All Forum Posts by: Account Closed

Throwing in my experience here.

I purchased a property from ABC a few years back after going through some references that Jay sent me. I felt comfortable and moved forward. This was my first property.

I had a decent run with tenant #1 and they ultimately got evicted about 1.5 yrs after acquisition. While it was great that I always got paid, communication from ABC was awful and nearly non existent. Emails would go unanswered for weeks and nobody picks up the phone. 

Interesting that Jay would reply in minutes when I was purchasing...

Since then, we got a new tenant. ABC put a tenant in place on 3/1 that has literally never paid a single month in full in rent. 

In fact, there were only 2 months that the tenant ever paid any rent. How ABC allowed this to take place for over 6 months is beyond my comprehension. And I can't even fathom the condition that the unit is in at this point.

I've since moved management to a different management company and we've now been going through the eviction process for 2.5 months. Still waiting on a lockout date from the Sheriff.

Quite frankly, I think ABC are crooks at this point.

I'm disgusted.

Note - I own multiple other properties in a different market where I have family and boots on the ground which has been much much smoother. I say this only because at this point I'm a seasoned investor and this experience is very much an outlier.

I just went and visited it and put an offer on it. We'll see what happens!

@Sean Wilson Thanks for the detailed response.

The financing has been the situation I had been researching most here and it sounds like my assumptions were right with not being able to get conventional financing (was waiting for another lender to get back to me). Commercial loans aren't a major issue for me as I work with a bank that can assist that.

What I found with the insurance is that they will only insure up to 25K on this. Not sure if you had similar experiences, let me know.

@Nerijus Ramanauskas this property isn't in CA so I can't speak to the 433(A) issue.

All I know is that I've always been interested in manufactured homes for a variety of reasons and this one is extremely intriguing to me :).

Doing more research...

@Charles Kao there's no lot rent. This home is on its own .25 acres of land. 

Thanks @Rachel H.

It sounds like typical maintenance costs and procedures. I have all that in place as I have multiple rentals in the area :).

Thanks for the help!

Thanks for the reply @Rachel H.

The area that I invest in is in Michigan so there's rain and snow for sure but nothing too crazy.

What kind of maintenance issues should I be aware of if I happen to follow through on this purchase?

Thanks!

@Paul Sofia Thanks for the response.

It's a double wide manufactured according to my agent (I have no reason not to believe them). I'm not physically in the market and she's my eyes and ears there.

It's definitely part of the land. It has a legal description and the land is just north of a quarter acre. I assume it would have to anyway since this is a foreclosure.

As for the garage, I'm not super concerned but feel free to educate me there. This area isn't very big on code inspections etc.

Hope that answers enough questions to see if this is worth persuing! 

Thanks!

Ha! Definitely not in Cali but that's where I live :).

Apparently this is a double wide. Scratch that!

I just looked up some of the lending abilities here. Looks like they're different than I thought and I can't get a conventional mortgage. Didn't realize that.

@Joshua D. 

Yeah... I don't really give a darn (I'm normally much more vulgar :)) about negative stigma. I just want to make money :).

Surprisingly, this manufactured home is supposedly going to rent for more than a much nicer 3-1 house I have in that area. According to my property management company at least. My RE agent doesn't suggest I invest in that asset class.

I'm curious if these type of assets appreciate the same way a stick built would so I could pull equity out and move on to more projects?

Again, completely naive to this asset class so apologies for the n00b questions.