All Forum Posts by: Maggie Shadburn

Hi @Preston Gealy and @Glen Whipkins.  I know this post is old, I couldn’t find much about remodeling older modular homes here on BP.  Would you mind sharing with me the year that your home was built, what you wish you knew now, anything special to look out for?  I’ve done several remodels, and I’m looking at my first modular home remodel. It’s a 1975 building a permanent foundation. 

Hi @Jimmy Epolito just wondering what you ended up doing? I also saw the fix-to-rent loan and wondering if you pursued it?

Hey BP!

I'm interested in delayed financing on a property. As I understand it, the HUD has to show the purchase price and any repairs. It's a wholesale assignment of contract. I want to ask the wholesaler if I can increase the purchase price, add repair cost to the HUD (same net to wholesaler), so that I can refinance that much later. Doable?

Will the lender ask for all receipts for the repairs? What if I plan to do a lot of the work myself?

The idea is that purchase + repairs < 75% ARV. So if I can get delayed financing for purchase + repairs I have less money in the deal. Working on this BRRRR. Thanks for your input!

Hi @Joe Mark. Floor and Decor probably has nice products than HD, but HD runs some sales sometime that cannot be ignored. Depending on how much you need, American Home Liquidators on Jimmy Carter has flooring, it comes and goes and quantities vary.

Is there an online calculator in which you can put in all the other variables (repairs, vacancy, desired cap rate, interest rate, closing costs, rent, etc) and have it calculate the purchase price?

In other words, a calculator that would back into the purchase price.

Even better would be sliding bars where you could play with some variables and other variables would change...

Thanks BPers!!

@Account Closed whatever came of this? Did you work with the probate attorney to buy the property?

@Eric Martel, we've had it for about 6 years and it's been a great investment. Not looking to sell at this time. It rents for $1600/ mo currently.

Investment Info:

Single-family residence buy & hold investment in Duluth.

Purchase price: $143,000
Cash invested: $15,000

SF rental; 3BR/ 2BA