All Forum Posts by: Maribel Manibo

Well the lender will be notified that you are paying their mortgage - it's not a surprise. This part is a guess: it doesn't incent a bank to require due on sale if they can get their payment with 3-6% interest over 20-30 years (a lot more money). Would love a banker to confirm this... 

What approaches / methods have worked for you as a real estate investor to find and engage private lenders (individuals/couples, businesses, corporate)? Cold or warm market? Letters? Calls? FB, LInkedIn, other social media? What have been some wins and fails?

I have similar credit/income and first time buyer (sold mine > 3 years ago). I was pre-approved for 3% down (this was for dup/tri) by Paddio, conventional loan. Still shopping but doubt I can beat that. Happy to stay in touch!

Has anyone had experience with this training program (re various income generating strategies using creative financing)?

Would love to connect with those experienced or interested in this. Especially from my area or nearby counties. Am unclear how this interacts with seller RE agent or buyer RE agent upon exit.  Do "normal" seller agents know about this or more likely to tell their client that "it's  not real or legal?

I'm looking to buy a small multi-family where I will be one of the tenants - until the market is better and I can buy a more long term house. I think with a conventional loan I only need to live there for 1 year. What issues should I consider, questions I should (of lender etc), to do this?

Am interested in rental properties, small multi-family, lease option. Bonus for connections to investor-experienced contractors and handymen

Hello Ryan, welcome to Charlotte - it's one of the hottest markets in RE! Are you also new to NC? I live in Durham (about 2 hours away) and have a couple RE investor contacts in Charlotte. Feel free to connect me as a colleague or PM me as well. 

 @Bill Neves, thanks for the lender info! 

And yes, awesome, beautiful rehabs and great pictures. I promise I won't be scared to see the "before" -- especially since I've seen the "after" already. If you haven't already, you should do Youtube videos talking about your mobile rehabs. I'd watch it. :-)

Are those single or double-wide? On permanent foundation? Private or park lot?

I concur with the comments regarding park relationships and to not overbuild.

My mentor, who is highly successful with MH parks, said to try not to spend more than 5k for rehab, except in the rare case of a really upscale MH park. Use materials meant for mobile homes (which are much cheaper) - think, what will/might break if the house must be moved (drywall for example)? He also said he includes the lot rent in the rent to own monthly (i.e. $800 charged monthly, $300 lot rent = $500 actual cash flow). You're right that it wouldn't be attractive to have to pay rent for the home ON TOP of lot rent - they might as well buy or rent stick built.

If you crunch the numbers, the ROI / net CF versus what you might pay to buy the home is much higher than stick built. A great upside with very low capital needed; definitely buy low as you'll have trouble getting bank financing unless the house has been put on a permanent foundation (converted from a vehicle/personal property to real estate).

When determining sale price, it's less about the stick built comp sale prices in the area. You should consider what fully fixed mobile homes tend to go for in the area (versus new), the location of the lot/area (i.e. land appreciation and/or rental demand in the area) and the type of park (if applicable). Other possible factors is if it is specialized for vacation, assisted living, senior living, etc. (Think Florida for example). MH owners tend to care more about the affordability of the monthly cost and term (for rent to own) than the actual full sale price. The decision making for buyers tends to be different than for stick built. They can't easily get loans for previously owned homes, may not have good credit history or have had to start over due to bankruptcy or divorce, prefer to live using cash instead of credit or banks, want / need mobility, want some yard space, enjoy communal living, dislike urban living, want to save money or have limited income, want to live simply, etc... Always best to base your buying / marketing decisions not on what you might do/like but what your target market wants/does. 

Think about the average monthly rent for comparable # bedrooms for (5-7)? years... what's that number? I bet it will more than cover what you paid to buy it and the cost of reasonable rehab.