All Forum Posts by: Melody Dawson

If you have time listen to the Bigger Pockets podcasts.

Investment Info:

Mobile home buy & hold investment in Granite Falls.

Older double-wide mobile on nearly 6 acres of land that is mostly forested and amongst 9 other properties about the same size. Nice woody atmosphere and 300 ft. of riverfront.

What made you interested in investing in this type of deal?

I rented it 1st and it was so much more land and privacy than anything else for that price I wanted to buy it. It is a beautiful property.

How did you find this deal and how did you negotiate it?

Rented from a real estate agent and than bought it from her.

How did you finance this deal?

Purchased this as a home many years ago with a mortgage and paid it off over time.

How did you add value to the deal?

Replaced the back porch/deck, painted inside and outside, put new carpet in it, added raised planter boxes and added plants around the front of the house.

What was the outcome?

Can't cash-out refinance because it is a mobile home. Will be selling this to the renters soon and than using the funds to invest in future real estate deals.

Lessons learned? Challenges?

In the future I will not be owning mobile homes because they are too hard to pull money out of for future deals.

I will be getting a call today from them. It sounds like I would need to fork up a lot of money from what I am reading here. I suggest anyone look up any business just google BBB (better business bureau) and the name of the business and you can quickly find a link.

@Elizabeth Southall

You may be able to borrow more if the lone is on your primary residence. Since you are currently living in it, this is your primary residence. This might depend on how soon you plan on moving and what the fine print on your loan agreement says. I was told you can use the money for anything. It might depend on the bank though. I agree , do not lie on the application. Telling them it is for an investment property is the truth. Best of luck.

@Nathan G.

Thank you for reminding me about Nolo press. Also for the great answers regarding lat renters.

Melody @MeloLifeB

My solo 401K is with Charles Schwab. I have 2 accounts with them, these each have their own set of rules (the two accounts were intentionally set up by them because of this). Shortly after I set this up I needed to make sure I could write checks for my townhouse I bought in February of 2021. Before this I was having trouble getting a bank to understand what kind of account I needed. Most bank don't do this type of account.

Best of Luck to all future Solo 401K's

Melody Dawson

MeloLife TTEE