Taking my realtor hat off for this discussion and putting on my investor hat.

People were panicking about their roofs collapsing and willing to pay almost anything to get someone up there to shovel them off.

Those that don't are often people who have owned their home for a long time and paid off their mortgage or high income earners.

But from a moral & ethical perspective, you may want to decide at some point to just eat it and accept write it off as cost of doing business.

It’s a bonus if the bank offering the HELOC also handles BRRR loans — they’ll be more flexible and accommodating when it’s time to pay off the HELOC with a new loan!

You are probably better off going with one that has a branch you can visit and get to know the management.

I plan to BRRRR this property to pay off the seller and get my money out and was wondering if you anyone has any suggestions on banks that can do refinances for mobile homes.

So if you were netting the $300/month - your PM just made over 73% of your profit off of your unit for the year.

I do this as there is so many different ways persons choose to do such, so many different fee structures, so I keep it off and I tell clients UP FRONT to keep that in mind and add what is specific to there situation.   

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...