All Forum Posts by: Armando Raygoza

Thanks @Grant Greene.  The listing agent is stating that there are two meters.  I called SRP and they show only one.  Any idea how much it would cost to add a second meter?  The listing agent wont provide the utility bill or financials until we have an accepted contract.

thanks @Bret W. I appreciate your quick response. I will check with the city to confirm. 

Hello all,

I came across a duplex in Phoenix, AZ but realized that it is classified as a single family residence.  What does this mean?

The idea is to purchase it, owner occupy and rent out the other unit.  Also would like to note that it is zoned R-3. 

A few questions that pop up to mind are;

1. Will I be allowed to rent out the other unit?

2. Was the second unit permitted?

Any input is greatly appreciated. 

Hello Saad Khan and everyone else, I purchase mobile homes in parks in Southern California. If you come across anything, feel free to send my way. Armando

Hi Jonathan,

If you are thinking of investing in manufactured/mobile homes in LA or OC, I would recommend you look into purchasing used homes that are already placed in their lots. If you get a good enough deal, you can flip and sell quickly for a good return.

Most mobile homes are in a mobile home park, but some are affixed to land and are considered real estate.

If the home is in a park, they generally cannot be subleased. Some parks are more lenient than others.

If you are looking into investing in new manufactured homes, contact local dealers. They can usually work with investors and can be a great resource in helping you look for a good community to place the home in and negotiate some favorable terms with park managers.

Hi, for mfg./mobile homes in CA, use mhousing.com. You have to pay a subscription, but it will give you comps for the last two years by community. Really easy to use. You can also look-up previous sales on the MLS but it won't give you all the comps. If you want, you can send me the details (decal #) and I'll pull the report for you.

Hey @Drew Shofner, is the home on permanent foundation or leased land? My wife has been in the manufactured home industry in Orange County, CA for five years and obtaining financing is not usually a problem. Not sure it would be much different in Florida. The most popular lender nationwide is 21st Mortgage, a Berkshire-Hathaway Company. Down payments can start around 5-10% down for "full-doc" (W-2 wage earners), average credit applicants. A FICO can be as low as 600 before lender requests additional down payment. If you have a very qualified client (FICOs above 680) you can try other lenders such as Triad Financial or CU Factory Bilt Lending. We would probably recommend looking for Mortgage Brokers in your area who specialize in chattel mortgage. She has also worked with owner financed mobile homes. It is very easy to set-up through your escrow company using a "note and security agreement." Most owner financed mobile homes have been with more than 50% of the purchase price as down payment with an interest rate anywhere around 10-14%. Make sure to screen applicants, run credit, and verify their housing/debt-to-income ratios.

Hello Patrick McCandless I recently moved to the Phoenix area and am looking for good neighborhoods to invest in. I would owner occupy at first. Would you mind letting me know where the potential good areas are. Thanks,

Bob E. is this an office building. My phone can't seem to find the address.

I will definitely try to make it! Would love to meet and connect with local investors. Thank you @Bob E.