quick, we did notice the rental pool of renters was a lot less but still out there or the home rental pool has increased (maybe both).

Good luck!

Congrats Christina!

Ive been working (selling) with manufactured homes for over 7 years now and hope to own a small park sometime in my life.

Are you able to add more homes to your park? (im not trying to sell you any, just see an opportunity for you to grow). When people replace their old homes, you can possibly get those fairly inexpensively if they fit your spaces...

Best of luck!

Hi everyone,

Our patience paid off! We found a family (2 parents and 2 teenage daughters) and no pets to rent our place starting October 1st. Were super happy we didnt panic and remained calm. 

Thanks everyone for your advice!