All Forum Posts by: Samuel Coronado

 What courses did you find were better?

 Sorry. I don't have the best signal when I am at work. Many times it won't even tell me that someone called, but texting works pretty great! If the bank is in Alabama, I know a few that will finance it. EvaBank, Traditions, First Bank, I think People's is open to it when I did my canvas last month, and Vanderbilt and 21st Century Mortgage are both big players in the mobile home and MHP lending market.

 But keep those contributions on stocks to buy them while they are down.

How much do you pay?

 This is what I'm saying lol 

Hi, Neel. What are you basing the assumptions on for that 1500/month mortgage? For disclosure, my current mortgage on an MHP is 1564 for just principal and interest. 15 year amort, 5/1 ARM, @10.3%. But that was earlier this year and with 6 older park owned homes.

For something like this, I would be trying to cap it around 200k max. Only base it on current rents like the others said. There's too many pieces of work trying to advertise value-adds at a price where the value was already added.

$2400 doesn't give you a lot of margin. 

-300 trash

-150 insurance

-100 taxes? (you can easily look this one up) 

-240 management fee (even if you manage it yourself, include the fee) 

-septic management every two years if it's not on public sewer

-any water if it's not submetered

-100 if the park supplies security lights

You're looking at closer to 40-50% expense ratio before the mortgage. Mortgages aren't included in CAP rates, but they are absolutely included in your own personal underwriting.

Other things to consider- is this on a well, septic, or have easements? What is the area like? Is there room for expansion? 

I would love to link up with you on this, especially if it's in north AL or southern TN. 

Some owners around here are looking to get acreage price PLUS the value add. I don't waste much time with them. 

Based on current rents, 200k would be the absolute highest with a better mark toward 150k based on location and conditions of the homes. Even though you're not owning them, they play a role in  how much you may be able to expand or charge. 

Floor for this area is about 250-300/month with no utilities.

 I've always loved that my lenders sent me editable Word documents. :) Helps avoid this problem.

I am interested in building a series of duplexes and quadplexes to help increase the rental supply in my hometown. I have contractor connections who can help build them a little cheaper than normal considering the overall goal is lower than market rents. I also have a grant writer who is interested in helping in exchange for some other favors. A lot of horse trading going on over here, but hopefully it will be worth it in the end.

For those who have used grants, have you found the process too cumbersome to be worth it?  We are looking at "felon-friendly" housing and other initiatives. 

On the bright side, you're not in Chicago anymore. If someone offered me a free paid off vacant lot in Chicago, I wouldn't take it. lol 

 I am looking at buying a used doublewide that needs to be moved to my land for $45k. Do you think you can help me finance it plus the set up? I have a 750-770 credit score depending on the agency. I also have experience with rentals.