All Forum Posts by: Erich Schmitt

Hey everyone in this thread - I really hope you can help me!

Does this law / do these flipping restrictions apply to mobile & manufactured homes? And I'm talking about the ones that are NOT attached to land, that DO NOT have the Title eliminated. (aka personal property, in mobile home parks).

Mobile/manufactured homes are personal property (not real property) and the Title is bought and sold like a car title in WA. Do these "anti-flipping" laws/restrictions apply to them?

I'm wanting to flip MH's in WA. Buying only for the purpose of reselling asap after improvements, definitely under 12 months. I don't want to get in trouble!

OR Do you know whom I would contact to clarify if this applies to me? Cheers and thanks for any help all!

Hey @Matthew Miri, welcome!

I'm from Victoria - (but my real estate journey has for the time being taken me to Tacoma. I was finding it challenging to do my first deal in Vic. After being south of the border I can say it's a whole different ball game down here- but I digress.) That that's not to say it can't be done here, a guy I met (@Max Shepherdson) did a wholesale deal in Victoria this fall and said it worked out very well. When I was looking locally, I found Nanaimo to be much more affordable with better rent/price ratios. A great guy to contact is @Tom Stromar if you are interested in the market in Nanaimo. And @Peter Crisp you are correct: there already are many retirees moving here (Vic/Van Isl) so this is already a well established trend! I met with a local investor who was taking advantage of this trend and the super low vancancy rates in Victoria: she and team had just built a 20-unit apartment in Langford: her team designed it with the needs and desires of retirees in mind and it was a huge hit, with it being nearly all rented out when I toured it (and it was still under construction!). They were finding many older people wanted a place with less maintenance, were downsizing, etc. so their attention to the demographic trends and market demands really payed off for them. :) Good luck on your journey and keep us updated!

Thanks @Eric Deshaun. Are you a member of the local REA? I'd like to join, but at the moment don't really have an extra $200 to dish out. Maybe after my first deal I should!

Hey @BP community!

It's about time I made a quick update. I am now living in Tacoma, WA. I've decided to focus on mobile home investing (after stumbling upon John Fedro, Bill Neves, et al. here on BP). This niche fit well with my limited capital and passive income goals. I've now been in the US for a month and a half, taking daily action. I have yet to do a deal, but feel I'm getting closer. I am networking, and starting to meet people for a team, and am starting to learn to recognize opportunities.

I will update things here as I go. Again, I haven't done a deal yet, but I'm learning and taking daily action and look forward to checking in when there is something to report. Thanks to everyone for the contributions, and I appreciate all of you who go out of your way to help others in this community! A huge thanks and let's keep sharing our passion and excitement and wisdom! It makes a difference!

Hola @Victoria you've come to the right place. Have a look around, there are some really good resources for MH investors and some very experienced MH Park investors on here to connect with. Cheers and welcome to the community!

@TJ Sherrill Did you ever do this deal, what happened, how'd it go?
@Aaron Ramm Did you end up doing any MH deals as well?

I'm a mobile home investor in Tacoma, I'm looking at deals all over Pierce, Thurston and King Counties however. Love networking with other MH investors. Give me a call anytime 206-226-0113. Cheers!

Erich

@Aaron Ramm

Hi Ken, What's MHI?

Just a follow up, unfortunately Carolyn Kulp is unable to be an LMLO for private sellers. She can only underwrite loans "in-house" :(
I'll provide a few more details on what I need, perhaps that can help:

I'm looking for an licensed mortgage loan originator (LMLO) to underwrite a private sale of a used mobile home in a park (seller financing). I'm going to be selling mobile homes in parks on payments (considered private property, not real estate). In order to conform with the Dodd-Frank/SAFE act I need a licensed person to originate the loan - I cannot do it myself. I need an LMLO to take an application (FNMA form 1003) and draw up the documents (Good Faith Estimate, Truth in Lending, etc). That's about it! Basically ensure that the person I'm lending to meets my lending criteria.

Should be a simple transaction, and keeps me on the safe side of the law (no pun intended ;). Investors are doing this around the country and it usually only costs a few hundred bucks. 
Again I'm in Tacoma. Thanks everyone for your help!

Awesome, thanks guys! 
Thanks for the heads up @Alex Chin @Alexander Zeisberg and @Albert Bui

Hi BP community!

I'm looking for a good MLO (mortgage loan originator/officer) in the Tacoma/S.Tacoma or surrounding area.

Anybody know of/use one?

Thanks in advance for any leads, I appreciate it!