All Forum Posts by: Patrick Arnold

Lexington County. I will have to research some HM lenders in the area. Not expecting to put too much money into it (other than the pool), but I figure that it will be worth it, because filling it in would cost even more! 

Oh well.  Lesson learned on mobile home investing. We may try to sell it ourselves for a few weeks and then turn to an agent after that. Also think we better 1031 while we still can.

I will have to sell it. I may try to find a lender for the improvements, or just pull the money from somewhere else and bite the bullet. Should be coming back in short order after we sell. I still can't believe how quickly EVERYTHING is selling now. Thanks John and Troy! I will update on progress, hopefully with a SOLD post in February. 

Awesome return there, John. I have come to the conclusion that I will not find any local banks to lend or refi on mobile homes. MHs are probably not a good BRRRR vehicle. Oh well, time to fix it up and get it on the market. This property also has an in ground pool that needs to be repaired. I can't see any way around not fixing it if I am going to put it on the market, which I am estimating around $5K to get going. Along with flooring, paint and glass/door repair and replacing a rotten deck, $15K. Would the expense of under pinning with brick bring the value up enough to justify the cost?

HELLO BP,

  I am just getting started with rental properties in South Carolina and want to know what you have found with mobile homes, detitled on sitting on a few acres of land. This seems to be a very common property type around here. I own one of these and am currently renovating, but I cannot find banks or lenders that will refinance an investment mobile home. Looks like I am going to have to come out of pocket for all renovations. Has anyone dealt with individual mobile home cash out refis or renovating and selling these type properties? Any advice on mobile home friendly banks/lenders out there?

Patrick