All Forum Posts by: Michael Meeks

@Teri Feeney Styers

I think you are on the right path. I see fixed income baby boomers using this as a viable option, with echo boomers to follow. Student housing and recent graduates without kids could also benefit from it. I believe its a stay, and a growing market. I see baby boomers in my area living in travel trailers. Lower cost, more privacy and freedom than a studio apartment.

Price wise the smaller the house figure a higher cost per square foot. Appliance cost and such will be a fixed cost spread out over less sf.

Www.Mobilehomesexpress.com

This link has Vanderbilt foreclosures and repossessions. I bought one late model deal in a park for $7500 that needed minor repair, that was at 1/2 there list price.

Mobile Home Loans

You may qualify for FHA-insured financing for either mobile homes or factory built houses. FHA loans for mobile homes located in mobile home parks are separate from the FHA loans for people who own the land where the mobile home would be located. FHA loan guidelines also permit a retailer to make modifications to a manufactured or mobile home, as long as alterations comply with HUD code. According to FHA loan guidelines, the definition of "alteration" is the replacement, modification, addition or removal of any equipment or installation before the sale to the homebuyer.

While the FHA has these programs, most FHA lenders either choose not to participate in them or have additional qualifying overlays which are more stringent than the FHA. It is not mandatory for an FHA lender to offer certain products and you should contact each lender to see if they offer the product you need.

Mobile homes in good condition with land attached can qualify FHA. Not sure of the full guidelines.

Well, if you can't find any Seattle multifamily or mobile home parks in Seattle, there are certainly some opportunities here in Mobile, AL.

@Ariel O. Do you mind sharing more about your campaign? I have similar interest along the gulf coast. How large geographically are you investing in.

@Account Closed you have really turned this post south, spewing your opinion as fact, forming a legal opinion, and venturing into slander, behind a blank profile, no references and no indication of your background. I took a glance at another post to get a read on you, only to find you calling investors who charge application fees for more than one tenant, as running their business like a dope dealer, and charging $5 for the trouble of replacing a lost key, huckster penny pinchers. 

key words are "should" and "might not"

In a scenario where you pay your bills when paid, the recommended percentage might allow you to break even, after paying your own late fees, and get $0 for your collection efforts. I concede if someone continued to be late over 20 days, the fees start getting pretty high. It's only happened to me once, tenant skipped, owing 2 months, and even if I collected, it wouldn't have covered the actual damages. However, they lived there long enough, I recovered more than my initial investment.

i don't hide the fees, and surprise tenants with them, I am very upfront and emphasize them. I go above and beyond when I turn a home. They get a quality product. 

@Account Closed you are entitled to your opinion. According to my state law they are not until challenged and ruled otherwise. My homes are in parks, I have to pay a $25 late fee, and I feel only $5 per Day for my time, effort and concerns over them making their payment, is an extreme discount. They don't normally get out of the 5% to 10% range, of the rent, so therefore aren't that unreasonable. If they are going over 30 and turn into a skip or eviction, I'm likely not collecting anyway.

@Scott J. in your shoes I would increase rents slightly($5-$10)and try bi-weekly. It's hard to find tenants that take such good are of your investment. I have one tenant that pays weekly,never late. There is great value in retaining tenants. If they are going over 30 days on a regular basis, that becomes an eviction/non-renewal scenario. When you compulate the late fees you are probably right at market rate.