All Forum Posts by: Gary Tucker

Understandable. It is a tough scenario for lenders but could work. 

The only option I'm seeing - A Single-wide would have a max LTV of 70%, minimum loan amount of 50k, and would have a term of 15 years. The property would need to be liveable as well.

Hope that helps.

Hi John. There are restricitions to DSCR loans for manufactured homes, one of which is that the property is a double-wide.

There are other loan options for single-wides, just not based on DSCR alone. It will require some personal income as well to qualify. They will also require the property to be in liveable condition. If the property repairs are just cosmetic, then it would be possible.

Hi Alecia,

We specialize in offering investor loans, specifically DSCR type loans, for manufactured homes. I'd be happy to help.

-Gary

This forum is for mobile home park investing (which is a complete other niche than just a single property) but manufactured home investing can be worthwhile. 

Since becoming a loan originator I have focused on manufactured homes investing, specifically DSCR loans.

This type of investment requires that the borrower own the land and classified as real property. A double-wide will appreciate, single-wides not quite as much. Most lenders will require double-wide built after 1976 for investor loans. The home should also be on a permanent foundation and not moved from another location other than the manufacturer. By going this route you avoid the pitfalls of an "only cash-flow" property. It can be financed, will appreciate, and will see comparable rents. 

Wow never thought I would see Moundsville, WV as a contender in a discussion like this!

I live just up the road from Moundsville. I'm an investor and a mortgage loan originator. I've been involved in real estate for 20+ years in the upper ohio valley (Chester, WV down to New Martinsville, WV). 

There is a lot of optimism surrounding the cracker plant. There was also a large influx of pipeline workers in the area which created a huge demand for rental housing. It lasted a few years but has slowed down.

If you look at Beaver Falls it is almost an identical layout as Moundsville. Small town just across the river from the cracker plant. I've visited Beaver Falls during and after the cracker plant was being built. Whatever demand came from the cracker plant in Beaver county, you can expect about the same in Marshall county. 

Weirton will be a good turn around story. They've got a new factory coming in and a ton of cheap housing. Closest town to Pittsburgh in WV just out 22. Wheeling is also seeing a turn around. They are revitalizing downtown but it's years from being completed. Lots of the old victorian houses are getting bought up and modernized. Downtown condos are being built and seeing a strong demand as well. 

I'm not as familiar with others about the Pittsburgh market, but I like the comments so far. I am planning on investing in the Pittsburgh market soon!

Hey Jerry,

I think your daughter has a few options-

1.A HELOC on the primary is possible but would most likely have the highest rate and would require income docs.

2. Land loans max out at 50% but can be done, especially with certified appraisal. 

3. A cash-out on the double-wide would get a max of $77k (max 70% LTV on manufactured investor loans).

I would suggest doing a DSCR cash out on the double-wide. A $77k loan would still allow the property to cash flow. If she still needs some cash then go for a HELOC to help with remodel and any extra costs.

The purchase of the new property should be based on long term rents for DSCR loan unless the property has documented STR income.

I'm a WV native and happy to see investors in our beautiful state! Let me know if I can help.

I'm a firm believer that manufactured housing can be a solid investment. Just like stick-built housing, having the right type of house, area, and positive DSCR, makes all the difference.

Nice video!

Hey Dustin. There are lenders out there who offer DSCR loans on manufactured homes. There is certain criteria the property has to meet to qualify though. If you are still looking for a lender, send me a dm with some info and I'll point you in the right direction.

@Madison Clark

We offer investor loans for LLCs or any business entity for manufactured homes.

Send me an email or dm with some info!

@Madison Clark

Yes. You can get DSCR (Investor loans using net rental income to qualify) and other qualifying loans.

There are some extra requirements of manufactured homes for investments, mostly to make sure the property qualifies.