Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Paul Sofia

Paul Sofia has started 3 posts and replied 321 times.

Post: Fha construction loan

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

https://www.afrcorp.com

You most likely need a builder that is approved with them.

Post: Have you heard of a Builder's Warranty?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

I've always offered a home buyers warranty.  It gets you off the hook.  No sense in tying yourself to the property longer than needed.

http://www.2-10.com/

Post: Spec Home build/ Partnering up question?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

50/50, more than fair.  As you have pointed out, they are making money all the way through.  Hell, I don't know if I would be that generous given the location.  What is the average DOM in that market with similar house?    Tahoe is a hot place.  That being said, mixing business with family and friends, not something I am a big fan of.  Tread lightly.

Post: Anyone had recent luck with bank financing on a mobile home park?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

That is a deal killer for me.    Seems like a high priced given parks are underwritten on pad rents.  Feel free to pm me you # and I can call you to explain.

Post: Anyone had recent luck with bank financing on a mobile home park?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

How many pads, Sam?

Post: Manufactured Home Flip - Feedback Please!

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

I have flipped a bunch outside of Charlotte.  Greensboro should be a great market,  I can give you some advice prior to purchasing.  Feel free to pm me and I'll shoot you my number.

Post: MHP lenders for NC no park owned homes

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164
Originally posted by @John Brinkos:
Could anyone point me to a MHP lender that would entertain a loan on a $425,000 purchase. 28 space park, 26 homes, 24 occupied. No park owned homes, city water, city sewer, paved road. NOI around 47k.

We would like to bring 30% to the table loan amount of $297,500. The challenge we seem to be finding, at first look, is the small size of the loan.

Thanks, John

 I should be able to get this one done, John.  Feel free to PM you phone number and I will call to discuss.

Post: Financing for 5 unit development

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

Cal, feel free to pm me and we can discuss.  I will need some more info.

Post: Combining Seller financing and conventional financing for MHP?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164

Where is the park located?

Post: Mobile Home, no title or VIN on trailer...options?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 338
  • Votes 164
Originally posted by @Derek Robinson:

@Paul Sofia, I wonder how the folks at ibts supply you with the missing data if you have nothing to go on?

Yes, it still has the original siding

Look on the narrow ends of home. There should be a HUD tag, It is a small metal tag attached to the siding. If it is missing, it still may be possible to to get your data plate info if it is at the original location where the home was set. You would need to provide that info to them.