All Forum Posts by: Ryan V.

A 3/2 manufactured doublewide came across my inbox earlier today. It's roughly 1200ft2 on 0.50 acre, built in 2000. The asking price is $105k with a $3k roofing allowance and it's rented through 2018 for $1,100/month. The numbers work for me but I'm hesitant to put an offer because it's a doublewide. I heard they don't appreciate in value, and actually depreciate. How much is that true? I've also been told that lenders will not give conventional mortgages on manufactured homes. Just looking for some insight... thanks.

@Michael Shea I think your rental estimate is way too high. I just quickly checked craigslist for 2BR in the same area of Charlotte and I'm seeing $850-$1300; and most of the units on that higher end are in town homes. Most SF are around $1000. 

Additionally, zillow has a similar home (2BR, 1000sqft) for rent listed on the same road directly across the street for $950.

How does your analysis look using ~$1000?

Jen (and everyone else who's responded) - thank you all very much for your input. I can start by contacting the attorney we used to purchase our primary residence and if I don't feel they're fit I'll start my own search.

@Lynn McGeein is the resale disclosure something they are required to provide? Wouldn't there also be some sort of documentation on the HOA like what's covered and any special assessments that may come up?

@Greg Scott I'm not sure I will have to ask him what type of sales agreement it is. The owner is a retired lawyer, hence why he doesn't want a realtor and feels he can do it all himself. 

If I decided to use a realtor would I then be forced to pay the commission? Typically in a sale the seller pays both fees but I'm assuming if he doesn't want realtors involved he can simply dismiss my offer altogether right?

I haven't done any in depth research yet until I get to see the place. At that point I would research the HOA fees. Thanks for your input on this I wasn't aware there could e special fees levied by HOAs randomly throughout the year.

So I came across a potential deal for a 2/2 condo that is for sale by owner. The numbers seem to work and I'm trying to look at it early next week before the holiday.

My question is if it's FSBO, does that mean I can't use a realtor either? Is there even a reason for a realtor at this point? I guess I would simply find my own inspector and attorney to make sure the property and paperwork are all good. Is there anything else I should be aware of when going this route?

@John LaVecchia I haven't looked into that area to be honest. So far I've focused my search on the Mooresville/Charlotte areas specifically.

@Dave Hurt - any idea when the next Charlotte area meetup will be?

@John LaVecchia - Mooresville 28115 is very tough right now to find quality rentals for a good price. I've had my realtor sending me updates daily and anything that even resembles a deal is scooped up with cash offers within days or less. Unfortunately it seems though the housing prices have gone up, the rents really haven't. It is a highly desirable area due to the school system and I think people are willing to pay a premium for that in the cost of a home.

Just figured I'd ask.... Highest price or quickest closing? I would think it depends on the situation, no?