All Forum Posts by: Julie Taylor

I would love an update. I'm curious about how well the short term rentals work out year round. I'm working on a property where I might do something similar and wonder if the proximity to Lejeune might make year round short term rental viable. I know I can draw some people to the beach during the summer, but need to sustain during the holidays and winter, as well.

Thank you for sharing!

@Jason Bott - Thanks so much for your advice. Hurricane season is upon us once again, so it's a great time to find out. 

@Jason Dillard - Thanks again for your assistance. After a couple of other conversations about various components of this deal, I think I've determined that having the deed to the land will cause an issue for anybody else who tries to do anything with the structure itself. An associate told me that a purchaser of a DW had a home that ended up encroaching on his land (read - fully sat upon his lot, rather than what they thought was their own lot). The purchaser wanted to move the DW to a new lot, and learned that it could only be moved if my associate gave permission, as technically, he was "in possession" of said DW. 

I should have additional info from the seller this week and will attempt to get DMV to clarify whether additional lien information shows on the title for the DW.

I appreciate the information you've provided, as it will help me with ongoing communication with the bank as we complete the transaction, and the ongoing payment process. All the best!

Jules

I realize that this thread originated a while ago, but I'm wondering if anyone has experienced Arcana yet, in particular their claims process? I had a conversation with a member of their leadership at an Equity Trust event and was intrigued to hear about their flood offerings. He told me that flood coverage was available pretty much anywhere, without an elevation certificate, even where I am in coastal NC, with property on a barrier island. Has anybody found claims information, reviews, or experiences yet, especially given all of the recent flooding and storm activity over the past 8 months or so? 

Thanks in advance for your response!

Jules

@Jason Dillard Thanks so much for your response! Just to clarify, did you have anything more than the POA for the MH, or did the purchase contract include identifying information specific to the parts of the MH? And, once the MH was paid off, you just used the POA to get the title from the bank and have it changed over at DMV?

Unlike with a SFH, I'm not sure whether recording a Notice of Memorandum would offer protection so that nobody else can try to do anything with the MH. Just trying to make sure I truly tie up all the loose ends and don't end up battling somebody else for personal property. Ultimately, I will probably pay to have the piers coated and the it reclassified as real property, but in the meantime, how much clouding of a title could I do? Sorry for all the questions, but I've presented this scenario in multiple forums, and only a couple of people even knew where to begin. :) Thanks in advance for your assistance.

Hey, Bigger Pockets friends. I'm hoping to gain some insight from this great group of folks. I'm working a subject-to deal that includes a financed double wide that has not yet been reclassified as real property, sitting on an owner-financed lot that the sellers have been paying on for years. I'm seeking guidance on how best to structure my contract since the subject-to contract that I would typically use for a SFH purchase doesn't cover everything.

Can anyone enlighten me with language or a contract that will achieve what I'm trying to do? Also, does anybody have any tips for a preliminary title search process to ensure that there are no other liens beyond the original purchase finance of the DW? I have been through the county records, UCC at the Secretary of State and tried DMV as far as I can get.

Of course, I will have a formal title search and attorney contract review performed, but I'm trying to get a draft contract together at the moment. And, if anybody has a good MH investing attorney in eastern NC, I'm all ears.

Thanks so much in advance for thoughts and guidance!

Jules

Hi, Chris,

Thanks for your response.

Home is from 1999, and the HUD plaque is in place outside the home, and the data plate is still inside the cabinet.

I have a couple of cash buyers who regularly flip manufactured homes, so I anticipate that this one will appeal to them as well. I guess I want to make sure that what I think has to occur for reclassification as real property, is really all that has to occur. The home is positioned on block piers, but is underpinned (no brick). My understanding is that if tongue and axles are removed, home is strapped down, intended to be a permanent fixture, and title is surrendered to the state, I can request reclassification. From your lending experience, are there other things that I'm missing?

As to exits (beyond the aforementioned investors), I could leave the existing financing in place and add it to my rental portfolio. I've also considered selling it to an owner occ with a wrap. My partner is a realtor and has closed two recent transactions with 30 year mortgages on 1994 doublewides on permanent foundations. This should ultimately be comparable.

Other thoughts?

Hey, BP Friends,

Advanced apologies for the length of this post.

I'm looking at a subject-to deal on a double wide in NC that has been vacant for YEARS. The current owners have a bank mortgage on the home itself, which is still considered personal property. The home sits on a lot that is owner financed by the person who developed the neighborhood. They have consistently paid both the lender on the home, and the land owner. It does need repairs, but the numbers are good. This is an opportunity to help the owners with a significant pain point in their lives. Because of the area, condition, and current market, I can exit in multiple ways (wholesale, flip, rent) with some cash in hand. 

I know the home will need to be reclassified as real property in order for most buyers to obtain future financing. I just want to make sure that there are no other weird things that I need to watch out for in this deal. I'm hoping that some of the friendly BPers who deal with manufactured homes will offer advice, tips, resources, etc.

I'm also looking for contract guidance (samples, anyone?) as a starting point, which I will put in my toolbox to meet with the RE attorney.

I am appreciative of any helpful nuggets the experienced MH investors in the room have to offer. 

All the best!
Jules

@J Scott - I appreciate your response, as I hadn't necessarily considered it to be so easy to just bypass and redirect the supply lines.  In the most recent example, a home built on a slab in 2001, there was a crack in the slab, which made me a little antsy. It wasn't crazy big or anything, but just gave me that uneasiness associated with the unknown. In retrospect, I could definitely see how we could use alternate locations for plumbing if we I discovered challenges due to freezing. 

Thanks again for your leadership and advice.  I really appreciate it!

All the best!  Jules

K. Marie P. - Thank you for your input. Most recently, I was considering an REO house on a slab that was built in 2001. I guess I've always shied away from slabs, especially REO's because of not having info about vacancies and potential for frozen pipes. Despite being in coastal NC, we do have winter cold spells that result in freezes, so it's hard to rule it out. This input gives me some additional considerations to take away some of the fear.

Thanks again! Jules