All Forum Posts by: Melvin Noriega

 Would you be able to elaborate a little more regarding  the process of having a manufactured home and turning it into real estate property?

With that in mind, do you think it could be possible to successfully BRRRR a manufactured home?

 That's a really good point regarding potential issues with financing the home, thanks for sharing!

@Jack Baczek What would be the next logical step if there are not enough local comps to really take an educated guess? There are some manufactured and SFH's homes with variations in bed, bath, or sq footage, just not enough comps to establish trends and have a solid understanding.

@lani Piha 

Well, I'm not sure what information you would like, in short, it is a government-backed loan that would cost you 3.5-5% down and monthly mortgage insurance. The monthly insurance is really not an issue if you factor it into your numbers upfront. Look into Homestead funding and see use them as a baseline to compare with everyone else so you ensure you get the best rates.

Hey BP!

I was browsing the forums but could not find a pre-existing discussion that provided enough information on manufactured home investing. If you have any experiences or references it would be greatly appreciated if you share it, hopefully, this discussion can answer someone else's question when they browse the forums in the future.

I found a 3 bed 2 bath 1870sqft manufactured home with a masonry foundation on a 10000 sqft lot. My goal is to purchase it as a buy and hold rental property and place a tenant in it. Should I expect it to be worth less every year because it is a manufactured home or does having a foundation and land make it more like a SFH?

Not sure if you already tried it, but I would use that information to try and negotiate better terms with the seller. Does the seller know their property is non-conforming? Regardless of the problems that property might have, odds are there is a price to the property that will make it a good investment. 

Hi Marquette,

Like Aaron mentioned, the county will be the most credible spot to look. Welcome to BP.

As mentioned by a few BPers before me, house hacking could be a wonderful solution. I would personally recommend you take a good hard look at the area that you plan to invest in and get a strong understanding of what makes sense there. Some places are amazing for cash flowing rental properties, while other markets do better with appreciation. Once you have a good understanding of your area, I would urge that you jump into a multifamily home if possible. Best case scenario, you get your hands on a fourplex with an additional room that technically shouldn't exist. In theory, you could have four tenants, live for free and make really good cash flow all at the same time as your paying off that mortgage. You could utilize an FHA loan that will only cost you 3.5% down of the property's costs, plus closing costs and any additional fees you may have. If you are interested in learning how to make deals work with little of your own money, I recommend you look at Brandon turners book on investing in real estate with low or no money down. PM me if there's anything I can do to help you out.

Hello,

sorry if I'm posting this in the wrong forum. I am moving to Havelock North Carolina soon and am looking to purchase a multi family property of 2-4 units in Eastern NC. If I like the area I will certainly be purchasing more properties over time. Does anyone know of a trust-worthy real estate agent in that area?