All Forum Posts by: Patrick Sears

 Homes-whether stick-built or manufactured-don't appreciate.  It's the LOCATION and the UTILITY VALUE that the location brings that appreciates.  Both can appreciate over time; stick built can appreciate at a faster rate because they are typically located in more desirable locations.

It's been awhile since I've talked to them; are they still doing that stupid "we'll lend 50% on the purchase price, not the ARV" thing?

Hi Patty, love your Section 8 tips on the link you provided!

Still loving Section 8 in Hampton Roads?

Patrick Sears

Hi Matthew, I just posted a new thread on this topic.  Wondering if you are still working with Richmond Section 8 and how are they treating you? 

Patrick Sears

Hello, I was wondering if anyone has had experience using the Section 8 program for the Richmond, VA area?

I used it about 10 years ago on one of my properties; how hard are they to work with now, and what kind of tenant pool are you seeing?  Good experience? Bad?

Thanks!

Just curious, I always see TONS of small MHPs for sale in NC, and they appear to be recently built.  Is NC really lenient when it comes to zoning?

I am in Virginia, and county zoning boards HATE mobile home parks.  I'm talking like counties that have no business acting all high flutin doing everything they can to not allow someone to put 2-5-10-20 etc homes on their land, no matter how many acres you own.

Thoughts?

 Hello Dave, 

When you day "small banks" are you talking like ~5 branches or smaller? Virginia-based credit unions? In the past I have tried the "small bank" approach with my SFH refinances, only to end up having the bank pit me through the same conforming loan b.s where they quickly sell off the loan to Freedom Mortgage or some other scumbag giant Corp.

Was this quote a commercial loan? What kind of terms are you getting offered?  Are they wanting you to move your accounts over to them?

Thanks!

Thanks everyone for the replies!

Hello, 

I was wondering if anyone has had experience with getting a loan on a very small MHP (<20 pads) by just asking for a land loan for a 5 acre parcel (that just happens to have some "old, tenant-owned mobile homes on it") from a bank vs. an actual commercial loan for an income-producing small MHP?  Just wondering which would be a better way to approach a bank with this.  The deal I'm looking at right now is 7 tenant-owned homes on 5 acres, supposedly producing ~$2600/mo in lot rent; well & septic in a rural, but growing area.   Asking price around ~$250K; I figure the land itself is probably worth at least a third to half of that.  What angle do you think a bank would give me better terms on?  780+ credit score.

Thanks for the reply, James.  I was just on a Marcus & Millichap broker site and pretty much all of the ZCF deals they had listed were with assumable, non-recourse loans that you were REQUIRED to assume, if I read it right.

I don't expect FHA 3.5% downs on these properties, but when you start talking 33-50% down the ROI just seems too low to bother with (unless you are already wealthy and just trying to park your money). Am I missing something?

What are your thoughts on ZCF vs standard cash-flowing deals?  Which do you prefer?