All Forum Posts by: Account Closed

I have wholesaled several manufactured homes without land in my past. You generally need to be a licensed manufactured home dealer unless you assign your interest in the contract to another person. It varies from state to state because the laws are different. The biggest gotcha are the holding costs while you are trying to sell the home (lot rent) and then, of course, there may be an issue with getting the person approved with the community. There are a lot more moving parts with wholesaling manufactured homes on leased land vs. private land.

@Drake Ivy You may want to seek out a mortgage program that will handle these calculations for you if you plan on doing many more of these manufactured home seller financed notes. You'll also want to be sure you explore the loan mortgage origination laws, i.e. you may need to have a loan mortgage originator help you set up these notes. I used to use a mortgage origination software called NoteSmith. Also, most communities won't allow you to do a lease option because they don't allow rentals. I hope this helps!

Contact me and I can help.

I have a HELOC on several manufactured homes with land. Banks will do these types of lines of credit, but they are far and few between. I had to call 90+ financial institutions to find two that would do what I wanted. Pick up the phone and start dialing your local banks.

Don't go above the general usury limit in your state. Otherwise, you'll need to be a supervised lender. In Colorado, that's 12%. Thus, your interest rate here would be 11.99%.

@Rachel Jacobson - I'm a little confused as to why you integrate with Cozy. What's the reasoning? Are there features that Cozy does that Tellus can't?

I communicated with the founder of Tellus via email. He sent me a screen recording of the mobile property management app in action. It looks pretty cool. Check out the Tellus screen recording he sent me. I will definitely be testing it out.

I just want to know now the differences between Cozy and Tellus. It seems like Tellus integrates with Cozy so I wonder what Cozy offers that Tellus doesn't.

@Shamus Wheeler - I read that Naborly offers background and credit checks on tenants for free for tenants AND landlords in the USA. That's pretty incredible! I found the excerpt below from their website.

"Naborly offers unlimited FREE tenant screening & credit reports to every landlord & property manager in the United States and Canada. Optional criminal background checks are free for US customers and only $25 for Canadian customers. There are NO ANNUAL FEES and NO HIDDEN COSTS. We make money by simply offering tenants the option to purchase their Renter's Insurance with us once they are approved for a property."

@Connie Chan - How long have you been using that app? I had no idea it existed. Are there any limitations with it?