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There are occasions where the borrower does have ability but does not qualify for traditional - but that is rare.Throw in the fact that I am not a bank so I can create loans out of thin air and only need a 10% reserve as another reason.I can share good and bad stories - it really goes to underwriting the borrower and the price they pay (paying more) is irrelevant if they cannot make payments

I typically use a local bank as the operating account for a property, and then if I own the property 100%, I will have a savings account that I will use for my reserve account for all of my properties.

I started with a $20K reserve.

That basically confirms what I thought in terms of rules and regs, so thank you. 

Waiting on seller confirmation to sign that (crucial part I expect hah)Some good news, got the inspector back to finish the job, and contractors for plumbing, HVAC and framing to come in today and I am waiting to hear back what sort of work needs to be done. 

Regardless,1) Make sure the modular home is affixed to the land. 2) Do some research to confirm these modulars are financeable.

They can help confirm which markets to invest in and which ones to avoid.

Hello and very glad to see the confirmation re.

They give me an Owner Statement each month with all the details like Beginning Balance, Cash In, Cash Out, Owner Disbursements, Ending Cash Balance, Property Reserve, and Net Owner Funds.It’s super helpful, but it doesn't cover all expenses, and I need to get all this info into QuickBooks.