All Forum Posts by: Lisa Fryer

Hello BP community,

I am looking for recommendations for banks that finance mobiles on their own land in WA state.

I have a lot that I am planning on placing a new mobile on to use as a rental. I would use my HELOC to do the development but would like to refinance after the home is in place. The plan is to keep as a rental for the long term then sell on owner financing down the road. Thank you!

Hello BP community, Does anyone have an idea on general resale value difference in a 2 bedroom vs 3 bedroom manufactured home on it's own land? The property is located in Belfair, WA. We own a lot with an existing 2 bedroom septic that we are going to place a manufactured home on to sell. We were thinking of trying to upgrade the system to a 3 bedroom. In order to do this we need to pay about $600 for a septic designer to come out and advise if this is possible. There is also a chance that due to the age of the system (1999) it may not be a possibility to expand and we may need a new system which could run $15-20K. The other alternative is to just keep the 2 bedroom septic as is and place a 2 bedroom home with an 'office'. Our real estate agent seems to think if we do this it would still sell close to what a 3 bedroom would, but I am not sure if this is true. Any advise would be appreciated. Thank you!

Hello BP community, Does anyone have an idea on general resale value difference in a 2 bedroom vs 3 bedroom manufactured home on it's own land? The property is located in Belfair, WA. We own a lot with an existing 2 bedroom septic that we are going to place a manufactured home on to sell. We were thinking of trying to upgrade the system to a 3 bedroom. In order to do this we need to pay about $600 for a septic designer to come out and advise if this is possible. There is also a chance that due to the age of the system (1999) it may not be a possibility to expand and we may need a new system which could run $15-20K. The other alternative is to just keep the 2 bedroom septic as is and place a 2 bedroom home with an 'office'. Our real estate agent seems to think if we do this it would still sell close to what a 3 bedroom would, but I am not sure if this is true. Any advise would be appreciated. Thank you! Any advice on how to proceed?

Originally posted by @Jerry Lucker:

Daniel,

Right now I look for homes that I can make gorgeous with paint, carpet, and of course a few minor repairs. Sometimes I will do more. I always follow the same formula. 1) What will it sell for (ARV)? 2) What will it cost to pretty up, hold, etc. 3) What profit will I be happy with? 4) My offer to buy amount. 1-(2+3)=4.

Mobile homes, as depreciated personal property, not real estate, can often be purchased for unbelievably low prices as repos from banks. There are a lot of other ways to find bargains of course.

I now concentrate on the nicer, newer homes to flip. I've always been able to find financing for buyers. Always. Like anything, you have to know who and how.

As far as warning signs, sure, there are some. Mobile homes are radically different than real estate. Once you have an understanding though they can be immensely and quickly profitable. I do flips continuously, I have one on the market right now. The rest of the time I'm helping others learn the ins and outs of this niche. It can be an awesome business.

@Jerry Lucker, do you have some recommendations of where to go for financing for mobile home sales in WA? Our first mobile home flip was a cash buyer. We are getting ready to list another flip and it would be helpful to have some references when it comes to financing. We have a lot of VA buyers in our area as well. Thank you!

Thanks Jon. I was had similar thoughts about a rural rental. It is almost ready to put on the market so we will probably see what luck we have selling it. If we can't get what we want we could always rent as a fall back option. Thanks again!

Hello BP community. We have a home we were planning on using for our personal vacation home but have since decided to either sell or keep for a rental. Here are the details:

2 bed 2 bath 900 square foot 1998 manufactured home on it's own land of .22 acres. It is in a gated community with community beach and boat launch.

It is in the rural town of Longbranch, WA. The closest town of substantial size is Gig Harbor located 30 minutes away.

We have paid about $75k total on this project. $20k of that is financed via our primary home's HELOC.

We think we can sell for around $130k. Our other option is to refi and pull out the equity and then turn it into a rental. If we take this option we would cash flow about $200 per month. I have talked to a property manager in the area and she said it usually takes her a month or two to fill a vacant home in the area if it is priced correctly. 

We would like to sell or refi as we need the equity to start development on a lakefront lot we own in a different city.

I can provide other information if I missed anything.  Any advise as to which route to take would be most welcome. Thank you!