All Forum Posts by: Rachel H.

@Arnold Finkelstein You may want to check with your local manufactured housing association. They may have access to paperwork that can help with this. Many times, they provide these types of documents for their members. Hope that helps! 

@Jeremy Bourgeois Sounds like a great deal. Thanks for sharing! 

@Scoop Schneider You may want to check with your local real estate investment club. Try finding some contacts for private lenders who want to lend in this niche. Good luck! 

@Shelby McKean The questions you have are all local to your market. You'll have to do some research and talk with people who work and do business in the industry in your local market to get the answers to your questions. 

A good place to start would be your local real estate investment club. Check to see if there are others in this niche and who can help you out. They may have some referrals and contacts to help with your research. 

Regarding Section 8 and grants, it's best to find other investors who specialize in this niche in your local market. They'll be able to give you the ins and outs of the program including their experience with it. 

Hope that helps! 

@John Herold I would start by talking to the mobile home dealerships in your area. You could start there when it comes to finding out more about build quality and the types of materials used in the homes. 

You may want to check out a few model homes. The ones that are not built as good will use particle board in different areas of the home. Check underneath the kitchen sink to see what type of wood is there (i.e. particle board, plywood, etc). 

Another thing to be aware of is the moving and installing of these homes. Usually, this is where there are issues which tends to happen after transporting the home to the end location. 

Many times, dealerships will use the same movers and installers for their homes. You'll want to check the reviews of these dealerships to see how they do with the installation and moving process when it comes to their customers. 

Regarding used mobile homes, you'd have to inspect them to see what issues and/or repairs are needed. Many times, issues come up due to deferred maintenance. If the home is kept up by the homeowner and things are replaced on a regular basis, usually it's not an issue when it comes to finding things that need repair. 

Though if the homeowner has not kept up with the maintenance of the home (which is usually the case), then there will be many things to fix up and repair. In these instances, you'd have to check things like flooring, plumbing for leaks, roof for leaks, hot water heater, and heating and air conditioning units. 

Personally, I've been in this niche since 2007. I've seen a lot when it comes to build quality of mobile homes. All in all, it really depends on how they are built and maintained once someone purchases the home and moves into one.  

Feel free to DM if you have any other questions. Hope that helps! 

 Yes, it will depend on the lender. It may be different, depending on the lender. Asking lots of questions will help you get the answers you need. Good luck! 

@Charles Blades If you go into mobile homes, I'd be careful and make sure you put the right type of insurance on the homes. Since you're in FL, mobiles are prone to severe weather conditions which has happened time and time again in the past. 

Best of luck with things! 

@Adam Campo Great to hear about the project approval, thanks for sharing! 

@Connor Cogdill It will depend on the lender and their appraisal of the property. You may need to talk to multiple lenders to run the scenario by them. Usually, this is pretty typical to have the lender finance the majority and the seller finance a portion with the investor coming out of pocket with somewhat of a down payment in commercial real estate. 

Hope that helps! 

@Gabe Goudreau If you're planning on fixing up the home and selling, it's best to make sure there's market demand for modular homes in the area. The last thing you want is to be left with a home no one is willing to buy at the price you're asking. 

As for comps, if there are other modular homes in the area you may want to check sites like Zillow or Redfin to see if there is data on those properties. 

The other option is to fix up and rent which may work if there's enough demand in the area. 

Hope that helps!