All Forum Posts by: Rick Fagan

You want to make sure if the mobile home burns down you can replace it with another mobile home.  I had a home burn down and the city wouldnt allow me to replace the home with another mobile home.  I would be interested in seeing if you can finance it being its a old mobile home.   I dont know about you area,  in the Knoxville area, I could buy 10 homes for that amount you are looking to finance.  Just something to think about.

Hi John. Welcome to the area. I am pretty new to BP and Payton has been kind to help me with some details about this site. I hope to meet you at the next REI meeting.

@Payton Abernathy

Great tip.  Thanks.  Dont be shy and tell me more about how to navigate this site.  Did it work?

I would buy approximately 30 homes which I think would be the maximum homes for part a part time manager.  I work at Clayton Homes during the day and manage my homes after 5:00 and on weekends.  30 homes is enough. That would generate $12,000 a month in gross income when I retire.  Good enough as someone said a long time ago in Florida.  Demand for MH's is a little crazy and it depends on the time of year.  Normal demand:  I will receive 10 calls for each home each week; high demand: tax time, school starting etc. Recently I received 65 calls for one home and I am still receiving calls on that home but it has slowed because school started 2-3 weeks ago.

I just found this sub forum and it is nice to meet local people.  Mason and Payton good luck on your first purchase.  I enjoyed the KnoxREI meeting and the note buying was interesting.  

It has been a long time since I looked for MH financing (not private investors) and I remember several years ago that there were companies that would lend on land and MH if you have 2-3 years seasoning. The LTV had to be right. Does anyone know of companies that would offer land and MH refinancing? For example, I buy land and home for $30K and I owner finance it what would the sale price etc. have to be to refi a home like this?

Hi Jeff.  I have the opposite problem in the Knoxville area.  I turn down 3-4 homes per month that I would normally buy because I dont have the funds.  I am sure you have more than you think in your area.  Be patient, drive by the parks, develop relationships with park  managers, and the next thing you know you have too many to buy.  

To me there are few things worse than prying or pulling rotted or damaged subfloor in MH's.  That is a young man's job.  How did you replace the insulation under the subfloor?  I havent found a decent way to do that yet?

Rick Fagan

Tennessee is great for mobile homes.  In the city limits or out are usually ok. I heard recently that 70% of all housing under $150K are manufactured homes.  I live in East TN near Knoxville and it is a great place for MH's.

Hi Rocky.  I feel for you.  I have had some bad experiences but never had to completely replaced a subfloor.   That is what I like about MH's, you can make some pretty bad decisions and normally you will be ok.  I cant imagine having to do that much work.