All Forum Posts by: Tammy DiGiamarino

Thanks for your advice.  I will do that as well!

Hi Bill!  Thanks for the response!  I appreciate all of your feedback - and endorsments too!  

Do you flip pre-1976 MH? If so are they ever financed and if so who finances them?

You mentioned I would have to be a "dealer" and a licensed lender to finance MH.  Is that a mobile home dealer?  At the beginning of my posted a California law/code. Wondering if I just need to get my brokers license here is CA. AM hoping someone from CA responds to all of this!  

(a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining a license from the commissioner in accordance with the requirements of Chapter 2 (commencing with Section 50120) or Chapter 3 (commencing with Section 50130), and any rules promulgated by the commissioner under this law, unless a person or transaction is excepted from a definition or exempt from licensure by a provision of this law or a rule of the commissioner.

(9) A real estate broker licensed under California law, when making, arranging, selling, or servicing a residential loan.

Thanks for responding!  

Hi Kevin - what kind of investments are you making here locally?  I am finding RE is too high to make sense!  Are flipping?  

Thanks Jerry for you wisdom! Are most of the MH you flip in parks or on land or both?  If I am understanding correctly just about any MH can be financed?  Even if it is 40 plus years? Thanks!!

Hello!

So excited to make this first post on Bigger Pockets. I joined a while back and am ready to make some new types of investments! I hope my questions will help others as well.

I am a California Licensed Real Estate Agent. I have my license for personal use - purchasing and selling SFR rental properties over the last 15 years. I would like to purchase a mobile home park and do not know anything about the mobile home industry - as far as how parks are run and buying and flipping or buying and renting mobile homes inside of parks. Before I purchase a park I would like to flip some mobile homes locally. I live in Southern California - around the san Gabriel-Pomona Valley-Inland Empire area. I am almost finished with the book Mobile Home Wealth by Zalman Velvel written in 2008. Dodd Frank and the Safe act have come into being since the book was written. On another note, I am also considering a mentorship with John Fedro. He seems to be very active here on Bigger Pockets and super responsive.

Here are my questions for California mobile home investors out there:

1. If I get my California Brokers Real License can I carry back the note on a flip and be in compliance with Dodd/Frank and the Safe Act?

FINANCIAL CODE - FIN

DIVISION 20. CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT [50000 - 50706]

CHAPTER 1. General [50000 - 50006]

(a) No person shall engage in the business of making residential mortgage loans or servicing residential mortgage loans, in this state, without first obtaining a license from the commissioner in accordance with the requirements of Chapter 2 (commencing with Section 50120) or Chapter 3 (commencing with Section 50130), and any rules promulgated by the commissioner under this law, unless a person or transaction is excepted from a definition or exempt from licensure by a provision of this law or a rule of the commissioner.

(9) A real estate broker licensed under California law, when making, arranging, selling, or servicing a residential loan.

https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=FIN&division=20.&title=&part=&chapter=1.&article=

2. Advice or input about talking to mobile home park managers about purchasing mobile homes in their park

3. Any other advice/experiences about doing these deals

4. Feedback from anyone who has paid for the mentoring program with John Fedro

5. Any other input would appreciated!

Thank you in advance!

Hi. I am researching MH investing.  Want to purchase MH and flip with owner financing. I have been researching D/F and understand I need to have a MLO or be a MLO. Anyone in CA doing this for others or themselves?  I am consdering getting a MLO license but am not sure how difficult or costly it is CA. Any advice?  I do have my RE license.  In CA can we do 5 flips and stay compliant with D/F?  Thanks.