All Forum Posts by: Cathy Svercl

i wonder if checking who is paying the property taxes would be helpful?

i have been researching this, too. i was disappointed when reading the licensure requirements for buying & selling mobile homes in Florida. i am considering mobile homes with land not in parks instead - sticking with "real estate" as opposed to "mobile homes" (vehicles/chattel/personal property). anyone else, pro or con?

http://www.flhsmv.gov/dmv/dealer.html

"Florida law states that any person, firm partnership or corporation that buys, sells, offers for sale, displays for sale or deals in one or more mobile homes in any 12-month period is presumed to be a mobile home dealer and must have an appropriate license issued by the State."

@Sally Peltz - 203k is not SBA, it is FHA Rehab loan thru a lender (like your bank) based on ARV (after repair value) for Single Family Homes & Multi family up to 4 units.

welcome to the group! we all started as newbie's. i am currently researching mobile homes as well, although i had not started investing with them in mind.

have you checked out the N.A.D.A guides - similar to Kelley Blue Book but for Manufactured & Modular housing. your local library system probably has them in the reference section, but they are now going online in a subscription version.

would a lease option be a possibility? your coworker remains the owner, you (your llc) lease the property from him, fix it up or whatever, and you find and manage the renter. renter pays you rent , you pay your coworker the monthly lease, and coworker continues to pay his mortgage. this works if your coworker is looking to rent and not take out another mortgage for a new place.

settling usually occurs in the first year after construction. so we're past that. settling also occurs after ground movement - earthquake, sinkhole, etc. you might ask around to see if you can wholesale it to a rehab investor specializing in "scary" rehabs. i don't like the looks of it. to be sure, you would need a local architect or engineer's consult. (p.s. i'm a licensed architect in FL)

so, you're having a learning experience! so did i with my first property.

if your gut says you don't trust the guy, end the contract. have the HVAC unit delivered to your family if you can't return it. try Angie's List for HVAC installer. being out-of-state, you may have to pay a little more for better contractor since you won't get to do a day-to-day drive-by on the work. a good contractor won't ask for all that money up front, anyway.

yes, what is your Exit Strategy? you might partner with a local MH rehabber/investor, allow them to finish the deal, and just get some money out of it. of course, i would probably hang in there, get the rehab straightened out, and get a buyer who wants financing (from you).

we are interested in the answer, too. but we'll throw in a suggestion: call the zoning department and ask about the property. you want to know what the lot is zoned as, the setbacks, and if it's buildable (or how much of it is). you might go down and see the plat in person, to look for easements (utility or someone else's driveway), and who or what is/will be on the adjoining parcels. also, ask what the impact fees would be, since you or a future buyer will want to know that.

we also went with a "deposit card" approach, and everyone seems to like it. similar to a debit card, but they cannot take money out of our (business) account or see the balance. each tenant has their own card, and can go to any branch of our bank to use the ATM. of course, the atm will accept cash or checks, and they can used the counter, too, if they prefer. we can see the deposit online, and they get a paper receipt.

welcome, i'm also a newbie. sounds like you went to all the banks and they told you no mortgage unless you've been in the business for 2 years. don't let a little thing like that stop you. there are plenty of alternatives, and they're all on this website. your friend with rental properties will also be able to help with this, too.