All Forum Posts by: Armando Carrera

Hi everyone,

Im trying to figure/find out how strict the rules are when it comes to getting an FHA loan (I want the minimum down payment) and renting it right away. Ive read that you must occupy the home at least 1 year before you can rent it out as an investment.

Have you guys tried renting the home out immediately after closing escrow? Have any of you gotten in trouble for doing this? 

I want to purchase another investment home but dont really want to house hack...

Thank you

Hi everyone, 

I am relocating from Southern California to the Phoenix area. After uploading my resume, I got a call from a mortgage company about possibly filling one of their loan officer positions. I have no experience in that field. I am a sales manager for a manufactured homes retailer so I know just the surface of lending.

Can anyone give me an idea of what is expected in this position? Do you feel happy in such a position? Any advice or input would be greatly appreciated.

Thank you all

Armando Carrera

Quote from @Chris Miller:

@Armando Carrera

Hi how much do the manufactured homes run for? Cost per square foot? Thx

Hey Chris 
In this SoCal market (could be different nationwide) a home is about $140 sqft. You’d still need install plus foundation among other things. All together roughly $225-250 sqft. Without know more details, these numbers can vary 

Hi Andrew 

Appreciate the response. I was not aware of pre payment penalties with DSCR loans. That was one idea I had. As a group pat the investment property in a few years as opposed to the full 30.

would doing a conventional 20% down loan be a better option in the situation I’m planning? I really want to expand my portfolio and feel that with family members we can achieve it together 

Hi all, 

Can you guys give me a better idea on these types of loans and how they work. Is it possible to get DSCR loans as a group? I want to try to invest with family members but want to get better informed before moving forward. Wifey and I have a rental property already but want to expand.

Thank you 

As a mobile home dealer sales manager in SoCal, I would be cautious in purchasing this home. Since its pre 1976, the construction standards are not HUD approved. You won't have stud walls, insulation, among other standard construction post 1976.

Also, since it is an investment home (that's what I understood) you'd have to make sure the park is not owner occupied only.If it is, you wouldn't be able to rent it out.

Its cheap (price wise) for a reason, be careful

You can reach out to local mobile home dealers and ask they would be interested in doing spec homes in your park. You can charge them a small fee while they have the home for sale. This would bring you at least some money from them but you wouldn't have the financial liability of purchasing a new home. Some dealers would be excited to do some spec homes if they dont have to pay space rent (we call them storage agreements here in SoCal). Just an idea...

Hello,

I am a sales manager for a manufactured home dealership in Ventura County. I am searching for someone who can do drawings, site plan, etc for submittals in the Ventura and Los Angeles County areas. 

Our homes are HUD approved therefore our engineering (for the most part) is already approved. This person would have to give more detail on the elevations among other items. We have state approved foundation plans.

If you'd like more information or can recommend someone please let me know.

BTW I have done ADU's locally but the draftsman Ive used has taken way too long to respond and gotten many of my clients angry for lack of communication. That's one of the reasons I am looking for someone.

Thank you !

Hi LaTanya,

I am a manufactured home sales manager in Southern California. I can only speak on parks in my area. They are extremely expensive to purchase BUT they are very profitable. The beauty of MHPs (as an owner) is the collection of lease (space) rents. The owner is only responsible for the underground utilities and the paved streets. I feel it's better than a sfh rental since being the landlord you are still responsible for the home. The tenants are responsible for their homes etc. Does it come with its challenges, sure but what investment doesn't?

I hope to own a park in the future because I see the profit in them. I personally wouldn't take the venture of creating a park. That can take years and tons of money. Plus you'd have to populate the park to get any sort of income which can take a long time to fill your spaces up.

Hi Patrick,

I am a sales manager for a manufactured home dealer in Ventura County. I have done ADUs here locally (from 600-800 sqft) and total fees (city, school etc) have all been in the $12,000 range. Since 2020 and the new ADU laws/ordinances reviews were supposed to be quicker and fees cheaper but I dont feel that is the case.

Maybe in the future, consider doing a manufactured home as an ADU. I know its not the same thing as a site built home but its pretty close and can save you tons of time and money.