All Forum Posts by: Account Closed

@Tim Johnson I'm no guru, but I can look at your numbers...

I've been exploring two of the most popular free property management software. For those of you that are using the ones listed below, what are the pros and cons of each? Which one would you say is the best overall and why? Thanks for your help!

Cozy

Hunt

@Paul Kit - I would highly recommend that you reach out to the local mobile home park managers as well as the mobile home supply stores in your area to see if they have any recommendations on who to hire to perform repairs. That's where I found my handyman.

I wouldn't do it on your own. Hire a professional that has experience setting homes on private land. In addition, I would reach out to a few of your local banks to see if they would finance the home after you move it. I've heard of a few local community banks that will lend on a manufactured home that's been moved more than once.

I buy, renovate, rent or resell manufactured homes with land exclusively. Financing for your buyers isn't that difficult now as lending on manufactured homes with land are loosening up lately. I know several lenders. Contact me if you still need help.

I'm a big proponent of buying manufactured homes with land as long as the numbers work. I've purchased homes in manufactured home communities as well as on their own private land. I would make sure you will cash flow at least $350 per month after all expenses (cap ex, maintenance, vacancy, etc.). Manufactured homes are just like SFRs, but with higher rates of return and a lower acquisition cost.

I have HELOCS on all my manufactured homes with land rentals. I called (no exaggerating) more than 80 banks to find only 3 that will lend on manufactured homes with land. Call the local credit unions, savings and loans, and community banks.

 Pm me. I may be able to help.

There are certain credit unions and community banks that offer conventional financing on them even though a manufactured home may have moved more than once. I would encourage you to call the local lending institutions and see what they offer. Don't lose hope!

I'd take the $400 a month cash flow and go but another one. I already do this now.