All Forum Posts by: Armando Carrera

Hi Dave,

When MHP owners would reach out to us when they had an "open space" available, we would draw up a storage agreement. The park owners never gave us free anything. We would still pay a monthly lot lease (whatever amount agreed upon, typically a little less than what a resident would pay) because the park owners knew we were also making money on the sale of the home. Granted, it sometimes could be risky since the home may not sale as quickly as expected, etc.

I would contact local dealers to see if any of them would be interested in doing a spec home. You may even want to partner up, you provide the space, they provide the home and split the profit. Easier on the dealer since the monthly overhead is not there...

Hope this helps at least a little bit.

 Hi Alan,

Look into 21st Mortgage. Theyre the larges MH lender in the country and offer the most competitive rates. Theyre based out of Tennessee. 

Ive done plenty of deals with them both chattel and homes on permanent foundation.

Hope this helps!

Hi Travis,

Maybe his concern is that those tiny homes dont meet HUD standards? Park models are built in a factory, maxed out at 399 square feet but meet HUD standards. Tiny homes can technically be built in a "backyard"...

Hi Logan,

Im always interested in your posts because Im also int he MH industry and there arent many posts regarding MH on here. Thanks for always contributing info regarding MH and parks.

Regarding the OP, I drive a truck for various reasons. Its a versatile vehicle. Comfortably seats 5 adults. Can be loaded up with tools, trash, furniture, etc. I feel more comfortable on and off the road. And a big one is safety. I was in an accident years ago and I firmly believe that if I wasnt in a truck at the time, I wouldnt be here... 

Hello,

My two cents. I’m not a realtor just a w2 employee with an investment property. 
assuming your numbers are correct. Today you are assuming it’s -200, is this based on next years rent amount or today? If it’s today’s numbers, rent amount will be higher (bringing your -200 to -100?). And that’s just year 1, you can raise rents yearly moving forward while hopefully gaining appreciation.

Also there’s the tax benefits. You’ll have write offs.

Lastly, rates are going down, so you can refi and break even sometime this spring. 

Try not to be scared/nervous, we’ve all been there when purchasing our first investment property. 

 Hi Tanya, 

You can absolutely install manufactured homes as ADU's in CA. I installed a few through out the Ventura County, both under city and county jurisdictions. You wouldnt be able to sell them independently from the main home.

Pictures attached. Though they all look similar, theyre all different homes. The white body and black trim was/is popular in SoCal...

Hello

Contact 21st mortgage out of Knoxville. They’re the largest mh lender in the country. They should be able to help you 

Thanks everyone 

Reason for my income dropping is because I moved out here to the Phoenix area from California. My new job doesn’t pay the same. I’ll be dropping my income by about 1/3. 
hopefully with rates dropping my lower income will still be enough. Worst case, I can have my wife jump on the loan as well. 

We also want to look into purchasing another investment home and putting 25% down. 

Hi everyone,

We just purchased a home this summer for $450k and put 25% down. Currently owe $342k at 7.5%.

We have no problem paying the mortgage as it currently stands. My concern is if we want to refinance, since rates are dropping, will I qualify even if my income drops when the new year begins. Btw, even after my income dropping, paying the current mortgage is no problem. 
just wondering if that will play a huge role.

thank you in advance