All Forum Posts by: Sean Wilson

@Cody Holbrook  One is a 2/1.5 Townhome in Madison.  It's the first and only Townhome that I own.  It was a cash purchase from a wholesaler.  It's a buy and hold for cashflow, but all of my properties are for sale for the right price! :-)  It's on the market for rent right now, so send me a PM if you want a link to the listing.

The most recent one is a 3/2 Single Family in Smyrna, also purchased from a wholesaler.  Financed with a commercial loan from a local bank (15yr w/ 5yr call).  Feel free to PM me if you want more details.  

Thanks @Kevin Fox

Hey @Tony Pegues, let's definitely get together and grab a drink or something.  I'll PM you my contact info.

Curt,

After many years of lurking I just registered so I could respond to your post.  I bought a double-wide manufactured home several years ago, and it is very similar to the one you posted.  Here is what I've learned:

• It's on a permanent foundation, so it is most likely deeded to the land.  Make sure you verify this to be the case, as it eliminates the personal property vs. real property issue.
• Investor insurance is expense (~50% more than stick built), and is only available through a select few providers (Foremost is one).
• Appreciation is limited, so buy it for cashflow only.  Our market is up 30% since I bought mine, and my manufactured home has maybe appreciated 5%.
• Investor financing is difficult since it isn't supported by any federal programs, but it is still available.  I had to go through a local bank and get a portfolio loan (also known as an in-house loan). Expect to pay typical commercial loan rates (I've seen 5-7% interest).
• They are cheaply built, so you can expect more maintenance headaches (I had to replace the roof at 15 years old).  Also, some of the parts, like plumbing fittings, are manufactured home specific. 
• Some tenants will view it with a stigma of being a trailer, but many won't care at all.

Feel free to message me if you have any questions.
Sean

Hey Bigger Pockets,

I've been a long time lurker, and I greatly appreciate the insight and knowledge that I've gained from this site.  

I started buying fix and holds about 5 years ago, and I've been slowing building my portfolio of rentals around the Nashville area.  My background and day job are both related to construction and energy efficiency, so I incorporate that in every real estate project as well.  

I'm (somewhat) active in the local REIA chapter, but I'm always looking to network with more people. I recently connected with an aggressive wholesaler, so for the first time I am closing 2 deals in 2 months!

So, that's me!  I look forward to connecting with everyone here on Bigger Pockets!

Sean