All Forum Posts by: Jake Hottenrott

@Shelli Callan - Thanks for the idea.  Typically I'm buying homes well below market, so my insurance agent is actually trying to get me to have more coverage than what I have into a property.  He sometimes forgets that all I want from insurance in a catastrophe is the ability to bulldoze it and walk away with what I've got into a property.  I don't need to rebuild it! 

@Anthony Dooley - I had a general idea of what places in the neighborhood where selling for via the MLS prior to buying the home ($30K-40K), but I was really thrown for a loop when a neighbor said she just bought her house in February for $54K! Since your post, I have been checking craigslist with more regularity. Thanks for the advice!

Chad,

As I was first starting out, my lender was willing to lend to me based on my income and ability to pay the loans (w-2 income).  Over time, I've proven to my lender that I know what deals to work and how I will go about generating cash flow from a rental.  I would think with a decent credit history, your track record as a landlord and a few conversations with a local lender you would not have any problem getting financing on the property that is free and clear.

Hope this helps!

Jake

Anthony,

I recently used homesearch.com for a foreclosed SFR purchase. I actually was the second highest bidder, but got the property when the winning bidder did not perform. The fees for the auction were 3% of winning bid or a min. buyer's fee of $2,500. The good news is that the bank wanted this property off their books and ended up offering an incentive for early closing equal to half of the $2,500.

I hope that helps!

Jake

Eric,

Although I'm based in the St. Louis area, I have clients near and far who I communicate with via Skype, GoToMeeting, etc.  Some of these clients have been real estate developers, buy and hold investors, flippers, etc.  

I'm a current real estate investor as well.  I focus mostly on buy and hold, but based on projected returns I will also do a flip if the situation is right.

As far as your properties are concerned, I'd be interested in talking more to see how you are currently treating them and what the best treatment going forward would be.

Thanks and best of luck!

Jake

The federal Manufactured Home Construction and Safety Standards (MHCSS), the HUD Code, went into effect on June 15, 1976. Manufactured homes are defined in the HUD Code. A factory-built home, which conforms to this definition, and produced after June 15, 1976, is commonly called a manufactured home. A factory-built home produced before June 15, 1976 is commonly called a mobile home or pre-HUD Code home. Additionally, loans on pre-1976 homes appear to be non-existent: http://www.bankrate.com/brm/news/realestateadviser/20081207-mobile-home-lending-standards-a1.asp Another good reference: http://portal.hud.gov/hudportal/HUD?src=/hudprograms/mhcss

Quick question for the masses.  What is the best way to go about getting a reliable valuation on a mobile home?

Since mobile homes are personal property (i.e. automobile) the sales records are not as readily available unless the home was listed on the MLS. I have found that during renovations my best source of information has been the park owner and the neighbors who drop by to see what is going on. Any other ideas or avenues you may suggest?

Thanks!

Jake