All Forum Posts by: Scott Schuhwerk

@Dawn Anastasi those are great numbers, what area were those purchased in?  Thanks

Percy, try Echosign, that sounds like what you are looking for , similar to Docosign 

We manage around 350 units and have been using Propertyware for the last 8 years and have been very happy with it. 

Bill, thanks for your response

You can't underwrite the the same standards for a conventional loan if there are not guidelines for mobile homes, I have conventional Fannie & Freddie guidelines, neither of which will underwrite on a mobile home

Are you a MLO?

Hi Bill, yea no one is going to fake it, see my post above, there are not lenders that lend on mobile homes of this size, so not sure how even having a MLO license would help this process. As a licensed MLO this is not a process we are even involved with, I can qualify a borrower per guidelines but guidelines need to be available which I am not aware of any lender that is underwriting these types of loans

Sean I think I responded to fast I didn't mean to write in "fake" , I meant to write in: Is the MLO license just needed for the fact that we are qualifying the borrower?"

As a licensed MLO I have to take several hours of cont education and passed the state and national exams for my license, however still not sure how this would connect with selling a mobile home I own on seller financing? As a licensed MLO we take an application on a borrower and determine if the qualify for the program's guidelines (FHA , Conventional, USDA, VA, etc) and collect documentation to submit their loan to processing/underwriting. Every program has different qualification guidelines, FHA allows for a higher Debt to income ratio and lower down payment, for example, however when it comes to Mobile homes there are not any lenders I know of that lend on these, so there are not guidelines to follow. Even if they were, would they really want to take on a $10k mobile home loan....no

So I am confused on why a licensed MLO is needed in this Dodd Frank Act for the seller financing of a mobile home?

Curious on how this all changes if you are a licensed loan originator? I am in California, however we do not lend on mobile homes so we wouldn't run the loan through our office, is that MLO license just needed for the fake that you are qualifying them?

I agree, I am over buying out of state, did that in Memphis with terrible results, bought from a company who promised the world, our group bought 15 houses there from them, they said they have a mgmt company that is great that will handle the mgmt and right after we closed they disapeared, so I want to stay local. I own a property managemetn company so I can use my own resources and vendors and take care of the properties here myself, so I would much rather have that control.

When you guys talk about competitive advantage what do you mean by that? Can you give me an example of a competitive advantage in buying mobile homes?

I have been reading a bit about this , picked up a book by Lonnie that I need to read, however my big question for the group is if living in the Sacramento area makes this type of investing difficult due to the price points. From looking at success stories, online at diff groups/websites and comments from this group seems like a lot of the topics of successful deals are from the mid east area of the US, people buying a mobile home for $3k for example, I have looked and don't see anything close to those types of numbers here in this area. If I want to get involved in this type of investing do I need to do it outside of California and travel to MO, TN, AL for example?

I think it is a great concept, buying a unit for little to no money, fixing it up and selling it on payments for cash flow

Interested in the opinions of the group on this

Thanks all, looking forward to being a part of BP!