All Forum Posts by: Paul Sofia

You might better check and see if these homes are on separate lots being on city streets. If that is the case, it is not a MHP. I come across this quite often. If it is a MHP, figure DSCR based on pad rents only. There is quite a bit more DD you will need but as @Richard Allen has advised, I would advise the same and also go on their forum. Very informative.

1 Vote

You can gain quite a bit of knowledge here, John.

http://forum.mobilehomeuniversity.com/

1 Vote

If you don't have any luck, let me know. I have done a couple deals up there with a local guy who can get them closed quickly.

2 Votes

What's the extent of your experience, Jason?

0 Votes

Nicely done.

0 Votes

My pleasure. I think it is $75 and $100 for express service. I have had to do on several occasions.

0 Votes

There should be a HUD tag on the outside of the home. It should be on one of the ends...Here is a link to what it looks like-

https://www.google.com/search?q=HUD+tag+mobile+home&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiU1u2DmYHVAhVFZCYKHV-qDz0Q_AUICygC&biw=1366&bih=638#imgrc=cH2n937skNk4vM:

.. You can look up info here. You should be able to get the information you need by logging into this site...

http://www.ibts.org/

2 Votes

Originally posted by @Tim Knabe:

Diane G that seems at odds with your previous conclusions...how do these indicate a downturn? I see this in my market - "investors" buying houses at 150k that rent for 1500/m...people are way overpaying for rentals in my opinion. And yes, in the future that may result in people who overpaid for rentals losing them in the future due to losing money year in and year out. I saw this in my market prior to the crash, people overpaying for rentals because of the booming market...however that was not a cause of the crash it was merely a symptom of the conditions that caused the crash - unregulated(forgive me capitalists ;) ) easy money(simplified, but accurate) far and away #1 was the cause and on a much, much smaller scale local overspecualtion(your point here, but really much more on wall street than rental owners)...people are overpaying right now that has happened before...but what we do not have is the incredible number of bad loans and unqualified buyers we had that precipitated the crash. You are kind of all over the map, to make a case you really would need to show how te overpaying of rentals(or SFR) are on the scale of the the 2008 and prior numbers. What you have shown is there are some idiots in your market. That is hardly indication of a downturn.

I think we have a winner........a lot of investors competing in the marketplace driving the costs up. I think there are way more investors currently than ten years ago. Hedge funds started overpaying after the last downturn and scooped up a ton of real estate since. Investors followed suit.

0 Votes

@Dan Mead, I have done plenty of MH (over 100) flips but used to be able to buy real cheap (land/home). I started in the late 90's and I used to be the only game in town flipping MHs just outside of Charlotte. More and more people have gotten into buying mobiles to flip which in turn jacked prices up leaving small margins.

The last one I flipped was in 2014. I bought for 22K. It was on nice one acre lot. I had it fixed up really nice and sold for $75K. I could've easily sold it for 10k-15k more but I knew the gal and she was a single mother. Tough to fine ones like that anymore. Just get a realtor to pull comps for you and go from there.

0 Votes

All Forum Posts by: Paul Sofia

Paul Sofia has started 3 posts and replied 321 times.

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Post: wind zone rating? no data plate - help!!!

Post: For those of you dont believe downturn is here

Post: Where is the Analysis?